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Exam 6: Entrepreneurship and Starting a Small Business

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Question 131

True/False

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Hoping to qualify for a microloan from the Small Business Administration,Magdalena's business plan clearly identifies her strategy to profitably serve a target market.Unfortunately,her lack of business experience and limited collateral greatly reduce her chances of obtaining the microloan. Microloans are awarded on the basis of the integrity of the borrowers and the soundness of their business ideas.

A) True
B) False

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Question 132

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A __________ is a written document that details the business idea,the target market and the business's competitive advantage,financial resources available for the business,and the qualification of the management.

A) feasibility product
B) marketing plan
C) business plan
D) statement of intent

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

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Question 133

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Which of the following best describes entrepreneurial personality traits?

Which of the following statements is characteristic of entrepreneurs?

Justin feels that his family-run business will be more likely to avoid the problems many growing businesses have with managing employees.His attitude will likely hinder the growth of his company. Attitudes such as "You can't fire family" or you must promote someone because "they're family" can be detrimental to family businesses.

By passing the Immigration Act of 1990,the U.S.government acted to encourage entrepreneurs to immigrate to the United States.

Entrepreneurial spirit is unique to a small business environment.

Samantha recently applied for a microloan from the SBA.Although several criteria are important,the Small Business Administration's decision to grant or deny the loan will largely depend upon

Due in part to government support,the majority of U.S.small businesses are involved in exporting.

Entrepreneurship is another name for management.

People who are 16 to 34 years old are not attracted to starting their own business.

One reason we have seen continued growth in home-based businesses is:

Most entrepreneurs and small business owners agree that a small business' marketing effort should include:

Ben got a phone call from one of his regular customers asking if he had time to repair a couple of broken sprinkler heads on the customer's underground sprinkling system.Although it was already 6:00 p.m.and Ben had put in a full day of work,he turned his car around and headed for the customer's house.As a small business owner,Ben demonstrates:

Small businesses account for over 50% of the U.S.'s gross domestic product (GDP).

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization. The skills needed to manage small businesses,big businesses,charities,churches,and government agencies are very similar.

Jennifer,a talented photography major started a corporate photography business.She planned to solicit jobs from large corporations who needed pictures for their annual reports and websites.Although filling a unique niche,Jennifer needed the security that the business would thrive and that she would earn enough to support herself and her child.She also hoped that she would spend less time each day calling on potential clients and more time doing the actual shoots.As her small business consultant,which of the following suggestions would you have for Jennifer?

State governments create new startup business organizations called enterprise zones that are later sold to private investors. Also known as empowerment zones or enterprise communities,enterprise zones are specific geographic areas where state governments try to attract private investment by offering lower taxes for locating your business there.

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?