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Exam 7: Entrepreneurship and Starting a Small Business

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Question 61

Multiple Choice

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Which of the following would not be helpful in explaining why individuals accept the risks of business ownership?

A) The potential for profit and wealth.
B) The sense of self-satisfaction and independence.
C) The challenge of taking calculated risks.
D) The desire to work fewer hours.

E) B) and D)
F) A) and D)

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Question 62

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When writing a business plan,prospective entrepreneurs should remember to omit details regarding their experience and education since investors are only interested in the proposed business.

A) True
B) False

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Question 63

Multiple Choice

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Kayla recently quit a job with a large corporation to start her own business.While she realizes that her decision comes with risk,she is excited by the chance to be independent and the challenges of running her own firm.Kayla is an example of a(n) :

Although all the functions of business in a small-business setting are important,which of the following are the primary concerns when you start your own business?

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Most of the world's market lies outside of Canada.

Success in running a business depends on knowing your customers,managing your employees,and keeping efficient records.

A good business plan will:

A business plan is necessarily a bit vague since it is prepared prior to the beginning of business operations.

If a business chooses to create a site on the Internet,they should use the site to sell their product/service on-line.

The easiest businesses to start also have the least growth potential and the greatest failure rate.

Angel investors are the government agencies that invest money in new companies before they go public.

Provincial and local governments offer financing for a business.

Self-employed women account for about what percentage of all self-employed persons?

Ellie is a creative person who works for the Bigdome Corporation,a large producer of consumer products.One of her primary duties is to initiate and develop new products to complement the firm's current product line.Evidently Ellie is a(n) :

What kinds of Canadian small businesses require advanced training to start,but have the lowest failure rates?

Poor management is the cause of the majority of small business failures.

As a prospective entrepreneur,Kathryn considered a variety of financing sources.Her discussions with a venture capitalist revealed that this type of investor expects to receive a significant ownership interest in her firm.

Ketan is an intrapreneur for a multinational electronics company.As an intrapreneur Ketan:

Small businesses often can provide more personalized customer service than bigger rivals.