ENT 2113 PRACTICE EXAM 2025/2026 QUESTIONS AND
SOLUTION RATED A+
✔✔The success of entrepreneurial businesses occurs because they are simply more
_____ than their larger corporate counterparts. - ✔✔focused
✔✔Identify the findings of the federal General Accounting Office's (GAO's) analysis of
the impact of the closure of military bases. (Check all that apply.) - ✔✔In cities with
base closings, the areas around the bases had income growth higher than the national
average.
Cities with base closings offered tax breaks and programs to support new business
development.
✔✔The U.S. government considers any business with fewer than _____ employees to
be a small business. - ✔✔500
✔✔The Fortune 500 is published annually by Fortune magazine and documents the 500
largest corporations (by ______) in the United States? - ✔✔sales
✔✔True or false: Every business in the Fortune 500 started out as a large corporation. -
✔✔False. Every business in the Fortune 500 started out as an entrepreneurial business
✔✔Which of the following are characteristics of venture capital-backed firms? (Check all
that apply.) - ✔✔They have a developed organizational structure.
They either start or grow quickly to employ a relatively large number of employees.
They are formed with a harvest plan in place.
✔✔Along with being properly financed and developing sustainable profit margins, in
order to be successful, entrepreneurs must: - ✔✔develop an effective sales generation
model.
✔✔The process of ______ a new business is unique and has developed into a popular
area of study at colleges around the globe. (Check all that apply.) - ✔✔developing
initiating
running
✔✔Large firms can obtain economies of _____ in some industries because of their
ability to operate on a larger scale than can a small firm. - ✔✔Scale
✔✔When was the initial development of the large industrial base of the United States? -
✔✔1880s
,✔✔True or false: Robber barons were responsible for the collapse of small businesses
in the 1880s. - ✔✔False. Small businesses continued to thrive as they served the needs
of the large industrial sector.
✔✔____include key suppliers, customers, and employees. These individuals are critical
to the success of a business. - ✔✔Stakeholders
✔✔Civic leaders often look to ______ as a means to promote economic strength for a
community, region, or state.
Multiple choice question. - ✔✔entrepreneurs
✔✔Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) -
✔✔generating new employment with entrepreneurial ventures.
providing a growing tax revenue base.
providing a basis to the area's economic vitality.
✔✔Which of the following are ways entrepreneurial businesses can act as catalysts for
societal change? (Check all that apply.) - ✔✔Entrepreneurial businesses have an
understanding of the local community.
Entrepreneurial businesses are willing to pursue smaller markets ignored by large
corporations.
✔✔The World Bank estimates that one of the strongest factors in the growth of any
nation's GNP is the presence of entrepreneurial _____ enterprises. - ✔✔small- and
medium-sized
✔✔Which of the following is true of entrepreneurial firms? - ✔✔The structure of
management is designed to take advantage of the skills of the founder or founders of a
firm.
✔✔Unlike the business plan of a venture capital-backed business, the entrepreneurial
business plan is developed as a _____ - ✔✔guide for the running of the business
✔✔Entrepreneurs should work with family members for their advice, potential funding,
reality check, and ____structure. - ✔✔Support
✔✔Which of the following are benefits of family-owned businesses? (Check all that
apply.) - ✔✔Family members may be willing to take only a partial or no salary during
difficult times.
Family members help the entrepreneur overcome many difficulties that may cause
failure.
Family members may be willing to work extra hours during holidays.
, ✔✔Which of the following groups might be included in an entrepreneur's key support
network? (Check all that apply.) - ✔✔Former employers
Friends from school
✔✔Entrepreneurs need to ensure they have sufficient ____resources prior to starting a
business. - ✔✔financial
✔✔Personality tests can _____. - ✔✔help one better understand one's traits and
tendencies
✔✔Entrepreneurs' prior experience plays a role in new business creation through
_____. - ✔✔their view of the world
✔✔If one has a low risk tolerance, one is likely to spend ____ and save ____. - ✔✔less;
more
✔✔When starting a business, one must understand the relationship between _____ and
the expected return.
Multiple choice question. - ✔✔time commitment
✔✔Identify a true statement about the circumstantial motivators for starting a business.
Multiple choice question. - ✔✔They tend to result in more of a defensive positioning
than do personal motivations.
✔✔Identify the typical triggers for starting a business. (Check all that apply.) -
✔✔Experiencing the inability to climb the corporate ladder due to circumstances
Being spurred to action by attending a seminar, reading a book, or talking with
successful entrepreneurs
Receiving evidence that an idea is not only doable, but there is a concrete way to
improve on a given problem
✔✔An entrepreneur's support and resources are typically to the individual and the
location. - ✔✔unique
✔✔Which of the following statements about agency theory are correct? (Check all that
apply.) - ✔✔Managers are considered agents.
Agents often maximize their own benefit.
Owners always act to maximize the value of the business.
✔✔People in an entrepreneur's network can help by providing ______ to a new
business.
Multiple choice question. - ✔✔legitimacy
SOLUTION RATED A+
✔✔The success of entrepreneurial businesses occurs because they are simply more
_____ than their larger corporate counterparts. - ✔✔focused
✔✔Identify the findings of the federal General Accounting Office's (GAO's) analysis of
the impact of the closure of military bases. (Check all that apply.) - ✔✔In cities with
base closings, the areas around the bases had income growth higher than the national
average.
Cities with base closings offered tax breaks and programs to support new business
development.
✔✔The U.S. government considers any business with fewer than _____ employees to
be a small business. - ✔✔500
✔✔The Fortune 500 is published annually by Fortune magazine and documents the 500
largest corporations (by ______) in the United States? - ✔✔sales
✔✔True or false: Every business in the Fortune 500 started out as a large corporation. -
✔✔False. Every business in the Fortune 500 started out as an entrepreneurial business
✔✔Which of the following are characteristics of venture capital-backed firms? (Check all
that apply.) - ✔✔They have a developed organizational structure.
They either start or grow quickly to employ a relatively large number of employees.
They are formed with a harvest plan in place.
✔✔Along with being properly financed and developing sustainable profit margins, in
order to be successful, entrepreneurs must: - ✔✔develop an effective sales generation
model.
✔✔The process of ______ a new business is unique and has developed into a popular
area of study at colleges around the globe. (Check all that apply.) - ✔✔developing
initiating
running
✔✔Large firms can obtain economies of _____ in some industries because of their
ability to operate on a larger scale than can a small firm. - ✔✔Scale
✔✔When was the initial development of the large industrial base of the United States? -
✔✔1880s
,✔✔True or false: Robber barons were responsible for the collapse of small businesses
in the 1880s. - ✔✔False. Small businesses continued to thrive as they served the needs
of the large industrial sector.
✔✔____include key suppliers, customers, and employees. These individuals are critical
to the success of a business. - ✔✔Stakeholders
✔✔Civic leaders often look to ______ as a means to promote economic strength for a
community, region, or state.
Multiple choice question. - ✔✔entrepreneurs
✔✔Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) -
✔✔generating new employment with entrepreneurial ventures.
providing a growing tax revenue base.
providing a basis to the area's economic vitality.
✔✔Which of the following are ways entrepreneurial businesses can act as catalysts for
societal change? (Check all that apply.) - ✔✔Entrepreneurial businesses have an
understanding of the local community.
Entrepreneurial businesses are willing to pursue smaller markets ignored by large
corporations.
✔✔The World Bank estimates that one of the strongest factors in the growth of any
nation's GNP is the presence of entrepreneurial _____ enterprises. - ✔✔small- and
medium-sized
✔✔Which of the following is true of entrepreneurial firms? - ✔✔The structure of
management is designed to take advantage of the skills of the founder or founders of a
firm.
✔✔Unlike the business plan of a venture capital-backed business, the entrepreneurial
business plan is developed as a _____ - ✔✔guide for the running of the business
✔✔Entrepreneurs should work with family members for their advice, potential funding,
reality check, and ____structure. - ✔✔Support
✔✔Which of the following are benefits of family-owned businesses? (Check all that
apply.) - ✔✔Family members may be willing to take only a partial or no salary during
difficult times.
Family members help the entrepreneur overcome many difficulties that may cause
failure.
Family members may be willing to work extra hours during holidays.
, ✔✔Which of the following groups might be included in an entrepreneur's key support
network? (Check all that apply.) - ✔✔Former employers
Friends from school
✔✔Entrepreneurs need to ensure they have sufficient ____resources prior to starting a
business. - ✔✔financial
✔✔Personality tests can _____. - ✔✔help one better understand one's traits and
tendencies
✔✔Entrepreneurs' prior experience plays a role in new business creation through
_____. - ✔✔their view of the world
✔✔If one has a low risk tolerance, one is likely to spend ____ and save ____. - ✔✔less;
more
✔✔When starting a business, one must understand the relationship between _____ and
the expected return.
Multiple choice question. - ✔✔time commitment
✔✔Identify a true statement about the circumstantial motivators for starting a business.
Multiple choice question. - ✔✔They tend to result in more of a defensive positioning
than do personal motivations.
✔✔Identify the typical triggers for starting a business. (Check all that apply.) -
✔✔Experiencing the inability to climb the corporate ladder due to circumstances
Being spurred to action by attending a seminar, reading a book, or talking with
successful entrepreneurs
Receiving evidence that an idea is not only doable, but there is a concrete way to
improve on a given problem
✔✔An entrepreneur's support and resources are typically to the individual and the
location. - ✔✔unique
✔✔Which of the following statements about agency theory are correct? (Check all that
apply.) - ✔✔Managers are considered agents.
Agents often maximize their own benefit.
Owners always act to maximize the value of the business.
✔✔People in an entrepreneur's network can help by providing ______ to a new
business.
Multiple choice question. - ✔✔legitimacy
