Select the "most correct" option: 1. Academics tend to define "small business" as having fewer than: a. 5 employees b. 10 employees c. 100 employees d. 500 employees 2. Compared to willing entrepreneurs, "reluctant" entrepreneurs: a. are more likely to be successful in starting a business b. are less likely to be successful in starting a business c. have the same success rates d. are more likely to abandon the process of starting a business Writing a Business Plan is largely a process of: a. step-by-step construction b. revision and rewriting c. getting others to write the plan d. finding the right format 3 4. Entrepreneurship is best defined as: a. gambling b. risking money to make profit c. innovation d. the management of people Entrepreneurs in Canada tend to work: a fewer hours than employed people b. about the same number of hours as employed people c. more hours than employed people d. there is no information on who works more hours 5 B) TRUE OR FALSE 1. course T. F. A person cannot learn the skills of running a small business from this 2. T. F. All Business Plans follow the same basic model. 3. 4. T. F. If the owner of a corporation is killed, the "business" no longer exists as a legal entity. T. F The greater the variety of potential customers that a new business has, the greater its potential for profit T. F. Business plan is a predetermined course of action. 5. C) FILL IN THE BLANKS 1. 2. A business where the owner is officially a "shareholder" is called a Having total personal responsibility for company debts is called liability The form of business giving all of the owners "unlimited liability is called a partnership. - All good entrepreneurs are good 3 4. 5 An entrepreneur decides all about productions and bears the of business