ENTR 187 LATEST UPDATED 2025 ACTUAL FINAL EXAM WITH
COMPLETE DETAILED QUESTIONS AND CORRECT VERIFIED
ANSWERS ALREADY A+ GRADED
Small businesses are usually: A.imitative in nature.
B. characterized by the novelty of their products.
C. the same as high-growth ventures.
D. not affected by market fluctuations.
ANSWER-A
The majority of new firms go through similar startup processes with those most likely to be successful
following a four-step process: Finance, Construct, Promote, Demonstrate.
ANSWER-FALSE
The _____ is a U.S. government agency that helps people start a business and also provides them
support and advocacy.
A. Small Business Administration
B. U.S. Department of Business Development
C. U.S. Department of Commerce
D. U.S. Entrepreneurial Administration
ANSWER-A
A business run by the individual who owns it is referred to as a(n) _____.
A. franchise
B. owner-managed firm
,C. professionally-owned business
D. novelty firm
ANSWER-B
Which of the following is true of a small business?
A. Its preferred funding source is other people's money.
B. It sells more when it is facing bankruptcy.
C. It considers sales as more important than marketing.
D. It focuses more on effectiveness than on efficiency.
ANSWER-C
In order to make profits from a small business, the company needs to make an actual product.
ANSWER-FALSE
Which of the following is true of a high-growth venture?
A. It considers sales as more important than marketing.
B. Its metastrategy is novelty.
C. It focuses more on efficiency than on effectiveness.
D. It does not allow for easy delegation of work or responsibilities.
ANSWER-B
A person's belief in his or her ability to achieve a goal is called:
A. growth rewards.
B. bootstrapping.
C. novelty.
,D. self-efficacy.
ANSWER-D
Using low-cost or free techniques to minimize cost of doing business is referred to as bootstrapping.
ANSWER-TRUE
Which of the following is a difference between a small business and a high-growth venture?
A. For a small business, the preferred funding source is other people's money, whereas for a high-
growth venture, it is the owner's own money.
B. For a small business, the personal control preference is to involve others, whereas a high-growth
venture prefers to retain autonomy.
C. A small business focuses on effectiveness, whereas a high-growth venture focuses on efficiency.
D. A small business grows when necessary, whereas a high-growth venture grows when possible.
ANSWER-D
The most frequently occurring element of the BRIE model is intention.
ANSWER-TRUE
One of the seven key strategies of the entrepreneurial way involves effectuation or an approach used to
create alternatives in uncertain environments.
ANSWER-TRUE
The text defines an entrepreneur as:
A. a person who purchases an existing business.
B. working for yourself.
, C. characterized by being different or new.
D. a person who owns or starts an organization, such as a business.
ANSWER-A
_____ are the smallest full-time business.
A. High-performing small businesses
B. Traditional small businesses
C. High-growth ventures
D. Lifestyle businesses
ANSWER-B
Which of the following terms is not one of the four steps in the successful entrepreneurial process?
A. Seek.
B. Do.
C. Plan.
D. Check.
ANSWER-A
According to the BRIE model, _____ sets up a business as a firm.
A. intention
B. exchange
C. franchise
D. boundary
ANSWER-D
COMPLETE DETAILED QUESTIONS AND CORRECT VERIFIED
ANSWERS ALREADY A+ GRADED
Small businesses are usually: A.imitative in nature.
B. characterized by the novelty of their products.
C. the same as high-growth ventures.
D. not affected by market fluctuations.
ANSWER-A
The majority of new firms go through similar startup processes with those most likely to be successful
following a four-step process: Finance, Construct, Promote, Demonstrate.
ANSWER-FALSE
The _____ is a U.S. government agency that helps people start a business and also provides them
support and advocacy.
A. Small Business Administration
B. U.S. Department of Business Development
C. U.S. Department of Commerce
D. U.S. Entrepreneurial Administration
ANSWER-A
A business run by the individual who owns it is referred to as a(n) _____.
A. franchise
B. owner-managed firm
,C. professionally-owned business
D. novelty firm
ANSWER-B
Which of the following is true of a small business?
A. Its preferred funding source is other people's money.
B. It sells more when it is facing bankruptcy.
C. It considers sales as more important than marketing.
D. It focuses more on effectiveness than on efficiency.
ANSWER-C
In order to make profits from a small business, the company needs to make an actual product.
ANSWER-FALSE
Which of the following is true of a high-growth venture?
A. It considers sales as more important than marketing.
B. Its metastrategy is novelty.
C. It focuses more on efficiency than on effectiveness.
D. It does not allow for easy delegation of work or responsibilities.
ANSWER-B
A person's belief in his or her ability to achieve a goal is called:
A. growth rewards.
B. bootstrapping.
C. novelty.
,D. self-efficacy.
ANSWER-D
Using low-cost or free techniques to minimize cost of doing business is referred to as bootstrapping.
ANSWER-TRUE
Which of the following is a difference between a small business and a high-growth venture?
A. For a small business, the preferred funding source is other people's money, whereas for a high-
growth venture, it is the owner's own money.
B. For a small business, the personal control preference is to involve others, whereas a high-growth
venture prefers to retain autonomy.
C. A small business focuses on effectiveness, whereas a high-growth venture focuses on efficiency.
D. A small business grows when necessary, whereas a high-growth venture grows when possible.
ANSWER-D
The most frequently occurring element of the BRIE model is intention.
ANSWER-TRUE
One of the seven key strategies of the entrepreneurial way involves effectuation or an approach used to
create alternatives in uncertain environments.
ANSWER-TRUE
The text defines an entrepreneur as:
A. a person who purchases an existing business.
B. working for yourself.
, C. characterized by being different or new.
D. a person who owns or starts an organization, such as a business.
ANSWER-A
_____ are the smallest full-time business.
A. High-performing small businesses
B. Traditional small businesses
C. High-growth ventures
D. Lifestyle businesses
ANSWER-B
Which of the following terms is not one of the four steps in the successful entrepreneurial process?
A. Seek.
B. Do.
C. Plan.
D. Check.
ANSWER-A
According to the BRIE model, _____ sets up a business as a firm.
A. intention
B. exchange
C. franchise
D. boundary
ANSWER-D
