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Entrepreneurship

Review Questions

EntrepreneurshipReview Questions
Table of contents
  1. Preface
  2. 1 The Entrepreneurial Perspective
    1. Introduction
    2. 1.1 Entrepreneurship Today
    3. 1.2 Entrepreneurial Vision and Goals
    4. 1.3 The Entrepreneurial Mindset
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  3. 2 The Entrepreneurial Journey and Pathways
    1. Introduction
    2. 2.1 Overview of the Entrepreneurial Journey
    3. 2.2 The Process of Becoming an Entrepreneur
    4. 2.3 Entrepreneurial Pathways
    5. 2.4 Frameworks to Inform Your Entrepreneurial Path
    6. Key Terms
    7. Summary
    8. Review Questions
    9. Discussion Questions
    10. Case Questions
    11. Suggested Resources
  4. 3 The Ethical and Social Responsibilities of Entrepreneurs
    1. Introduction
    2. 3.1 Ethical and Legal Issues in Entrepreneurship
    3. 3.2 Corporate Social Responsibility and Social Entrepreneurship
    4. 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  5. 4 Creativity, Innovation, and Invention
    1. Introduction
    2. 4.1 Tools for Creativity and Innovation
    3. 4.2 Creativity, Innovation, and Invention: How They Differ
    4. 4.3 Developing Ideas, Innovations, and Inventions
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  6. 5 Identifying Entrepreneurial Opportunity
    1. Introduction
    2. 5.1 Entrepreneurial Opportunity
    3. 5.2 Researching Potential Business Opportunities
    4. 5.3 Competitive Analysis
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  7. 6 Problem Solving and Need Recognition Techniques
    1. Introduction
    2. 6.1 Problem Solving to Find Entrepreneurial Solutions
    3. 6.2 Creative Problem-Solving Process
    4. 6.3 Design Thinking
    5. 6.4 Lean Processes
    6. Key Terms
    7. Summary
    8. Review Questions
    9. Discussion Questions
    10. Case Questions
    11. Suggested Resources
  8. 7 Telling Your Entrepreneurial Story and Pitching the Idea
    1. Introduction
    2. 7.1 Clarifying Your Vision, Mission, and Goals
    3. 7.2 Sharing Your Entrepreneurial Story
    4. 7.3 Developing Pitches for Various Audiences and Goals
    5. 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
    6. 7.5 Reality Check: Contests and Competitions
    7. Key Terms
    8. Summary
    9. Review Questions
    10. Discussion Questions
    11. Case Questions
    12. Suggested Resources
  9. 8 Entrepreneurial Marketing and Sales
    1. Introduction
    2. 8.1 Entrepreneurial Marketing and the Marketing Mix
    3. 8.2 Market Research, Market Opportunity Recognition, and Target Market
    4. 8.3 Marketing Techniques and Tools for Entrepreneurs
    5. 8.4 Entrepreneurial Branding
    6. 8.5 Marketing Strategy and the Marketing Plan
    7. 8.6 Sales and Customer Service
    8. Key Terms
    9. Summary
    10. Review Questions
    11. Discussion Questions
    12. Case Questions
    13. Suggested Resources
  10. 9 Entrepreneurial Finance and Accounting
    1. Introduction
    2. 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
    3. 9.2 Special Funding Strategies
    4. 9.3 Accounting Basics for Entrepreneurs
    5. 9.4 Developing Startup Financial Statements and Projections
    6. Key Terms
    7. Summary
    8. Review Questions
    9. Discussion Questions
    10. Case Questions
    11. Suggested Resources
  11. 10 Launch for Growth to Success
    1. Introduction
    2. 10.1 Launching the Imperfect Business: Lean Startup
    3. 10.2 Why Early Failure Can Lead to Success Later
    4. 10.3 The Challenging Truth about Business Ownership
    5. 10.4 Managing, Following, and Adjusting the Initial Plan
    6. 10.5 Growth: Signs, Pains, and Cautions
    7. Key Terms
    8. Summary
    9. Review Questions
    10. Discussion Questions
    11. Case Questions
    12. Suggested Resources
  12. 11 Business Model and Plan
    1. Introduction
    2. 11.1 Avoiding the “Field of Dreams” Approach
    3. 11.2 Designing the Business Model
    4. 11.3 Conducting a Feasibility Analysis
    5. 11.4 The Business Plan
    6. Key Terms
    7. Summary
    8. Review Questions
    9. Discussion Questions
    10. Case Questions
    11. Suggested Resources
  13. 12 Building Networks and Foundations
    1. Introduction
    2. 12.1 Building and Connecting to Networks
    3. 12.2 Building the Entrepreneurial Dream Team
    4. 12.3 Designing a Startup Operational Plan
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  14. 13 Business Structure Options: Legal, Tax, and Risk Issues
    1. Introduction
    2. 13.1 Business Structures: Overview of Legal and Tax Considerations
    3. 13.2 Corporations
    4. 13.3 Partnerships and Joint Ventures
    5. 13.4 Limited Liability Companies
    6. 13.5 Sole Proprietorships
    7. 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
    8. 13.7 Mitigating and Managing Risks
    9. Key Terms
    10. Summary
    11. Review Questions
    12. Discussion Questions
    13. Case Questions
    14. Suggested Resources
  15. 14 Fundamentals of Resource Planning
    1. Introduction
    2. 14.1 Types of Resources
    3. 14.2 Using the PEST Framework to Assess Resource Needs
    4. 14.3 Managing Resources over the Venture Life Cycle
    5. Key Terms
    6. Summary
    7. Review Questions
    8. Discussion Questions
    9. Case Questions
    10. Suggested Resources
  16. 15 Next Steps
    1. Introduction
    2. 15.1 Launching Your Venture
    3. 15.2 Making Difficult Business Decisions in Response to Challenges
    4. 15.3 Seeking Help or Support
    5. 15.4 Now What? Serving as a Mentor, Consultant, or Champion
    6. 15.5 Reflections: Documenting the Journey
    7. Key Terms
    8. Summary
    9. Review Questions
    10. Discussion Questions
    11. Case Questions
    12. Suggested Resources
  17. A | Suggested Resources
  18. Index
1.

A not-for-profit business ________.

  1. is allowed to retain earnings for use within the organization
  2. must distribute profits to shareholders
  3. must turn over to the government any excess earnings
  4. can pay dividends to shareholders
2.

The term “for-profit corporation” means which of the following?

  1. The business must make a profit or forfeit its status.
  2. The business may make or lose money without changing its status.
  3. The business is not allowed to sell stock to the public.
  4. The business must have more than 100 shareholders.
3.

Which of the following business structures often involve two or more businesses starting a new business together?

  1. sole proprietorship
  2. general partnership
  3. joint venture
  4. corporation
4.

How is an S corporation taxed?

  1. at the entity level as a corporation
  2. at the owner level as if it were a partnership
  3. at both the entity and owner levels
  4. at a special lower rate of income tax
5.

A public corporation is ________.

  1. owned or sponsored by the government
  2. owned by member of the investing public
  3. owned by a combination of public and private investors
  4. none of these choices are correct
6.

A C corporation is taxed ________.

  1. at the entity level
  2. at the individual level
  3. at both the entity and individual levels potentially
  4. only at the state level, not federal
7.

Limited liability partnerships (LLPs) ________.

  1. are normally used for firms that consist of licensed professionals such as lawyers or accountants
  2. can be used for partnerships that sell services but not goods
  3. are used for firms that do business across state lines
  4. require that the stock be owned by fewer than 100 shareholders
8.

A joint venture ________.

  1. must be a corporation
  2. can choose to be any type of entity
  3. must be either a partnership or a C corporation
  4. None of these choices are correct
9.

General partners have what type of liability?

  1. limited
  2. joint and several
  3. joint only
  4. personal only
10.

Of all the business entity choices, LLCs are the most like ________.

  1. S corporations
  2. C corporations
  3. sole proprietorships
  4. joint ventures
11.

LLC owners are called ________.

  1. members
  2. shareholders
  3. limited equity investors
  4. directors
12.

LLCs offer flexible tax treatment, meaning ________.

  1. they can be taxed like corporation
  2. they can be taxed like partnerships
  3. they can be taxed like proprietorships
  4. All choices are correct.
13.

Sole proprietorships offer limited liability ________.

  1. if you register it with the state
  2. if you elect to be taxed as a corporation
  3. if you have an SBA loan guarantee
  4. Sole proprietorships never have limited liability.
14.

A sole proprietorship ________.

  1. pays taxes at the highest corporate rate
  2. pays taxes at the lowest corporate rate
  3. pays taxes at the individual rate
  4. None of these choices are correct.
15.

Sole proprietorships ________.

  1. must register with the state
  2. are similar to general partnerships in terms of liability
  3. are similar to LLCs in terms of liability
  4. are not allowed by law to operate outside of the US
16.

States can levy a sales tax on items sold online to a customer in a different state if ________.

  1. the business has a nexus with that state
  2. there is a contract between the business and the state comptroller
  3. the items sold are over $300
  4. the business is one that only sells foreign-made items
17.

As a general rule, LLCs, GPs, and SPs are taxed as ________.

  1. corporations
  2. not taxed
  3. individuals
  4. taxed twice, once as entity and once as individuals
18.

Entrepreneurs can choose what state to incorporate in, and many choose ________.

  1. New York
  2. Delaware
  3. California
  4. Texas
19.

Enterprise risk management includes ________.

  1. identifying risk
  2. risk assessment
  3. risk abatement
  4. All of the choices are correct.
20.

A business owner can insure against all but which one of the following?

  1. earthquakes
  2. a bad economy
  3. flooding
  4. hurricanes
21.

Examples of risk facing a business include ________.

  1. human risks
  2. economic risks
  3. natural risks
  4. All of the choices are correct.
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