Question 1

Franchising is particularly prevalent in which sector of the economy?

Accepted Answer

A)  Government 
B)  Nonprofit 
C)  Manufacturing 
D)  Retail service 
A)  Government 
B)  Nonprofit 
C)  Manufacturing 
D)  Retail service D

Question 2

Growing too quickly may result in which of the following?

Accepted Answer

A)  A cash flow crisis 
B)  Employees that are likely to experience stress 
C)  Management that is no longer competent 
D)  all of the above 
A)  A cash flow crisis 
B)  Employees that are likely to experience stress 
C)  Management that is no longer competent 
D)  all of the above D

Question 3

Which of the following are key components of the business plan?

Accepted Answer

A)  A description of the product or service 
B)  Sources of funding 
C)  An analysis of market trends and potential competitors 
D)  all of the above 
A)  A description of the product or service 
B)  Sources of funding 
C)  An analysis of market trends and potential competitors 
D)  all of the above D

Question 4

The business form that is owned by one person is

Accepted Answer

A)  proprietorship. 
B)  corporation. 
C)  partnership. 
D)  an LLC. 
A)  proprietorship. 
B)  corporation. 
C)  partnership. 
D)  an LLC.

Question 5

What are the key components of a business plan?

Accepted Answer

The key components of a business plan ar

Question 6

An advisory board

Accepted Answer

A)  has legally binding duties to the business. 
B)  provides legally binding advice. 
C)  is a panel of experts that offers counsel to an entrepreneur. 
D)  is only used in large corporations. 
A)  has legally binding duties to the business. 
B)  provides legally binding advice. 
C)  is a panel of experts that offers counsel to an entrepreneur. 
D)  is only used in large corporations.

Question 7

List some entrepreneurial skills related to success.

Accepted Answer

Some entrepreneurial skills re

Question 8

Data indicates that 90 percent of new ventures are successful after four years.

Accepted Answer

A) True 
 B)False

Question 9

An entrepreneurial venture begins with

Accepted Answer

A)  the development of a business plan. 
B)  obtaining financing. 
C)  the selection of the most appropriate type of legal structure to operate under. 
D)  an idea. 
A)  the development of a business plan. 
B)  obtaining financing. 
C)  the selection of the most appropriate type of legal structure to operate under. 
D)  an idea.

Question 10

A partnership

Accepted Answer

A)  is subject to a large number of government regulations. 
B)  can generally raise more capital than a proprietorship. 
C)  is provided a charter from the state. 
D)  is more complex to form than a corporation. 
A)  is subject to a large number of government regulations. 
B)  can generally raise more capital than a proprietorship. 
C)  is provided a charter from the state. 
D)  is more complex to form than a corporation.

Question 11

Which of the following inventions would qualify as an innovation that added value?

Accepted Answer

A)  The Segway 
B)  Pepsi Max 
C)  Disposable diapers 
D)  all of the above 
A)  The Segway 
B)  Pepsi Max 
C)  Disposable diapers 
D)  all of the above

Question 12

The two principle means of obtaining the resources to fund a new business are

Accepted Answer

A)  loans and debt financing. 
B)  equity financing and debt financing. 
C)  equity financing and venture capitalists. 
D)  public offerings and venture capitalists. 
A)  loans and debt financing. 
B)  equity financing and debt financing. 
C)  equity financing and venture capitalists. 
D)  public offerings and venture capitalists.

Question 13

When a business with an established name and product is sold to additional owners along with the rights to distribute the product, which type of operation is created?

Accepted Answer

A)  Intrapreneurship 
B)  Spin-off 
C)  Franchise 
D)  Partnership 
A)  Intrapreneurship 
B)  Spin-off 
C)  Franchise 
D)  Partnership

Question 14

What are the advantages and disadvantages of forming a partnership?

Accepted Answer

The advantages of forming a partnership

Question 15

Venture capitalists

Accepted Answer

A)  manage pools of money. 
B)  provide management knowledge. 
C)  provide financial advice. 
D)  all of the above 
A)  manage pools of money. 
B)  provide management knowledge. 
C)  provide financial advice. 
D)  all of the above

Question 16

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, which would you not include in your recommendation?

Accepted Answer

A)  Manufacturing process 
B)  Names of suppliers of raw materials 
C)  Physical plant 
D)  Product forecasts 
A)  Manufacturing process 
B)  Names of suppliers of raw materials 
C)  Physical plant 
D)  Product forecasts

Question 17

Which of the following is a key characteristic associated with entrepreneurship?

Accepted Answer

A)  Low self-confidence 
B)  High need for achievement 
C)  Risk averse 
D)  External locus of control 
A)  Low self-confidence 
B)  High need for achievement 
C)  Risk averse 
D)  External locus of control

Question 18

Which of the following is an example of a radical innovation?

Accepted Answer

A)  Caffeine-Free Coke 
B)  Smaller cell phones 
C)  Digital compact discs 
D)  Pepsi Max 
A)  Caffeine-Free Coke 
B)  Smaller cell phones 
C)  Digital compact discs 
D)  Pepsi Max

Question 19

Among the skills required for success by entrepreneurs are negotiation skills, networking skills, and leadership skills.

Accepted Answer

A) True 
 B)False

Question 20

A disadvantage of a corporation is

Accepted Answer

A)  activities are limited to those stated in the charter. 
B)  unlimited liability for the firm's debts. 
C)  difficulty in obtaining capital. 
D)  limited continuity of the life of the enterprise. 
A)  activities are limited to those stated in the charter. 
B)  unlimited liability for the firm's debts. 
C)  difficulty in obtaining capital. 
D)  limited continuity of the life of the enterprise.

Franchising is particularly prevalent in which sector of the economy?

Growing too quickly may result in which of the following?

Which of the following are key components of the business plan?

The business form that is owned by one person is

What are the key components of a business plan?

An advisory board

List some entrepreneurial skills related to success.

Data indicates that 90 percent of new ventures are successful after four years.

An entrepreneurial venture begins with

A partnership

Which of the following inventions would qualify as an innovation that added value?

The two principle means of obtaining the resources to fund a new business are

When a business with an established name and product is sold to additional owners along with the rights to distribute the product, which type of operation is created?

What are the advantages and disadvantages of forming a partnership?

Venture capitalists

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, which would you not include in your recommendation?

Which of the following is a key characteristic associated with entrepreneurship?

Which of the following is an example of a radical innovation?

Among the skills required for success by entrepreneurs are negotiation skills, networking skills, and leadership skills.

A disadvantage of a corporation is

Management and Its Evolution

The Culture of Management

Managing Social Responsibility and Ethics

Managing Organizational Culture and Change

Managing the Planning Process

Decision Making

Strategic Management

Managing the Structure and Design of Organizations

Human Resource Management

Managing Employee Diversity

Leadership in Management

Managing Teams

Managing Communication

Operation and Information System Management

Filters

Exam 8: Entrepreneurship and Innovation

Franchising is particularly prevalent in which sector of the economy?

Growing too quickly may result in which of the following?

Which of the following are key components of the business plan?

The business form that is owned by one person is

What are the key components of a business plan?

An advisory board

List some entrepreneurial skills related to success.

Data indicates that 90 percent of new ventures are successful after four years.

An entrepreneurial venture begins with

A partnership

Which of the following inventions would qualify as an innovation that added value?

The two principle means of obtaining the resources to fund a new business are

When a business with an established name and product is sold to additional owners along with the rights to distribute the product, which type of operation is created?

What are the advantages and disadvantages of forming a partnership?

Venture capitalists

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, which would you not include in your recommendation?

Which of the following is a key characteristic associated with entrepreneurship?

Which of the following is an example of a radical innovation?

Among the skills required for success by entrepreneurs are negotiation skills, networking skills, and leadership skills.

A disadvantage of a corporation is

Management and Its Evolution

The Culture of Management

Managing Social Responsibility and Ethics

Managing Organizational Culture and Change

Managing the Planning Process

Decision Making

Strategic Management

Managing the Structure and Design of Organizations

Human Resource Management

Managing Employee Diversity

Leadership in Management

Managing Teams

Managing Communication

Operation and Information System Management

Filters