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BM/APR 2011/ENT300/ETR300

UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION

COURSE COURSE CODE EXAMINATION TIME

FUNDAMENTALS OF ENTREPRENEURSHIP ENT300/ETR300 APRIL 2011 3 HOURS

INSTRUCTIONS TO CANDIDATES 1. This question paper consists of four (4) parts : PART A (20 Questions) PART B (20 Questions) PART C (5 Questions) PART D (2 Questions)

2.

Answer ALL questions from PART A, B, four (4) questions from PART C, and one (1) question from PART D. i) ii) iii) Answer PART A in the True/False Answer Sheet, Answer PART B in the Objective Answer Sheet. Answer PART C and PART D in the Answer Booklet. Start each answer on a new page.

3.

Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of : i) ii) iii) iv) the Question Paper an Answer Booklet - provided by the Faculty a True/False Answer Sheet - provided by the Faculty an Objective Answer Sheet - provided by the Faculty

4.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO


This examination paper consists of 10 printed pages
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PART A

1. 2.

Entrepreneurship is concerned with the process of new venture creation. According to Alfred Marshall, the process of entrepreneurship is incremental or evolutionary. Business support system refers to the assistance and services given by the government or private agencies to help entrepreneurs to start new businesses or to develop existing ones. All business entities must obtain business licenses from Malaysian Development Authority (MIDA). Industrial

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The internal sources of fund for new business mainly come in the form of equity contributions from the entrepreneurs. The overall focus of business planning should be on identifying and selecting a viable business opportunity. Uncertainty in the world economic condition is an example of uncontrollable risks. The main purpose of operations plan is to ensure that the business is able to produce outputs or to provide services that can fulfill the expected market demand or sales. Market share is normally used as a comparative measure to assess the business performance against the competitors. The best way to introduce a business organization is to state its vision and objectives in the "Introduction" part of the Business Plan. Operations layout refers to the arrangement of machinery, equipment, workers and other facilities used in the operation. The product or service descriptions are included in the operations plan section of the business plan. The "organization chart" refers to the diagram showing the job position and hierarchy of personnel in a particular organization. A good business plan can be used to convince potential staff to work for the company. Income statement refers to the projected statement of cash inflow and outflow throughout the planned period.

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16.

Short-term expenditure refers to expenditure such as the procurement of plant, machinery, equipment and vehicles needed by the new business. Creativity is the process that involves conversion of business opportunities into marketable ideas. A private limited company is required to prepare a memorandum of association and articles of association for registration purposes. An Article of Association is a comprehensive document that helps the entrepreneur to analyze the market and formulate the business strategies. The financial statement of the sole proprietorship business can be accessed by the public.

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(20 marks)

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PART B 1. Which of the following statements relates to the definition of "entrepreneur" as defined by Richard Cantillon? A. B. C. D. E. 2. An entrepreneur is a person who shifts resources from an area of low productivity to high productivity. An entrepreneur is an innovator. Entrepreneurs are individuals who actively form or lead their own business and nurture them for growth and prosperity. An entrepreneur is a person who undertakes to do a job. None of the above.

Which of the following entrepreneurship theories is forwarded by David McClelland? A. B. C. D. E. The entrepreneur is the fourth factor of production after land, labour and capital The entrepreneur is an economic agent who transforms resources into products and services. The entrepreneur is a person with high need for achievement. The entrepreneur is a knowledgeable person who is instrumental in the development of city-state where enterprises will emerge. The entrepreneur is a person who acts as agent in transforming demand into supply.

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The main blocks to creativity can be classified as follows, EXCEPT: A. B. C. D. E. Perceptual blocks Emotional blocks Cultural blocks Environmental blocks Financial blocks

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Which of the following is NOT an example of the sources of innovation? A. B. C. D. E. Changes in the ownership of the company Perceptual changes Industry and market changes Demographic changes New knowledge

5. Which of the following is NOT an element of cash outflows? A. B. C. D. E. Payment of loan principal Payment of hire-purchase interest Purchase of raw materials Depreciation of fixed assets Payment of tax

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6.

A successful entrepreneur does not easily become disappointed and discouraged by any difficulties faced in the competitive marketplace. The following entrepreneurial characteristic is referred as: A B C D E Integrity and reliability Calculated risk-taking Internal locus of control Fear of failure Tolerance of failure

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The following are reasons for preparing a business plan, EXCEPT: A. B. C. D. E. To allow the entrepreneur to assess the business venture objectively, critically and practically To evaluate the feasibility of the proposed business To act as a guideline for day-to-day business operations To evaluate the venture capitalists, investors or bankers To enable business resources to be distributed more effectively

8.

Which of the following statements is TRUE about a private limited company? A. B. C. D. E. A private limited company can take legal action and face legal action under its own name. The life span of a private limited company is not dependent upon the death or resignation of its members. The liabilities of the members in a private limited company are limited to the total shares contributed to the company's capital. A private limited company must have at least two members who are of Malaysian nationality. All of the above are true.

9.

Which of the following statements is TRUE about a partnership business? A. B. C. D. E. A partnership business is required to prepare a Letter of Agreement among its members. A partnership business is incorporated under the Business Registration Act 1956 (Amendment 1978). The liabilities of the partners are limited to the total shares contributed to the partnership's capital. The life span of a partnership business does not depend on the resignation of its members. It is compulsory for a partnership business to appoint a qualified auditor approved by the Ministry of Finance.

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10.

Which of the following statements is NOT TRUE about a sole-proprietorship business? A. B. C. D. E. In comparison to other types of business format, sole-proprietorship business is easy to manage as the owner can make decision by own self. A sole-proprietorship business is easy to form and dissolve as it has minimum formalities. The sole-proprietor's liability is limited to the amount of capital invested in the business. The owner of a sole proprietorship business pays income tax based on his total individual income. The owner of a sole proprietorship business has certain degree of flexibility as he can react quickly towards necessary changes in the business.

11.

Which of the following statements is TRUE about a franchise business? A. B. C. D. E. A franchise is a product and/or service distribution system governed by a contract made between two parties namely, the franchisor and the franchisee. The franchisor is a company which sells the right to another party to operate the franchise. The franchisee is a person who purchases the right from the franchisor to operate the franchise. In franchise business, the business risk can be lowered as the risk is shared between the franchisor and franchisee. All of the above are true.

12.

Which of the following statements is NOT TRUE as business regulators? A. B. C. D. E. An entrepreneur engaging in any manufacturing activity must obtain a license from Malaysian Industrial Development Authority (MIDA). Construction of business buildings can only be undertaken with the written approval from Local Authority. A planning permission for the development and use of all lands and buildings should be made to the Local Authority. Under the Environmental Quality Act, all manufacturers are required to control industrial activities that may result in a new source of effluent or discharge. Manufacturers are required to obtain design approval of certificate machinery and certificate of fitness from the Local Authority.

13.

Which of the following ministries/agencies does not provide financial assistance for entrepreneurs? A. B. C. D. E. Ministry of Science, Technology and Innovation (MOSTI) Multimedia Development Corporation (MDeC) Perbadanan Nasjonal Berhad (PNS) Perbadanan Usahawan Nasional Berhad (PUNB) Malaysian Industrial Development Authority (MIDA)

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14.

The following parties are the readers of the business plan EXCEPT: A. B. C. D. E. Investors Bankers Suppliers Companies Commission of Malaysia Employees

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A well prepared marketing plan helps entrepreneurs to: A. B. C. D. E. develop mission and vision of the business. identify required resources in order to manufacture the products. evaluate customers' acceptance of the products or services. estimate total project cost of the business. assess the profitability of the business.

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The "marketing plan" section of a business plan will include all of the following items, EXCEPT: A. B. C. D. E. Competitors analysis Product strategy Nature of the industry Sales forecast Pricing strategy

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The component of an operation system that is involved in the transformation process includes the following, EXCEPT: A. B. C. D. E. Business inputs Output Process chart Feedback External environment

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Which of the followings factors will not be considered in calculating the number of employees needed in an operation? A. B. C. D. E. Costs of labor Rate of production Productivity index Workers productivity hours All of the above factors will be considered

19.

The statement of purpose for business existence is known as: A. B. C. D. E. Goal Vision Mission Function Aspiration CONFIDENTIAL

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20.

Monthly earning for a Production Manager at Fancy Audio is RM12,000. The estimated rates of EPF contribution are 12% (employer's contribution) and 11% (employee's contribution). How much is the monthly cost for Fancy Audio if the company is having 2 Production Managers? A. B. C. D. E. RM13,320 RM13,440 RM26.640 RM26.880 RM29.520 (40 marks)

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PARTC

QUESTION 1 Give five (5) contributions of entrepreneurship to the Malaysian economy. (5 marks)

QUESTION 2 List five (5) criteria that can be used to evaluate and select viable business opportunities. (5 marks) QUESTION 3 Identify five (5) decisions the entrepreneur has to make if he/she plans to start a new business from scratch. (5 marks) QUESTION 4 Azira is planning to expand the operation of her manufacturing company. List five (5) sources of external funding she can consider for her expansion plan. (5 marks)

QUESTION 5 Eskandar plans to venture into a manufacturing business. You are required to advise him on the various licenses that he has to apply in order to start the business. Identify five (5) of those licenses and the relevant agencies to provide them. (5 marks)

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BM/APR 2011/ENT300/ETR300

PARTD QUESTION 1 Define "innovation". Identify and explain different types of innovation. Provide appropriate example for each type of innovation. (20 marks) QUESTION 2 Sarah plans to start a Kopitiam business and she is in the process of preparing a business plan for her business. She needs to purchase the following fixed assets: Utensils Delivery Van Table and chair Computer Air Conditioner Cash Register Filing Rack Office Furniture RM 20,000 RM 45,000 RM 15,000 RM 5,000 RM 4,000 RM 2,000 RM 2,000 RM 3,000

>o estimated the following monthly expenses: Water, electricity and telephone Rent Insurance Salary Raw Materials Maintenance Petrol Promotional activities RM 500 RM 2,000 RM 400 RM 6,000 RM 35,000 RM 1,000 RM 500 RM 1,000

Besides fixed assets and monthly expenses, she needs to pay rental and utility deposits amounting to RM 5,000 and business incorporation fees of RM 2,500. There will be no allowance for contingency. You are required to help Sarah prepare the following: a) b) Marketing, operations and organization budgets. (12 marks) Project implementation cost schedule. (8 marks)

END OF QUESTION PAPER

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