1. Offering shares of stock to public investors, planning goals for the business during the next five years, and planning goals for the business during the next ten years are all classified as which stage of the entrepreneurial process?

A. Concept Development

B. Resourcing

C. Actualization

D. Harvesting

2. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs are constantly looking for new ways to solve problems?

A. Creative

B. Persistent

C. Responsible

D. Self-confident

Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs are curious about things that may affect their business and are not afraid to ask questions?

A. Creative

B. Inquisitive

C. Persistent

D. Responsible

4. Janelle is writing a description of her new pet-sitting businesses and telling how this is the only business of its kind in the area. What section of the business plan is she writing?

A. Financial plan

B. Marketing plan

C. Organizational plan

D. Product/service plan

5. What is an example of an activity that is performed during the actualization phase of the entrepreneurial process?

A. Conduct a survey of potential customers

B. Hold a clearance sale to reduce inventory

C. Sell stock to the public through the NYSE

D. Decide to locate the business in Charlotte

6. Listing people and businesses who might give money to start the business, completing an application for a business loan at the bank, and advertising for people to work in the new business are all classified as which stage of the entrepreneurial process?

A. Discovery

B. Concept Development

C. Resourcing

D. Actualization

7. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs develop a plan of action and make decisions to help achieve that plan?

A. Goal-oriented

B. Independent

C. Risk-takers

D. Self-confident

8. What could cause a new business to not be able to keep up with the demand for its new service?

A. Failure to apply for a loan or a grant

B. Failure to pay taxes for the new business

C. Lack of a good advertising campaign

D. Shortage of trained employees

9. What is an example of an activity that is performed during the discovery phase of the entrepreneurial process?

A. Complete an application for a SBA loan

B. Conduct a survey of potential customers

C. Create a five-year plan for the business

D. Decide to locate the business in Charlotte

10. What is an example of an activity that is performed during the concept development phase of the entrepreneurial process?

A. Complete an application for a SBA loan

B. Conduct a survey of potential customers

C. Create a five-year plan for the business

D. Decide where to locate the business

11. How are copyrights, trademarks, and patents classified? 

A. Contracts between business partners

B. Investment sources for the entrepreneur

C. Legal protection for the entrepreneur

D. Permits for the new business

12. How are grandparents, Wachovia Bank, and credit unions classified? 

A. Friends and relatives of the entrepreneur

B. Legal protection for the new business

C. Marketing strategies for the new business

D. Potential investors for an entrepreneur

13. In which section of the business plan would Maria state the vacation, attendance, and training policies for her future employees? 

A. Financial plan

B. Industry/market analysis

C. Operational plan

D. Organizational plan

14. Brian is writing his plans for expanding his new auto shop business during the next ten years. What section of the business plan is he writing? 

A. Executive summary

B. Growth plan

C. Industry/market analysis

D. Management team plan

15. Having a large grand opening sale or a summer clearance sale and promoting the sale of new clothing and shoes through advertised specials are all examples of which stage of the entrepreneurial process? 

A. Concept Development

B. Resourcing

C. Actualization

D. Harvesting

16. What could cause a new business to run short of cash during its first year?

A. Failure to apply for a loan or a grant

B. Failure to pay taxes for the new business

C. Failure to secure proper permits and licenses

D. Shortage of trained employees

17. Preparing a business plan for a new business, renting a building for the new store, and copyrighting the website for the new business are all classified as which stage of the entrepreneurial process? 

A. Discovery

B. Concept Development

C. Resourcing

D. Actualization

18. What could cause a new business to have very few sales during its first year?

A. Failure to apply for a loan or a grant

B. Failure to pay taxes for the new business

C. Lack of a good advertising campaign

D. Lack of a trademark for the company logo

19. Chen is writing a description of how he will deliver lawn care services to his customers in his new business. What section of the business plan is he writing? 

A. Financial plan

B. Industry/market analysis

C. Operational plan

D. Organizational plan

20. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs believe in themselves? 

A. Goal-oriented

B. Independent

C. Risk-takers

D. Self-confident

21. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs work until the job is done?  A. Creative

B. Inquisitive

C. Persistent

D. Self-confident

22. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision? 

A. Goal-oriented

B. Independent

C. Risk-takers

D. Self-confident

23. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs are accountable for their actions? 

A. Creative

B. Inquisitive

C. Persistent

D. Responsible

24. What would cause a new business to be fined a penalty from the federal government? 

A. Failure to apply for a loan or a grant

B. Failure to pay taxes for the new business

C. Lack of a good advertising campaign

D. Shortage of trained employees

25. What is an example of an activity that is performed during the harvesting phase of the entrepreneurial process? 

A. Complete an application for a SBA loan

B. Conduct a survey of potential customers

C. Create a five-year plan for the business

D. Decide to locate the business in Charlotte