Question 1

According to the Small Business Administration's definition, small businesses are independently owned and operated.

Accepted Answer

A) True 
 B)False

Question 2

Many small business owners report that they needed assistance with accounting when they first started businesses.

Accepted Answer

A) True 
 B)False

Question 3

Since creating a detailed business plan is almost impossible, entrepreneurs should focus on the other tasks needed to get their firm started.

Accepted Answer

A) True 
 B)False

Question 4

As a young boy, Drew remembers his grandfather telling him, "Son, if you can find something you like to do, and somebody is willing to pay you to do it, well, that's the secret to a great life." The way Drew saw it, this was his big break. For the past five years, he split his time between school and working for a local tree farm/nursery business. The owner recently announced he was ready to retire. As Drew began creating a business plan, he contemplated what the business might be worth? How much will he need to buy this business? For starters, Drew

Accepted Answer

A)  needs to find a government data base that outlines what nursery businesses are worth, on average, across the country.
B)  should speak with the current owner and determine the total value of assets (what the business owns) , its earning potential, and its unique advantage.
C)  will want to determine the assessed value of the acreage that the business owns, and then bid competitively.
D)  needs to understand that it's difficult to buy an existing business, rather than start your own. The key will be to meet with the company's accountant, and explain your interest.E) A) and B)
F) A) and C)

Question 5

Jake wants to sell his workout DVDs in European, Asian, and Latin American countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face.

Accepted Answer

A)  A web site and other technological advances
B)  Partnering with a large U.S. recording studio
C)  The SBA (Small Business Administration) 
D)  An incubator facilityE) A) and C)
F) B) and C)

Question 6

The Spotlight on Small Business box featured several new entrepreneurs, some as young as 10 years old, proving "age is just a number" when it comes to having a vision for a business and bringing it to fruition.

Accepted Answer

A) True 
 B)False

Question 7

In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with .

Accepted Answer

A)  her insurance agent
B)  her business plan
C)  her venture capitalist
D)  her ideaE) A) and B)
F) A) and C)

Question 8

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

Accepted Answer

A) True 
 B)False

Question 9

Most entrepreneurs prefer working for someone else.

Accepted Answer

A) True 
 B)False

Exam 6: Entrepreneurship and Starting a Small Business

The Spotlight on Small Business box featured several new entrepreneurs, some as young as 10 years old, proving "age is just a number" when it comes to having a vision for a business and bringing it to fruition.

Correct Answer
verified

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

Correct Answer
verified

According to the Small Business Administration's definition, small businesses are independently owned and operated.

Correct Answer
verified

Jake wants to sell his workout DVDs in European, Asian, and Latin American countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face.

Correct Answer
verified

Correct Answer
verified

Many small business owners report that they needed assistance with accounting when they first started businesses.

Correct Answer
verified

Since creating a detailed business plan is almost impossible, entrepreneurs should focus on the other tasks needed to get their firm started.

Correct Answer
verified

In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with .

Correct Answer
verified

Most entrepreneurs prefer working for someone else.

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

The Spotlight on Small Business box featured several new entrepreneurs, some as young as 10 years old, proving "age is just a number" when it comes to having a vision for a business and bringing it to fruition.

Correct AnswerverifiedShow Answer

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

Correct AnswerverifiedShow Answer

According to the Small Business Administration's definition, small businesses are independently owned and operated.

Correct AnswerverifiedShow Answer

Jake wants to sell his workout DVDs in European, Asian, and Latin American countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Many small business owners report that they needed assistance with accounting when they first started businesses.

Correct AnswerverifiedShow Answer

Since creating a detailed business plan is almost impossible, entrepreneurs should focus on the other tasks needed to get their firm started.

Correct AnswerverifiedShow Answer

In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with .

Correct AnswerverifiedShow Answer

Most entrepreneurs prefer working for someone else.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified