ENTR 187 Test Questions with Correct Answers Latest Update 2025-2026
The ___ is a U.S. government agency that helps people start a business and also provide 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 - Answers Small Business Administration
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. - Answers Imitative in nature
The major of new firms go through similar startup processes with those most likely to be successful
following a four- step process: Finance, Construct, Promote, Demonstrate. - Answers FALSE
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 - Answers Owner-managed firm
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. - Answers It considers sales as more important
than marketing.
In order to make profits from a small business, the company needs to make an actual product. - Answers
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. - Answers Its metastrategy is novelty.
, A peron's belief in his or her ability to achieve a goal is called:
A. growth rewards.
B. bootstrapping.
C. novelty.
D. self-efficacy. - Answers Self- efficacy
Using low or free techniques to minimize cost of doing business is referred to as bootstrapping. -
Answers 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. -
Answers A small business grows when necessary, whereas a high-growth venture grows when possible.
The most frequently occurring element of the BRIE model is intention. - Answers TRUE
One of the seven key strategies of the entrepreneurial way involves effectuation or an approach used to
create alternatives in uncertain environments - Answers TRUE
The text defines an entrepreneur as:
The ___ is a U.S. government agency that helps people start a business and also provide 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 - Answers Small Business Administration
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. - Answers Imitative in nature
The major of new firms go through similar startup processes with those most likely to be successful
following a four- step process: Finance, Construct, Promote, Demonstrate. - Answers FALSE
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 - Answers Owner-managed firm
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. - Answers It considers sales as more important
than marketing.
In order to make profits from a small business, the company needs to make an actual product. - Answers
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. - Answers Its metastrategy is novelty.
, A peron's belief in his or her ability to achieve a goal is called:
A. growth rewards.
B. bootstrapping.
C. novelty.
D. self-efficacy. - Answers Self- efficacy
Using low or free techniques to minimize cost of doing business is referred to as bootstrapping. -
Answers 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. -
Answers A small business grows when necessary, whereas a high-growth venture grows when possible.
The most frequently occurring element of the BRIE model is intention. - Answers TRUE
One of the seven key strategies of the entrepreneurial way involves effectuation or an approach used to
create alternatives in uncertain environments - Answers TRUE
The text defines an entrepreneur as:
