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Test Bank For Small Business Management Launching & Growing Entrepreneurial Ventures 19th Edition by Justin G. Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy Chapter 1-23 €17,16
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Test Bank For Small Business Management Launching & Growing Entrepreneurial Ventures 19th Edition by Justin G. Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy Chapter 1-23
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Test Bank For Small Business Management Launching & Growing Entrepreneurial Ventures 19th Edition by Justin G. Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy Chapter 1-23

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Test Bank For
Small Business Management Launching & Growing Entrepreneurial Ventures 19e Justin G.
Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy
Chapter 1-23
Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
1. The universally accepted definition of the term small business is based on the number of people employed by the firm.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
Copyright Cengage Learning. Powered by Cognero. Page 1

, b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

4. Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
Page 2

,DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

6. Managers who buy out founders of existing firms may be classified as entrepreneurs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

7. Franchisees have limited power because they have a contract and relationship with a franchising organization.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

8. An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
Page 3

, LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

9. The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful
products. XYZ Company is a social entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Apply
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

10. The starting point of any competitive advantage is having a commitment to integrity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM

11. Josie's position was eliminated when the company moved its operations to another state, so she started her own
business. Josie is a reluctant entrepreneur.
a. True

Page 4

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