INTRODUCTION TO ENTREPRENEURSHIP

GES300 COMPILED PAST QUESTIONS

1. Any patent, trademark, copyright or trade secrets held by the entrepreneur
is known as
a. Disclosure document
b. Patient
c. Intellectual
d. None
2. The organization will never be able to make the necessary changes without
a. Top management commitment
b. Employees
c. Workers
d. None
3. The way entrepreneurs make decision
a. Entrepreneurial domain
b. Reverse brainstorming
c. Heuristics
d. Reverse brain
4. A trade mark is
a. A word, symbol, name or device that a business uses to identify its
goods
b. A legal protection for information of foreign products
c. Legal protection for intellectual works
d. Legal protection for a U.S product exported to another country
5. Locus of control is
a. A feeling
b. Attitude
c. Attribute
d. None
6. Licensing arrangements have
 a. Low risk process involved
b. Easy way to generate incremental income
c. Several pitfalls
d. All of the above
7. Personal characteristics to be a successful entrepreneur include
a. Understanding environment
b. Creating management options
c. Encourage open discussions
d. All of the above
8. International entrepreneurship is
a. Licensing
b. Exporting
c. A and B
d. None
9. Which of the following is not a characteristics for an entrepreneur to have
a. Self-esteem
b. Caution
c. Drive
d. Optimism
10. Hindrance for going into the international business is known as
a. Synergy
b. Turn-key point
c. Trade barrier
d. Minority interest
11. A set of reasons for engaging in a particular behavior especially human
behavior is
a. Values
b. Vision
c. Entrepreneurship
d. Motivation
12. Which of the following technique is an excellent method for initially
screening ideas and concept in addition to generating new ideas?
a. Focus group
 b. Brainstorming
c. Problem inventory analysis
d. Reverse brainstorming
13. The creative process of problem solving that involves making the strange
familiar in first step and then making familiar strange through personal,
symbolic or direct analogy is
a. Synetics
b. Gordon method
c. Checklist method
d. Scientific method
14. When the multiplicity of environments become too complex to handle, the
international entrepreneurs often
a. Go for mergers
b. Diversify
c. Decentralize operations
d. Sell out the foreign businesses
15. Entrepreneurial success has been significant because of the culture and the
political and economic systems in
a. European countries
b. Asian countries
c. African countries
d. Transition economies
16. The development of a new venture based on an inventor’s work often
requires
a. Expertise of an entrepreneur
b. Heavy investment from financier
c. Skilled human resources
d. Highly educated staff
17. ___ is the process in marketing or dividing a market into distinct subsets
that behave in the same way or have similar needs
a. Target market
b. Market analysis
c. Market segmentation
 d. All of the above
18. A business where an individual is bot the owner and the conductor of the
business affairs is called
a. Sole proprietorship
b. Partnership
c. Limited liability company
d. None
19. In ___, entrepreneurs have the right to sell an asset
a. Sole proprietorship
b. Partnership
c. Corporation
d. None
20. ___ are list of general tasks or functions and responsibility of a position
a. Job specification
b. Job description
c. Job requirement
d. Job holder
21. A ___ can be a budget, a plan for spending and saving future income
a. Marketing plan
b. Financial plan
c. Production plan
d. Organizational plan
22. ___ involves an interest bearing instrument usually a loan, the payment of
which are only related indirectly to sales and profits
a. Equity financing
b. Internal or external funds
c. Banking funds
d. Debt financing
23. The idea and actions that explain how a firm will make its profits refer to
a. Mission
b. Goal
c. Strategy
d. Objective
24. SBIR stands for
a. Small Business Information Research
b. Small Business Innovation Research
c. Small Business Intelligent Research
d. Small Business Inventory Research
25. ___ is what the “W” in SWOT analysis stands for
a. Wedge
b. Work
c. Worth of business
d. Weakness
26. An entrepreneurs primary motivation for starting a business is
a. To make money
b. To be independent
c. To be famous
d. To be powerful
27. To be successful in an entrepreneurial venture, you need
a. Money
b. Luck
c. Hard work
d. A good idea
28. Entrepreneurs are best as
a. Managers
b. Venture capitalists
c. Planners
d. Doers
29. A successful entrepreneur relies on which of the following for critical
management advice
a. Internal management team
b. External management professionals
c. Financial sources
d. No one
30. Benefits can focus on which of these?
a. Value and cost
 b. Imitation and innovation
c. Internal and external aspects
d. None
31. Entrepreneurs are
a. High risk takers
b. Small risk takers
c. Moderate risk takers
d. Doesn’t matter
32. Entrepreneurs typically form
a. Service businesses
b. Manufacturing companies
c. Constructive companies
d. A variety of ventures
33. Entrepreneurs and venture capitalists
a. Get along well
b. Are the best friends
c. Are cordial friends
d. Are in a conflict
34. Entrepreneurs
a. Are the life of a party
b. Are bores at a cocktail party
c. Will never go to parties
d. Just fit into the crowd at a party
35. An entrepreneur’s primary motivation for high ego and need for
achievement is based upon a relationship with
a. Spouse
b. Mother
c. Father
d. Children
36. Niche central entrepreneurs are ___________
a. Small segment of customers
b. Group of customers
c. All of the above
 d. Large segment of the customers
e. None of the above.
37. The lowering of costs through production of larger quantities -
________
a. Outsourcing
b. Niche marketing
c. Economy of scale
d. All of the above
e. Return on quantity.
38. Business practice focusing on small groups of people is ____________
a. Small business
b. Niche marketing
c. Diversity
d. Innovation
e. None.
39. Incremental improvement of a product is synonymous to
___________
a. Total quality management
b. Return on quality
c. Economy of scale
d. All of the above
e. none
40. The reason for business failure is most commonly _________
a. External
b. Inexperience
c. Internal
d. Governmental
e. none
41. The entrepreneurship process begins with _______
a. Feasibility study
b. Survey
c. Innovative ideas
d. Triggering events
e. All of the above
42. As an entrepreneur, with which of the following do you tend to
‘fall in love’ too quickly.
a. New manufacturing ideas
b. New product ideas
c. New financial plans
d. New employees
e. All of the above
43. Prerequisites of becoming a successful entrepreneur
include__________
a. Passion
b. Determination
c. Deep knowledge
d. All of the above
e. None of the above
44. Entrepreneurs goals state where he/she wants to be, rather than
how to get there. This why goals are written in terms of _________
a. A time frame
b. Outcome
c. Challenge
d. Personnel
e. None of the above
45. The reason that an entrepreneur’s business exists and the thing
that the business does better than anyone else is ________
a. Opportunity
b. Competitive advantage
c. Control system
d. Competitive analysis
e. None of the above
46. Individual ethics in the workplace are affected by:
a. Past experiences
b. Ethical principles
c. Organizational culture
d. All of the above
e. None of the above.
47. The primary reason for writing business plans is ________
a. To attract capital for a startup
b. To make profit
c. To avoid risk
d. To make market survey
e. None of the above.
48. A one-time payment made to become a franchise is _________
a. Disclosure fee
b. Franchisor fee
c. Franchise fee
d. Franchisee fee
e. Royalty fee.
49. The ongoing payments that franchisees pay to franchisors is ______
a. Franchisee fee
b. Royalty fee
c. Franchise agreement fee
d. All of the above
e. None of the above
50. A type of franchise that represents a Turnkey approach is called
________
a. Business format franchise
b. Due diligence franchise
c. Product franchise
d. Royalty franchise
e. None of the above.
51. Business valuation method based on worth of assets is called
________
a. Income statement
b. Business broker
c. Balance sheet
d. Business audit
e. None of the above.
52. Entrepreneur’s cash flow equals ______
a. Liabilities plus owner’s equity
 b. Liability minus expenses
c. Receipts plus owner’s equity
d. Receipts minus disbursement
e. All of the above
53. The reason that an entrepreneur’s business exists and the thing
that the business does better than everyone else is _________
a. Opportunity
b. Competitive advantage
c. Control system
d. Competitive analysis
e. None of the above.
54. A wealthy, experienced individual entrepreneur’s business exists
and the thing that the business does better than everyone else is
_________
a. Equity financier
b. Debt financier
c. Angels
d. Trade credit
e. None of the above
55. Psychological pricing strategy used with goods whose quality is
difficult to determine by inspection is called ______
a. Prestige pricing
b. Reference pricing
c. Price lining
d. Odd pricing
e. None of the above
56. Setting the price of a product in a way that will alter its perception
by customers is ________
a. Prestige pricing
b. Reference pricing
c. Psychological pricing
d. Price lining
e. Odd pricing
57. The process of gathering all information about a particular job is
called ________
a. Job description
b. Job analysis
c. Job specification
d. Job orientation
e. None of the above
58. Direct sales promotion methods in entrepreneurship include the
following except
a. Public relations
b. Publicity
c. Special event sales
d. Manufacturer’s acts
e. None of the above
59. Which of the following is not a component of marketing mix
a. place
b. physical distribution
c. people
d. price
e. none of the above
60. the strongest needs of an entrepreneur is called _______
a. having well established enterprise
b. making good profits
c. need for independence
d. need for achievement
e. none of the above
61. In identifying opportunities, most entrepreneurs use __________
a. complaints from friends
b. informal mechanisms
c. choice comments from associates
d. formal mechanisms
e. all of the above
62. Which of the following options is/are most appropriate for
successful intrapreneurship?
 a. Appropriate leadership characteristics
b. Flexibility
c. Visionary
d. Working with corporate culture
e. All of the above
63. Entrepreneurial endeavours consists of the following elements
except ________
a. Pro-activeness
b. Self renewal
c. New business venturing
d. Reactiveness
e. Innovativeness
64. The time period available for the entrepreneur to create new
venture is _________
a. Lead time
b. Business safety time
c. Window of opportunity
d. Investment time
e. None of the above
65. Personal entrepreneurial skills components include the following
except ________
a. Negotiation ability
b. Persistence ability
c. Change orientation ability
d. Implicit discipline ability
e. Risk taking ability
66. Money raised by venture capitalists entrepreneurs include the
following except _______
a. Equity pool
b. Pension funds
c. Foreign investors
d. Endowment funds
e. None of the above.
67. An informal investor market that can finance an entrepreneur is
called _________
a. Venture capitalist
b. A broker
c. Angels
d. Debt factorization market
e. None of the above
68. The form of financial transaction market where money is formally
obtained by a company is called _______
a. Angels
b. Deal structure
c. Leverage market
d. Liquidity market
e. None of the above.
69. A middle ground between starting a business and buying a going
concern is to ______
a. Involve friends in decision
b. Invest and run a franchise
c. Involve an intrepreneur
d. Involve an entrepreneur
e. None of the above.