, TESTBANK for Small Business Management
Launching & Growing Entrepreneurial Ventures,
20th Edition Justin G. Longenecker
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel
sheet if it exists.
4- We have all what you need, we make
update at every time. There are many
new editions waiting you.
5- If you think you purchased the wrong file
You can contact us at every time, we can
replace it with true one.
Our email:
,Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
True / False
1. The universally accepted definition of the term small business is based solely on the number of people
employed by the firm.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
Copyright Cengage Learning. Powered by Cognero. Page 1
,HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:57 AM
4. Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
6. Managers who buy out founders of existing firms may be classified as second-stage entrepreneurs.
a. True
b. False
Copyright Cengage Learning. Powered by Cognero. Page 2
,ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:59 AM
7. Franchisees have limited power because they have a contract and relationship with a franchising
organization.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:00 AM
8. An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 3
,DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:01 AM
9. The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other
useful products. XYZ Company is a social entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
10. The starting point of any competitive advantage is having a commitment to integrity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
11. Josie's position was eliminated when the company moved its operations to another state, so she started
her own business. Josie is a reluctant entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
Copyright Cengage Learning. Powered by Cognero. Page 4
,QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
12. One of the richest rewards of owning a small business comes from offering goods or services that
improve the lives of customers.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:04 AM
13. Xavier had many ideas about new products, but no one in his corporation seemed interested. So,
Xavier left and founded his own company to create these new products. Xavier is a corporate refugee.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:05 AM
14. The primary motivation for owning your own business should be to make as much money as possible.
Copyright Cengage Learning. Powered by Cognero. Page 5
, a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:05 AM
15. Most entrepreneurs work shorter hours in their own businesses than they did when working for
someone else because they have no boss to report to.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
16. Self-employed individuals are less likely to create greater personal wealth than persons who work for
others.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
Copyright Cengage Learning. Powered by Cognero. Page 6
, United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
17. According to Stephen Covey, if we want to make important changes in our lives, we need to change
from the inside-out.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
18. The entrepreneur personality examines why a business does what it does.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
19. Small businesses have a greater potential to provide good customer service than larger firms do.
a. True
b. False
ANSWER: True
POINTS: 1
Copyright Cengage Learning. Powered by Cognero. Page 7
, DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
20. An entrepreneurial legacy is limited to the tangible assets of the business.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-5 What Do You Want Your Legacy to Be?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.05 - LO: 1-5
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
Multiple Choice
21. Small businesses employ 47 percent of _____ employees.
a. high-tech
b. female
c. minority
d. all
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-1 Small Size, Big Significance
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
Copyright Cengage Learning. Powered by Cognero. Page 8
Launching & Growing Entrepreneurial Ventures,
20th Edition Justin G. Longenecker
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel
sheet if it exists.
4- We have all what you need, we make
update at every time. There are many
new editions waiting you.
5- If you think you purchased the wrong file
You can contact us at every time, we can
replace it with true one.
Our email:
,Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
True / False
1. The universally accepted definition of the term small business is based solely on the number of people
employed by the firm.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
Copyright Cengage Learning. Powered by Cognero. Page 1
,HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:57 AM
4. Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
6. Managers who buy out founders of existing firms may be classified as second-stage entrepreneurs.
a. True
b. False
Copyright Cengage Learning. Powered by Cognero. Page 2
,ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:59 AM
7. Franchisees have limited power because they have a contract and relationship with a franchising
organization.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:00 AM
8. An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 3
,DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:01 AM
9. The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other
useful products. XYZ Company is a social entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
10. The starting point of any competitive advantage is having a commitment to integrity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
11. Josie's position was eliminated when the company moved its operations to another state, so she started
her own business. Josie is a reluctant entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
Copyright Cengage Learning. Powered by Cognero. Page 4
,QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:02 AM
12. One of the richest rewards of owning a small business comes from offering goods or services that
improve the lives of customers.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:04 AM
13. Xavier had many ideas about new products, but no one in his corporation seemed interested. So,
Xavier left and founded his own company to create these new products. Xavier is a corporate refugee.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Apply
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:05 AM
14. The primary motivation for owning your own business should be to make as much money as possible.
Copyright Cengage Learning. Powered by Cognero. Page 5
, a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:05 AM
15. Most entrepreneurs work shorter hours in their own businesses than they did when working for
someone else because they have no boss to report to.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Motivation Concepts
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
16. Self-employed individuals are less likely to create greater personal wealth than persons who work for
others.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
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, United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
17. According to Stephen Covey, if we want to make important changes in our lives, we need to change
from the inside-out.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:06 AM
18. The entrepreneur personality examines why a business does what it does.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-4 Motivations for Owning a Business
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.04 - LO: 1-4
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
19. Small businesses have a greater potential to provide good customer service than larger firms do.
a. True
b. False
ANSWER: True
POINTS: 1
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, DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
20. An entrepreneurial legacy is limited to the tangible assets of the business.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-5 What Do You Want Your Legacy to Be?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.05 - LO: 1-5
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 10:07 AM
Multiple Choice
21. Small businesses employ 47 percent of _____ employees.
a. high-tech
b. female
c. minority
d. all
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-1 Small Size, Big Significance
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: LONG.SMAL.23.01.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
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