ENT 101- EXAM 1 WITH CORRECT
QUESTIONS AND ANSWERS 2025
Mice - CORRECT-ANSWERS20 people or less
Elephant - CORRECT-ANSWERS500 people or less
Gazelle - CORRECT-ANSWERSAt least 20% sales growth every year with a starting base of at
least $100,000
Dogs - CORRECT-ANSWERSgreater than 1% annual employment losses over 3 years
What constitutes a small business? - CORRECT-ANSWERSdetermined by the business' industrial
classification, maybe numbers of employees or revenues
SBA classification - CORRECT-ANSWERSless than 500 employees or $6 million in average annual
receipts
Business success is one that: - CORRECT-ANSWERSprofitable (now and in the future), maximize
shareholder wealth, creates and delights customers
Infancy - CORRECT-ANSWERSGetting doors open
Expansion - CORRECT-ANSWERSwhen management skills are required. Growing out of your
comfort zone
, Maturity - CORRECT-ANSWERSan entrepreneurial perspective is needed. Achieving sustainable
growth
Hard systems - CORRECT-ANSWERSthings
soft systems - CORRECT-ANSWERSpeople (key processes, selling system example)
Information systems - CORRECT-ANSWERSfeedback on status quo
Hierarchy of systems - CORRECT-ANSWERS-Sys 1= HOW WE DO IT HERE
-Sys 2= HOW WE RECRUIT HIRE TRAIN
-Sys 3= HOW WE MANAGE IT HERE
-Sys= HOW WE MANAGE IT HERE
Free-enterprise system - CORRECT-ANSWERSeconomic system in which businesses are privately
owned and operate relatively free of government interference
Capitalism - CORRECT-ANSWERSthe free-market system, characterized by individuals and
companies competing for economic gains, ownership of private property and wealth, and price
determination through free-market forces
Capital - CORRECT-ANSWERSmoney or property owned or used in business
Voluntary exchange - CORRECT-ANSWERSa transaction between two parties who agree to trade
money for a product or service
QUESTIONS AND ANSWERS 2025
Mice - CORRECT-ANSWERS20 people or less
Elephant - CORRECT-ANSWERS500 people or less
Gazelle - CORRECT-ANSWERSAt least 20% sales growth every year with a starting base of at
least $100,000
Dogs - CORRECT-ANSWERSgreater than 1% annual employment losses over 3 years
What constitutes a small business? - CORRECT-ANSWERSdetermined by the business' industrial
classification, maybe numbers of employees or revenues
SBA classification - CORRECT-ANSWERSless than 500 employees or $6 million in average annual
receipts
Business success is one that: - CORRECT-ANSWERSprofitable (now and in the future), maximize
shareholder wealth, creates and delights customers
Infancy - CORRECT-ANSWERSGetting doors open
Expansion - CORRECT-ANSWERSwhen management skills are required. Growing out of your
comfort zone
, Maturity - CORRECT-ANSWERSan entrepreneurial perspective is needed. Achieving sustainable
growth
Hard systems - CORRECT-ANSWERSthings
soft systems - CORRECT-ANSWERSpeople (key processes, selling system example)
Information systems - CORRECT-ANSWERSfeedback on status quo
Hierarchy of systems - CORRECT-ANSWERS-Sys 1= HOW WE DO IT HERE
-Sys 2= HOW WE RECRUIT HIRE TRAIN
-Sys 3= HOW WE MANAGE IT HERE
-Sys= HOW WE MANAGE IT HERE
Free-enterprise system - CORRECT-ANSWERSeconomic system in which businesses are privately
owned and operate relatively free of government interference
Capitalism - CORRECT-ANSWERSthe free-market system, characterized by individuals and
companies competing for economic gains, ownership of private property and wealth, and price
determination through free-market forces
Capital - CORRECT-ANSWERSmoney or property owned or used in business
Voluntary exchange - CORRECT-ANSWERSa transaction between two parties who agree to trade
money for a product or service
