Chapter 3 Practice Quiz
Chapter 3 Practice Quiz STS 2500
Popular in S&T in Social and Global Context
Popular in Engineering and Tech
Waino Bogisich MD
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This 5 page Study Guide was uploaded by Annette Chun on Monday October 5, 2015. The Study Guide belongs to STS 2500 at University of Virginia taught by Douglas Muir in Summer 2015. Since its upload, it has received 335 views. For similar materials see S&T in Social and Global Context in Engineering and Tech at University of Virginia.
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Date Created: 10/05/15
Chapter 3 Small Business Entrepreneurs Characteristics and Competencies 1 A loner often socially isolated a hard worker a fast learner and a risk taker seeking wealth represents the profile of an A idea person B classic entrepreneur C managerial entrepreneur D small business owner Like classic entrepreneurs small business owners are all of the following EXCEPT A risk takers B socially isolated C often alone D hard workers Idea people are not particularly driven by A greatness great wealth B hard work risk taking C great wealth having their idea achieve greatness D fame socialization but they are driven by Which of the following personality types is often very riskaverse preferring to build wealth through careful planning and action A Idea person B Small business owner C Managerial entrepreneur D Classic entrepreneur All of the following observations are true of the salesperson type of entrepreneur EXCEPT A they work hard B they are very socially driven C they use their networks to minimize risk D they are most concerned with their wealth Identify the trait which all entrepreneurial personality types have in common A Loneliness B Social isolation C Risk taking D Hard work 7 10 ll 12 There are certain fundamental activities that all businesses must perform which are called A engineering business functions B basic business functions C business accreditations D key business functions The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time information location financing raw materials and expertise is called A basic business competencies B opportunity competencies C resource competencies D determination competencies The energy and focus needed to bring a business into existence relates to Which of the following competencies A Determination B Resource C Opportunity D Basic business Which of the following relates to the skills necessary to identify and exploit elements of the business enVironment that can lead to profitable and sustainable business A Determination competencies B Basic business competencies C Resource competencies D Opportunity competencies For those businesses that do get started the amount of successful from the less successful firms A effort B opportunities C subordination D expertise is What distinguishes the more According to the text there are three levels of professionalization These are A low medium and high B company industry and global C personal team and organizational D expert specialized and minimalized 13 14 15 16 17 18 19 entrepreneurs are owners for a lifetime sometimes in one business and sometimes across several firms A Habitual B Harvest C Growth D Spiral Which of the following are owners with an exit plan A Growth entrepreneurs B Harvest entrepreneurs C Occasional entrepreneurs D Habitual entrepreneurs entrepreneurs are people who generally have another job that is their primary one A Harvest B Occasional C Helical D Spiral Which of the following entrepreneurs employ about 58 percent of America39s total workforce A Women entrepreneurs B Second career entrepreneurs C Family business owners D Minority entrepreneurs Two challenges typical to family businesses are A motivation and nepotism B leadership and finances C succession and access D role con ict and succession refers to the process of intergenerational transfer of business A Role con ict B Succession C Leadership D Access The two fastest growing minority groups represent the largest segments of minority business owners These are A Hispanics and Asians B Hispanics and Africans C Asians and Africans D Asians and Pacific Islanders 20 Which of the following statements about certification for women and minorityowned small businesses is false A Certification consists of an examination based acknowledgement that the firm is owned and operated as specified B Certification is for every women or minorityowned small business C For those businesses that qualify certification provides a ready means of access to opportunity and to networks of businesses and government agencies D For corporations certification is handled by organizations that are not affiliated with the government or big business such as the National Minority Supply and Diversity Council Scenario BampB Music Bart Barker has always had the talent for playing several musical instruments and has a fabulous voice Bart has been playing music at family and friends39 events for several years At age 21 Bart is determined to open his own business with his brother Brad who is a business major Bart is the idea person whereas Brad is more the contemporary classic entrepreneur Bart wants to start and own the business as a lifetime venture whereas Brad already has an exit plan for their business Despite these differences the two brothers launch their business BampB Music Inc with great fanfare 21 Being an idea person Bart would not be driven by A great wealth B hard work C fame D fast learning 22 Being a contemporary classic entrepreneur Brad would exhibit all of the following traits EXCEPT being A a hard worker B socially isolated C an average income seeker D a fast learner 23 Bart appears to express an interest in which of the following careers A Habitual B Harvest C Spiral D Occasional 24 Brad appears to be leaning toward which of the following careers A Habitual B Harvest C Spiral D Occasional 25 BampB Music can be described as an A minority business B entrepreneurial team C secondcareer entrepreneurship D expert business
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