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CHAPTER 1: THE BUSINESS MODEL
TEST BANK
A) MULTIPLE CHOICE
Select the "most correct" option:
1. Characteristics of an entrepreneur include all of the following except:
a. Entrepreneurs are often very hard-working and dedicated to seeing their dream
become reality.
b. Entrepreneurs tend to have more confidence in their own ability to influence their
futures.
c. Successful entrepreneurs cannot afford to take any risks. They have limited capital to
deploy and any mistakes may result in failure.
d. Entrepreneurs often “think outside the box” when trying to find solutions to problems
when resources are limited and traditional options are just not feasible.
2. Academics tend to define “small business” as having fewer than:
a. 5 employees.
b. 10 employees.
c. 100 employees.
d. 500 employees.
3. Writing a Business Plan is largely a process of:
a. step-by-step construction.
b. revision and rewriting.
c. getting others to write the plan.
d. finding the right format.
4. Entrepreneurship is best defined as:
a. gambling.
b. risking money to make profit.
c. innovation.
d. the management of people.
5. "Junk research":
a. is based on flawed logic or poor scientific method.
b. is research conducted by non-academics.
c. is totally valid, even though it is not recognized by the research community.
d. is the rigorous study of entrepreneurs.
6. Entrepreneurs in Canada tend to work:
a. fewer hours than employed people.
b. about the same number of hours as employed people.
c. more hours than employed people.
d. there is no information on who works more hours.
Full download please contact or qidiantiku.com
, Full download please contact or qidiantiku.com
7. The more specialized that a business is, the more likely it is to:
a. make money.
b. require more customers.
c. need a large inventory.
d. go bankrupt.
8. It is best to have a partner whose personality is:
a. the same as yours.
b. opposite to yours.
c. complimentary to yours.
d. conflicting with yours.
9. The primary business skills required from an entrepreneur include each of the following
except:
a. Financial Planning
b. Marketing and Sales
c. Communication and Negotiation
d. Asset Management
10. Compared to the general population, successful entrepreneurs tend to be:
a. more aggressive.
b. more impulsive.
c. more confident in their abilities to influence their own futures.
d. more willing to take advantage of others.
B) TRUE OR FALSE
1. T. F. A person can learn the skills of running a small business from this course.
2. T. F. Generally, a “business” must have some value of its own, apart from its owner.
3. T. F. All Business Plans follow the same basic model.
4. T. F. The skills and traits that employers are looking for and the skills and traits
needed to own a business are virtually identical.
5. T. F. If the owner of a sole proprietorship is killed, the “business” no longer
exists as a legal entity.
6. T. F. Freelancers generally work under long-term contract to one employer at a
time.
7. T. F. A single retail clothing store that is part of a national chain is generally
considered to be a small business.
Full download please contact or qidiantiku.com
CHAPTER 1: THE BUSINESS MODEL
TEST BANK
A) MULTIPLE CHOICE
Select the "most correct" option:
1. Characteristics of an entrepreneur include all of the following except:
a. Entrepreneurs are often very hard-working and dedicated to seeing their dream
become reality.
b. Entrepreneurs tend to have more confidence in their own ability to influence their
futures.
c. Successful entrepreneurs cannot afford to take any risks. They have limited capital to
deploy and any mistakes may result in failure.
d. Entrepreneurs often “think outside the box” when trying to find solutions to problems
when resources are limited and traditional options are just not feasible.
2. Academics tend to define “small business” as having fewer than:
a. 5 employees.
b. 10 employees.
c. 100 employees.
d. 500 employees.
3. Writing a Business Plan is largely a process of:
a. step-by-step construction.
b. revision and rewriting.
c. getting others to write the plan.
d. finding the right format.
4. Entrepreneurship is best defined as:
a. gambling.
b. risking money to make profit.
c. innovation.
d. the management of people.
5. "Junk research":
a. is based on flawed logic or poor scientific method.
b. is research conducted by non-academics.
c. is totally valid, even though it is not recognized by the research community.
d. is the rigorous study of entrepreneurs.
6. Entrepreneurs in Canada tend to work:
a. fewer hours than employed people.
b. about the same number of hours as employed people.
c. more hours than employed people.
d. there is no information on who works more hours.
Full download please contact or qidiantiku.com
, Full download please contact or qidiantiku.com
7. The more specialized that a business is, the more likely it is to:
a. make money.
b. require more customers.
c. need a large inventory.
d. go bankrupt.
8. It is best to have a partner whose personality is:
a. the same as yours.
b. opposite to yours.
c. complimentary to yours.
d. conflicting with yours.
9. The primary business skills required from an entrepreneur include each of the following
except:
a. Financial Planning
b. Marketing and Sales
c. Communication and Negotiation
d. Asset Management
10. Compared to the general population, successful entrepreneurs tend to be:
a. more aggressive.
b. more impulsive.
c. more confident in their abilities to influence their own futures.
d. more willing to take advantage of others.
B) TRUE OR FALSE
1. T. F. A person can learn the skills of running a small business from this course.
2. T. F. Generally, a “business” must have some value of its own, apart from its owner.
3. T. F. All Business Plans follow the same basic model.
4. T. F. The skills and traits that employers are looking for and the skills and traits
needed to own a business are virtually identical.
5. T. F. If the owner of a sole proprietorship is killed, the “business” no longer
exists as a legal entity.
6. T. F. Freelancers generally work under long-term contract to one employer at a
time.
7. T. F. A single retail clothing store that is part of a national chain is generally
considered to be a small business.
Full download please contact or qidiantiku.com
