Test Bank for Entrepreneurship: Starting and Operating A Small Business, 5th Edition

Test Bank for Entrepreneurship: Starting and Operating A Small Business, 5th Edition provides a strong foundation in exam topics with a balance of theoretical knowledge and practical application.

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Entrepreneurship:
Starting and Operating A
Small Business
Fifth Edition
Steve Mariotti
Caroline Glackin
Entrepreneurship: Starting
and Operating A Small
Business, Test Bank, 5e
Revised by Ramachandran
Subramanian
1
Entrepreneurship: Starting and Operating a Small Business, 5e (Glackin/NFTE)

Chapter 1 Entrepreneurs and Entrepreneurship

1) Products are tangible, meaning ________.

A) you can't actually touch them

B) you can sell them

C) you can touch them

D) you can see them

Answer: C

Diff: 1

Learning Objective: 1.1 Summarize what entrepreneurship is and what entrepreneurs do.

AACSB: Reflective Thinking

2) Entrepreneurs are often both owners and ________.

A) creditors

B) employees

C) customers

D) suppliers

Answer: B

Diff: 2

Learning Objective: 1.1 Summarize what entrepreneurship is and what entrepreneurs do.

AACSB: Reflective Thinking

3) A necessity-based entrepreneur starts a business to exploit a perceived opportunity or to
pursue one that they created.

Answer: FALSE

Diff: 1

Learning Objective: 1.1 Summarize what entrepreneurship is and what entrepreneurs do.

AACSB: Reflective Thinking

4) Explain how entrepreneurs can add value to scarce resources, and what signal they use to
determine whether or not they are succeeding in doing so.

Answer: A scarce resource is something of value that can be used to make something else or to
fill a need. The French economist Jean Baptiste Say wrote at the turn of the 19th century: "The
entrepreneur shifts economic resources [like wood or coal] out of an area of lower and into an
area of higher productivity and greater yield." By doing this, Say argued that entrepreneurs
"added value to scarce resources".

Diff: 3

Learning Objective: 1.1 Summarize what entrepreneurship is and what entrepreneurs do.

AACSB: Analytical Thinking

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