Building Your Dream, A Canadian Guide to Starting Your Own Business,
9e Walter Good Wendy Mayhew (Test Bank All Chapters, 100% Original
Verified, A+ Grade) Answers At The End Of Each Chapter
Chap 1
Student: ___________________________________________________________________________
1. The higher your number of most desirable responses on the Entrepreneurial Quiz:
A. The less your responses agree with those of successful entrepreneurs.
B. The more your responses agree with those of successful entrepreneurs.
C. The less likely you are to become a successful entrepreneur.
D. The more likely you are to abort your attempts at an entrepreneurial venture because of stress.
2. Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to
demonstrate:
A. People prowess
B. Technical savvy
C. Commitment, determination, and perseverance
D. Financial independence
3. In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs, the three
attributes and behaviours cited as the principal reasons for entrepreneurial success are:
A. Openness to change, personal initiative, and perseverance.
B. Commitment, dedication, and perseverance.
C. Positive attitude, social savvy, and intellectual intelligence.
D. Emotional intelligence, social intelligence, mathematical intelligence.
4. One of the common themes resulting from research into the common attributes shared by successful
entrepreneurs is that:
A. Those attributes can be learned.
B. Those attributes cannot be learned, an individual is either born with them or they are not.
C. Those attributes are always the same - confidence, determination, and perseverance are always at the
top of the list.
D. There are no "common" set of attributes - each entrepreneurial success story is unique.
5. Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and
then to aim for even more challenging standards. This makes them:
A. Profit-oriented
B. Goal-oriented
C. Success-oriented
D. Challenge-oriented
6. Successful entrepreneurs are _______ people; they want to start producing results immediately.
A. Success-oriented
B. Action-oriented
C. Goal-oriented
D. Challenge-oriented
7. The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive
environment in which they operate. This makes them _______ -oriented.
A. Success
B. Action
C. Goal
D. Reality
,8. Most entrepreneurs are found to be ____ listeners and _____ learners.
A. Poor; quick
B. Good; quick
C. Poor; slow
D. Good; slow
9. The three types of reaction identified by Robinson et al. are:
A. Cognition, Affect, and Behaviour
B. Cognition, Intelligence, and Emotion
C. Empathy, Confusion, and Clarity
D. Passion, Avoidance, and Ignorance
10. Which of the following did Robinson et al. define as the predisposition of the individual to respond in a
generally favourable or unfavourable manner with respect to innovation?
A. Character
B. Personality
C. Empathy
D. Attitude
11. All of the following are subscales in Robinson's EAO Model, except:
A. Achievement in business
B. Innovation in business
C. Desire for personal control
D. Desire for retribution
12. These types of entrepreneurs prefer to identify themselves by their craft first, and as business owners as
an afterthought only.
A. Freedom Fighters
B. Craftspeople
C. Lifestyle Business
D. Empire Building
13. You can usually identify __________ by the fact that their companies grow by more than 30 percent
annually.
A. Venture Capitalists
B. Freedom Fighters
C. Institutional Developers
D. Empire Builders
14. These entrepreneurs go on to build larger companies through hiring and delegation of authority.
A. Team builders
B. Pattern multipliers
C. Independent innovators
D. Deal-to-dealers
15. Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?
A. Capital aggregators
B. Economy-of-scale exploiters
C. Pattern multipliers
D. Deal-to-dealers
16. Arranging financing, handling credit, and budgeting are all considered skills under which broad
entrepreneurial skill set?
A. Managing people
B. Managing inventory
C. Managing capital
D. Managing money
,17. Purchasing supplies and raw materials, controlling inventory, and managing the physical facilities are
skills which fall under which of the following broad entrepreneurial skill sets?
A. Directing sales and marketing operations
B. Directing business operations
C. Managing people
D. Setting up a business
18. You are able to acquire many of the skills needed prior to considering an entrepreneurial career through
all of the following means, except:
A. Job experience
B. Vacationing
C. Organizational (or club) activities
D. Managing a home
19. The personal net worth required to start a business is generally said to be:
A. $5,000-$10,000
B. $20,000-$50,000
C. $100,000-$500,000
D. Every business opportunity has its own unique capital requirements.
20. Your credit rating is based on:
A. The value of your home equity.
B. Your employment income only.
C. Your prior history in borrowing and repaying money.
D. Your overall debt load, compared to your ability to generate income.
21. Agencies such as Equifax Canada Inc. assemble information about how you pay your bills and then enter
this information into your credit file. An individual who is always late in paying their bills is given a
rating of:
A. R1
B. R2
C. R3
D. R4
22. Social entrepreneurship seeks:
A. Social change
B. Financial profit
C. Welfare management
D. Social media business opportunities
23. Well-known social entrepreneurs include all of the following, except:
A. Shannon Tessier and Zack Patterson
B. Craig and Mark Kielburger
C. Jeff Skoll
D. Kenneth Lay
24. Which of the following is not among the three questions to address when confronted with an ethical
problem?
A. What will others think?
B. Is it balanced?
C. Is it legal?
D. How will it make you feel about yourself?
25. A ________ should be a formal statement of a business's values concerning ethics and social issues.
A. Code of behaviour
B. Code of ethics
C. Mission statement
D. Vision statement
, 26. A code of ethics should be guided by all of the following areas of concern, except:
A. Citizenship
B. Responsibility
C. Integrity
D. Competition
27. All of the following are included in the triple bottom line assessment, except:
A. Financial performance
B. Global equality
C. Environmental impact
D. Social well-being
28. Researchers are unable to identify a set of common attributes, attitudes, and experiences among
entrepreneurs that appear to lead to success.
True False
29. There is considerable evidence which suggests that the "right stuff" needed to become a successful
entrepreneur can be learned.
True False
30. Most entrepreneurs are self-confident, and with this confidence comes a strong ego.
True False
31. The "typical entrepreneur" is most closely associated with the Empire builder type of entrepreneur.
True False
32. Many small business owners experience an immediate increase in the level of personal income they can
earn.
True False
33. Social entrepreneurship refers to the discovery, evaluation, and exploitation of opportunities for financial
profit.
True False
34. Of the many attributes shared by successful entrepreneurs, which of those is believed to be the most
critical to their success? Explain.
35. List and describe the "not-so-learnable" traits of an entrepreneur.
9e Walter Good Wendy Mayhew (Test Bank All Chapters, 100% Original
Verified, A+ Grade) Answers At The End Of Each Chapter
Chap 1
Student: ___________________________________________________________________________
1. The higher your number of most desirable responses on the Entrepreneurial Quiz:
A. The less your responses agree with those of successful entrepreneurs.
B. The more your responses agree with those of successful entrepreneurs.
C. The less likely you are to become a successful entrepreneur.
D. The more likely you are to abort your attempts at an entrepreneurial venture because of stress.
2. Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to
demonstrate:
A. People prowess
B. Technical savvy
C. Commitment, determination, and perseverance
D. Financial independence
3. In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs, the three
attributes and behaviours cited as the principal reasons for entrepreneurial success are:
A. Openness to change, personal initiative, and perseverance.
B. Commitment, dedication, and perseverance.
C. Positive attitude, social savvy, and intellectual intelligence.
D. Emotional intelligence, social intelligence, mathematical intelligence.
4. One of the common themes resulting from research into the common attributes shared by successful
entrepreneurs is that:
A. Those attributes can be learned.
B. Those attributes cannot be learned, an individual is either born with them or they are not.
C. Those attributes are always the same - confidence, determination, and perseverance are always at the
top of the list.
D. There are no "common" set of attributes - each entrepreneurial success story is unique.
5. Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and
then to aim for even more challenging standards. This makes them:
A. Profit-oriented
B. Goal-oriented
C. Success-oriented
D. Challenge-oriented
6. Successful entrepreneurs are _______ people; they want to start producing results immediately.
A. Success-oriented
B. Action-oriented
C. Goal-oriented
D. Challenge-oriented
7. The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive
environment in which they operate. This makes them _______ -oriented.
A. Success
B. Action
C. Goal
D. Reality
,8. Most entrepreneurs are found to be ____ listeners and _____ learners.
A. Poor; quick
B. Good; quick
C. Poor; slow
D. Good; slow
9. The three types of reaction identified by Robinson et al. are:
A. Cognition, Affect, and Behaviour
B. Cognition, Intelligence, and Emotion
C. Empathy, Confusion, and Clarity
D. Passion, Avoidance, and Ignorance
10. Which of the following did Robinson et al. define as the predisposition of the individual to respond in a
generally favourable or unfavourable manner with respect to innovation?
A. Character
B. Personality
C. Empathy
D. Attitude
11. All of the following are subscales in Robinson's EAO Model, except:
A. Achievement in business
B. Innovation in business
C. Desire for personal control
D. Desire for retribution
12. These types of entrepreneurs prefer to identify themselves by their craft first, and as business owners as
an afterthought only.
A. Freedom Fighters
B. Craftspeople
C. Lifestyle Business
D. Empire Building
13. You can usually identify __________ by the fact that their companies grow by more than 30 percent
annually.
A. Venture Capitalists
B. Freedom Fighters
C. Institutional Developers
D. Empire Builders
14. These entrepreneurs go on to build larger companies through hiring and delegation of authority.
A. Team builders
B. Pattern multipliers
C. Independent innovators
D. Deal-to-dealers
15. Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?
A. Capital aggregators
B. Economy-of-scale exploiters
C. Pattern multipliers
D. Deal-to-dealers
16. Arranging financing, handling credit, and budgeting are all considered skills under which broad
entrepreneurial skill set?
A. Managing people
B. Managing inventory
C. Managing capital
D. Managing money
,17. Purchasing supplies and raw materials, controlling inventory, and managing the physical facilities are
skills which fall under which of the following broad entrepreneurial skill sets?
A. Directing sales and marketing operations
B. Directing business operations
C. Managing people
D. Setting up a business
18. You are able to acquire many of the skills needed prior to considering an entrepreneurial career through
all of the following means, except:
A. Job experience
B. Vacationing
C. Organizational (or club) activities
D. Managing a home
19. The personal net worth required to start a business is generally said to be:
A. $5,000-$10,000
B. $20,000-$50,000
C. $100,000-$500,000
D. Every business opportunity has its own unique capital requirements.
20. Your credit rating is based on:
A. The value of your home equity.
B. Your employment income only.
C. Your prior history in borrowing and repaying money.
D. Your overall debt load, compared to your ability to generate income.
21. Agencies such as Equifax Canada Inc. assemble information about how you pay your bills and then enter
this information into your credit file. An individual who is always late in paying their bills is given a
rating of:
A. R1
B. R2
C. R3
D. R4
22. Social entrepreneurship seeks:
A. Social change
B. Financial profit
C. Welfare management
D. Social media business opportunities
23. Well-known social entrepreneurs include all of the following, except:
A. Shannon Tessier and Zack Patterson
B. Craig and Mark Kielburger
C. Jeff Skoll
D. Kenneth Lay
24. Which of the following is not among the three questions to address when confronted with an ethical
problem?
A. What will others think?
B. Is it balanced?
C. Is it legal?
D. How will it make you feel about yourself?
25. A ________ should be a formal statement of a business's values concerning ethics and social issues.
A. Code of behaviour
B. Code of ethics
C. Mission statement
D. Vision statement
, 26. A code of ethics should be guided by all of the following areas of concern, except:
A. Citizenship
B. Responsibility
C. Integrity
D. Competition
27. All of the following are included in the triple bottom line assessment, except:
A. Financial performance
B. Global equality
C. Environmental impact
D. Social well-being
28. Researchers are unable to identify a set of common attributes, attitudes, and experiences among
entrepreneurs that appear to lead to success.
True False
29. There is considerable evidence which suggests that the "right stuff" needed to become a successful
entrepreneur can be learned.
True False
30. Most entrepreneurs are self-confident, and with this confidence comes a strong ego.
True False
31. The "typical entrepreneur" is most closely associated with the Empire builder type of entrepreneur.
True False
32. Many small business owners experience an immediate increase in the level of personal income they can
earn.
True False
33. Social entrepreneurship refers to the discovery, evaluation, and exploitation of opportunities for financial
profit.
True False
34. Of the many attributes shared by successful entrepreneurs, which of those is believed to be the most
critical to their success? Explain.
35. List and describe the "not-so-learnable" traits of an entrepreneur.
