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Exam 6: Entrepreneurship and Starting a Small Business

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Question 21

Multiple Choice

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Two key management functions that need particular attention when starting a business are:

A) human relations and accounting
B) planning and financing
C) marketing and public relations
D) staffing and controlling

E) B) and C)
F) A) and B)

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Question 22

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Peppy has inquired about the possibility of obtaining a microloan from the SB A.This type of loan is awarded primarily on the basis of the:

A) borrower's integrity and the soundness of the business ideA
B) amount of collateral the borrower can pledge.
C) borrower's credit history and record of previous business success.
D) age of the borrower,since only senior citizens qualify.

E) A) and C)
F) C) and D)

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Question 23

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Your brother,a family dentist,has opened a new office in your hometown.As a business student you know that this type of business experiences low failure rates.

The only real barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.

One of the challenges of running a home-based business is:

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Small Business Investment Companies SBICs)are privately owned companies licensed by the Small Business Administration to lend money to small businesses.

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

A good business plan will:

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

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

Small businesses have not significantly participated in web-based online sales.

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

Large multinational firms dominate the international market,leaving few opportunities for small businesses.

Small businesses lack the resources to compete directly with big businesses.

An effective business plan analyzes the competition and identifies the resources required to profitably serve a target market.

Individuals desiring to learn about small business operations are advised to learn from other entrepreneurs.

Since creating a detailed business plan is almost impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Many small business owners report that they needed assistance with accounting when they first started businesses.

One of the hurdles small businesses face when deciding to export is: