SMALL BUSINESS MANAGEMENT EXAMS [2026] UPDATED
ACTUAL Exam | Question and Answer | A+ VERIFIED
ANSWERS
• Benefits of becoming an entrepreneur include independence, satisfaction,
financial reward, self-esteem, and contributions to society. -✓✓ TRUE
• Where others see problems, entrepreneurs recognize opportunities. -✓✓ TRUE
• 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. -✓✓ FALSE
• Profits result from customer choices, not the entrepreneur's choices. -✓✓ FALSE
• Products are tangible, meaning ________. -✓✓ YOU CAN TOUCH THEM
• In the United States, half of the private workforce is represented by ________. -
✓✓ SMALL BUSINESS OWNERS AND THEIR EMPLOYEES
• The system that produces and distributes the wealth of a country is called
________. -✓✓ THE ECONOMY
• 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? -✓✓ FINANCIAL UNCERTAINTY
, • The most successful entrepreneurs say they are motivated by ________. -✓✓
THE DESIRE FOR MONEY AND TO MAKE THEIR VISION COME TRUE
• Entrepreneurship can be very challenging. Which is not a typical challenge of
being an entrepreneur? -✓✓ FINANCIAL REWARD
• The reward for satisfying a customer need is earning a ________. -✓✓ PROFIT
• Most of the world's businesses are ________ businesses. -✓✓ SMALL
• Entrepreneurs view change as ________. -✓✓ AN OPPORTUNITY
• Since time began, people have had to answer the same basic economic questions.
Among these are ________? -✓✓ WHAT SHOULD BE PRODUCED
• How does the free-enterprise system discourage entrepreneurs who waste
resources? -✓✓ THEY CAN'T MAKE A PROFIT AND ARE FORCED OUT OF
BUSINESS
• Why do consumers benefit from free trade and the resulting competition between
businesses? -✓✓ COMPETITION TENDS TO DRIVE DOWN PRICES AND
IMPROVE QUALITY
• An entrepreneur must strike an excellent balance between being a(n) ________. -
✓✓ RISK TAKER AND SOMEONE WHO CAREFULLY EVALUATES A
DECISION
ACTUAL Exam | Question and Answer | A+ VERIFIED
ANSWERS
• Benefits of becoming an entrepreneur include independence, satisfaction,
financial reward, self-esteem, and contributions to society. -✓✓ TRUE
• Where others see problems, entrepreneurs recognize opportunities. -✓✓ TRUE
• 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. -✓✓ FALSE
• Profits result from customer choices, not the entrepreneur's choices. -✓✓ FALSE
• Products are tangible, meaning ________. -✓✓ YOU CAN TOUCH THEM
• In the United States, half of the private workforce is represented by ________. -
✓✓ SMALL BUSINESS OWNERS AND THEIR EMPLOYEES
• The system that produces and distributes the wealth of a country is called
________. -✓✓ THE ECONOMY
• 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? -✓✓ FINANCIAL UNCERTAINTY
, • The most successful entrepreneurs say they are motivated by ________. -✓✓
THE DESIRE FOR MONEY AND TO MAKE THEIR VISION COME TRUE
• Entrepreneurship can be very challenging. Which is not a typical challenge of
being an entrepreneur? -✓✓ FINANCIAL REWARD
• The reward for satisfying a customer need is earning a ________. -✓✓ PROFIT
• Most of the world's businesses are ________ businesses. -✓✓ SMALL
• Entrepreneurs view change as ________. -✓✓ AN OPPORTUNITY
• Since time began, people have had to answer the same basic economic questions.
Among these are ________? -✓✓ WHAT SHOULD BE PRODUCED
• How does the free-enterprise system discourage entrepreneurs who waste
resources? -✓✓ THEY CAN'T MAKE A PROFIT AND ARE FORCED OUT OF
BUSINESS
• Why do consumers benefit from free trade and the resulting competition between
businesses? -✓✓ COMPETITION TENDS TO DRIVE DOWN PRICES AND
IMPROVE QUALITY
• An entrepreneur must strike an excellent balance between being a(n) ________. -
✓✓ RISK TAKER AND SOMEONE WHO CAREFULLY EVALUATES A
DECISION
