Chapter 7 Small Business and Entrepreneurship T/F Quiz

Some business people, called necessity entrepreneurs launch their business because they believe it is their only economic option.

• True

• False

Self-reliance is a characteristic that most successful entrepreneurs possess.

• True

• False

The U.S. Small Business Administration (SBA) gives free money to start-up businesses.

• True

• False

The Global Entrepreneurship Monitor (GEM) shows that people living in high-income countries tend to be much more willing to start their own businesses than people living in low-income countries.

• True

• False

An external locus of control is a deep-seated sense that the individual is personally responsible for what happens in their life.

• True

• False

Small businesses generate 50% of total employment in American inner cities.

• True

• False

An effective business plan is usually 25 to 50 pages long.

• True

• False

In the context of launching a new venture, the prime age for entrepreneurship is late 40s to early 50s.

• True

• False

The U.S Small Business Administration (SBA) microloan program lends an average of $50,000 to start-up businesses through community nonprofit organizations.

• True

• False

Dominic feels that an incredible string of bad luck has affected his personal life. He also feels that his boss is subjecting him to unfair treatment at work for no fault of his. Dominic's perceptions suggest that he has an internal locus of control.

• True

• False