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Entrepreneurship: The Practice and Mindset 1st Edition Test Bank

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 Chapter 1: Entrepreneurship: A Global Social Movement Test Bank Multiple Choice 1 . The authors define entrepreneurship as ______. a. a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom , and with what consequences b. starting a small business by finding investors and launching a product c. developing a new market by creating a product that does not currently exist d. a mindset that compels people to start multiple ventures throughout a lifetime. Ans: A Learning Objective: 1.1 . Explain the importance of action and practice in entrepreneurship. Cognitive Domain: K nowledge Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level: Medium AACSB Standard: Reflective thinking 2. ______ are small, short - term loans often associated with entrepreneurs in developing countries a. no - interest loans b. high - interest loans c. microloans d. miniloans Ans: C Learning Objective: 1.1 . Explain the importance of action and practice in entrepreneurship. Cognitive Domain: K nowledge Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level: Medium AACSB Standard: Financial theories, analysis, reporting and markets 3 . This is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences. a. imagineering b. storyboarding c. social engineering d. entrepreneurship Ans: D Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship. Cognitive Domain: Knowledge

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level: Medium AACSB Standard: Reflective thinking 4 . Which of the following is NOT a truth about entrepreneurship? a. Entrepreneurship is reserved for startups. b. Entrepreneurship can be taught, as it is a method that requires practice. c. Entrepreneurs collaborate more than they compete. d. Entrepreneurship is a life skill. Ans: A Learning Objective: LO 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Debunkin g the Myths of Entrepreneurship Difficulty Level: Easy AACSB Standard: Reflective thinking 5. The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Elon Musk (Tesla), and Travis Kalanick (Uber). According to the text, these stories: a. are inspirational but they do little to represent the reality of entrepreneurship. b. are highly relatable. c. have not captured the public imagination. d. are accurate depictions of the reality of entrepreneurship . Ans: A Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Comprehension Answer Location: Media Images of Entrepreneurs Difficulty Level: Medium AACSB Standard: Contexts of organizations in a global society 6 . A temporary organization in search of a scalable business model is known as: a. a startup . b. a corporation . c. an LLC . d. an entrepreneur . Ans: A Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #1: Entrepreneurship is not reserved for startups Difficulty Level: Medium AACSB Standard: Financial theories, analysis, reporting and markets 7 . Effectuation is the theory that: a. businesses should have a positive impact on people’s lives. b. the effects of ideas can be studied over time. c. the future is unpredictable yet controllable.

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 d. emotions can influence decision - making. Ans: C Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #2: Entrepreneurs do not have a special set of personality traits Difficulty Level: Medium AACSB Standard: Financial theories, analysis, reporting and markets 8 . Contemporary researche rs focus on how entrepreneurs ________ a. think and act b. develop a desire for achievement c. build a tolerance for uncertainty d. develop an affinity for taking risks Ans: A Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #2: Entrepreneurs do not have a special set of personality traits Difficulty Level: Medium AACSB Standard: Financial theories, analysis, reporting and markets 9 . ______ are people who start several businesses, sometimes at the same time or sometimes one after the other. a. Social entrepreneurs b. Serial entrepreneurs c. High - risk entrepreneurs d. Low - risk entrepreneurs Ans: B Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #2: Entrepreneurs do not have a special set of personality traits Difficulty Level: Easy AACSB Standard: Reflective thinking 10 . Which of the following is true about effectual entrepreneurs ? a. They focus on creating a future rather than predicting it b. They find markets rather than make them, c. They do not accept failure d. They rely on the initiative of stakeholders to fulfill their vision of the future Ans: A Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #2: Entrepreneurs do not have a special set of personality traits Difficulty Level: Easy AACSB Standard: Reflective thinking 1 1 . According to the authors, what is the precursor to action?

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 a. a business process b. the right mindset c. a business plan d. the acquisition of resources Ans: B Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #2: Entrepreneurs do not have a special set of personality traits Difficulty Level: Easy AACSB Standard: Reflective thinking 1 2 . The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors. a. a strong business plan b. education and application c. business processes d. knowledge and expertise Ans: D Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #3: Entrepreneurship can be taught (it’s a method that requires practice) Difficulty Level: Medium AACSB Standard: Reflective thinking 1 3 . The risk component for entrepreneurs______. a. is unavoidable and entrepreneurship is ideal for extreme risk - takers b. can be reduced with a good business plan c. can be reduced with diversification d. can be managed with the cycle of act – learn – build Ans: D Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #4: Entrepreneurs are not extreme risk - takers Difficulty Level: Medium AACSB Standard: Reflective thinking 1 4 . Successful entrepreneurs tend to follow this approach to collaboration: a. They do not collaborate and work in isolation b. They collaborate with potential customers, but not with competitors c. They collaborate with both potential customers and competitors d. They collaborate with competitors, but not with potential customers Ans: C Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 Answer Location: Truth #5 : Entrepreneurs collaborate more than they compete Difficulty Level: Medium AACSB Standard: Reflective thinking 1 5 . Research revealed what percentage of Inc. 500 wrote formal business plans prior to launching their companies ? a. More than 90% b. More than 75% c. Less than 50% d. Less than 10% Ans: C Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer Location: Truth #6: Entrepreneurs act more than they plan Difficulty Level: Medium AACSB Standard: Reflective thinking 1 6 . According to the text, w hich of the following is the least important when launching a company? a. Creating a business plan b. Connecting with customers c. Building a network d. Generating buzz Ans: A Learning Objective: 1.2. List the seven lesser - known truths about entrepreneurship. Cognitive Domain: Knowledge Answer location: Truth #6: Entrepreneurs act more than they plan Difficulty Level: Easy AACSB Standard: Reflective thinking 1 7 . What invention came to symbolize the ingenuity of Colonial America? a. The spinning jenny b. The telegraph c. The lightning rod d. The light bulb Ans: C Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer location: Emergence of the Self - Made Man (Colonial America Before 1776) Difficulty Level: Easy AACSB Standard: Reflective thinking 1 8 . Which Founding Father is considered one of history’s greatest entrepreneurs ? a. Thomas Jefferson b. Benjamin Franklin c. George Washington

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 d. Alexander Hamilton Ans: B Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer location: Emergence of the Self - Made Man (Colonial America Before 1776) Difficulty Level: Easy AACSB Standard: Reflective thinking 1 9 . What factor(s) contributed to the golden age of entrepreneurship ? a. improved transportation b. growth in the economy c. increase in population d. all of the se Ans: D Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer location: Emergence of the Self - Made Man (Colonial America Before 1776) Difficulty Level: Easy AACSB Standard: Reflective thinking 20 . A launching pad for creativity and innovation, the ______ provided people with the right to private property, access to a banking system, and protection in the form of patent laws. a. Twelfth Amendment b. Declaration of Independence c. Sixteenth Amendment d. US Constitution Ans: D Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer Location: An Entrepreneurial Nation (First Industrial Revolution 1776 – 1865) Difficulty Level: Easy AACSB Standard: Group and individual behaviors 21 . During the______, everyone had a fairly equal chance of b e ing an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists. a. First Industrial Revolution (1776 – 1865) b. Second Industrial Revolution (1865 – 1920) c. Interwar and Postwar America (1920 – 1975) d. Knowledge Economy (1975 – present) Ans: A Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer Location: An Entrepreneurial Nation (First Industrial Revolution 1776 – 1865) Difficulty Level: Easy

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 AACSB Standard: Reflective thinking 2 2 . During w hich period was entrepreneurship at its height ? a. First Industrial Revolution ( 1776 – 1865) b. Second Industrial Revolution ( 1865 – 1920) c. Interwar and Postwar America ( 1920 – 1975) d. Knowledge Economy ( 1975 – present) Ans: B Learning Objective: 1.3 . Explain the history of entrepreneurship in the United States . Cognitive Domain: K nowledge Answer Location: The Pinnacle of Entrepreneurship (Second Industrial Revolution 1865 – 1920) Difficulty Level: Easy AACSB Standard: Reflective thin king 2 3 . In the Pinnacle of Entrepreneurship (Second Industrial Revolution), the entrepreneur ______. a. was not well respected b. w as considered “ self - made ” and was glorified in novels c. worked largely within large corporations d. paid higher taxes than their neighbors working in the factories Ans: B Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Comprehension Answer Location: The Pinnacle of Entrepreneurship (Second Industrial Revolution 1865 – 1920) Difficulty Level: Easy AACSB Standard: Diverse and multicultural work environments 2 4 . During the period between 1920 and 1975, w hich of the following did NOT contribute to the decline of the traditional entrepreneur? a. An increase in production due to the expansion of the middle class b. T he transition toward a knowledge - based economy. c. The merger of small firms founded by entrepreneurs with larger organizations. d. The Great Depression Ans: B Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Comprehension Answer location: Rise of Institutional America (Interwar and Postwar America 1920 – 1975) Difficulty Level: Medium AACSB Standard: Reflective thinking 2 5 . What era signaled a shift from the traditional entrepreneur to the big corporation ? a. First Industrial Revolution 1776 – 1865 b. Second Industrial Revolution 1865 – 1920

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 c. Interwar and Postwar America 1920 – 1975 d. Know ledge Economy 1.0, 1975 – Present Ans: C Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Comprehension Answer location: Rise of Institutional America (Interwar and Postwar America 1920 – 1975) Difficulty Level: Medium AACSB Standard: Reflective thinking 2 6 . Which of the following led to entrepreneurship regaining its popularity over the l ast decades of the 20th century? a. Changes in patent laws b. The rise of information technology c. The rise in venture capital funds d. All of these Ans: D Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Comprehension Answer location: Confined Re - Emergence (Knowledge Economy 1.0, 1975 – Present) Difficulty Level: Medium AACSB Standard: Reflective thinking 2 7 . During which period of time was the “tech entrepreneur” born? a. First Industrial Revolution 1776 – 1865 b. Second Industrial Revolution 1865 – 1920 c. Interwar and Postwar America 1920 – 1975 d. Know ledge Economy 1.0, 1975 – Present Ans: D Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer location: Confined Re - Emergence (Knowledge Economy 1.0, 1975 – Present) Difficulty Level: Easy AACSB Standard: Reflective thinking 2 8 . What generation is considered to be the most exposed to entrepreneurship education? a. Baby Boomers b. Generation X c. Millennials d. Generation Z Ans: C Learning Objective: 1.3. Explain the history of entrepreneurship in the United States. Cognitive Domain: Knowledge Answer location: Confined Re - Emergence (Knowledge Economy 1.0, 1975 – Present) Difficulty Level: Easy

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 AACSB Standard: Reflective thinking 2 9 . Marian Croak’s idea to use the text messaging system she developed for the television series American Idol in disaster situations is an example of________ . a. Corporate entrepreneurs hip b. Entrepreneurs inside c. Social Entrepreneurship d. Serial entrepreneurship Ans: A Learning Objective: 1. 4 . Compare and contrast the different forms of entrepreneurship in practice today . Cognitive Domain: Comprehension Answer Location: Corporate Entrepreneurship Difficulty Level: Medium AACSB Standard: Reflective thinking 30 . According to the text, why would some organizations not be enthusiastic about employees acting entrepreneurially inside a company ? a. Fear that workers will prioritize their entrepreneurial efforts over their essential job duties b. Fear that trade secrets will be accidentally released to the public. c. F ear that they will leave the company and start their own business . d. Fear that they will not seek approval from senior managers before starting work on their entrepreneurial initiatives. Ans: C Learning Objective: 1. 4 . Compare and contrast the different forms of entrepreneurship in practice today . Cognitive Domain: Comprehension Answer Location: Corporate Entrepreneurship Difficulty Level: Medium AACSB Standard: Reflective thinking 3 1 . T he launch of the “inglorious vegetable” at the French Supermarket Intermarché as a way of reducing food waste by selling imperfect vegetables at a 30% discount is an example of_____ a. Corporate entrepreneurship b. Entrepreneurs inside c. Social Entrepreneurship d. Serial entrepreneurship Ans: B Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Entrepreneurs Inside Difficulty Level: Medium AACSB Standard: Analytical thinking

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 3 2 . What is the process of creating new products, ventures, processes, or renewal within large organizations ? A. Entrepreneurs inside B. Tech entrepreneurship C. Social entrepreneurship D. Intrapreneurship Ans: D Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Knowledge Answer Location: Corporate Entrepreneurship Difficulty Level: Medium AACSB Standard: Systems and processes in organizations 3 3 . Tony is a manager a company that builds solar panels. In his position as a manager , Tony used the feedback from his team members to as the basis of a plan for the company to start installing the solar panels, as well, in order to enhance the company’s competitive position and profitability. Tony is an example of ______. a. an entrepreneur b. a marketing professional c. a corporate entrepreneur d. a strategist Ans: C Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Corporate Entrepreneurship Difficulty Level: Medium AACSB Standard: Interpersonal relations and teamwork 3 4 . Joseph is a sales manager for ETC Corporation. ETC is a manufacturer of high - end kitchen appliances for restaurants . Nicole has been lobbying her manager to allow her to design and sell a consumer grade range of consumer - grade appliances using ETC ’s design and manufacturing resources . Joseph is a(n) ______. A. corporate entrepreneur B. franchisee C. entrepreneur inside D. social entrepreneur Ans: C Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: A nalysis Answer Location: Entrepreneurs Inside Difficulty Level: Hard AACSB Standard: Application of knowledge

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 3 5 . Robert has a business that he wants to pass down to others in his family to run. Robert has ______. a. an entrepreneurship b. a family enterprise c. a role as a an entrepreneur inside d. interest in a benefit corporation Ans: B Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Family Enterprising Difficulty Level: Medium AACSB Standard: Application of knowledge 3 6 . The nonprofit “1001 Fountains for Tomorrow”, whose goal is to p r ovide safe drinking water for small rural villages in Cambodia , is an example of________ a. Corporate entrepreneurship b. Entrepreneurs inside c. Social Entrepreneurship d. Serial entrepreneurship Ans: C Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Social Entrepreneurship Difficulty Level: Medium AACSB Standard: Analytical thinking 3 7 . A benefit corporation (or B - Corp) is an organization certified by the nonprofit B Lab to ensure strict standards of social and environmental performance, accountability, and transparency are met. According to the book, which of the following statements is true? a. Large non - profits are leaders in this movement. b. To host a telethon to raise money, the organization must be a B – Corp. c. “ Buy One , Give One ” promotions can generating sales while also raising awareness of social issues. d. all of these Ans: C Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Social Entrepreneurship Difficulty Level: Medium AACSB Standard: Diverse and multicultural work environments

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 3 8 . Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self - esteem. Sam is an example of a ______. a. social entrepreneur b. potential entrepreneur c. nascent entrepreneur d. benefit entrepreneur Ans: A Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Social Entrepreneurship Difficulty Level: Medium AACSB Standard: Application of knowledge 3 9 . Richard Branson ’s expansion of Virgin to include railway, music, media, and banking industries is an example of_______ a. Global entrepreneurship b. Nascent entrepreneurship c. Social Entrepreneurship d. Serial entrepreneurship Ans: D Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Seria l Entrepreneurship Difficulty Level: Medium AACSB Standard: Analytical thinking 40 . Michael is a franchise restaurant owner. Which of the following best describes his franchising costs ? a. a franchise fee to start, a monthly royalty as a percentage of sales, and other operational costs b. a royalty to the franchisor calculated as a percentage of net income plus other operational costs c. his costs are the same as any other restaurant owner d. a franchise fee to start plus other operational costs Ans: A Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Buying a Franchise Difficulty Level: Medium AACSB Standard: Application of knowledge 4 1 . Sally decided to look into buying a franchise as her entrance into entrepreneurship . Which of the following is NOT a benefit of franchising?

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 a. A whole franchise network exists to reach out to for help and advice. b. potential competition from other franchise owners c. Real estate resources exist to help source the best location for your franchise. d. In - house personnel and field reps are available to help you and your business succeed. Ans: B Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Buying a Franchise Difficulty Level: Medium AACSB Standard: System and processes in organizations 4 2 . ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts, “Old Carolina BBQ,” “Smoke: The Burger Joint,” and “Baja West Coast Kitchen” with a dozen corporate - owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their o wn location(s). Entrepreneurs purchasing such a license are engaging in ______. A. corporate entrepreneurship B. franchising C. entrepreneurs inside D. social entrepreneurship Ans: B Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: A nalysis Answer Location: Buying a franchise Difficulty Level: Hard AACSB Standard: Application of knowledge 4 3 . S ocial entrepreneur s _______ a. must rely on fundraising to keep their company economically stable b. can only be found in the nonprofit sector c. must choose between making either a social or an economic impact d. seek innovative solutions to social and environmental problems Ans: D Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Social Entrepreneurship Difficulty Level: Medium AACSB Standard: Analytical thinking 4 4 . To be certified as a benefit corporation (or B - Corp ), an organization is rated on all the following except: a. how its employees are treated

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 b. its global mission c. how it benefits the community in which it operates d. its impact on the environment Ans: B Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Social Entrepreneurship Difficulty Level: Medium AACSB Standard: Analytical thinking 4 5 . What is the survival rate of family businesses transitioning from the first to the second generation ? a. less than 30% b. 40% c. 50% d. more than 75% Ans: A Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer location: Family Enterprising Difficulty Level: Medium AACSB Standard: Analytical thinking 4 6 . What percentage of US businesses are family - owned or controlled by a family ? a. Less than 2 0% b. 20% to 3 0% c. 40% to 5 0% d. 80% to 90% Ans: D Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer location: Family Enterprising Difficulty Level: Medium AACSB Standard: Analytical thinking 4 7 . Bill is the paternal head of his family and the family enterprise. He is concerned about the business and wants to ensure its survival for the long run. You, as a consultant, advise him to focus on ______. a. selling the company b. passing on an entrepreneurial mindset to his family members c. writing a detailed business plan d. establish ing a trust for the business Ans: B

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    Instructor Resource Neck , Entrepreneurship SAGE Publishing, 2018 Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Comprehension Answer Location: Family Enterprising Difficulty Level: Medium AACSB Standard: Interpersonal relations and teamwork 4 8 . Maria lost her job. Unable to find work in her chosen field, she decides to start her own business. What type of entrepreneur is s he? a. necessity - based entrepreneur b. nascent entrepreneur c. established business owner d. potential entrepreneur Ans: A Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today. Cognitive Domain: Application Answer Location: Global Entrepreneurship Difficulty Level: Medium AACSB Standard: Application of knowledge 4 9 . According to the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide. A. 4 million B. 40 million C. 400 million D. 4 b illion Ans: C Learning Objective: 1.5. Illustrate the global diversity of entrepreneurship and its impact. Cognitive Domain: Knowledge Answer Location: Global Entrepreneurship Difficulty Level: Easy AACSB Standard: Contexts of organizations in a global society 50 . I ndividuals who believe they have the capacity and know - how to start a business without being burdened by the fear of failure are known as _______ a. venture capitalists b. angel investors c. p otential entrepreneurs d. creative directors Ans: C Learning Objective: 1.5. Illustrate the global diversity of entrepreneurship and its impact. Cognitive Domain: comprehension Answer Location: Global Entrepreneurship Difficulty Level: Medium AACSB Standard: Diverse and multicultural work environments

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