OLS 274 Exam 2 Questions with Verified Solutions Graded A+
For small businesses, establishing a Website is generally cheaper than opening up a retail store.
True
False - Answers True
Which of the following persons is LEAST likely to become an ENTREPRENEUR?
A flexible person
A calm, low-energy person
An intelligent person
An inquisitive person - Answers A calm, low-energy person
Obtaining financing for an existing business is easier than it is for most start-up companies.
True
False - Answers True
Most small businesses turn a profit within the first year.
True
False - Answers False
The ________ industry represents the greatest percentage of minority-owned businesses.
Service
Retail
Finance
Transportation - Answers Service
,Twenty-first century innovations developed by small businesses include social networking sites
and green energy industries.
True
False - Answers True
Which of the following is the leading cause of today's small business failures?
management shortcomings
poor products and/or services
location
no marketing plan - Answers Management shortcomings
In 2009, Walmart started working together with another company in India by forming a
__________ with Bharti Enterprises, Inc., one of India's leading business groups.
subsidiary
joint venture
horizontal merger
vertical merger - Answers Joint venture
After starting a web design company while still in college, Rodrigo sold the company after
graduation. He then opened a computer repair shop; and most recently, he has started a
marketing firm that specializes in social media. Rodrigo is an example of a(n):
classic entrepreneur.
lifestyle entrepreneur.
serial entrepreneur.
social entrepreneur. - Answers serial entrepreneur
Concerning education and entrepreneurs, all of the following statements are correct EXCEPT:
, a) Hundreds of colleges and universities offer classes in entrepreneurship.
b) Some colleges and universities sponsor business plan contests.
c) Some colleges and universities offer entrepreneurship courses outside the usual business
curriculum.
d) Obtaining a college degree in entrepreneurship is essential before starting your own business.
- Answers Obtaining a college degree in entrepreneurship is essential before starting your own
business.
The set-aside program designates that a percentage of government contracts must be awarded
to qualifying small businesses.
True
False - Answers True
Although the average farm size has increased in recent years the majority of farmers operate as
________ businesses.
government owned
large
small
partnerships - Answers Small
According to surveys, the largest lenders to small businesses are ________ .
family members
credit card companies
commercial banks
investors - Answers commercial banks
The ________ is most likely an example of public ownership.
For small businesses, establishing a Website is generally cheaper than opening up a retail store.
True
False - Answers True
Which of the following persons is LEAST likely to become an ENTREPRENEUR?
A flexible person
A calm, low-energy person
An intelligent person
An inquisitive person - Answers A calm, low-energy person
Obtaining financing for an existing business is easier than it is for most start-up companies.
True
False - Answers True
Most small businesses turn a profit within the first year.
True
False - Answers False
The ________ industry represents the greatest percentage of minority-owned businesses.
Service
Retail
Finance
Transportation - Answers Service
,Twenty-first century innovations developed by small businesses include social networking sites
and green energy industries.
True
False - Answers True
Which of the following is the leading cause of today's small business failures?
management shortcomings
poor products and/or services
location
no marketing plan - Answers Management shortcomings
In 2009, Walmart started working together with another company in India by forming a
__________ with Bharti Enterprises, Inc., one of India's leading business groups.
subsidiary
joint venture
horizontal merger
vertical merger - Answers Joint venture
After starting a web design company while still in college, Rodrigo sold the company after
graduation. He then opened a computer repair shop; and most recently, he has started a
marketing firm that specializes in social media. Rodrigo is an example of a(n):
classic entrepreneur.
lifestyle entrepreneur.
serial entrepreneur.
social entrepreneur. - Answers serial entrepreneur
Concerning education and entrepreneurs, all of the following statements are correct EXCEPT:
, a) Hundreds of colleges and universities offer classes in entrepreneurship.
b) Some colleges and universities sponsor business plan contests.
c) Some colleges and universities offer entrepreneurship courses outside the usual business
curriculum.
d) Obtaining a college degree in entrepreneurship is essential before starting your own business.
- Answers Obtaining a college degree in entrepreneurship is essential before starting your own
business.
The set-aside program designates that a percentage of government contracts must be awarded
to qualifying small businesses.
True
False - Answers True
Although the average farm size has increased in recent years the majority of farmers operate as
________ businesses.
government owned
large
small
partnerships - Answers Small
According to surveys, the largest lenders to small businesses are ________ .
family members
credit card companies
commercial banks
investors - Answers commercial banks
The ________ is most likely an example of public ownership.
