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

Question 1

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

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

True

Question 4

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 5

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

Question 6

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.

Question 7

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

Question 8

Entrepreneurship is best defined as:

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

Question 9

"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 10

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

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

Question 11

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 12

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 13

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

Question 14

All Business Plans follow the same basic model.

Question 15

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 16

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 17

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

Question 18

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 19

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

Question 20

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

Question 21

In three or four sentences discuss your personality traits and explain why you will (or will not) make a good entrepreneur.

Question 22

Having total personal responsibility for company debts is called liability.

Question 23

The form of business giving all of the owners "unlimited liability" is called a partnership.

Question 24

Identify a specific kind of business that "right now" would be a good time to start. Identify the recent change or changes that have given rise to this opportunity.

Question 25

A business where the owner is officially a "shareholder" is called a

Question 26

An unsatisfied need or opportunity in the marketplace is referred to as a .

Question 27

4, The simplest and cheapest legal form of business to start is a .

Question 28

Discuss the nature and findings of the research into the personalities of successful entrepreneurs. Suggest some areas that future studies in this field could investigate.

Question 29

Discuss the advantages and disadvantages of self-employment compared to working for a large firm