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Exam 7: Entrepreneurship and Starting a Small Business

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Question 1

Multiple Choice

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Surveys show that ___________ make(s) the most money among small-business owners in Canada.

A) service businesses
B) retail businesses
C) wholesalers
D) manufacturing

E) B) and C)
F) A) and D)

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Question 2

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Chris is an angel investor.This indicates that she:

A) invests her own money in new businesses before they sell stock publicly.
B) creates business incubators for startup Web-based firms.
C) is involved in providing startup money for new churches and other nonprofits.
D) provides assistance for struggling entrepreneurs.

E) A) and C)
F) A) and B)

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Question 3

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A small business must be independently owned and operated.

Individuals desiring to learn about small business operations would be well advised to learn from other entrepreneurs.

Venture capitalists provide funds for startup businesses in exchange for part ownership in the new firm.

It is estimated that 46% of SMEs have some degree of female ownership.

An entrepreneur:

Small businesses have not significantly participated in web-based online sales.

Credit owing to potential suppliers can be a source of financing for a new business.

Since entrepreneurs are starting new businesses,experience gained from working for an established business isn't particularly helpful.

The goal of an incubator is only to ensure that the small business survives the start-up period.

Over 75% of home based employer businesses are in:

Justin feels that his family run business will be more likely to avoid the problems many growing businesses have with managing employees.

Web-based businesses:

Commercial loan officers and insurance agents offer expert assistance that can be valuable to small business owners.

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Corporate management has been the training ground for many new entrepreneurs.

The most common small business failures occur in businesses that are the easiest to start.

Small businesses can provide more personalized service than a large corporation when looking at selling internationally.

All of the following are characteristics of successful entrepreneurs except: