Question 1

Small businesses often have advantages in international markets.All of the following are advantages many small businesses can offer  except :

Accepted Answer

A)  a greater expertise in managing the paperwork required to sell goods in international markets.
B)  the ability to provide a wide variety of suppliers.
C)  the ability to ship goods more quickly.
D)  individualized customer service as opposed to impersonal corporate bureaucracies.E) B) and C)
F) All of the above

Question 2

Attracting qualified workers presents a problem for small businesses since they usually offer less money,fewer benefits,and less room for advancement than larger firms do.

Accepted Answer

A) True 
 B)False

Question 3

Entrepreneurs are less important now than in the past to the Canadian economy.

Accepted Answer

A) True 
 B)False

Question 4

The purpose of Industry Canada's SME Research and Statistics web site is to share data they have collected on small business in Canada.

Accepted Answer

A) True 
 B)False

Question 5

About 77 percent of SME owners have ten years of management experience or more.

Accepted Answer

A) True 
 B)False

Question 6

To be considered part of a market,an individual must:

Accepted Answer

A)  know the names and addresses of two or more sellers.
B)  have both a willingness to buy and the financial resources needed to buy.
C)  be a registered buyer.
D)  have made a purchase within the last 30 days.E) A) and B)
F) None of the above

Question 7

Small business employs 48 percent of the total private labour force.

Accepted Answer

A) True 
 B)False

Question 8

From a competitive standpoint,small businesses cannot expect to successfully compete with large corporations in international markets.

Accepted Answer

A) True 
 B)False

Question 9

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

Accepted Answer

A)  indicates that Manny's passion is to fulfill his dream of owning his own business.
B)  will likely limit his job prospects since most Canadian exporters are small businesses.
C)  makes sense because managerial skills are best developed by working for big firms.
D)  is smart because major corporations represent the most important source of employment growth in Canada.E) A) and D)
F) A) and C)

Question 10

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

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

Question 13

Most Canadians find their jobs in:

Accepted Answer

A)  the manufacturing sector.
B)  government agencies.
C)  large corporations.
D)  small businesses.E) B) and C)
F) B) and D)

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

One of the reasons people are willing to take the challenge of starting their own business is for independence.Give some examples why.

Accepted Answer

Some employees who have imagination and ...

Question 16

For prospective entrepreneurs,enrolling in an  Introduction to Business or  Small Business Management  course offered through their community college:

Accepted Answer

A)  can be helpful by offering them an opportunity to meet experienced small business owners.
B)  would offer training equivalent to two years of on-the-job experience.
C)  would be most helpful after starting their business venture.
D)  is likely to be wasted time since college courses tend to be too theoretical.E) B) and C)
F) A) and D)

Question 17

A group of experienced people from different areas of a business joined together to develop,produce,and market a new product is known as a(n) :

Accepted Answer

A)  joint venture.
B)  managerial task force.
C)  entrepreneurial team.
D)  self-directed functional team.E) A) and C)
F) A) and D)

Question 18

There are over 950,000 self-employed women in Canada as of 2012.

Accepted Answer

A) True 
 B)False

Question 19

When comparing small businesses to their larger competitors,it is clear that:

Accepted Answer

A)  small firms are slower to respond to opportunities than are large firms.
B)  bigger is always better.
C)  small firms often can offer more personalized customer services than big firms.
D)  small firms can always outperform big firms on a level playing field.E) A) and C)
F) A) and B)

Question 20

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

Accepted Answer

A)  have more job security and better fringe benefits.
B)  get more respect from their bosses.
C)  receive more vacation time.
D)  earn higher wages.E) A) and B)
F) A) and C)

Exam 7: Entrepreneurship and Starting a Small Business

From a competitive standpoint,small businesses cannot expect to successfully compete with large corporations in international markets.

Correct AnswerverifiedShow Answer

Entrepreneurs are less important now than in the past to the Canadian economy.

Correct AnswerverifiedShow Answer

To be considered part of a market,an individual must:

Correct AnswerverifiedShow Answer

Most Canadians find their jobs in:

Correct AnswerverifiedShow Answer

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The purpose of Industry Canada's SME Research and Statistics web site is to share data they have collected on small business in Canada.

Correct AnswerverifiedShow Answer

One of the reasons people are willing to take the challenge of starting their own business is for independence.Give some examples why.

Correct AnswerverifiedSome employees who have imagination and ...View AnswerShow Answer

A group of experienced people from different areas of a business joined together to develop,produce,and market a new product is known as a(n) :

Correct AnswerverifiedShow Answer

For prospective entrepreneurs,enrolling in an Introduction to Business or Small Business Management course offered through their community college:

Correct AnswerverifiedShow Answer

There are over 950,000 self-employed women in Canada as of 2012.

Correct AnswerverifiedShow Answer

Small businesses often have advantages in international markets.All of the following are advantages many small businesses can offer except :

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

About 77 percent of SME owners have ten years of management experience or more.

Correct AnswerverifiedShow Answer

When comparing small businesses to their larger competitors,it is clear that:

Correct AnswerverifiedShow Answer

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

Correct AnswerverifiedShow Answer

Small business employs 48 percent of the total private labour force.

Correct AnswerverifiedShow Answer

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Attracting qualified workers presents a problem for small businesses since they usually offer less money,fewer benefits,and less room for advancement than larger firms do.

Correct AnswerverifiedShow Answer

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Some employees who have imagination and ...
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