Entre study Guide, Chapter 2 Multiple Choice
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- ENTRE Study Guide, Chapter 2 Answer Section MULTIPLE CHOICE
- SHORT ANSWER 49. ANS: Answers will vary but should include the following ideas: 1. Persistent.
- Creative.
- Independent.
- Action-oriented.
| ENTRE Study Guide, Chapter 2
Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. A successful entrepreneur is willing to work until a job is done. Which of these terms describe this characteristic?
____ 2. Entrepreneurs must understand how the economy works. What skill does this describe?
____ 3. The success or failure of an entrepreneurial venture rests entirely on the
____ 4. Being an entrepreneur involves risks as well as rewards. Which of the following is a risk of being an entrepreneur?
____ 5. Entrepreneurs want to know as much as possible about anything that might affect their ventures. Which of these terms describe this characteristic?
____ 6. Business ownership carries with it a certain amount of
____ 7. Entrepreneurs want to make their own decisions. Which word best describes this characteristic?
____ 8. Which of the following is a contribution that a business owner makes to the community?
____ 9. Hiring a firm to design and produce packaging for your product is an example of
____ 10. Which of the following are some of the major trends for the creation of new businesses?
____ 11. To find a new business, you may need to hire a(n)
____ 12. One way to prevent some of the problems that family businesses face is to
____ 13. An asset of acquiring an existing business is customer loyalty, or
____ 14. To identify consumer markets, you should be aware of
____ 15. Before you can determine if a new venture is feasible, you must prepare
____ 16. McDonald’s is an example of a(n)
Completion Complete each statement. 17. Many entrepreneurs were influenced in early life by a(n) ____________________, a person whose attitude and achievements the entrepreneurs tried to emulate. 18. Being the ____________________ is a benefit that most entrepreneurs put at the top of their lists. 19. Research about entrepreneurs reveals a wide span of ages, ____________________, and personal histories. 20. Entrepreneurs are ____________________. They set goals, make decisions, and act on their decisions. 21. Entrepreneurs use ____________________ skills to get along with others. 22. Entrepreneurs need ____________________ to coordinate and manage work teams. 23. The biggest risk of being in business for oneself is the possibility of losing one's ____________________. 24. A(n) ____________________ sets out to be the best at whatever he or she does, because a(n) ____________________ is an achiever. 25. One secret to finding a good business opportunity is the ability to understand ____________________, because changes in interests create profitable niches for new businesses to fill. 26. One source for creative ideas for new businesses can come from ____________________. 27. The greatest advantage of a family business is the ____________________ and togetherness that family members share. 28. Many ____________________ can be turned into successful business adventures. 29. Starting a new business entails more ____________________ than opening a franchise. 30. The entrepreneurial process involves taking the steps to recognize a(n) ____________________ and create a business for profit. 31. Instead of starting a new business, you could enter a(n) ____________________ or buy an existing business. 32. An increased reliance on ____________________ is one of the main trends that affect business today. Matching Match each item with the correct statement below.
____ 33. skills that are used in all jobs when setting up and running a business ____ 34. a trait of entrepreneurs ____ 35. a set of characteristics that identifies a type or a category of person ____ 36. the amount of money one puts into a business as capital ____ 37. a person with a record of successes ____ 38. the buildings, equipment, tools, and other goods needed to produce a product ____ 39. the rivalry among businesses for consumer dollars ____ 40. people whose attitudes and achievements others try to emulate Match each item with the correct statement below.
____ 41. customer loyalty ____ 42. to contract with other companies for services ____ 43. forming a partnership with another company ____ 44. finding new ways of doing things ____ 45. periodicals published for specific types of businesses or industries ____ 46. seller of a franchise ____ 47. characteristics that describe a population ____ 48. periodicals that target people with special interests in a variety of areas Short Answer Write a 100-word paragraph that answers the following: 49. Define characteristics and briefly describe the 10 general characteristics needed by entrepreneurs. 50. Compare and contrast buying a business and starting your own business. ENTRE Study Guide, Chapter 2 Answer Section MULTIPLE CHOICE 1. ANS: C PTS: 1 2. ANS: A PTS: 1 3. ANS: C PTS: 1 4. ANS: D PTS: 1 5. ANS: B PTS: 1 6. ANS: D PTS: 1 7. ANS: B PTS: 1 8. ANS: C PTS: 1 9. ANS: A PTS: 1 10. ANS: D PTS: 1 11. ANS: D PTS: 1 12. ANS: C PTS: 1 13. ANS: A PTS: 1 14. ANS: B PTS: 1 15. ANS: D PTS: 1 16. ANS: C PTS: 1 COMPLETION 17. ANS: role model PTS: 1
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1. Persistent. Entrepreneurs are willing to work until a job is done, no matter how long it takes. They are tenacious in overcoming obstacles and pursuing their goals. 2. Creative. Entrepreneurs continually look for new ways to solve old problems. 3. Responsible. Entrepreneurs do not "pass the buck." They take responsibility for their decisions and actions. 4. Inquisitive. Entrepreneurs want to know as much as possible about anything that might affect their ventures. They conduct research and ask questions to solve problems. 5. Goal-oriented. Entrepreneurs set and achieve goals. 6. Independent. Entrepreneurs want to make their own decisions. 7. Self-demanding. Entrepreneurs have high expectations. 8. Self-confident. Entrepreneurs believe in themselves. 9. Risk-taking. Entrepreneurs like to take risks, but they are not reckless. 10. Restless. Once entrepreneurs achieve their goals, they begin looking for new challenges. 11. Action-oriented. Entrepreneurs are doers as opposed to spectators. They make decisions and act on them. 12. Enthusiastic. Entrepreneurs are energetic and passionate about their pursuits. PTS: 1
Answers will vary but should include the following ideas: Buying a Business 1. Buying a business may be less risky than starting one from scratch. 2. An existing business already has a location, goodwill, staff, and a physical plant. There may be substantial inventory and established trade credit. 3. Some businesses are sold because they are losing money or have a poor reputation. Inventory may be dated and equipment or facilities may need repairs. 4. Franchises can be expensive and there is a lack of freedom.
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