303 S & Nvm

20 Questions | Total Attempts: 177

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303 S & Nvm

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Questions and Answers
  • 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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