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Presentation/PPT
27/08/2022
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:
EIN
NAICS
Patent Number
Tax ID Number
26.This is viewed as a separate entity from the owner.
limited liability partnership
corporation
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
30.
tactic
strategy
barrier to entry
goal
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
33.
Banks
Suppliers
Individuals
All of the above
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