Question 1

What was the world's largest corporation in 2012?

Accepted Answer

In 2012, Walmart was the world's largest corporation based on revenue, with earnings of over $469 billion. Southwest Airlines, General Motors, Google, and Apple were also large corporations but did not exceed Walmart's revenue in 2012.

Question 2

In general, the number of female entrepreneurs is 2/3rds the number of male entrepreneurs.

Accepted Answer

The question states that the number of female entrepreneurs is 2/3rds the number of male entrepreneurs, which means that the number of female entrepreneurs is less than the number of male entrepreneurs.

Question 3

According to the survey cited in this chapter, which of the following was not one of the most important innovations since 1980?

Accepted Answer

The survey cited in the chapter did not list "digital imagery" as one of the most important innovations since 1980. The listed options were the internet, cell phones, personal computers, and email.

Question 4

According to ACNielsen International Research, the most common reason for a person's desire to start a business is to increase his or her income.

Accepted Answer

ACNielsen International Research often finds that financial motivations, such as increasing income, are a primary driver for individuals wanting to start their own businesses.

Question 5

General Motors became the first company to earn over one billion dollars in a single year on December 31, 1985.

Accepted Answer

General Motors became the first company to earn over one billion dollars in a single year in 1955, not 1985.

Question 6

What percentage of new business ventures typically survive their first 5 years of operation?

Accepted Answer

According to data from the U.S. Bureau of Labor Statistics, about 40% of new businesses survive their first 5 years of operation.

Question 7

A High-Expectation Nascent Entrepreneur is an individual who expects to employ at least 50 employees within four years' time, through his or her new firm.

Accepted Answer

The answer of A High-Expectation Nascent Entrepreneur is an individual...

Question 8

The former dean of the Nomura School of Advanced Management in Japan, Jiro Tokuyama, once said that the venture capital firms in Japan comprise one of the chief advantages for Japanese, technology start-ups.

Accepted Answer

There is no record of a dean named Jiro Tokuyama at the Nomura School of Advanced Management, nor is there evidence of this specific statement being made about Japanese venture capital firms. Additionally, the Nomura School of Advanced Management does not exist.

Question 9

Thirty year old people fall into the most entrepreneurially active age demographic.

Accepted Answer

Research indicates that individuals in their 30s often have a combination of experience, resources, and risk tolerance that makes them highly active in entrepreneurial ventures.

Question 10

By 2011, what percentage of the world's population had become Internet users?

Accepted Answer

By 2011, approximately 33% of the world's population had become Internet users, reflecting the rapid growth of internet accessibility and adoption globally.

Question 11

Which of the trends below converged to spark the Internet revolution of the 1990's?

Accepted Answer

Digital Technology allowed for the creation, storage, and transmission of vast amounts of information. Information Technology enabled the organization and processing of this information. And Entrepreneurship provided the drive and innovation to create businesses and services that leveraged these technologies, leading to the Internet revolution. The other choices include some relevant technologies and concepts, but they do not capture the essential factors that converged to spark the Internet revolution.

Question 12

In 1928, the DJIA comprised 50 companies.

Accepted Answer

The Dow Jones Industrial Average (DJIA) comprised 30 companies in 1928, not 50.

Question 13

Which software application was the predecessor to the Lotus 1-2-3 spreadsheet?

Accepted Answer

VisiCalc was the first electronic spreadsheet software application, introduced in 1979, and it was the predecessor to Lotus 1-2-3 which was released in 1983.

Question 14

Walmart and Home Depot, collectively, employ 1.8% of the US workforce.

Accepted Answer

The answer of Walmart and Home Depot, collectively, employ 1.8%...

Question 15

The stricter a country's employment security, the lower its early-stage HEA rate.

Accepted Answer

The question states that the stricter a country's employment security, the lower its early-stage HEA rate. This means that countries with stricter employment security laws tend to have lower rates of early-stage high-growth entrepreneurship (HEA).

Question 16

70% of the employment growth in the U.S.comes from only 10% of all firms.

Accepted Answer

The answer of 70% of the employment growth in the...

Question 17

Japan is among the leading countries, in terms of entrepreneurial activity.

Accepted Answer

Japan is not typically considered a leading country in terms of entrepreneurial activity due to cultural and structural factors that discourage risk-taking and startup formation.

Question 18

What percentage of Americans dream of starting a business?

Accepted Answer

According to various surveys and studies, around 58% of Americans have expressed a desire to start their own business.

Question 19

The Total Entrepreneurial Activity (TEA)index tracks the percent of the adult population that is trying to start or has started an infant business because all other options for work are either absent or unsatisfactory.

Accepted Answer

The Total Entrepreneurial Activity (TEA) index measures the percentage of the adult population who are either a nascent entrepreneur or owner-manager of a new business, not solely because other work options are absent or unsatisfactory, but for various reasons including opportunity and innovation.

Question 20

Approximately 66% of all businesses start in the owner's home, but fail to grow primarily because the entrepreneur hires too many full-time workers.

Accepted Answer

The statement is false. The reason for failure of home-based businesses could be many, but hiring too many full-time workers is not necessarily the primary reason for their lack of growth.

Quiz 1: The Power of Entrepreneurship