Deck 1: The Concept: What Business Will I Be in

Question 1

A person can learn the skills of running a small business from this course.

Answer 1

False

Question 2

Writing a Business Plan is largely a process of:

A)step-by-step construction.
B)revision and rewriting.
C)getting others to write the plan.
D)finding the right format.

Answer 2

B

Question 3

Academics tend to define "small business" as having fewer than:

A)5 employees.
B)10 employees.
C)100 employees.
D)500 employees.

Answer 3

D

Question 4

The greater the variety of potential customers that a new business has, the greater its potential for profit.

Question 5

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

A)are more likely to be successful in starting a business.
B)are less likely to be successful in starting a business.
C)have the same success rates.
D)are more likely to abandon the process of starting a business.

Question 6

The term "micro-enterprise" usually refers to a business that has fewer than:

A)2 employees.
B)5 employees.
C)10 employees.
D)100 employees.

Question 7

It is best to have a partner whose personality is:

A)the same as yours.
B)opposite to yours.
C)complimentary to yours.
D)conflicting with yours.

Question 8

Limited liability partnerships are a legal from reserved for self-governing professions like lawyers and accountants.

Question 9

All Business Plans follow the same basic model.

Question 10

The more specialized that a business is, the more likely it is to:

A)make money.
B)require more customers.
C)need a large inventory.
D)go bankrupt.

Question 11

"Junk research":

A)is based on flawed logic or poor scientific method.
B)is research conducted by non-academics.
C)is totally valid, even though it is not recognized by the research community.
D)is the rigorous study of entrepreneurs.

Question 12

A single retail clothing store that is part of a national chain is generally considered to be a small business.

Question 13

Compared to the general population, successful entrepreneurs tend to be:

A)more aggressive.
B)more impulsive.
C)more confident in their abilities to influence their own futures.
D)more willing to take advantage of others.

Question 14

Generally, a "business" must have some value of its own, apart from its owner.

Question 15

If the owner of a sole proprietorship is killed, the "business" no longer exists as a legal entity.

Question 16

Freelancers generally work under long-term contract to one employer at a time.

Question 17

Entrepreneurs in Canada tend to work:

A)fewer hours than employed people.
B)about the same number of hours as employed people.
C)more hours than employed people.
D)there is no information on who works more hours.

Question 18

Entrepreneurship is best defined as:

A)gambling.
B)risking money to make profit.
C)innovation.
D)the management of people.

Question 19

The skills and traits that employers are looking for and the skills and traits needed to own a business are virtually identical.

Question 20

The definition of a business may change a number of times during the writing of a business plan.