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Exam 6: Entrepreneurship and Starting a Small Business

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Question 81

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One way to get into business is to buy an existing company.The value of the business used to determine a fair purchase price is based on:

A) the prospects for business competition.
B) the current owner's retirement plan.
C) the amount of government contracts the company has.
D) the value of what the business owns,what it earns,and what makes it unique.

E) B) and C)
F) A) and D)

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Question 82

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In order to qualify for a microloan from the SBA,an entrepreneur must have adequate collateral,and a proven track record of success.

A) True
B) False

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Question 83

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Small businesses can often provide more personalized customer service than bigger rivals.

Labels Plus,LLC,exports specialty printing equipment for the labeling,flexible packaging,and carton industry.Due to increased support from ________,this company's sales to Brazilian companies and other global opportunities have significantly increased.

If you are trying to prevent failure,it is a good idea to go into the business with good record-keeping techniques.

Bing came to the U.S.on a swimming scholarship.After a few months of frustration with trying to find swim goggles like he used in his native country,he started a web site that offered specialty goggles for swimming,skiing,and snowboarding.Before launching the web site and filling orders,Bing spent a few months going to swim meets and gathering preferences about goggles from other swimmers.Bing's actions:

In order to better serve their customers,small business owners should avoid delegating authority to their employees.

Effective entrepreneurial teams combine:

Commercial loan officers and insurance agents offer expert assistance that can be valuable to small business owners.

Entrepreneurship involves accepting the risk of starting and running a business.

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home.Most likely Jon's letter was a work-at-home scam.

Which of the following best describes the outlook for small businesses in international markets?

A successful web-based strategy that helps a business spread the word about its web site and products is called ______________.

Software designed to help create business plans has proven to be of little value because it is difficult to apply it to every business situation.

The Spotlight on Small Business box is testimonial to the fact that entrepreneurs are problem solvers.

If you have managerial skills and leadership ability,you also posses the personality to be an entrepreneur.

The SBA's ________ program provides export financing opportunities for small businesses.

The SBA may guarantee loans made by a financial institution and repay them if the borrowers stop making payments.

Venture capitalists provide funds for small businesses as part of their philanthropy programs.

By passing the Immigration Act of 1990,the U.S.government acted to encourage entrepreneurs to immigrate to the United States.