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Exam 2: Entrepreneurship

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Question 41

True/False

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The purpose of starting a business is to satisfy customers.

A) True
B) False

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Question 42

Multiple Choice

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_____ companies provide valuable services to _____ companies by acting as sales agents for their products.

A) Large / small
B) Small / large
C) Wholesale / retail
D) Entrepreneurial / corporate

E) B) and D)
F) None of the above

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Question 43

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James Brolen is a man of many talents and abilities.After six months in business,however,things aren't going well,and Brolen doesn't quite understand why.Among other things,he sometimes worries more about problems at home than about customer needs,spends a little too much time poring over e-mails,and tries to balance work and life by keeping up with a couple of hobbies.What's Brolen's biggest problem?

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Gonzalez's business is not a small business because it's unique in the flower-shop industry.

Howard Schultz,a New York executive for a housewares company,came up with his great business idea when he:

Accounting,finance,management,marketing,and production are the _____ areas of business.

Over the last two decades,women have become the majority of small business owners.

Franchises are considered an easy,cost-efficient way to start your own business.

The most common use of a business plan is to persuade potential customers to buy your goods or services.

Which of the following is the most common but riskiest option in becoming a small business owner?

Which of the following is the most common but riskiest option in becoming a small business owner?

As a business owner,you're responsible for making the decisions that pertain to the profitability of your business.This decision-making freedom best reflects the _____ advantage of small business ownership.

Franchises are often quite _____.

If you run a _____,you may find that you must adhere to certain rules even if you disagree with some of them.

Small businesses do all of the following except ________

Innovators at large businesses are the primary driving force behind the discovery of new ways of doing old things.

If he bought a local combination miniature golf course and driving range,Bernard Blanco would find that buying an existing business is an easier option than starting from scratch.

The "Development and Production" section of the business plan explains why your proposed offerings will be better than those of competitors.

Which of the following is not a characteristic of an entrepreneur?

A franchise business is appealing because franchisers _____.