Question 1Tips4 ptsThe person who takes the risk of starting and managing a business to make a profit is called a(n):Group of answer choicesentrepreneurventure capitalistcapitalistic adventurerfranchiserultra capitalist Flag question: Question 2Question 2Tips4 ptsAndy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):Group of answer choicesentrepreneurventure capitalistcapitalistic adventurerfranchiserultra capitalist Flag question: Question 3Question 3Tips4 ptsJon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.Group of answer choicesventure capitalistfranchiseefranchisorentrepreneurfinancier Flag question: Question 4Question 4Tips4 ptsAn entrepreneur is a person who _____ a business.Group of answer choicesfinancesmanageslocatesowns and operatesworks for Flag question: Question 5Question 5Tips4 ptsThe difference between the small business owner and the entrepreneur is that the entrepreneur:Group of answer choicesmanages the businessfiles taxes for the businessassumes the risk of the businessis responsible for the profits of the businessis accurately described by all of the above Flag question: Question 6Question 6Tips4 pts_____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.Group of answer choicesMultipreneursInsourced entrepreneursIntrapreneursCorporate entrepreneursClassic entrepreneurs Flag question: Question 7Question 7Tips4 ptsGord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker. One Friday afternoon, over a few beers in Larose's kitchen, they dreamed up a scheme for renting software over the Internet. Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality. Four years later, their idea has evolved into an important division of Nortel called Channelware. Larose and Allan are examples of:Group of answer choicesinterpreneursmultipreneursintrapreneursgrowth-oriented entrepreneursInsourced entrepreneurs Flag question: Question 8Question 8Tips4 ptsLachlan Stuart is employed by International Paper, a company that values his vision and creativity. To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications. Stuart is an example of a(n):Group of answer choicesmultipreneurinsourced entrepreneurintrapreneurcorporate entrepreneurclassic entrepreneur Flag question: Question 9Question 9Tips4 ptsIntrapreneurs:Group of answer choiceshave a high degree of autonomy in spite of the fact they work for a large corporationhave the characteristics of creativity, vision, and risk taking.receive regular salaries and employee benefitsrun mini-companies within large corporationsare accurately described by all of the above Flag question: Question 10Question 10Tips4 ptsAll of the following are characteristics of an entrepreneurial personality EXCEPT:Group of answer choicesthe willingness to take riskscreativityproblem solving skillsa high energy levelthe willingness to be a follower rather than a leader Flag question: Question 11Question 11Tips4 ptsMark Ghermizian had quit his job and was looking to start a small business so he could be his own boss. When he read that people spend up to fifteen minutes every day staring at a bathroom stall door, he decided he would find advertisers who wanted to pay to have their advertising messages on bathroom stall doors. Since he has his idea, Ghermizian's next step is to:Group of answer choicesdetermine if he has the right personality to run a businesschoose a form of business organizationcreate a name for his businessget financing for his new businesscreate prototype ads Flag question: Question 12Question 12Tips4 ptsAndy Yocom was looking to start a small business so he could be his own boss. While golfing one day, he saw prime advertising space on the flags on the course. He has decided to call his new venture Invision Golf Group Inc. What should he include in his business plan?Group of answer choicesa management planthe elements of the company that make it uniquean analysis of the market in which the company will operatea financial planall of the above Flag question: Question 13Question 13Tips4 ptsA _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.Group of answer choicesmission statementvisionbusiness planstatement of purposeventure plan Flag question: Question 14Question 14Tips4 ptsA business plan:Group of answer choicesdescribes in detail the idea for the new business and how it will be carried outis used to persuade lenders and investors to finance the venturemay take many months to writeserves as the first operating plan for a new businessis accurately described by all of the above