bus_100_final_&_answers_07 - 2007 Fall Contemporary...

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2007 Fall Contemporary American Business Final Professor Isler December 19, 2007 Directions: For True/False questions Indicate whether the sentence or statement is true(a) or false (b). In the multiple choice section identify the letter of the choice that best completes the statement or answers the question. 1. An entrepreneur: A. manages businesses for others. B. has a controlling interest in the ownership of a corporation. C. manages businesses that operate in multiple countries. D. accepts the risk of starting and running a business. 2. The importance of entrepreneurs to our economy is found in their: 3. Which of the following would be helpful in explaining why individuals accept the risks of business ownership? 4. Which of the following is a characteristic of successful entrepreneurs? 1
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5. A group of experienced people from different areas of a business joined together to develop, produce, and market a new product is known as a(n): A. entrepreneurial team. B. joint venture. C. self-directed functional team. D. managerial task force. 6. An entrepreneurial team consists of: 7. Nearly half of home-based businesses are in: 8. Sound advice for potential entrepreneurs includes: A. save lots of money as you will need it to learn your new business. B. research your market thoroughly even if it takes quite a while to start your business. C. surround yourself with people who are smarter than you. D. set specific objectives including high revenue goals.
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