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MGTA01H3 (583)
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Chapter 3


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University of Toronto Scarborough
Management (MGT)

ChapterUnderstanding 4 Entrepreneurship Small Business and New Venture Creation1According to Industry Canada there are aboutpeople who are self employedA220000B12 millionC5 millionD22 millionE725000AnswerDDiffPage 2 Ref 1042Nascent entrepreneurs areApeople who have been in business over 10 yearsBpeople who are trying to start a businessCpeople who have started a businessDpeople who are in their rst year of businessEpeople who have recently sold their businessAnswerBDiffPage 1 Ref 1043A small business is an owner managed business with less thanemployeesA100B50C25D500E10AnswerADiffPage 2 Ref 1054What percentage of business establishments are located in Ontario and QuebecA32B76C89D58E20AnswerDDiffPage 2 Ref 1065What is the name for the part of the economy made up of companies and organizations not owned orcontrolled by the governmentAlegislated corporationsBcrown corporationsCpublic sectorDprivate sectorEsplit sectorAnswerDDiffPage 2 Ref 107Page1 6According to Industry Canada small businesses account for over two thirds of employment in these fourindustries exceptAnoninstitutional health careBother servicesCconstructionDmanufacturingEaccommodation and foodAnswerDDiffPage 2 Ref 1087There are now more thanwomen entrepreneurs in CanadaA18000B50000C800000D1 millionE15 millionAnswerCDiffPage 2 Ref 1098According to the textbook which area experienced the most growthAhigh technologyBbiotechnologyCservice producingDretailingEgoods producingAnswerCDiffPage 1 Ref 1099What percentage of all businesses are smallA15 B22 C71 D55 E98 AnswerEDiffPage 1 Ref 11010Which is the most common source of ideas for a new ventureAwork experiencesBfamilyCchildrenDdreamsEmagazinesAnswerADiffPage 1 Ref 113Page2 11Which of the following is not one of the various measures used to dene a small businessAthe number of people the business employsBthe companys sales revenueCthe size of the investmentDthe number of items soldEthe type of ownership structureAnswerDDiffPage 2 Ref 10412 are people who create something new within an existing large rm or organizationANeopraneursBIntrapraneursCEntrepreneursDNascent entrepreneursEIntrepreneursAnswerBDiffPage 1 Ref 10513Which one of these questions is not one an entrepreneur would ask in the process of screening ideasADoes this create or add value for the customerBDoes it provide a sustainable competitive advantageCIs the idea marketableDIs it nancially viableEDoes this have a high entrance costAnswerEDiffPage 1 Ref 11311414Which of the following statements is not one of the characteristics of a sales forecastAIt is typically prepared after learning about the competition and customersBIt estimates how much of a product or services will be purchased by prospective customersCIt forms the foundation for determining nancial viability of the ventureDIt typically involves calculating total sales revenueEIn typically consists of a set of nancial statementsAnswerEDiffPage 2 Ref 11415What is a nancial forecastAA listing of total revenues for the rst year of operationsBAn estimate of how many units will be purchased by a customer groupCA two to three year projection of a ventures future nancial position and performanceDAn estimate of the revenues for a business less the exit costsEIt is the same as a business planAnswerCDiffPage 2 Ref 114Page3
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