Test Bank for Entrepreneurship: The Art, Science, And Process For Success: 2024 Release by Charles Bamford
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Course
Entrepreneurship
Institution
Entrepreneurship
Test Bank for Entrepreneurship: The Art, Science, And Process For Success: 2024 Release Evergreen 4e 4th edition by Charles Bamford, Garry Bruton. Complete chapters (Chap 1 to 14) are included with all answers.
PART 1: LAYING THE GROUNDWORK FOR YOUR BUSINESS
1 The Twenty-First-Century Entrepren...
Chap 01 2024 Release Bamford
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Entrepreneurial business is not important to the U.S. economy.
1) ______
⊚ true
⊚ false
2) The United States Small Business Administration (SBA) provides a wealth of information
and assistance at all levels of organizational development and management for new
entrepreneurial businesses.
2) ______
⊚ true
⊚ false
3) A critical element that an entrepreneur must solve for success is to develop the ability to
generate consistent and growing sales.
3) ______
⊚ true
⊚ false
4) Profit margins are key to successful businesses.
4) ______
⊚ true
⊚ false
5) Every business that has been documented in the Fortune 500 list began as a new venture by a
single individual or a small group of people.
5) ______
⊚ true
⊚ false
1
,6) Small companies can take advantage of economies of scale better than large firms.
6) ______
⊚ true
⊚ false
7) One of the disadvantages of an entrepreneurial business is the burden of creating and
managing organizational policies and procedures.
7) ______
⊚ true
⊚ false
8) Alexis de Tocqueville, the French statesman, stated that "the United States was not so much a
nation with ventures … but instead a nation of innumerable small ventures."
8) ______
⊚ true
⊚ false
9) Charles Wilson, secretary of defense for President Eisenhower, stated that "what is good for
General Motors is good for the nation."
9) ______
⊚ true
⊚ false
10) In the late 1970s and 1980s, the United States occupied the dominant economic position in
the world.
10) ______
⊚ true
⊚ false
11) The Great Depression of the 1930s encouraged industrial concentration.
11) ______
⊚ true
⊚ false
2
,12) Today many of the multinational firms in the United States are technology firms that began
in the late 1970s and early 1980s.
12) ______
⊚ true
⊚ false
13) The Great Depression of the 1930s made it difficult for entrepreneurial businesses to survive
in the United States.
13) ______
⊚ true
⊚ false
14) One of the huge advantages of starting one's own business is that someone else can be the
boss. Small business owners are motivated by two areas to start a business: the desire to be
their own bosses and to set their own working hours.
14) ______
⊚ true
⊚ false
15) A customer of a small business could be considered an important stakeholder to the success
of a company.
15) ______
⊚ true
⊚ false
16) According to Thomas Stanley and William Danko in their book, The Millionaire Next Door,
50 percent of the millionaires in the United States are self-employed.
16) ______
⊚ true
⊚ false
3
, 17) Self-employed people make up less than 20 percent of the workers in the United States.
17) ______
⊚ true
⊚ false
18) The business timeline demonstrates both constants and natural evolution in the development
of the United States.
18) ______
⊚ true
⊚ false
19) Close to 50 percent of the millionaires in the United States are entrepreneurs.
19) ______
⊚ true
⊚ false
20) Entrepreneurial businesses fail to provide a means to meet the varied demands that
individuals face in a society.
20) ______
⊚ true
⊚ false
21) Success in an entrepreneurial business can only be achieved with brutally hard and long
hours.
21) ______
⊚ true
⊚ false
22) Entrepreneurial businesses have the ability to make greater profits in markets that have been
ignored by larger corporations.
22) ______
⊚ true
⊚ false
4
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