. Why is crowdfunding a growing choice for entrepreneurs? A) Connecting with peo
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Question
. Why is crowdfunding a growing choice for entrepreneurs?
A) Connecting with people through the Internet demonstrates tech-savviness to later investors
B) Banks and investors are growing more cautious, so crowdfunding is a more viable option.
C) All types of entrepreneurs can receive backing to start their own business.
D) Young investors tend to be more willing to invest.
75. What cannot be a Kickstarter project?
A) technology products
B) charities
C) food and restaurant businesses
D) retail stores
76. Even though you may not be profitable, investors will want to know how many customers you have because it will show potential ______.
A) customer satisfaction
B) to scale the business
C) marketability
D) revenue from that base
77. According to research studied, what element was reported as the most important factor to new venture success?
A) the uniqueness of the product or service to fulfill a customer need
B) the financial support to help the company through the initial years
C) the lead entrepreneur and quality of the initial team
D) the lead entrepreneur
78. In an LLC, how are profits and losses reported?
A) on individual tax returns
B) on the corporation’s tax return
C) on both the corporate and individual tax return
D) on either the corporate or individual tax return
79. A C corporation’s disadvantage is double taxation. This means that:
A) the corporation is taxed on the profit it makes and the shareholders are taxed on the dividends
B) the corporation pays taxes in April and October
C) corporations are taxed more heavily than other corporate structures
D) corporations pay taxes on the goods they purchase to create the product rather than on the profits from the sale of the goods
80. What statement generally sums up the importance of passion in your founding team?
A) Passion and skills will compensate for experience.
B) Passion needs to play a secondary role to experience.
C) Passion can interfere with rational judgment.
D) Enthusiasm cannot help reduce the risk of starting a business.
81. Which is not true about business models for ventures:
A) As important for venture success as the products or services of the company
B) Can be a source of innovative thinking, just as much of the product or service
C) It usually best for venture success to give away a service for free, convince users that it is worthwhile, and then ask them to pay for it later.
D) Can be hard to convince customers to adopt if it is very different than traditional methods of pricing
Which is not true about business models for ventures:
A) As important for venture success as the products or services of the company
B) Can be a source of innovative thinking, just as much of the product or service
C) It usually best for venture success to give away a service for free, convince users that it is worthwhile, and then ask them to pay for it later.
D) Can be hard to convince customers to adopt if it is very different than traditional methods of pricing
Which of the following characteristics does a successful entrepreneur tend to possess?
A) Leadership
B) Drive
C) Self-confidence
D) All of the above
. What would be the best part of developing a business plan?
A) clarifying concepts with team members and partners
B) knowing whether your business should or should not get started
C) gaining experience in pitching your product or service
D) understanding all the components of your business
71. When asking for a loan from one of his friends, Lonnie states that the product is ready to go into stores. In fact, the product is still under development. The friend is expecting the loan to be repaid in 3 months. This would be an example of:
A) guerilla marketing
B) acceptable exaggeration
C) a potential ethical transgression
D) an accurate description of product readiness
66. ______ are people who start several businesses, sometimes at the same time or sometimes one after the other.
A) Social entrepreneurs
B) Serial entrepreneurs
C) High-risk entrepreneurs
D) Low-risk entrepreneurs
67. Sally decided to look into buying a franchise as her entrance into entrepreneurism. Which of the following is a benefit of franchising?
A) royalties or a percentage of sales to be paid to the franchisor every month
B) strict franchisors’ rules with no wiggle room
C) most products and supplies need to be purchased from the franchisor.
D) technology designed to help manage customers and administration
68. Michael is a franchise restaurant owner. He has which of the following costs?
A) franchise fee to start plus a monthly royalty as a percentage of sales, plus other operational costs
B) a royalty to the franchisor calculated as a percentage of income plus other operational costs
C) his costs are the same as any other restaurant owner
D) his costs equal his sales, that is, the matching principle from accounting
please answer all .
Explanation / Answer
We are required to do only 4 parts of a question.
74. Crowd funding is a growing business entrepreneurs can seek investors to back their business ideas. Hence the correct option is c. All types of entrepreneurs can receive backing to start their own business.
75. Kickstarter project are backed by investors only when there is hope of profit and the probability of getting profit is lowest in charities. Hence the correct option is b. Charities.
76. Investors will want to know how many customers we have because it show potential to scale the business even of the sales are low. Hence the correct option is b. to scale the business
77. Many businesses flop even with unique ideas and enough investments because they lack good leaders and coordinating teams. Hence the correct option is C) the lead entrepreneur and quality of the initial team
78. Record revenue and expenses on IRS Form 1040, Schedule C, Profit or Loss from Business, on the LLC member's individual federal income tax return. Hence the correct option is a. on individual tax returns
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