303 S & Nvm
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- 1.Which statement is not true of entrepreneurs?
- A.
They apply innovative ideas.
- B.
They generally stick to the processes already in use.
- C.
They take risks
- D.
They are agents of adjustment.
- 2.Someone working within an existing business to introduce innovation and change.
- A.
Entrepreneur
- B.
Intrapreneur
- C.
Enterprise
- D.
Social Entrepreneur
- 3.All of the following are characteristics of small businesses EXCEPT
- A.
Small businesses are independently owned, operated, and financed
- B.
Small businesses have fewer than 100 employees.
- C.
Small businesses emphasize new or innovative practices
- D.
Small businesses have little impact on industry
- 4.Which of the following is NOT on of the three areas in which the importance of entrepreneurship can be shown?
- A.
Innovation
- B.
Number of new start-ups
- C.
Job creation and employment
- D.
Bureaucracy
- 5.Positive external trends or changes that provide unique and distinct possibilities for innovating and creating value are called _____________.
- A.
Strengths
- B.
Opportunities
- C.
Weaknesses
- D.
Threats
- 6.The three main responsibilities involved with managing an entrepreneurial venture once its up and running include all of the following EXCEPT
- A.
Managing processes
- B.
Managing people
- C.
Managing bureaucracy
- D.
Managing growth
- 7.Which of the following is NOT a critical success factor for succeeding in today's economy?
- A.
The ability to be creative
- B.
The ability to resist change
- C.
Vision and leadership
- D.
Total quality culture
- 8.A(n) ____________ is an investment vehicle that is the first public registration and sale of a company's stock.
- A.
Venture capital
- B.
Angel investor
- C.
Initial public offering
- D.
Business incubator
- 9.All of the following are recognized as potential sources of entrepreneurial ideas EXCEPT:
- A.
Personal interests or hobbies
- B.
Work experiences, skills, and abilities
- C.
Familiar and unfamiliar products and services
- D.
All of the selections are recognized as potential sources of entrepreneurial ideas
- 10.Which of the following is NOT recognized an important component to organizational vision?
- A.
The vision should be built on a foundation of the organization's core values and beliefs
- B.
The vision should elaborate a purpose for the organization
- C.
The vision should include a brief summary of what the organization does
- D.
The vision should specify detailed and short-term goals
- 11.Which of the following is NOT recognized as a major area that should be included in a business plan?
- A.
Executive summary
- B.
Corporate culture differences
- C.
Analysis of the opportunity
- D.
Analysis of the context
- 12.Which of the following is NOT an important characteristic when writing a business plan?
- A.
Clear, realistic financial projections
- B.
Detailed market research
- C.
Brief summary since the investor is more interested in the details in the business plan.
- D.
Proof of vision
- 13.A(n) _____________ is a form of business organization in which two or more business owners share the management and risk of the business.
- A.
Sole proprietorship
- B.
General partnership
- C.
Corporation
- D.
Limited liability company
- 14.A(n) ___________ is a legal business entity that is separate from its owners and managers
- A.
Sole proprietorship
- B.
General partnership
- C.
Corporation
- D.
Limited liability company
- 15.Which of the following restructuring actions involves laying off employees from their jobs?
- A.
Reengineering
- B.
Downsizing
- C.
Bankruptcy
- D.
Expanding
- 16.A business that operates as though it has all the customary parts of an ongoing business, when in fact it may consist of only the entrepreneur and a file of contacts is called a:
- A.
New market
- B.
Fortune 500 company.
- C.
Virtual organization
- D.
Micro-enterprise
- 17.If someone starts a new business that is a service station, this is an example of a(n):
- A.
New concept/new business
- B.
Existing concept/new business
- C.
Existing concept/existing business
- D.
New concept/existing business
- 18.Which of the following is a common entrepreneurial trait?
- A.
Viewing changes as threatening
- B.
A need for structured environments
- C.
A high need for achievement
- D.
All of the above
- 19.When an entrepreneur explores his/her skills, abilities, and interests as a means of identifying the kind of business to enter, that process is known as the:
- A.
Serendipity approach.
- B.
"inside-out" approach
- C.
Rational approach
- D.
All of the above
- 20.One advantage of buying an existing business as opposed to starting a new business is:
- A.
There is less risk.
- B.
There is less time and effort is required.
- C.
There is a possibility of buying at a bargain price
- D.
All of the above
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