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Entre. Final-Hanser
Final Exam Study Guide
| Question | Answer |
|---|---|
| An entrepreneur owns, operates, and takes the risk of a business venture. | True |
| Retailing businesses sell services directly to the people who use them. | True |
| Entrepreneurs have changed American business throughout the history of the United States. | True |
| Successful entrepreneurs are confident and able to make quick decisions when necessary. | True |
| Running your business is difficult, and many companies started by entrepreneurs go out of business. | True |
| An entrepreneur can expect to earn large profits immediately after starting a business. | False |
| Good business writing is an important skill for an entrepreneur to obtain. | True |
| Some of the communication you have as an entrepreneur will be in person rather than in writing or on the telephone. | True |
| Listening skills are not important to an entrepreneur. | False |
| The best entrepreneurs use problem solving mechanisms to gather information and evaluate different options. | True |
| Joe's Plumbing is an example of a service business. | True |
| Packaging is part of the product, even if it's thrown away. | True |
| Creativity is the ability to invent or make something using your imagination. | True |
| An invention is a new creation that can be used for some practical purpose. | True |
| Tangible products are those you can’t touch. | False |
| It is always good to know what your competitors are doing. | True |
| Nike is a “brand”. | True |
| Marketing involves how you get people to know your company exists. | True |
| Business cards belong to the product part of the “four P’s” in the marketing mix. | False |
| The location of your business will not really impact your success. | False |
| Using surveys is a way of collecting information by asking questions of a sampling of people. | True |
| Selling higher-priced luxury products in discount stores is a good placement strategy. | False |
| As an entrepreneur, it is not necessary to create a business plan. | False |
| A bank would like to review your business plan if you need a loan for your business. | True |
| There is only one correct way to write a business plan. | False |
| It is always a good idea to have someone review your business plan for errors. | True |
| An assessment of your interests is: | Helpful in deciding what business is right for you. |
| Disadvantages of entrepreneurship include: | Uncertain income, working long hours, risk. |
| An employee: | Works for someone else. |
| Characteristics of successful entrepreneurs include: | Optimism |
| Which of the following is a retailing business? Jewelry store, paper mill, appliance repair shop, or an orange grower? | Jewelry store |
| When a group of people get together to discuss ideas is called: | Brainstorming |
| When a group of people agree on an idea is called: | Consensus |
| A business that an individual starts is called: | Sole proprietorship |
| A business started between two or more people is called: | Partnership |
| A business that has a board of directors is called: | Corporation |
| Thinking that challenges assumptions and provokes new ideas is called: | Lateral thinking |
| If you invent a product, you can apply for a/an __________ so no one can steal your idea. | Patent |
| The “Four P’s” of marketing are: | Product, place, price, promotion |
| The act of giving back to your community or a cause you believe in is called: | Philanthrophy |
Created by:
thanser
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