Question 1

Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems except:

Accepted Answer

A)  the cultural differences between Canada and Brazil.
B)  difficulties in obtaining adequate financing.
C)  convincing foreign firms to do business with a small firm,rather than a large corporation.
D)  the heavy burden of bureaucratic paperwork.E) C) and D)
F) B) and D)

Question 2

About 50% of businesses that enter the marketplace survive for one full year.

Accepted Answer

A) True 
 B)False

Question 3

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Accepted Answer

A) True 
 B)False

Question 4

Sally Wright has just taken early retirement,including a substantial retirement allowance.She wishes to continue working and wants to invest her retirement allowance in her own small business,and feels comfortable doing so with an established product and process.She worked for the same employer in the same job all of her working career and therefore has no experience in running her own business.In starting her own business she would be well-advised to:

Accepted Answer

A)  start the business from scratch.
B)  buy an existing business.
C)  buy a franchise.
D)  work for someone in an existing small business for the next 10 years.E) A) and B)
F) A) and C)

Question 5

Working at home has its challenges.In setting up a home-based business,what kinds of major challenges could you expect?

Accepted Answer

Getting new customers,managing...

Question 6

Today,small business ventures are far more capable of expanding globally,with relatively minimal effort and cost because of:

Accepted Answer

A)  the increased level of general business knowledge.
B)  the support received from government agencies.
C)  the many options that exist for how a small business can enter a global market.
D)  web-based business applications.E) A) and B)
F) A) and C)

Question 7

Maria has just completed her business degree.Her best job search strategy would be to concentrate on looking for work with a major corporation.

Accepted Answer

A) True 
 B)False

Question 8

Business incubators are government-funded facilities intended to:

Accepted Answer

A)  provide health care benefits for small business owners and their families.
B)  offer startup firms low-cost office space and basic business services.
C)  help rebuild the nation's infrastructure.
D)  assist foreign investors to identify business opportunities in Canada.E) B) and D)
F) None of the above

Question 9

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

Accepted Answer

A) True 
 B)False

Question 10

About 86% of Canadian exporters are small businesses.

Accepted Answer

A) True 
 B)False

Question 11

The best way to learn about small business is to start your own.

Accepted Answer

A) True 
 B)False

Question 12

As a prospective entrepreneur,Gregory benefited from his experience working for an established florist.He now feels that he is ready to start his own shop,but he lacks the necessary capital.Which of the following would best help Gregory achieve his goal of business ownership?

Accepted Answer

A)  Offer to take over management of the business,allowing the owner to enjoy some leisure time.
B)  Consider working for a major corporation,live modestly and save until he has sufficient funds to start his business.
C)  Enroll in the closest university and apply for student loans.
D)  Open his business and trust that his work experience will bring him success even with insufficient capital.E) A) and B)
F) A) and C)

Question 13

Luis is a partner in a firm that specializes in producing vitamins and health food products.While the business is considered small by Canadian standards,he is attempting to persuade his partner to expand internationally.Luis would list all of the following as advantages of going international except:

Accepted Answer

A)  exporting can help sell excess inventory.
B)  marketing programs benefit from the cultural similarities in prospective markets.
C)  expanding internationally can reduce a firm's dependence on their domestic market.
D)  selling products in other markets can extend their life cycle.E) A) and B)
F) A) and C)

Question 14

The goal of an intrapreneur is to:

Accepted Answer

A)  improve quality control in a corporation's production process.
B)  develop new products and generate new profits for the corporation.
C)  implement cost control policies for existing products.
D)  break up an inefficient big firm into a group of smaller,more efficient business organizations.E) B) and C)
F) C) and D)

Question 15

Most entrepreneurs prefer working for someone else.

Accepted Answer

A) True 
 B)False

Question 16

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

Accepted Answer

A)  makes sense because managerial skills are best developed by working for big firms.
B)  is smart because major corporations represent the most important source of employment growth in Canada.
C)  indicates that Manny's passion is to fulfill his dream of owning his own business.
D)  will likely limit his job prospects since most Canadian exporters are small businesses.E) A) and B)
F) C) and D)

Question 17

Many small business owners report that the most important assistance they needed in starting and managing their business involved accounting.

Accepted Answer

A) True 
 B)False

Question 18

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Accepted Answer

A) True 
 B)False

Question 19

What advantages do small businesses have over large businesses in international trade?

Accepted Answer

Overseas buyers enjoy dealing with indiv...

Question 20

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Accepted Answer

A) True 
 B)False

Exam 7: Entrepreneurship and Starting a Small Business

Maria has just completed her business degree.Her best job search strategy would be to concentrate on looking for work with a major corporation.

Correct Answer
verified

Most entrepreneurs prefer working for someone else.

Correct Answer
verified

Correct Answer
verified

Today,small business ventures are far more capable of expanding globally,with relatively minimal effort and cost because of:

Correct Answer
verified

As a prospective entrepreneur,Gregory benefited from his experience working for an established florist.He now feels that he is ready to start his own shop,but he lacks the necessary capital.Which of the following would best help Gregory achieve his goal of business ownership?

Correct Answer
verified

Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems except:

Correct Answer
verified

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

Correct Answer
verified

The best way to learn about small business is to start your own.

Correct Answer
verified

What advantages do small businesses have over large businesses in international trade?

Correct Answer
verified
Overseas buyers enjoy dealing with indiv...
View Answer

Many small business owners report that the most important assistance they needed in starting and managing their business involved accounting.

Correct Answer
verified

About 86% of Canadian exporters are small businesses.

Correct Answer
verified

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

Correct Answer
verified

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Correct Answer
verified

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Correct Answer
verified

Working at home has its challenges.In setting up a home-based business,what kinds of major challenges could you expect?

Correct Answer
verified
Getting new customers,managing...
View Answer

The goal of an intrapreneur is to:

Correct Answer
verified

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Correct Answer
verified

Business incubators are government-funded facilities intended to:

Correct Answer
verified

About 50% of businesses that enter the marketplace survive for one full year.

Correct Answer
verified

Correct Answer
verified

Exam 7: Entrepreneurship and Starting a Small Business

Maria has just completed her business degree.Her best job search strategy would be to concentrate on looking for work with a major corporation.

Correct AnswerverifiedShow Answer

Most entrepreneurs prefer working for someone else.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Today,small business ventures are far more capable of expanding globally,with relatively minimal effort and cost because of:

Correct AnswerverifiedShow Answer

As a prospective entrepreneur,Gregory benefited from his experience working for an established florist.He now feels that he is ready to start his own shop,but he lacks the necessary capital.Which of the following would best help Gregory achieve his goal of business ownership?

Correct AnswerverifiedShow Answer

Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems except:

Correct AnswerverifiedShow Answer

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

Correct AnswerverifiedShow Answer

The best way to learn about small business is to start your own.

Correct AnswerverifiedShow Answer

What advantages do small businesses have over large businesses in international trade?

Correct AnswerverifiedOverseas buyers enjoy dealing with indiv...View AnswerShow Answer

Many small business owners report that the most important assistance they needed in starting and managing their business involved accounting.

Correct AnswerverifiedShow Answer

About 86% of Canadian exporters are small businesses.

Correct AnswerverifiedShow Answer

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

Correct AnswerverifiedShow Answer

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Correct AnswerverifiedShow Answer

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Correct AnswerverifiedShow Answer

Working at home has its challenges.In setting up a home-based business,what kinds of major challenges could you expect?

Correct AnswerverifiedGetting new customers,managing...View AnswerShow Answer

The goal of an intrapreneur is to:

Correct AnswerverifiedShow Answer

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Correct AnswerverifiedShow Answer

Business incubators are government-funded facilities intended to:

Correct AnswerverifiedShow Answer

About 50% of businesses that enter the marketplace survive for one full year.

Correct AnswerverifiedShow Answer

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
Overseas buyers enjoy dealing with indiv...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Getting new customers,managing...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified