Entrepreneurship - Chapter 1

People who own, operate, and take the risk of a business venture are called:

• Employees

• Entrepreneurs

• Executives

• Managers

People go into business for themselves because:

• they want to set their own schedules

• they hope to pursue a personal dream

• they want to work at home but still earn an income

• all of the above

Which of the following is an example of a service business?

• Home Depot

• Best Buy

• Mr. G's Lawn Mowing

• Enterprise Rent-a-Car

Small firms with fewer than 500 employees represent about _______% of all businesses in the United States5

• 25%

• 50%

• 75%

• 99%

Which of the following was NOT a provision of the American Recovery and Reinvestment Act of 2009?

• Decreasing equity capital for high-growth businesses

• Improving the liquidity of small business lending markets

• Offering several forms of tax relief

• Offering incentives to drive the growth of renewable energy

Which of the following would generally NOT be considered a desirable characteristic of a good team member?

• Committed

• Confrontational

• Cooperative

• Creative

One major advantage of being an entrepreneur is that:

• Entrepreneurs are guaranteed to make large sums of money

• Entrepreneurs can choose a business that interests them

• Entrepreneurs do not need to work with anyone else to get their business up and running

• All of the above are advantages

Thoughts or concepts come from creative thinking are called:

• Advantages

• Insights

• Opportunities

• Ideas

The FINAL step of the problem-solving model is to:

• Evaluate the action

• Gather information

• Take action

• Select the best option

In a brainstorming session, it is NOT a good idea to:

• Write down all the solutions that are suggested

• Use the problem-solving model to determine which ideas are the best

• Immediately reject the most outlandish ideas as "foolish" or "crazy"

• Think of as many potential solutions as possible