*EMT301* study questions

" indicates the correct option

Origin and Concepts of Entrepreneur and Entrepreneurship

1. The concept ?entrepreneur? was first coined by?????...

(a) David, McCllenand

(b) Richard, Cantillon ?

(c) David, Hisrich

(d) Jean-Baptiste, Say

2. The non-continuous process of combining resources of time, man, money and materials to
create products, services and ideas is ???..

(a) entrepreneurship ?

(b) management

(c) Intrapreneurship

(d) production

3. An individual that exhibits innovative abilities, perceives the market opportunities, and has the
motivation, drive and ability to mobilize resources to meet market opportunities, while working
in an existing organization is referred to as a(an)??????

(a) entrepreneur

(b) inventor

(c) intrapreneur ?

(d) manager

4. The characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers,

leaders, and innovators or creative imitators were listed by?????..

(a) Adam Smith

(b) David Ricardo

(c) John Stuart Mill

(d) Joseph Schumpeter ?

5. The two disciplines where entrepreneurship originated were ?? / ??

a. French / English

b. Economics / Business ?

c. Economics / History

d. History / French

6. The one who creates a new enterprise in a risky and uncertain environment is referred to as
a (an)?????...

a. risk taker

b. entrepreneur ?

c. adventurist

d. leader

7. Which one of the following is not considered as entrepreneurship?

a. The creation of a new business.

b. The routine management of an ongoing operation. ?

c. Innovation applied to a business context.

d. The combination of resources.

8. The scholar who first stressed the significance of entrepreneurship for economic growth is???.

(a) Cantillon ?

(b) Mill

(c) Quesnay

(d) Ricardo

9. When an entrepreneur directs and controls all organizational activities to ensure that things
are done properly on schedule, he is performing the??.. role.

(a) leader ?

(b) resource allocator

(c) directing and controlling

(d) visionary

10. An Entrepreneur who starts a business with a fresh idea is simply performing a ????. role.

(a) leadership

(b) resource allocator

(c) directing and controlling

(d) visionary ?

Concept of Business and Business Environment

1. The concept ?environment? can also be referred to as????????

(a) surroundings ?

(b) external objects

(c) inferences

(d) circumstances

2. The business environment can be broadly classified into?????.

(a) two ?

(b) three

(c) four

(d) five

3. When a development perceived as a threat by an organization is viewed as an opportunity by

another then the business environment is ??????...

(a) multifaceted ?

(b) Stable

(c) Simple

(d) potent

4. A ???????.. is an inherent constraint that creates strategic disadvantage for an organization.

(a) threat

(b) weakness ?

(c) strategy

(d) risk

5. A ??.. business environment is made up of a number of factors that interact and

interrelate with one another.

(a) complex and dynamic ?

(b) Simple
(c) Stable

(d) potent

6. The body of regulations and laws can be classified under the

(a) Political/Legal environment ?

(b) Socio-cultural environment

(c) Technological environment

(d) Demographic environment

7. The environment that recognizes the customs, traditions and value of the community is known
as

(a) Demographic

(b) Socio-cultural ?

(c) Technology

(d) Historical

8. The environment in the borderline between the internal and external environment is ??????..

(a) General

(b) Remote

(c) Close

(d) Intermediate ?

9. The support systems that facilitate entrepreneurship process listed here are ??????..

(a) Seven

(b) Six

(c) Five

(d) Four ?

10. Entrepreneur can assess the external environment of the business by critically looking at the
?.

(a) opportunities and strengths

(b) opportunities and threats ?

(c) opportunities and weaknesses

(d) Weaknesses and threats

11. The scanning of the business environment so as to identify the favourable and unfavorable
conditions therein is ??????..

(a) SWOT analysis ?

(b) External evaluation

(c) Internal Evaluation

(d) Market analysis

12. Threats from external environmental factors can come from:

(a) Direct Completion

(c) Consumers

(b) Indirect competitors

(d) None of the above

(e). All of the above. ?

13. Opportunities in the political/legal environment could be -

(a) favourable government policies

(b) Tax holidays

(c) Great market demand

(d) a and b ?

(e) All of the

(e) None of the above

14. The essence of scanning the external environment of business is in order to identify
_____________.

(a) only strengths

(c) strengths and weaknesses

(b) weaknesses

(d) opportunities and threats ?

15. The entrepreneur can assess the internal environment of business by critically looking at the
???..

(a) Opportunities

(b) threats and opportunities

(c) strength and threats

(d) strengths and weaknesses ?

Forms of Business Ownership and Legal Implications

One of the following is not an advatange of sole proprietorship

ownership of all profit?

Minimum legal restriction

(c) unlimited liability ?

(d) Privacy

2. The Minimum number required to start a sole proprietorship

(a) One ?

(b) two

(c) seven

(d) twenty

3. All of the followings are the disadvantages of sole proprietorship except

(a) Limited growth

(b) unlimited liability

(c) lack of continuity after the death of promoter

(d) Easy to raise capital. ?

4. Partnership formation requires minimum and maximum number of partners respectively

(a) 2 and 20 ?

(b) 2 and 50

(c) 2 and 7

(d) 7 and 20

5. The document that states all the terms of partnership is known as

(a) Partnership agreement

(b) article of partnership

(c) article of association

(d) a and b ?

6. The general partners have

(a) limited liability

(b) Unlimited liability

(c) participate in the day to day running of the business

(d) b and c ?

7. The uniquness of private limited company is that the investors have

(a) limited liability

(b) minimum of two person to start the business

(c) shares are publicly subscribed

(d) Restrictions on the transfer of shares ?

8. One of the differences between the public and private limited companies is

(a) the minimum number of owners ?

(b) the maximum number of owners

(c) limited liability

(d) unlimited liability of owners

9. One of the major documents of incorporation is

(a) article of partnership

(b) Partnership agreement

(c) memorandum of association ?

(d) memorandum of incorporation

Writing Business Plan and Feasibility Studies

1. The need for a business plan includes all except:

(a) Planning to launch a new business

(b) Expanding your existing business

(c) Adding a new product or product line

(d) Increasing your labour force ?

2. A plan must be ??????..

(a) Readable

(b) Accommodating
(c) Explicit ?

(d) Durable

3. One of the benefits of planning is ???..

(a) It justifies your plans and actions ?

(b) It increases ?firefight?

(c) It keeps ideas in your memory

(d) It indicates your inability

4. A written business plan should have all the following except __________

(a) financial information

(b) product or service

(c) business objective

(d) liquidation plan ?

5. The importance of feasibility study cannot be overemphasized as it ?

(a) provides comprehensive details about the business to determine if, and how it can succeed, and
serve as a valuable tool for developing a good business plan "

(b) does not list in details all the things you need to make the business works.

(c) does not identify logistical and other business related problems and solutions.

(d) does not serve as a solid foundation for developing your business plan.

6. The type of business you are planning should be stated under ?

(a) Description of the business "

(b) Marketing

(c) Organisation

(d) All of the above

7. Which of the following question will be answered in a business plan under organization?

(a) What products or services will you sell?

(b) Who are your potential customers?

(c) How will you promote sales?

(d) Who will manage the business? "

8. The following except ???? is a component of feasibility study.

(a) Executive Summary

(b) Product/Service

(c) Acquisition. ?

(d) Technology

9. The importance of feasibility studies include

(a) Listing in details all the things you need to make the business works.

(b) Identifying logistical and other business related problems and solutions.

(c) Serving as a solid foundation for developing your business plan.

(d) All of the above "

10. The need for a full-scale business plan according to Cagan (2006) is spurred by the following except
one:

(a) You plan to launch a new business.

(b) You want to expand your existing business into new markets.

(c) You want to add a new product or product line.

(d) None of the above "

*Kenneth'17*