Small Business Management S1 Final Exam Review

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One of the most significant economic developments in recent business history relates to the growth of blue-chip corporations.

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growth of blue-chip corporations

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The profile of an entrepreneur includes: a desire for responsibility and moderate risk, confidence in the ability to succeed and determination, a high level of energy, a desire for immediate feedback and a future orientation.

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All the above

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An entrepreneur is one who creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities.

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creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities

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All of the following are characteristics of the typical entrepreneur except: confidence in his/her ability to succeed, desire for immediate feedback, a future orientation.

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value of money over achievement

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Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as entrepreneurs.

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serial

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Entrepreneurs typically possess

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a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious

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Potential drawbacks of entrepreneurship may include: uncertainty of income, risk, long hours, and high stress.

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uncertainty of income, risk, long hours, and high stress

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Which of the following is NOT one of the forces driving the entrepreneurial trend in our country?
Shift away from a service economy.
Independent lifestyle.
International opportunities.
E-commerce and the World Wide Web.

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E-commerce and the World Wide Web.

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Entrepreneurs may find benefit from the Internet due to its potential

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as a relatively low-cost solution to expand its revenue-generating abilities

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Which of the following statements concerning small businesses and international markets is false?
Although terrorism and global recession have slowed the growth of international trade somewhat, global opportunities for small businesses have a long-term positive outlook.
Although the U.S. is an attractive market, approximately 95 percent of the world's population lives outside its borders.
Because exporting is so complex and requires a company to have so many international experts on staff, exporting is not feasible for small businesses.
Small companies comprise 97 percent of all businesses engaged in exporting, yet they account for only 30 percent of the nation's export sales.

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Because exporting is so complex and requires a company to have so many international experts on staff, exporting is not feasible for small businesses.