AAMI SMALL BUSINESS MANAGEMENT - STUDY FOR FINAL QUESTIONS AND ANSWERS 2025/2026

AAMI SMALL BUSINESS MANAGEMENT - STUDY FOR FINAL QUESTIONS AND ANSWERS 2025/2026 T or F - Three primary rewards of entrepreneurship are thought to be profit, independence, and personal fulfillment. - Answer -True T or F - Some estimate that entrepreneurs are four times less likely to be millionaires than are those who work for others. - Answer -False T of F - A refugee is a person who tried entrepreneurship, failed, and sought refuge in corporate employment. - Answer -False T or F - Entrepreneurial teams are formed by bringing together two or more persons who together function as entrepreneurs. - Answer -True T or F - A large percentage of small business owners cite their desire to be their own boss as the main reason they left their previous employers. - Answer -True T or F - Small firms are at a great disadvantage when it comes to competing based on customer service. - Answer -FalseT or F - The ideal age for starting a business appears to be between 40 and 50. - Answer -False T or F - Unexpectedly stumbling across a business opportunity would not be considered a precipitating event. - Answer -False Which of the following is classified as an entrepreneur? - Answer -An owner-manager who bought out the founder of a firm The size standard for small business used in this course would exclude firms that - Answer -have more than 100 employees. When a 32-year-old funeral director launches a funeral firm after seven years' experience in that industry, he - Answer -is launching his venture into small business entrepreneurship. Which of the following situations might be a precipitating event? - Answer -Getting laid off by General Motors. An entrepreneur's concern that his values continued to be reflected in the ways in which his firm conducts business after he retires is an example of the concept of ________. - Answer -entrepreneurial legacy T or F - Small businesses that practice skimming of income are acting ethically and legally. - Answer -False T or F - Temptations and pressures to act unethically