Question 1

All of the following are components of control over compensation except ________.

Accepted Answer

A)  Salary
B)  Wage
C)  Dividend
D)  Commission
E)  All of the above are components of control over compensation.

Question 2

The free market system is also called capitalism and is characterized by all of the following attributes except ________.

Accepted Answer

A)  Individuals and companies may compete for their own economic gains
B)  Private property ownership and wealth are permissible
C)  Free market forces determine prices
D)  Government is expected to help regulate the market
E)  All of the above are attributes

Question 3

Which of the following is not a tangible product?

Accepted Answer

A)  Dining room set
B)  A pound of chicken
C)  A new car
D)  Computer repair
E)  Windows for your home

Question 4

Roddick suggested that you develop your entrepreneurial instincts by asking yourself all of the following questions below except ________.

Accepted Answer

A)  What frustrates me the most when I try to buy something?
B)  What product or service would really make my life better?
C)  What makes me annoyed or angry?
D)  What product or service would take away my aggravation?
E)  What is a product that has no flaws?

Question 5

Discuss how you would create a business opportunity.What are the factors to consider,the sources of information you would value,changes to take into consideration,and so on? How is this an opportunity versus an idea?

Accepted Answer

Answers will vary.The answer should cont...

Question 6

According to the text,which of the following is not a benefit of becoming an entrepreneur?

Accepted Answer

A)  Independence
B)  Fame
C)  Satisfaction
D)  Financial reward
E)  Self-esteem

Question 7

Which of the following would be part of a product-uniqueness strategy?

Accepted Answer

A)  Offering a low cost to the customer
B)  Offering a one-of-a-kind product or service
C)  Cutting operations costs
D)  Limiting the salaries of employees
E)  All of the above

Question 8

Which of the following could be considered an internal opportunity?

Accepted Answer

A)  Changes in the buying habits of potential customers
B)  New technology
C)  New competition
D)  Foreclosure of homes in the United States
E)  An interest or hobby

Question 9

Jeffry Timmons' view on the qualities of opportunity includes all of the following except ________.

Accepted Answer

A)  Attractive
B)  Durable
C)  Timely
D)  None of the above
E)  All of the above

Question 10

A franchise is a consensual relationship between the owner of a trademark,service mark,trade name,or advertising symbol and an individual or group seeking to use that identification in a business.

Accepted Answer

A) True 
 B)False

Question 11

A savvy entrepreneur should not ________.

Accepted Answer

A)  Rely mainly on making mistakes for themselves and learning from them
B)  Learn from the mistakes of others
C)  Appreciate the wisdom and experience of trusted advisors and mentors
D)  Carefully plan and prepare to avoid mistakes
E)  All of the above

Question 12

Every business idea is an opportunity.

Accepted Answer

A) True 
 B)False

Question 13

A(n) ________ is a legal and commercial relationship between the owner of a trademark,service mark,trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Accepted Answer

A)  Franchise
B)  License
C)  Acquisition
D)  Merger
E)  Opportunity

Question 14

If you opened a restaurant,would you be providing a tangible product or an intangible service? Explain your answer.

Accepted Answer

Both.The food that is consumed by the cu...

Question 15

The Millennial Generation's definition of success is less individualized than the traditional concept of success.

Accepted Answer

A) True 
 B)False

Question 16

A new version of an existing product is considered an invention.

Accepted Answer

A) True 
 B)False

Question 17

What are the two kinds of social businesses?

Accepted Answer

Type I provides a product or service wit...

Question 18

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Accepted Answer

A)  Use a new technology to produce a new product
B)  Use an existing technology to produce a new product
C)  Use an existing technology to produce an old product in a new way
D)  Find a new source of resources
E)  Find a new market for a new product

Question 19

Robbery is a voluntary exchange.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is a "problem" that an entrepreneur can address?

Accepted Answer

A)  A toy that does not meet the expectations of customers
B)  Legal changes
C)  A new computer processing technology
D)  Renewed competition in an industry
E)  All of the above

Exam 1: Entrepreneurs Recognize Opportunities

A new version of an existing product is considered an invention.

Correct AnswerverifiedShow Answer

Discuss how you would create a business opportunity.What are the factors to consider,the sources of information you would value,changes to take into consideration,and so on? How is this an opportunity versus an idea?

Correct AnswerverifiedAnswers will vary.The answer should cont...View AnswerShow Answer

If you opened a restaurant,would you be providing a tangible product or an intangible service? Explain your answer.

Correct AnswerverifiedBoth.The food that is consumed by the cu...View AnswerShow Answer

A franchise is a consensual relationship between the owner of a trademark,service mark,trade name,or advertising symbol and an individual or group seeking to use that identification in a business.

Correct AnswerverifiedShow Answer

Roddick suggested that you develop your entrepreneurial instincts by asking yourself all of the following questions below except ________.

Correct AnswerverifiedShow Answer

Robbery is a voluntary exchange.

Correct AnswerverifiedShow Answer

According to the text,which of the following is not a benefit of becoming an entrepreneur?

Correct AnswerverifiedShow Answer

The free market system is also called capitalism and is characterized by all of the following attributes except ________.

Correct AnswerverifiedShow Answer

Which of the following would be part of a product-uniqueness strategy?

Correct AnswerverifiedShow Answer

All of the following are components of control over compensation except ________.

Correct AnswerverifiedShow Answer

A savvy entrepreneur should not ________.

Correct AnswerverifiedShow Answer

Which of the following is not a tangible product?

Correct AnswerverifiedShow Answer

Jeffry Timmons' view on the qualities of opportunity includes all of the following except ________.

Correct AnswerverifiedShow Answer

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Correct AnswerverifiedShow Answer

A(n) ________ is a legal and commercial relationship between the owner of a trademark,service mark,trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Correct AnswerverifiedShow Answer

The Millennial Generation's definition of success is less individualized than the traditional concept of success.

Correct AnswerverifiedShow Answer

Which of the following could be considered an internal opportunity?

Correct AnswerverifiedShow Answer

Every business idea is an opportunity.

Correct AnswerverifiedShow Answer

What are the two kinds of social businesses?

Correct AnswerverifiedType I provides a product or service wit...View AnswerShow Answer

Which of the following is a "problem" that an entrepreneur can address?

Correct AnswerverifiedShow Answer

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Answers will vary.The answer should cont...
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Both.The food that is consumed by the cu...
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Type I provides a product or service wit...
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