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Entrepreneurship Essentials Quiz

Test your knowledge on the principles of entrepreneurship with our engaging quiz! This quiz is designed to assess your understanding of crucial concepts, trends, and statistics related to entrepreneurship.

Multiple choice format
Covering various aspects of entrepreneurship
Perfect for students, professionals, and enthusiasts alike!

31 Questions8 MinutesCreated by CraftingIdea432

Entrepreneurs provide the financing to individuals who think, reason, and act to convert ideas into commercial opportunities and create opportunities.

True

False

Entrepreneurship is the process of changing ideas into commercial opportunities and creating value.

True

False

Small businesses, those with less than 500 employees, represent over 99 percent of all employers, and account for about one-half of the gross domestic product in the United States.

True

False

Small high-technology firms are responsible for twice as many product innovations per employee and obtain more patents per sales dollar than large high-technology firms.

True

False

Nearly half of business failures are due to economic factors such as inadequate sales, insufficient profits, and industry weakness.

True

False

One study of Inc. magazine’s 500 high-growth firms suggests that about 88 percent of founders feel their firms’ successes are due to extraordinary ideas, while the remaining 12 percent feel their firms’ successes are due to exceptional execution of ordinary ideas.

True

False

�Fads” are large societal, demographic, or technological trends or changes that are slow in forming but once in place continue for many years.

True

False

The so-called “baby boom” generation applies to people born in the United States during the 1946-1964 time period.

True

False

Environmental commerce, or e-commerce, involves the use of electronic means to conduct business online.

True

False

Reasonable estimates place non-employer (e.g., single person or small family) business started each year at less than 100,000.

True

False

Studies by Phillips and Kirchhoff, and by Headd, found that one-half of new firms or new employers were still in existence after four years of operation.

True

False

Successful entrepreneurs exhibit which of the following traits?

About one-half of all newly created businesses in the U.S. Are dissolved or cease operations within how many years after being started?

2 years

4 years

6 y.

8 y.

�Fads” are:

Not predictable

Have short lives

Do not involve macro changes

All of the above

E-commerce” refers to:

Environmental commerce

Electronic commerce

Economic commerce

Exploratory commerce

While entrepreneurial opportunities come from an almost unlimited number of sources, this textbook focuses on:

Nine principles of entrepreneurial finance are identified and explored in this entrepreneurial finance textbook,

True

False

The “time value of money” is an important component of the rent one pays for using someone else’s financial capital.

True

False

Free cash flow is the net income forecast to be available to the venture’s owners over time.

True

False

Owner-manager (agency) conflicts are differences between manager’s self-interest and that of the owners who hired the manager.

True

False

Entrepreneurial finance is the application and adaptation of financial tools and techniques to the planning, funding, operations, and valuation of an entrepreneurial venture.

True

False

Maximizing the value of the venture to its owners is the common financial goal of which of the following?

Which one of the following possible conflicts of interest increases in divergence at venture gets close to bankruptcy?

Owner-manager conflict

Owner-employee conflict

Manager-employee conflict

Manager-debtholder conflict

Which of the following is not a life cycle stage of a successful venture?

Which of the following does not describe activity during the venture’s life cycle startup stage?

At which stage of the venture’s life cycle stage is best characterized by the period when revenues start to grow and when cash flows from operations begin covering cash outflows?

Survival stage

Startup stage

Rapid growth stage

Early-maturity stage

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