Chapter 1 Entrepreneurship Test

What does the "R: mean in SMART Goals?

• Relatable

• Relevant

  
  

• Realistic

• React

Mr. Mallo says businesses should always give back to the community they serve. What type of goal is this

• Financial Goal

  
  

• Smart Goal

  
  

• Non financial Goal

  
  

• • Trade Shows

  
  

A major factor in a firm's success includes

• lack of experience

  
  

• not needing to hire employees

  
  

• • Making all decisions by themselves

  
  

• adequate capital

  
  

The Final step of the problem-solving model is to 

• • evaluate the action

  
  

• take action

  
  

• select the best option

  
  

• gather information

  
  

Which of the following would generally NOT be considered a desirable characteristic of Successful Entrepreneur?

• self-confident

  
  

• master networkers

  
  

• dependent

  
  

• • strong work ethic

  
  

Which of the following type of business sells products directly to consumer?

• retailing

• manufacturing

  
  

• wholesaling

  
  

• service

Which of the following type of business sells products to other businesses rather than the final consumer?

• Service

• Manufacturing

• Wholesaling

• Retailing

Small firms with fewer than _____ employees represent about ______ percent of all businesses in the United States

• 499 employees, 99.9%

  
  

• 498 employees, 99.8%

  
  

• • 501 employees, 99.8%

  
  

• 500 employees, 99.9%

  
  

This type of business includes hotels, hairdressers, and lawn care

• Retail

• Service

• Manufacturing

• Wholesaling

One major advantage of being an entrepreneur is that

• entrepreneurs are guaranteed to make large sums of money

  
  

• entrepreneurs don't need to work with anyone to get their business running

  
  

• • all of the above are advantages of being an entrepreneur

  
  

• entrepreneurs can choose a business that interests them