Question 1

Which of the following is more important in the future development of a small business owner than the formal education received in school?

Accepted Answer

Lifelong learning is crucial for small business owners as it allows them to continuously adapt to changing market conditions, technologies, and customer needs, which is more important than the formal education received in school.

Question 2

In terms of education level of new business owners,the most common educational degree level is the

Accepted Answer

The most common educational degree level among new business owners is typically a Bachelor's degree, as it provides a broad foundation of knowledge and skills that are applicable to entrepreneurship.

Question 3

The one overriding characteristic needed to be a successful small business owner is which of the following?

Accepted Answer

Incredible tenacity is crucial for a small business owner to overcome challenges, persist through difficulties, and remain committed to their goals despite setbacks.

Question 4

A characteristic of entrepreneurial personality that leads one to avoid goals that would be extremely difficult to achieve or goals with success almost guaranteed is called

Accepted Answer

Entrepreneurs with a high need to achieve set challenging but attainable goals, avoiding those that are too easy or too difficult, to maintain motivation and a sense of accomplishment.

Question 5

Which two areas of coursework are the fastest growing subjects in business schools?

Accepted Answer

Entrepreneurship and Small Business Management are rapidly growing areas in business schools due to the increasing interest in startups and innovation-driven business models.

Question 6

An entrepreneur faces which of the following environmental forces?

Accepted Answer

The answer of An entrepreneur faces which of the following...

Question 7

In the Reality Check "Small Biz on Campus," what did Whitney Williams begin selling while still in college?

Accepted Answer

Whitney Williams began selling custom jewelry while still in college.

Question 8

At Wingate University,a product that wirelessly connects to a smartphone and app to test blood alcohol levels was developed by

Accepted Answer

The product was developed by students at Wingate University.

Question 9

The three forms of business ownership include all but which of the following?

Accepted Answer

Joint ventures are not a form of business ownership.

Question 10

The personal quality linked to entrepreneurship in which people are motivated to excel and choose situations where success is likely is known as

Accepted Answer

The "need to achieve" is a personal quality where individuals are driven to excel and prefer situations where they can succeed, which is closely linked to entrepreneurship.

Question 11

The primary reason most people start their own business is to

Accepted Answer

Many people start their own business to utilize their skills and abilities, allowing them to pursue their passions and interests while having control over their work.

Question 12

Which of the following is not prerequisite for becoming a successful entrepreneur?

Accepted Answer

Education is not a strict prerequisite for entrepreneurship; many successful entrepreneurs have succeeded without formal education, relying instead on passion, determination, and knowledge gained through experience.

Question 13

Which percentage of new business owners have had at least some college education?

Accepted Answer

60 percent of new business owners have had at least some college education.

Question 14

About half of all business owners choose to go into business for themselves because they

Accepted Answer

Many business owners are motivated by the challenge and the opportunity to create something of their own, rather than just financial gain or external expectations.

Question 15

In the ____ stage of the business management process,attention is placed on team building,setting strategies,and creating a structure and culture of the business.

Accepted Answer

In the Growth stage, businesses focus on team building, setting strategies, and establishing a structure and culture to support expansion and development.

Question 16

After spending 15 years working in the restaurant industry,Alex has decided to open a restaurant of his own.His 15 years of experience will allow him to capitalize on which of the following?

Accepted Answer

Alex's 15 years of experience in the restaurant industry will allow him to capitalize on his knowledge of the industry, which is crucial for successfully running his own restaurant.

Question 17

One-day to one-year programs offered through college extension departments that are tailored to entrepreneurs and small business owners are referred to as

Accepted Answer

These programs are typically referred to as executive education programs, which are designed to provide business skills and knowledge to entrepreneurs and small business owners.

Question 18

The ability to control one's own fate is known as

Accepted Answer

Locus of control refers to the extent to which individuals believe that they have control over the events that happen to them.

Question 19

Some of the risks assumed through self-employment include all of the following except

Accepted Answer

A change in the owner's personality is not a risk assumed through self-employment; it is unrelated to the business risks typically associated with self-employment.

Question 20

The ability to see,conceive,and create new and unique products,services,and processes is known as

Accepted Answer

Innovation involves the creation of new and unique products, services, and processes.

Quiz 2: Small Business Management Entrepreneurship and Ownership