Entrepreneurship and Small Business Review Questions
Course Introduction
This course provides an in-depth exploration of the principles and practices essential to launching and managing a small business. Students will examine opportunity recognition, business planning, financing options, marketing strategies, and the legal considerations involved in entrepreneurship. Emphasis is placed on the development of a viable business plan, understanding market dynamics, and practical decision-making skills. Through case studies and real-world applications, learners will gain insights into both the rewards and challenges of small business ownership, equipping them with the tools needed to succeed in a competitive entrepreneurial environment.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
Available Study Resources on Quizplus
18 Chapters
1697 Verified Questions
1697 Flashcards
Source URL: https://quizplus.com/study-set/2205 Page 2
Chapter 1: Entrepreneurship: a Global Social Movement
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43885
Sample Questions
Q1) Discuss the statement "Entrepreneurship can be taught (it's a method that requires practice." Do you agree? Why or why not?
Answer: Many entrepreneurship courses are taught as a process, which involves identifying an opportunity, understanding resource requirements, acquiring resources, planning, implementing, and harvesting (exiting a business).But the word process assumes known inputs and known outputs, as in a manufacturing process.A process implies you will get to a specific destination.For example, building a car on an assembly line is a manufacturing process.You know all the parts, you know how they fit together, and you know the type of car you will have at the end.A process is quite predictable. Entrepreneurship is not predictable and, therefore, cannot adequately be taught as a process.Instead, a method or practice approach represents a body of skills or practices that together constitute a toolkit for entrepreneurial action.The entrepreneurial method requires consistent practice so that knowledge and expertise can be continuously developed and applied to future endeavors.
Q2) Microloans are loans of any size given to individual in a small market.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Practicing Entrepreneurship
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43887
Sample Questions
Q1) An exercise best described as acting in order to learn is ______.
A)skill of acting
B)skill of experimentation
C)skill of play
D)skill of reflection
Answer: B
Q2) Entrepreneurs using the creation approach can be described as ______.
A)navigating uncertain worlds to create, rather than find existing opportunities
B)navigating certain worlds to find existing opportunities
C)taking on activities not tied to their fulfilling their vision of the future
D)having their vision of the future have nothing to do with the creation approach
Answer: A
Q3) Entrepreneurs who determine their goals based on the resources they have are using ______.
A)the predictive approach
B)the expected approach
C)the creation view
D)the organic approach
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Developing an Entrepreneurial Mindset
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43884
Sample Questions
Q1) Logical, rational, and analytical, Karter is ______.
A)left-brain thinking
B)a self-leader
C)right-brain thinking
D)self-rewarding
Answer: A
Q2) Although very logical, Adele uses emotion and intuition to write her music.She, in this scenario, uses ______.
A)left-brain thinking
B)self-leadership
C)right-brain thinking
D)self-rewarding
Answer: C
Q3) George wants to challenge himself and feels entrepreneurism is his next challenge.George ______.
A)has the risk tolerance of a business owner
B)has the growth mindset
C)has the challenged mindset
D)will be successful as a business owner
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Supporting Social Entrepreneurship
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43889
Sample
Questions
Q1) Jim Poss's company, Bigbelly, Inc., is a ______.
A)made up company
B)for-profit company that builds trash cans that allows garbage to be compacted using solar energy.
C)for-profit company that builds trash cans that allows garbage to be compacted using solar energy and that reduces the number of pickups from traditional garbage trucks, reducing carbon emissions
D)nonprofit company that has the goal of reducing carbon emissions worldwide
Q2) Robert has power and a strong sense of urgency but he has been known to use this power to coerce or even resort to violence.Social issues can be emotive and he can be a hindrance for resolution.Robert is an example of a ______.
A)dependent stakeholder
B)dangerous stakeholder
C)definitive stakeholder
D)minority
Q3) Describe a wicked problem and how you would organize a social entrepreneurship to alleviate the wicked problem.
Q4) List four examples of impact investment funds.
Q5) Discuss the pros and cons of social entrepreneurship.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Generating New Ideas
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43886
Sample Questions
Q1) Beckett is constantly opening himself up to diverse and fluctuating circumstances and events.Using the SEEC acronym, he is ______.
A)securing
B)expanding
C)exposing
D)challenging
Q2) Vivienne likes to add new skills to help her generate ideas and share knowledge.Using the SEEC acronym, she is ______.
A)securing
B)expanding
C)exposing
D)challenging
Q3) Barb is struggling with the concept of value.She meets with her mentor and they discuss value as ______.
A)an economic concept
B)accounting defines value
C)the capacity to generate profit, possibly addresses a social need, and possibly protects or preserves the environment
D)what is left over at the end of the month, net income
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Using Design Thinking
Available Study Resources on Quizplus for this Chatper
102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/43888
Sample Questions
Q1) In a brainstorming session, the lead moderator asks groups to suggest ideas that follow four key guidelines of design.What is the issue in these guidelines?
A)They may reduce the number of ideas generated.
B)The guidelines will help generate better ideas.
C)The guidelines will increase the number of ideas generated.
D)The guidelines will help spark creative and viable ideas.
Q2) In the AEIOU model, what is meant by users??
A)the people whose needs and behaviors are being observed
B)the people that are involved in the activity
C)the nature of exchange between the person and something or someone else
D)the physical items that people interact with
Q3) During this phase of design thinking, ideas generated through the ideation process are transformed into concrete actions.
A)action phase
B)concretization phase
C)ideation phase
D)implementation phase
Q4) Describe how one can "step into the shoes" of another in order to empathize.
Q5) Explain why design thinking is important to the entrepreneur.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Testing and Experimenting in Markets
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43890
Sample Questions
Q1) The first step of the scientific process for an entrepreneur is which of the following?
A)to conduct a thorough Internet search
B)to develop the hypothesis
C)to ask a lot of questions
D)to analyze the data
Q2) Kristin is a buyer for a local Costco.She is interested in having your line of one-of-a-kind jewelry displayed during a weekend promotion.However, her supervisor, Dave, says they have had too many unsuccessful jewelry displays lately and he does not want to present the idea to the store manager.What type of customer is Dave?
A)a saboteur
B)an economic buyer
C)an end user
D)a decision maker
Q3) Experiments need to have a clear purpose, be achievable and generate ______?
A)positive outcomes
B)product ideas
C)reliable results
D)action
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Building Business Models
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43891
Sample Questions
Q1) Explain why a shopping center is an example of a multisided market.
Q2) The infrastructure of the business model does not identify people only technology and facilities.
A)True
B)False
Q3) Christine has obtained a job pitching a product at a local state fair.Her job is to demonstrate cookware, highlighting its features and demonstrating its use as she prepares food for visitors who can stop, watch her cook, and get samples.The cookware will be offered at a sizeable discount.Christine will be selling the cookware based on which of the following CVPs?
A)hard-sell approach
B)points of difference approach
C)all-benefits approach
D)customer engagement approach
Q4) Amazon serves a diversified market because it has multiple products and services that serve several unrelated groups of customers.
A)True
B)False
Q5) Identify the customer value proposition of your local cable company.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Planning for Entrepreneurs
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43892
Sample Questions
Q1) David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?
A)Reserve this statement for the marketing section of the business plan.
B)Reserve this statement for the risk section of the business plan.
C)Remove the statement.It does not communicate new information.
D)Keep the statement where it is as it will help establish the market size.
Q2) What areas would be explored under the "R" phase of TRIM planning?
A)who needs to be on the start team
B)the assets needed to start the business
C)the benefits of your product
D)knowing who your customer will be
Q3) To what can be attributed as a main cause of success of Bark 'N Leash?
A)analysis of the market before defining the business
B)minimal competition in the area
C)heavy demand for her service
D)business experience in a similar industry
Q4) Imagine that you are starting a small dollar store in your community.Describe what you would consider in implementing the "R" aspect of the TRIM process.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Creating Revenue Models
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43893
Sample Questions
Q1) Kelly charges a premium price for her marketing services.In her sales pitch, she makes sure that she distinguishes key elements of quality not offered by her competitors.What key element of revenue is Kelly addressing by doing this?
A)frequency
B)selling price
C)selling process
D)customers
Q2) What are the two revenue sources of Airbnb?
A)air travel and gambling
B)commission from the homeowner and a booking fee from visitors
C)commission on the booking fee
D)advertisement of the rooms
Q3) Explain the advantages of bundled pricing and give an example.
Q4) The operating profit represents which of the following:
A)the amount left over from revenue once all costs and operating expenses are subtracted
B)the amount from all sales and business loans
C)the amount from sales once costs are subtracted
D)the amount from sales once operating expenses are subtracted.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Learning From Failure
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43894
Sample Questions
Q1) In spite of multiple failures, an entrepreneur is attending a meeting with a colleague to discuss a new approach in correcting an engineering problem.This is an example of which of the following:
A)blame aversion
B)problem solving
C)grit
D)educational training
Q2) Erik makes sure that a good part of his management is based on activities that will enhance the skills of his founding team and employees.He is always trying to find a better way.What would describe this management approach?
A)avoidance of failure
B)a commitment to excellence
C)achieving perfection
D)positive management
Q3) Which of the following contributes to a blame-free environment?
A)overturning well-thought-out decisions
B)treating failures as a regrettable reality
C)placing a visible poster that encourages people to report problems
D)communicating failures as a strategic resource
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 12: Bootstrapping for Resources
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43895
Sample Questions
Q1) What is the characteristic of the lending model of crowdfunders?
A)investors provide financial support with no expectation of direct return
B)investors are rewarded for their financial support
C)equity is exchanged for the contribution
D)funds are treated as loans
Q2) What was the source of funding for the launch of MorphCostumes?
A)angel investor
B)venture capital funds
C)the use of personal funds
D)a bank loan
Q3) Which of the following would be considered an acceptable penny-pinching strategy?
A)hire employees but don't pay them
B)pay yourself a salary
C)attend networking events to get connections
D)give up your day job so that you can focus full time on the business
Q4) Identify a project that could use crowdfunding and crowdsourcing.Identify the many opportunities that would benefit from these online sourcing and funding sources.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Financing for Startups
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43896
Sample Questions
Q1) Imagine that you have a new, tested invention that will require a million dollars in order to produce enough of the product to return a profit.What considerations should you review before approaching a venture capitalist?
Q2) In short, VCs look for ______, big markets, and innovative ideas.
A)early seed funding
B)midsize companies
C)great teams
D)local companies
Q3) ______ angels are successful entrepreneurs who want active involvement in the companies they invest in.
A)Entrepreneur
B)Professional
C)Enthusiast
D)Micromanagement
Q4) Generally speaking, there are more minority angel funding groups than women angel groups.
A)True
B)False
Q5) What people might be interviewed in the course of due diligence?
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Developing Networks
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43897
Sample Questions
Q1) Janell is always asking for the source of comments or research to back up assumptions made at team meetings.Ultimately, the team creates better solutions because of this.What role is Janell playing as a team member?
A)the team mediator
B)the facilitator
C)the devil's advocate
D)the dissenter
Q2) According to research mentioned in your textbook, how many relationships can be managed at a time?
A)10
B)25
C)50
D)100
Q3) People today are more likely to interact with others to build their social capital due to more time spent at the workplace and the use of online networks.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Navigating Legal and Ip Issues
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43898
Sample Questions
Q1) What is the name of the organization, sponsored by the Small Business Administration, that serves as counselors to entrepreneurs and business owners?
A)SCORE
B)SMART
C)USPTO
D)SSA
Q2) Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.
Q3) Darcy created a solution that prevents mildew on rosebushes using all-natural products.The product works systemically, being placed around the plant, and is introduced via the root system.While working on the product, Darcy frequently talks about the product with her boyfriend who helped her with the mixing and testing, made suggestions, and talked to her about techniques his grandfather used.Darcy obtained a patent for the product prior to putting it on the market.A year later, the couple broke up and the former boyfriend created a product with the same formula and marketed it under his own name, claiming that he owned the formula based on codevelopment.Discuss why the former boyfriend may or may not be correct.
To view all questions and flashcards with answers, click on the resource link above.
Page 17
Chapter 16: Marketing and Pitching Your Idea
Available Study Resources on Quizplus for this Chatper
102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/43899
Sample Questions
Q1) Companies with blogs get 55% more web traffic and 126% higher sales lead growth than those that don't.
A)True
B)False
Q2) Use the Pixar approach to storytelling to create a storytelling approach to a new chopping board with a replaceable protective film that makes daily sanitation a thing of the past.
Q3) The goal of the business pitch is which of the following:
A)to have people buy or fund the product or service
B)to rally the support of the person you are pitching to
C)to start a discussion that may grow to a favorable outcome
D)to sell a service or product
Q4) The marketing mix can best be defined as:
A)the different segments that you will be marketing to
B)the brochures, business card, and marketing collateral
C)the different ways (channels) you will market the product
D)product, price, promotion, and place
Q5) Discuss why it may be important for an entrepreneur to focus on the solution of a consumer problem rather than on a description of the product.
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Financial Statements and Projections for Startups
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/43900
Sample Questions
Q1) Norah is interested in developing her purchasing policy.She wants to make a policy for which of the following?
A)the price and timing of raw materials, and other goods and services necessary to build, sell, and support products
B)how pricing will be determined for your products and services
C)the level of compensation and benefits for each type of position in the business
D)the process and timing in which obligations to pay for products and services sold will be billed and collected
Q2) Kurt has been given an Excel worksheet with his cash flow statement on it.He, by error, sorted the lines of the statement alphabetically.We need to help Kurt separate his cash flows into two categories: inflows and outflows.Which of the following should be a cash outflow?
A)interest on bank loans and overdrafts
B)customer receipts
C)fixed asset sales
D)bank loans
Q3) Provide the line by line format of a balance sheet.
Q4) List five examples of cash inflows.
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 18: the Pitch Deck
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/43901
Sample Questions
Q1) Luther has done a lot of work getting his venture off the ground, and he wants to tell people what has been accomplished already.This is called:
A)blowing your own horn
B)an accomplishment statement
C)a completed project report
D)traction
Q2) Paisley is cautious about sharing too much information with people about her new venture and considers her competition and how she differentiates from them as private and confidential.Gael tells her to not share this information with others.Gael gives good advice.
A)True
B)False
Q3) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your growth and growth potential?
Q4) Discuss the nature and purpose of using pitch decks.
Q5) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your team?
To view all questions and flashcards with answers, click on the resource link above.
Page 20