Entrepreneurs can make money on fads, but they have to knowQuestion options:when to get in and out in order to make a lot of money.where the fad originated.how to market the item once the fad has run its course.how to manufacture the product themselves.Question 20 / 5 pointsLamar is researching a business opportunity and has asked his acquisition team to help him review and verify all of the information about the business. This process of research and verification is calledQuestion options:trust and verify.due diligence.truth and consequences.due assessment.Question 35 / 5 pointsBecause most businesses don’t have a one-size-fits-all approach, what do you need to do?Question options:Add your own creativity to any concept.Come up with something completely new.Change your idea often.Find a new model.Question 40 / 5 pointsMicah has been working as a fitness trainer at a gym. He plans on opening a new gym of his own three blocks down the street. However, if he does this he will be in violation of the _______ he signed when he took the job, which prevents him from starting a gym within five miles of his employer.Question options:taxpayer identification form1099 formnoncompete agreementexclusive account agreementQuestion 55 / 5 pointsWhich of the following business opportunities allows a business to purchase and sell a company’s products, but not the right to use that company’s trade name as its own?Question options:CooperativeDirect salesDealers/distributorsLicenseesQuestion 65 / 5 pointsWhen you want to start a business, what is the first step?Question options:Figure out what you want to do.Get a loan.Seek counseling.Find out which business make the most money.Question 70 / 5 pointsWhat is a good way to discover trends in the big cities to bring to your hometown?Question options:Ask people who have been there.Read library books on big cities.Watch TV.Read newspapers from those cities online.Question 80 / 5 pointsHow many businesses are started every year in the United States?Question options:250,000More than 540,000Fewer than 500,0004,000,000Question 90 / 5 pointsWhen you’re evaluating the risk of starting a new business, which risk is likely to be worth it?Question options:Losing your quality of lifeLosing your homeLosing time, energy, and moneyLosing your loved onesQuestion 100 / 5 points”Wouldn’t it be great if we could get food delivered?” is an example of coming up with a business idea based on what?Question options:Your own personal frustrationHungerA spin on a familiar ideaBuying a franchiseQuestion 110 / 5 pointsWhat prompted Reed Hastings to start Netflix?Question options:He decided to copy the success of iTunes.He got tired of watching YouTube.The Blockbuster near his house closed.He got a big late fee for a movie rental.Question 120 / 5 pointsPurchasing a franchise can be a good way toQuestion options:become involved in a business that you can then customize.start a business with no risk.transition to becoming an entrepreneur in a supportive environment.learn a business and then copy it.Question 130 / 5 pointsWhich of the following is the most important trait of a successful business owner?Question options:PerseveranceFriendlinessIntelligenceAdaptabilityQuestion 140 / 5 pointsGardening supplies are hot now, but they haven’t always been. Why is this true of other businesses, too?Question options:A little gardening improves any business.Hot businesses often go through cycles.More businesses are hot now than ever before.Traditional ideas are always the best.Question 150 / 5 pointsIf you think carefully about what you’re doing, always ask for advice when you need it, and keep asking questions, starting a business can beQuestion options:a headache.too much effort.a calculated risk.a foolish risk.Question 160 / 5 pointsA jewelry direct sales company pays its consultants based on recruiting new members.Question options:The company is running a pyramid scheme, which is illegal.The company is running a pyramid scheme, which is legal.The company has implemented a legal and ethical plan for growth.The company uses this method of compensation to reduce the fee for the product sample kit.Question 170 / 5 pointsIn some areas, entrepreneurs can take advantage of _______ where they can lease low-cost office space and have access to office equipment and answering services.Question options:hotel lobbiesbusiness incubatorscoffee shopscollege libraries.Question 185 / 5 pointsLooking for a solution for a common source of irritation and frustration can be a(n)Question options:great way to generate an idea.dead end.exercise in futility.good chance to complain.Question 190 / 5 pointsLisa has been working a full-time job and then working on her business in the evening. She makes $6,000 per month at her full-time job. How much income should Lisa be making from her business before quitting her full-time job?Question options:$1,800$2,000$4,000$6,000Question 200 / 5 pointsHow can you avoid saying “This year I’m going to start my business” for years?Question options:Make plans.Feel good about it.Promise yourself you’ll do it.Do it now.
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