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ENT I Unit 1.0 Unit Quiz

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ENT I 1.0 Unit
Chad Collins
Quiz by Chad Collins, updated more than 1 year ago
Chad Collins
Created by Chad Collins over 7 years ago
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Resource summary

Question 1

Question
Local governments strongly promote and support small businesses mainly due to which factor?
Answer
  • Businesses serve only the local communities.
  • Businesses are owned by one person.
  • Businesses may become big businesses.
  • Businesses are important to the economy.

Question 2

Question
Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat?
Answer
  • Service Corps of Retired Executives
  • Coin Laundry Trade Association
  • Local chamber of commerce
  • Small business administration

Question 3

Question
Which statement is true about entrepreneurship and small-business growth?
Answer
  • Trade regulations have very little effect on small-business growth.
  • Many people start entrepreneurial ventures during times of economic recession.
  • Small business start-ups are taxed at a higher rate than multinational companies.
  • Consumer spending is a primary factor that influences entrepreneurial success.

Question 4

Question
Which statement is true regarding training for entrepreneurial ventures?
Answer
  • Once entrepreneurs are educated or trained in their business field, they rarely need further education.
  • Most successful entrepreneurs have degrees from four-year colleges or universities.
  • The type of training and education that entrepreneurs need depends on the nature of the start-up business.
  • Most entrepreneurs must pass state-mandated exams to operate their business.

Question 5

Question
Home-based businesses are attractive to many people because of which factor?Home-based businesses usually:
Answer
  • yield higher profit margins.
  • provide owners a steady income.
  • have lower start-up costs.
  • require less technical training.

Question 6

Question
Which is a financial concern that entrepreneurs often face when starting new businesses?
Answer
  • Irregular paychecks
  • Long working hours
  • Shorter vacations
  • Lower production standards

Question 7

Question
What is a disadvantage of entrepreneurship?
Answer
  • Fewer resources
  • Personal satisfaction
  • Lower taxes
  • Uncertain income

Question 8

Question
Alaina needs advice and assistance in starting her new business, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as her guide in the business start-up process. Jack is serving which role?
Answer
  • Intermediary
  • Apprentice
  • Entrepreneur
  • Mentor

Question 9

Question
Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor?
Answer
  • How things are being done
  • What was done in the past
  • When changes were last made
  • What needs to be done

Question 10

Question
Which positive effect do small businesses have on the local community?
Answer
  • Reduction of competition
  • Pay in of taxes
  • Limitation on job growth
  • Charging of interest

Question 11

Question
Which statement is true regarding training for entrepreneurial ventures?
Answer
  • Orgainization
  • Optimism
  • Innovation
  • Determination

Question 12

Question
When writing a letter of inquiry, when should the purpose of the letter be revealed?
Answer
  • At the beginning of the letter
  • After describing the company
  • Once the recipient has agreed to meet
  • After identifying what prompted the inquiry (such as an advertisement)

Question 13

Question
What is a trend that most likely affects the growth of entrepreneurial ventures?
Answer
  • A rise in the desire for slow-response times
  • The shift to an agricultural-based society
  • A higher demand for more convenience products
  • The reduced need for health care and related services

Question 14

Question
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
Answer
  • Creativity
  • Self-discipline
  • Risk-taking
  • Flexibility

Question 15

Question
Which statement is most likely to have a negative effect on domestic small-business growth?
Answer
  • Involuntary tax reductions
  • Restrictive loan policies
  • Low interest rates
  • Slow inflation

Question 16

Question
Governments can encourage entrepreneurial development by performing which action?
Answer
  • Increasing interest rates on loans
  • Deregulating and reducing taxes
  • Establishing higher ethical standards
  • Passing more legislation with strict guidelines

Question 17

Question
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have which characteristic for what they do?
Answer
  • Reservations
  • Concerns
  • Apathy
  • Passion

Question 18

Question
What component is important to include in all types of inquiry letters?
Answer
  • Contact information
  • Personal qualifications
  • Project specifications
  • Attention-getting title

Question 19

Question
Which is considered a reliable information source for a business start-up?
Answer
  • Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
  • The Project Management Institute (www.pmi.org)
  • The Small Business Administration (www.sba.gov)
  • The National Retail Federation (www.nrf.com)
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