ENT 2113 COMPREHENSIVE EXAM 2025/2026 QUESTIONS
AND SOLUTION RATED A+
✔✔Which of the following is true of robber barons in the context of the history of
entrepreneurial businesses in the United States?
a. They were responsible for the failure of several small businesses.
b. They failed to take advantage of the economies of scale
c. The indulged in great abuses in order to succeed in their business.
d. They dominated those industrial sectors that were already well-established. - ✔✔c.
The indulged in great abuses in order to succeed in their business.
✔✔The success of entrepreneurial businesses occurs partially because they are
________.
a. characterized by corporate layers of management
b. responsbile to public stockholders
c. invested heavily in policies and procedures
d. more focused than their large corporate counterparts - ✔✔d. more focused than their
large corporate counterparts
✔✔Which of the following statements is true about venture capital start-ups?
a. They refrain from developing operations in multiple locations very shortly after the
initial investment.
b. They ensure that the business is oriented toward the personal goals of the founders.
c. They have a management structure designed to take advantage of the skills of the
founder or founders.
d. They are funded by angel investors who invest more than $2 million and expect
extraordinary returns. - ✔✔d. They are funded by angel investors who invest more than
$2 million and expect extraordinary returns.
✔✔Which of the following was the outcome of the Great Depression of the 1930s?
a. Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
b. It was harder on larger more mature businesses than on entrepreneurial businesses.
c. The government deregulated all small and medium-sized enterprises.
d. It led to the initial development of a large industrial base in the United States. - ✔✔a.
Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
✔✔Small companies have flourished in the United States because they
a. respond more quickly to their customers' needs
b. have better organizational policies and procedures
c. employ more skilled people than larger businesses
d. often expand easily in mature industries - ✔✔a. respond more quickly to their
customers' needs
,✔✔The Myers-Briggs test is used for personality evaluations.
a. true
b. false - ✔✔a. true
✔✔One of the negative aspects to being the owner of a family business has to do with
firing a family member.
a. true
b. false - ✔✔a. true
✔✔Family members are in a unique position to keep an individual focused on pursuing
the wrong approach to an issue.
a. true
b. false - ✔✔b. false
✔✔An entrepreneur should use personality tests to determine his or her capability for
starting a business.
a. true
b. false - ✔✔b. false
✔✔The owner must be aware of his or her own tolerance of risk and establish a
business that is consistent with that tolerance.
a. true
b. false - ✔✔a. true
✔✔Some communities offer facilities that house new businesses and provide resources
for them. These are called ________.
a. incubators
b. temporary business agencies
c. holding facilities
d. small business resource centers - ✔✔a. incubators
✔✔________ is a rational decision-making process that is constrained by our
experiences, history, and culture.
a. constrained rationality
b. unbounded rationality
c. bounded rationality
d. logic rationality - ✔✔c. bounded rationality
✔✔The break-even point is defined as
a. the time when a business must liquidate its holdings and declare bankruptcy
b. the level where a firm starts to profit from the revenue it makes from its products
c. the level where revenue coming into the firm is sufficient to cover expenses
d. the time when a firm experiences steady losses during its initial stages of operation -
✔✔c. the level where revenue coming into the firm is sufficient to cover expenses
,✔✔In general, the greater the debt a business owner is willing to take on, the ________
the risk tolerance.
a. higher
b. more predictable
c. lower
d. less predictable - ✔✔a. higher
✔✔Established businesses are often ________ to buy from a start-up small business.
a. determined
b. quick
c. hesitant
d. sure - ✔✔c. hesitant
✔✔What does a potential entrepreneur need to consider when starting a new business?
a. prior experience
b. risk tolerance
c. personality orientation
d. all of these choices are correct - ✔✔d. all of these choices are correct
✔✔In the context of evaluating entrepreneurial orientation, which of the following
personality tests has a bias that adults will not change their personality over time and
instead hold on to the personality they develop during childhood?
a. the Big Five test
b. the Myers-Briggs test
c. the Rorschach test
d. the Enneagram test - ✔✔d. the Enneagram test
✔✔The potential entrepreneur needs to consider ________ when starting a new
business.
a. capital
b. education
c. rationality
d. prior experience - ✔✔d. prior experience
✔✔Which of the following types of firms do business incubators work best with?
a. scientific firms
b. tobacco products
c. restaurants
d. retail stores - ✔✔a. scientific firms
✔✔Identify a true statement about a large firm that has organizational slack.
a. each employee is crucial to the survival of the firm
b. the firm's knowledge is concentrated around a few key personnel
, c. the loss of an employee barely affects the abilities of its workforce
d. the firm enjoys extreme financial flexibility and can survive huge annual losses if
necessary - ✔✔c. the loss of an employee barely affects the abilities of its workforce
✔✔Which of the following is not a personality dimension of the Big Five test?
a. individualist
b agreeableness
c. conscientiousness
d. extroversion - ✔✔a. individualist
✔✔Which of the following is an advantage that family businesses enjoy over nonfamily-
owned businesses?
a. Family businesses are able to respond quickly to change around them, whereas
nonfamily-owned businesses are often slow to react to changes.
b. Family businesses have the ability to cheaply produce large numbers of a product,
whereas nonfamily-owned businesses can only produce small volumes of a product.
c. Individuals in family businesses are often willing to work at times and in conditions
that employees in nonfamily-owned businesses would not accept.
d. Family businesses can afford to fill niches within markets that nonfamily-owned
businesses cannot afford to fill. - ✔✔c. Individuals in family businesses are often willing
to work at times and in conditions that employees in nonfamily-owned businesses would
not accept.
✔✔The last column of a gap analysis is used to list the categories that are used to
analyze each idea.
a. true
b. false - ✔✔b. false
✔✔The fourth column in a gap analysis is used to list the resources required for the
successful operation of a business.
a. true
b. false - ✔✔a. true
✔✔The first step in developing a quality business idea is to analyze the market.
a. true
b. false - ✔✔b. false
✔✔New business owners who have no passion for the business they have decided to
start will not devote the time and energy necessary to make the business a success.
a. true
b. false - ✔✔a. true
✔✔When a potential business owner has several ideas for a business, he or she needs
to identify one on which to perform a due diligence analysis.
AND SOLUTION RATED A+
✔✔Which of the following is true of robber barons in the context of the history of
entrepreneurial businesses in the United States?
a. They were responsible for the failure of several small businesses.
b. They failed to take advantage of the economies of scale
c. The indulged in great abuses in order to succeed in their business.
d. They dominated those industrial sectors that were already well-established. - ✔✔c.
The indulged in great abuses in order to succeed in their business.
✔✔The success of entrepreneurial businesses occurs partially because they are
________.
a. characterized by corporate layers of management
b. responsbile to public stockholders
c. invested heavily in policies and procedures
d. more focused than their large corporate counterparts - ✔✔d. more focused than their
large corporate counterparts
✔✔Which of the following statements is true about venture capital start-ups?
a. They refrain from developing operations in multiple locations very shortly after the
initial investment.
b. They ensure that the business is oriented toward the personal goals of the founders.
c. They have a management structure designed to take advantage of the skills of the
founder or founders.
d. They are funded by angel investors who invest more than $2 million and expect
extraordinary returns. - ✔✔d. They are funded by angel investors who invest more than
$2 million and expect extraordinary returns.
✔✔Which of the following was the outcome of the Great Depression of the 1930s?
a. Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
b. It was harder on larger more mature businesses than on entrepreneurial businesses.
c. The government deregulated all small and medium-sized enterprises.
d. It led to the initial development of a large industrial base in the United States. - ✔✔a.
Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
✔✔Small companies have flourished in the United States because they
a. respond more quickly to their customers' needs
b. have better organizational policies and procedures
c. employ more skilled people than larger businesses
d. often expand easily in mature industries - ✔✔a. respond more quickly to their
customers' needs
,✔✔The Myers-Briggs test is used for personality evaluations.
a. true
b. false - ✔✔a. true
✔✔One of the negative aspects to being the owner of a family business has to do with
firing a family member.
a. true
b. false - ✔✔a. true
✔✔Family members are in a unique position to keep an individual focused on pursuing
the wrong approach to an issue.
a. true
b. false - ✔✔b. false
✔✔An entrepreneur should use personality tests to determine his or her capability for
starting a business.
a. true
b. false - ✔✔b. false
✔✔The owner must be aware of his or her own tolerance of risk and establish a
business that is consistent with that tolerance.
a. true
b. false - ✔✔a. true
✔✔Some communities offer facilities that house new businesses and provide resources
for them. These are called ________.
a. incubators
b. temporary business agencies
c. holding facilities
d. small business resource centers - ✔✔a. incubators
✔✔________ is a rational decision-making process that is constrained by our
experiences, history, and culture.
a. constrained rationality
b. unbounded rationality
c. bounded rationality
d. logic rationality - ✔✔c. bounded rationality
✔✔The break-even point is defined as
a. the time when a business must liquidate its holdings and declare bankruptcy
b. the level where a firm starts to profit from the revenue it makes from its products
c. the level where revenue coming into the firm is sufficient to cover expenses
d. the time when a firm experiences steady losses during its initial stages of operation -
✔✔c. the level where revenue coming into the firm is sufficient to cover expenses
,✔✔In general, the greater the debt a business owner is willing to take on, the ________
the risk tolerance.
a. higher
b. more predictable
c. lower
d. less predictable - ✔✔a. higher
✔✔Established businesses are often ________ to buy from a start-up small business.
a. determined
b. quick
c. hesitant
d. sure - ✔✔c. hesitant
✔✔What does a potential entrepreneur need to consider when starting a new business?
a. prior experience
b. risk tolerance
c. personality orientation
d. all of these choices are correct - ✔✔d. all of these choices are correct
✔✔In the context of evaluating entrepreneurial orientation, which of the following
personality tests has a bias that adults will not change their personality over time and
instead hold on to the personality they develop during childhood?
a. the Big Five test
b. the Myers-Briggs test
c. the Rorschach test
d. the Enneagram test - ✔✔d. the Enneagram test
✔✔The potential entrepreneur needs to consider ________ when starting a new
business.
a. capital
b. education
c. rationality
d. prior experience - ✔✔d. prior experience
✔✔Which of the following types of firms do business incubators work best with?
a. scientific firms
b. tobacco products
c. restaurants
d. retail stores - ✔✔a. scientific firms
✔✔Identify a true statement about a large firm that has organizational slack.
a. each employee is crucial to the survival of the firm
b. the firm's knowledge is concentrated around a few key personnel
, c. the loss of an employee barely affects the abilities of its workforce
d. the firm enjoys extreme financial flexibility and can survive huge annual losses if
necessary - ✔✔c. the loss of an employee barely affects the abilities of its workforce
✔✔Which of the following is not a personality dimension of the Big Five test?
a. individualist
b agreeableness
c. conscientiousness
d. extroversion - ✔✔a. individualist
✔✔Which of the following is an advantage that family businesses enjoy over nonfamily-
owned businesses?
a. Family businesses are able to respond quickly to change around them, whereas
nonfamily-owned businesses are often slow to react to changes.
b. Family businesses have the ability to cheaply produce large numbers of a product,
whereas nonfamily-owned businesses can only produce small volumes of a product.
c. Individuals in family businesses are often willing to work at times and in conditions
that employees in nonfamily-owned businesses would not accept.
d. Family businesses can afford to fill niches within markets that nonfamily-owned
businesses cannot afford to fill. - ✔✔c. Individuals in family businesses are often willing
to work at times and in conditions that employees in nonfamily-owned businesses would
not accept.
✔✔The last column of a gap analysis is used to list the categories that are used to
analyze each idea.
a. true
b. false - ✔✔b. false
✔✔The fourth column in a gap analysis is used to list the resources required for the
successful operation of a business.
a. true
b. false - ✔✔a. true
✔✔The first step in developing a quality business idea is to analyze the market.
a. true
b. false - ✔✔b. false
✔✔New business owners who have no passion for the business they have decided to
start will not devote the time and energy necessary to make the business a success.
a. true
b. false - ✔✔a. true
✔✔When a potential business owner has several ideas for a business, he or she needs
to identify one on which to perform a due diligence analysis.
