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Chapter 1 Quiz

This activity contains 10 questions.

Which of the following is not a factor behind the current


wave of entrepreneurial activity?
Increasing availability of entrepreneurial education.

Relaxed bankruptcy laws that have reduced the penalty for failing in
business.
The proliferation of the World Wide Web and the entrepreneurial
opportunities it offers.
Technological advancements that enable small companies to look and act
like big businesses.

Self-employed business owners make up about _________


of the millionaires in the United States.
one-fourth

one-half

two-thirds

three-fourths

Home-based businesses:
offer the advantage of low start-up and operating costs.

have a higher survival rate than small businesses as a whole.

are confined primarily to the traditional areas of arts and crafts.

A and B only

Nearly two-thirds of business owners work ____ hours per


week in their companies.
fewer than 30

30 to 40

more than 40

more than 60

Which of the following statements about family businesses


is true?
90 percent of the businesses in the United States are family-owned and
managed.
Family businesses generate 50 percent of the nation's GDP.

Only 30 percent of family businesses survive to the second generation.

All of the above.

Small businesses:
account for about 99 percent of all businesses in the United States.

employ 51 percent of the nation's private sector work force.

create more jobs than do large companies.

all of the above.

Which of the following is a characteristic of entrepreneurs?


Focused on past successes

Unsure of their ability to succeed

Preference for taking moderate risks

All of the above

When it comes to exporting:


approximately 20 percent of the world's population lives outside the
borders of the United States.
small companies account for more than 95 percent of the nation's export
sales.
small companies just starting an export initiative should focus on a single
country initially.
All of the above

Most entrepreneurs form their businesses between the ages


of:
15 to 24

25 to 34

40 to 49

50 to 59
The primary cause of failure in small businesses
poor financial control

poor location

management mistakes

improper inventory control

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