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1. Which of the following has not yet been empirically established as a distinguishing characteristic
of entrepreneurs?
Locus of control
Feeling about independence
Need for achievement
Risk taking P:22
Risk Taking
Risk taking seems a part of the entrepreneurial process. However, it has not yet been empirically
established whether risk-taking is a distinguishing characteristics of entrepreneurs.
2. __________ may also be considered if there are no other effective options for hiring new talents.
Personnel agencies P:96
Personnel agencies may also be considered if there are no other effective options.
Retired personnel
Networking
References
3. The longest lasting trade agreement with the objective of liberalizing trade by eliminating or
reducing tariffs, subsidies and quotas is:
Free trade area – FTA
European community – EC
General agreement on tariffs and trade – GATT P:35
General Agreement on Tariffs and Trade (GATT)
GATT is a multilateral agreement with the objective of liberalizing trade by eliminating tariffs
and import quotas.
The North American free trade agreement – NAFTA
4. Which one of the following is an important source of idea generation due to their familiarity with
the needs of market?
Existing products and services
Distribution channels
Federal government
Consumers
5. The long-term future of the new venture depends on the __________.
Positive Cash flow
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Employees loyalty
Business ideas
Economy
6. The decision to start a new business is taken when one perceives that forming a new business is:
Possible
Desirable
Accurate
Both a and b P:5
The decision to start a new company occurs when an individual perceives that forming a new
enterprise is both desirable and possible.
7. Army is one of the best examples of __________.
Democracy
Hypocrisy
Autocracy
Theocracy (I don’t Know)
8. The startups which rarely go public are called:
Life style
Foundation Company P:7
Foundation companies
A type of company formed from research and development that usually does not go public.
Small company
High potential venture
9. The difference between the value of a country’s imports and exports over time is called:
Deficit exports
Balance of payment P:29
Balance of Payments A country’s balance of payments affects the valuation of its currency.
Balance of debt
10. Which one of the following is important for international business to avoid trade barriers?
Entrepreneurial partnering
Protectionist attitude P:35
Free trade area
None of the given options
11. Which of the following factor can create the managerial difficulties in the joint ventures between
foreign companies?
Cultural differences P:103
Economic policies
Public ignorance
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Government taxes
12. Members of distribution channels are excellent sources for new ideas because:
Distribution Channels
Members of distribution channels are also excellent sources for new ideas because they are
Sole Proprietor
General Partnership
Limited Partnership
Corporation P:71
• Corporations distribute profits through dividends to stockholders.
14. Which one of the factors should be considered while assessing the space for business?
Access from roadways to facility
Parking
Delivery rates
All of the given options
15. Which one of the following is a sound strategic option for an entrepreneur when synergy is
present?
Merger P:34
Mergers are a sound strategic option for an entrepreneur when synergy is present.
Joint venture
Minority interest
Majority interest
16. Which of the following grants the owner protection from anyone else making, using and selling
the identified innovation?
Utility patent
Design patent
Plant patent
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International patent
17. The entrepreneur’s_______________ depends on his perception of the opportunity.
Commitment to opportunity
Commitment of resources
Control of resources
Strategic orientation P:15
Strategic Orientation
The entrepreneur’s strategic orientation depends on his or her perception of the opportunity. This
orientation is most important when other opportunities have diminishing returns accompanied by rapid
changes in technology, consumer economies, social values or political rules.
18. Which one of the following method shows the term which is related to starting from scratch to a
bigger picture?
Upward movement method
Incremental method
Downward movement method
None of the above options
19. External forces directly affect all of the following EXCEPT:
Market segmentation strategies
Types of products/services offered
Management structure of organization
Choice of businesses to acquire or sell
Economy Culture Technology Legal concerns All of the above external factors are generally
uncontrollable
Economic forces
Technological forces
Competitive forces
20. Which of the following is NOT an advantage of the acquisition?
Goodwill
Skilled employees
Favorable location
Political instability P:104
Advantages of an Acquisition
1. Established business.
3. The entrepreneur would only need to continue the existing strategy to be successful
6. An important factor that affects the value of a firm is its existing marketing channel sales structure.
With this structure already in place, the entrepreneur can concentrate on expanding to new target markets.
7. The total cost of acquiring a business could be lower than trying to buy a franchise.
8. Existing employees
9. The employees of an existing business can be important assets. They know the business and can help
the business continue. Employees already have established relationships with
2nd quiz
Women tend to be more motivated by the need for achievement arising from job frustration.
Young
All of the given options
5. The difference between the value of a country’s imports and exports over time is called:
Deficit exports
Deficit imports
Balance of payment P:29
Balance of Payments A country’s balance of payments affects the valuation of its currency.
Balance of debt
6. The business plan should be prepared by:
Entrepreneurs P:54
The business plan should be prepared by the entrepreneur; however, he or she may consult many sources.
Lawyers, accountants, marketing consultants, and engineers are useful supplemental sources.
Consultants
Engineers
Small business administration services
7. Front level managers have _______ Skill
Conceptual
Communicational
Technical
All of the above
8. Which one of the following is required to develop a good team for creating something new?
Relationship with team members
Open discussion P:20
Open discussion must be encouraged to develop a good team for creating something new. A successful
venture can be formed only when the team feels the freedom to disagree and to critique an idea.
History of entrepreneur
Financial plan
Appendix P:59
Appendix
The appendix contains any backup material not included in the text of the document.
Bibliography
10. Being one’s own boss is a need of:
Independence P:25
Achievement
Affiliation
Authority
11. Members of distribution channels are excellent sources for new ideas because:
They are familiar with the needs of the market P:39
Distribution Channels
Members of distribution channels are also excellent sources for new ideas because they are familiar with
the needs of the market. Not only do channel members frequently have suggestions for new product, but
products.
Technology has allowed small companies to act like they are big ones. Large companies can use
technology to make them responsive and flexible
Customers
13. A contract must be signed by:
At least one party
Both the parties
Not necessary to sign
By third party
14. Which one of the following options has NOT a total taxable entity?
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Minor partner
Limited partner P:87
The limited partners have limited liability but are not a taxable entity.
General partner
All of the given options
15. The product life cycle starts with which stage of product planning and development process?
Test marketing stage
Product development stage
Commercialization stage
Product planning and development process is a part of product life cycle
Generally divided into five major stages: idea stage, concept stage, product development stage, Test
marketing stage, test marketing stage, and commercialization stage
While,
This cycle is generally divided into four major stages: product introduction, market growth, Market
maturity, and sales decline
16. If inventory is low and the firm cannot meet demand, what will be the effect on sales?
Sales will be low
Sales will be high
No effect on sales
None of the given options
17. The intersection of knowledge and a recognized social need to start a product development
process is called:
Iterative synthesis P:7
Iterative synthesis
The intersection of knowledge and social need that starts the product development process
Product-evolution process
Ordinary innovation
Situation analysis
18. The importance of intellectual property should be understood by entrepreneur even before:
Hiring a manager
Engaging an attorney P:46
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Intellectual property which includes patents, trademarks, copyrights, and trade secrets represent
Important assets of entrepreneur and should be understood even before engaging the
services of an attorney.
Because entrepreneurs often don’t understand intellectual property, they can ignore steps that
should be taken to protect these assets.
Developing a product
Establishing new venture
19. Which of the following has not yet been empirically established as a distinguishing characteristic
of entrepreneurs?
Locus of control
Feeling about independence
Need for achievement
Risk taking P:22
Risk Taking
Risk taking seems a part of the entrepreneurial process. However, it has not yet been empirically
established whether risk-taking is a distinguishing characteristics of entrepreneurs.
20. __________ is not complete without describing the venture’s form of ownership.
Marketing plan
Financial plan
Business plan
Organizational plan P:58
Organizational Plan
The organizational plan section should describe the venture’s form of ownership. If the venture is a
corporation, this should include the number of shares authorized, share options, and names and addresses
of the directors and officers.