Question 1

According to the BRIE model,which of the following is an element that is necessary to start a business?

Accepted Answer

The BRIE model stands for Boundary, Resources, Intention, and Exchange, which are necessary elements to start a business.

Question 2

Which of the following elements of the BRIE model represents the desire to start a business?

Accepted Answer

Intention represents the desire or motivation to start a business. The BRIE model includes four elements: Intention, Boundary, Resources, and Exchange. Intention is the first step in the process of starting a business, as it drives the desire to become an entrepreneur. Boundary refers to the limits or scope of the business, Resources encompass the necessary materials, technology, and funding required to start, and Exchange represents the interaction between the business and its customers or stakeholders.

Question 3

Anna helps brides-to-be choose wedding gowns that best suit their requirements and budget,and also helps them with where they can find the right dress.She has made her home her virtual office; she does not require external financing.Anna is using _____ to run her small business.

Accepted Answer

Anna is using bootstrapping to run her small business. This means she is self-funding and relying on her own resources to operate her business without seeking external financing.

Question 4

Innovation-driven economies:

Accepted Answer

The answer of Innovation-driven economies:
...

Question 5

In terms of new jobs,which of the following is true of a small business?

Accepted Answer

Small businesses often offer jobs to people with unusual or atypical work histories, such as those who have been out of work for a long time or have gaps in their resumes. They may also offer flexible work arrangements such as part-time or temporary jobs. While small businesses do pay taxes on their employees' wages, option D is not the best choice as it implies that small businesses do this on behalf of their employees, when in fact they are required to do so by law. Option A is incorrect as many small businesses do employ people looking for part-time work, and option B is incorrect as small businesses can have a significant impact on the local job market.

Question 6

In the BRIE model,a business name or government registration,a phone or e-mail address dedicated to the business,or a specific location for the firm in a home,commercial space,or on the Internet represents:

Accepted Answer

The BRIE model identifies a business name or government registration, a dedicated phone or e-mail address, or a specific location as elements that help establish a firm's boundary. These aspects delineate the operational and communicational limits of a business, distinguishing it from other entities and the external environment.

Question 7

If you don't succeed the first time,try,try again is also called the strategy of ___________.

Accepted Answer

The statement "If you don't succeed the first time, try, try again" conveys the idea of perseverance, which is the quality of continuing with a task or goal despite obstacles or setbacks. Therefore, the strategy of persisting and trying again is closely associated with perseverance. The other choices (B, C, and D) refer to different concepts or techniques for achieving success, but they are not directly related to the idea of perseverance or trying again.

Question 8

A nation where the major forces for jobs,revenues,and taxes come from farming or extractive industries like forestry,mining,or oil production is a(n):

Accepted Answer

A factor-driven economy relies heavily on the exploitation of its natural resources, such as agriculture or extractive industries like mining or oil production, for its economic growth. The focus is on increasing the efficiency of these industries to generate jobs, revenues, and taxes. This type of economy is characterized by low-technology levels and low levels of human capital.

Question 9

A nation where industrialization is the major force providing jobs,revenues and taxes,and where minimizing costs while maximizing productivity is a major goal is a(n):

Accepted Answer

An efficiency-driven economy is focused on maximizing productivity and minimizing costs, which aligns with the situation described in the question where industrialization is the major force providing jobs, revenues, and taxes. This type of economy also tends to prioritize improving the efficiency of existing technologies and processes rather than investing in new innovations. Therefore, B) is the best choice for this scenario.

Question 10

According to the BRIE model,_____ sets up a business as a firm.

Accepted Answer

According to the BRIE model, boundary refers to the organizational boundaries that set up a business as a firm. This includes the legal and physical boundaries that distinguish a firm from its environment. Thus, the correct answer is D) boundary, rather than A) intention, B) exchange, or C) franchise.

Question 11

According to the BRIE model,which of the following is true of a resource?

Accepted Answer

According to the BRIE model (Business Resources, Inputs, Environment), a resource refers to the product or service to be offered. This includes the tangible and intangible resources needed to produce the product or service.

Question 12

Which of the following is the most frequently occurring element of the BRIE model?

Accepted Answer

Intention is the most frequently occurring element of the BRIE model, as it represents the entrepreneur's motivation and commitment to starting and running a business.

Question 13

In efficiency-driven economies:

Accepted Answer

Efficiency-driven economies prioritize efficiency and productivity over innovation and risk-taking. Therefore, while there may still be some level of entrepreneurship, it is not as prevalent as in innovation-driven economies where entrepreneurship levels are very high. However, it is still higher than in factor-driven economies where entrepreneurship is not given much consideration. Therefore, the best choice is A, where entrepreneurship levels are in the middle range.

Question 14

John owns a small business that does computer servicing.Which of the following would represent boundary as mentioned in the BRIE model in John's computer servicing business?

Accepted Answer

The boundary in John's computer servicing business would be the physical office space in which he operates his business. It sets a limit to the physical extent of his operations and helps him define his service area. The employees (A) would be part of the system in the internal environment, while the money earned (C) is an output of the system. The desire to expand the business (D) is an external factor that lies outside of the boundary of the current system.

Question 15

According to the BRIE model,which of the following falls under the boundary category?

Accepted Answer

The boundary category in the BRIE model refers to the elements that define the limits or scope of a business, such as its identity and how it is recognized. An e-mail address of the company is a boundary element as it helps establish the company's identity and communication channels.

Question 16

Mandarin In Town,a Chinese restaurant,opened recently in Burnsville,Minnesota.People from all over the town flocked to Mandarin to find out how good it was.This gave a big boost to the restaurant's initial business,but it caused the other restaurants in the area to lose business temporarily.The way in which Mandarin in Town hurt existing restaurants in Burnsville is an example of:

Accepted Answer

Creative destruction refers to the process by which new innovations or businesses cause older ones to lose market share or become obsolete, which is what happened when Mandarin In Town opened and impacted other restaurants' business.

Question 17

According to the BRIE model,which of the following sets a firm off from the buying or selling or bartering done casually by nonmerchants?

Accepted Answer

According to the BRIE model, the boundary sets a firm off from the buying or selling or bartering done casually by non-merchants. The boundary refers to the threshold that separates the firm's internal transactions from the external marketplace transactions. Resources refer to the inputs such as labor, materials, and capital utilized in the production of goods and services. Intention refers to the goals or objectives which the buyer or seller seeks to accomplish through the transactions. Exchange refers to the transfer of goods or services between two parties.

Question 18

The way that newly created goods,services,or firms hurt existing goods,services,or firms is referred to as:

Accepted Answer

Creative destruction is the process by which new innovations and businesses displace existing ones, leading to the decline or even extinction of the latter. This can happen due to changes in technology, consumer preferences, or other market forces. While creative destruction can be disruptive, it is also viewed as a crucial driver of economic growth and progress. Benchmarking is a process of comparing performance metrics against industry standards, while service distortion and crowdsourcing are unrelated to the concept of new goods or firms competing with existing ones.

Question 19

According to the U.S.Small Business Administration,small businesses generate _____ times the number of patents per employee than do big businesses.

Accepted Answer

According to the U.S. Small Business Administration, small businesses generate 16 times the number of patents per employee than do big businesses.

Question 20

Which of the following is NOT one of the seven key strategies of the entrepreneurial way?

Accepted Answer

The answer of Which of the following is NOT one...

Quiz 1: Small Business: Its Opportunities and Rewards