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17.An entrepreneur may find su

17.An entrepreneur may find su.

17.An entrepreneur may find support from:

the community

family members

social networks

all of the above

18.Which is not true regarding expense accounts for an entrepreneurial firm?

An entrepreneur should be familiar with the current IRS regulations regarding travel expenses.

Credit card interest should not be recorded as an interest expense

Firms should keep a daily or weekly list of expenses

The check register and petty cash register should be used to record outflow of funds.

19.Which is not true regarding an LLC?

Owners may avoid double taxation.

There must be at least 10 members.

Has limited liability for members.

Allows for more investors.

20.Which is not true regarding a strategy?

It helps focus the business clearly on its strengths.

The business must be built on a consistent set of activities around its mission and strategy.

All of the above are true.

When implementing it, activities should align and fit within the business.

21.Which is a common reason why entrepreneurs choose to start a business?

They have difficulty solving problems

They prefer to work for someone else

They lost a job

They have difficulty finding new opportunities

22.Costs that vary according to how many goods are produced and sold.

variable costs

total costs

opportunity costs

fixed costs

23.                         is a managerial theory that suggests that individuals act to maximize their own benefit

Agency theory

Theory Y

Scientific management

Human relations theory

24.Which is not true regarding Accounts Payable?

Invoices should record the date of the payment.

Invoices should record the check number or transfer tracking number.

A separate record should be maintained for each creditor

All creditors’ information should be combined into one record

25.Codes used by the U.S. Government to define an industry and gather, track, and publish data on that industry:



Patent Number

Tax ID Number

26.This is viewed as a separate entity from the owner.

limited liability partnership


general partnership

27.Which is not true regarding a mission statement:

It guides everyone towards the owner’s goals.

It only helps the entrepreneur achieve his/her goals.

It helps employees make decisions.

It helps everyone in the organization head in the same general direction.

28.Which is not true regarding a general partnership?

It is the most complex form of business ownership.

Owners report profits and losses on their personal income tax.

Partners are jointly liable for debts

Partners have a responsibility to look out for the best interest of other partners.

29.Sales minus cost of goods sold would be                  on a simplified Income Statement.

gross profit

break-even point

owner’s equity

net income




barrier to entry


31.When completing an external analysis, an entrepreneur should do all of the following except:

Ignore industry trends until after the business is open

Consider how easy it is to exit the industry

Consider how easy it is to enter the industry

Develop a competitive map

32.According to your text, the strongest motivation for starting a business comes from:

Being forced to start a business

Circumstances that are beyond your control

Being personally motivated to start a business

A defensive position





All of the above

17.An entrepreneur may find su


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