Question 1 A personal sales person's primary function is informing customers about the nature of the offering and the value and benefits of using the product or service. True False

Question 2 If the business carries an inventory of $25,000 and its overall net revenue is $150,000, inventory turnover is three times per year. True False

Question 3 Secondary data is far less expensive for a firm to collect than is primary data. True False

Question 14 The personal net worth required to start a business is generally thought to be in the range of: a $5,000-$10,000 b $20,000-$50,000 c $100,000-$500,000 d Every business opportunity has its own unique capital requirements.

Question 5 A feasibility study can help a potential business owner determine the liquidity of future assets. True False

Question 6 Most entrepreneurs are self-confident, and with this confidence comes a strong ego. True False

Question 7 A ________ should be a formal statement of a business's values concerning ethics and social issues. a Code of behaviour b Code of ethics c Mission statement d Vision statement

Question 8 There is considerable evidence which suggests that the "right stuff" needed to become a successful entrepreneur can be learned. True False

Question 9 High intelligence and conceptual ability are two of the most "learnable" attributes of successful entrepreneurs. True False

Question 10 A typical feasibility study includes all of the following areas, except: a The concept for your venture b The technical feasibility of your idea c The supply situation d International trade regulations