303 S & Nvm

20 Questions | By Panse | Last updated: Mar 22, 2022 | Total Attempts: 335

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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