True/False
Indicate whether the sentence or statement is true
or false.
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1.
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An
entrepreneur owns, operates, and takes the risk of a business venture.
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2.
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Successful employees will see their businesses flourish and make large
profits.
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3.
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Retailing businesses sell services directly to the people who use them.
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4.
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A
florist shop is an example of a service business.
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5.
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Entrepreneurs have changed American business throughout the history of the United
States.
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6.
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John
D. Rockefeller became the richest man in the world by controlling almost all oil distribution in the
United States.
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7.
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The
creativity of entrepreneurs has led to technological change and increased productivity.
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8.
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Successful entrepreneurs need to set new goals every time a poor decision is
made.
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9.
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Successful entrepreneurs are confident and able to make quick decisions when
necessary.
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10.
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Determining your aptitudes is the first step in performing a
self-assessment.
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11.
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Although entrepreneurship is risky, entrepreneurs can make a lot of
money.
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12.
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Running your own business is difficult, and many companies started by entrepreneurs go
out of business.
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13.
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Aptitude is the ability to assess your interests and past experiences.
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14.
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Ninety percent of all U.S. businesses employ fewer than ten people.
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15.
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Trade
shows are special meetings where entrepreneurs learn how to set financial goals.
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16.
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The
specific risks associated with a business are important in determining if a business opportunity is
realistic.
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17.
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The
Small Business Administration can provide information that may be helpful in investigating business
opportunities.
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18.
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Assessing your background and experience can help you determine whether you are
prepared to run a specific business.
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19.
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An
entrepreneur can expect to earn large profits immediately after starting a business.
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20.
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Nonfinancial goals are important for an entrepreneur because they help set prices for
products and services.
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Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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21.
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Entrepreneurs who were leaders in the food industry were a. | Olive Beech and
Henry Ford | c. | Rose Knox and
Clarence Birdseye | b. | Rose Knox and Olive Beech | d. | Clarence Birdseye and Cyrus McCormick | | | | |
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22.
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An
assessment of your interests is a. | self-discipline | c. | helpful in deciding what business is right for
you | b. | an advantage of
entrepreneurship | d. | a nonfinancial
goal | | | | |
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23.
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Disadvantages of entrepreneurship include a. | uncertain
income | c. | working long
hours | b. | risk | d. | all of these | | | | |
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24.
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An
employee a. | sets
nonfinancial goals for a business | c. | sets financial goals for a business | b. | takes the risk
of a business venture | d. | works for
someone else | | | | |
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25.
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Characteristics of successful entrepreneurs include a. | optimism | c. | self-control | b. | independence | d. | indiscretion | | | | |
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26.
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Which
of the following is a retailing business? a. | jewelry store | c. | appliance repair shop | b. | paper
mill | d. | orange
grower | | | | |
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27.
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Setting specific financial goals before starting a business a. | helps you
compare different business opportunities | c. | ensures the business is able to earn the profits you
want | b. | is not necessary
for most entrepreneurs | d. | will increase
your personal satisfaction | | | | |
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28.
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To
determine if a business opportunity is realistic, you should find out a. | how much money
is needed to start the business | c. | how many hours a
week it is likely to take to run the business | b. | the rate of
failure for this type of business | d. | all of these | | | | |
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29.
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Aptitude is the ability to a. | work with people | c. | be independent | b. | learn a
particular kind of job | d. | all of
these | | | | |
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30.
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Information about business opportunities is available from a. | the Postal
Service | c. | the Small
Business Administration | b. | most banks | d. | none of these | | | | |
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Matching
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a. | Advantage of
entrepreneurship | h. | Entrepreneurship | b. | Agricultural business | i. | Financial goal | c. | Aptitude | j. | Knox | d. | Birdseye | k. | Nonfinancial goal | e. | Disadvantage of
entrepreneurship | l. | Self-assessment | f. | Employees | m. | Service business | g. | Entrepreneurs | n. | Trade
show | | | | |
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31.
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The
ability to learn a particular kind of job
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32.
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Special meeting at which companies display their products
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33.
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How
quickly you will pay off your debts
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34.
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People who work for someone else
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35.
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Evaluation of your strengths and weaknesses
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36.
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The
process of running a business of one’s own
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37.
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Nobody tells an entrepreneur what to do
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38.
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Entrepreneur who had a major impact on eating habits throughout the
world
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39.
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People who own, operate, and take the risk of a business venture
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40.
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Uncertain and irregular incomes
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