BUSG - 2309 Study Guide Ch 1-4 Exam With
Complete Solutions
False - ANSWER An entrepreneur is a person who assumes the risks of
organizing and managing a business for the sake of reducing stress from the
"rat race."
a. True
b. False
True - ANSWER Benefits of becoming an entrepreneur include independence,
satisfaction, financial reward, self-esteem, and contributions to society.
a. True
b. False
True - ANSWER Where others see problems, entrepreneurs recognize
opportunities.
a. True
b. False
False - ANSWER The seven rules for building a successful business include
recognizing an opportunity, evaluating it with critical thinking, building a team,
and financing with money from credit cards.
a. True
b. False
False - ANSWER Profits result from customer choices, not the entrepreneur's
choices.
a. True
b. False
You can touch them - ANSWER Products are tangible, meaning ________.
a. you can't actually touch them
b. you can sell them
c. you can touch them
d. you can see them
Small business and their employees - ANSWER In the United States, half of the
private workforce is represented by ________.
a. small business owners and their employees
b. entrepreneurs
c. corporations and their employees
d. women and minorities
, The economy - ANSWER The system that produces and distributes the wealth of
a country is called ________.
a. the economy
b. the government
c. the justice system
d. free enterprise
financial uncertainty - ANSWER Entrepreneurs have more control over more
aspects of their working lives than do employees. Of which aspect of their
working lives do employees have more control?
a. financial uncertainty
b. working conditions
c. time
d. encroachment on personal time
The desire for money and to make their vision come true - ANSWER The most
successful entrepreneurs say they are motivated by ________.
a. the desire to make their vision come true
b. the desire for money and to make their vision come true
c. the desire for money
d. the desire for more independence
Financial reward - ANSWER Entrepreneurship can be very challenging. Which is
not a typical challenge of being an entrepreneur?
a. loneliness
b. financial reward
c. long hours
d. financial insecurity
Profit - ANSWER The reward for satisfying a customer need is earning a
________.
a. business
b. discount
c. profit
d. referral
Small? - ANSWER Most of the world's businesses are ________ businesses.
a. small
b. medium-sized
c. large
d. family-owned
An opportunity - ANSWER Entrepreneurs view change as ________.
a. inevitable
b. an opportunity
Complete Solutions
False - ANSWER An entrepreneur is a person who assumes the risks of
organizing and managing a business for the sake of reducing stress from the
"rat race."
a. True
b. False
True - ANSWER Benefits of becoming an entrepreneur include independence,
satisfaction, financial reward, self-esteem, and contributions to society.
a. True
b. False
True - ANSWER Where others see problems, entrepreneurs recognize
opportunities.
a. True
b. False
False - ANSWER The seven rules for building a successful business include
recognizing an opportunity, evaluating it with critical thinking, building a team,
and financing with money from credit cards.
a. True
b. False
False - ANSWER Profits result from customer choices, not the entrepreneur's
choices.
a. True
b. False
You can touch them - ANSWER Products are tangible, meaning ________.
a. you can't actually touch them
b. you can sell them
c. you can touch them
d. you can see them
Small business and their employees - ANSWER In the United States, half of the
private workforce is represented by ________.
a. small business owners and their employees
b. entrepreneurs
c. corporations and their employees
d. women and minorities
, The economy - ANSWER The system that produces and distributes the wealth of
a country is called ________.
a. the economy
b. the government
c. the justice system
d. free enterprise
financial uncertainty - ANSWER Entrepreneurs have more control over more
aspects of their working lives than do employees. Of which aspect of their
working lives do employees have more control?
a. financial uncertainty
b. working conditions
c. time
d. encroachment on personal time
The desire for money and to make their vision come true - ANSWER The most
successful entrepreneurs say they are motivated by ________.
a. the desire to make their vision come true
b. the desire for money and to make their vision come true
c. the desire for money
d. the desire for more independence
Financial reward - ANSWER Entrepreneurship can be very challenging. Which is
not a typical challenge of being an entrepreneur?
a. loneliness
b. financial reward
c. long hours
d. financial insecurity
Profit - ANSWER The reward for satisfying a customer need is earning a
________.
a. business
b. discount
c. profit
d. referral
Small? - ANSWER Most of the world's businesses are ________ businesses.
a. small
b. medium-sized
c. large
d. family-owned
An opportunity - ANSWER Entrepreneurs view change as ________.
a. inevitable
b. an opportunity
