Which of these is true about entrepreneurs?
{
~ Entrepreneurs are born, not made.
~ Only rich ones can start a business.
~ Entrepreneurs are gamblers. = Age is no barrier in entrepreneurships.
}
All of the following are true about entrepreneurs except:
{
~ starting a business is risky and often ends in failure.
~ entrepreneurs are their own bosses and completely independent.
~ If an entrepreneur is talented, success will happen in a year or two.
= All of these are myths about entrepreneurs.
}
Which of the following statements is not true?
{
~ Many now-great companies had early failures.
~ Entrepreneurs spot, create, and exploit opportunities.
= If an idea doesn't work, you could capitalize on the side street effect.
~ All of the above are true.
}
Which of these characteristics has not been associated with entrepreneur's success?
{
~ Commitment and determination
~ Creativity, self-reliance and ability to adapt
~ Leadership
= Motivation Deficiency
}
An individual who initiates, creates and manages a new business can be called _____________.
{
~ A leader
~ A manager
~ A professional
= An entrepreneur
}
Which could provide an individual with the motivation to start a new business venture?
{
~ The financial rewards.
~ A desire to be independent.
~ Risk taking
= All the above
}
Why are small businesses important to a country's economy?
{
~ They give an outlet for entrepreneurs.
~ They can provide specialist support to larger companies.
~ They can be innovators of new products.
= All the above.
}
A business arrangement where one party allows another party to use a business name and sell its products or services is known as__________.
{
~ A cooperative.
= A franchise.
~ An owner-manager business.
~ A limited company.
}
Which of the following is the reason for business failure?
{
~ Lack of market research.
~ Poor financial control.
~ Poor management.
= All the above.
}
Which of the following is NOT recognized as a misconception about entrepreneurship?
{
~ Successful entrepreneurship needs only a great idea.
~ Entrepreneurship is easy.
~ Entrepreneurship is found only is small businesses.
= Entrepreneurial ventures and small businesses are different.
}
Positive external trends or changes that provide unique and distinct possibilities for innovating and creating value are called _____________.
{
~ Strengths
= Opportunities ~ Weaknesses
~ Threats
}
______________Is the function concerned with planning and implementing the conceptions, pricing, promotion and distribution of products or services that will satisfy the firm’s objectives.
{
~ Market Strategy Planning
= Marketing
~ Marketing Strategy
~ Target Marketing
}
It includes the warranties and other conditions attached to the product.
{
= Product Offering
~ Price
~ Promotion ~ Place
}
Consists of gathering data by interviewing people.
{
~ observation method
= survey method
~ experimental method
~ market method
}
Refers to a statistical method of forecasting sales over the long term by using regression analysis or over the short term using a seasonal index of sales.
{
= Trend analysis
~ Market-factor analysis
~ Sales-force composite
~ Executive judgment
}
The business plan:
{
~ helps determine the viability of your enterprise.
~ helps you obtain financing.
~ guides you as you plan and organize.
= All of these.
}
When a product like a chair that can carry more weight than the previous model is introduced in the market, the improvement referred to is about:
{
= performance ~ maintenance cost ~ acquisition cost ~ salvage value
}
When Ray Kroc acquired a restaurant from Richard and Maurice McDonald in 1955, it was a business idea that took the form of:
{
~ an old type of product that was reinvented
~ a standard product that was customized
~ an adaption of new technology to manufacture an old product
~ a local product replacing an imported product
}
When a neighbor suggests a business idea, the entrepreneur has just benefited from an unanticipated means that is:
{
~ his work ~ his hobbies
= his acquaintances ~ a chance event encountered by him
}
When stable and sufficient demand is under consideration, the business idea is screened under the criteria of:
{
= market feasibility ~ technical feasibility
~ financing feasibility ~ production feasibility
}
When practicable, the fastest means to solicit market information is through:
{
~ mail questionnaires ~ phone interviews ~ personal interviews
= Internet Forms
}
When the small business operator cannot produce sufficient revenue to operate the business, the business should be said for failing the criteria on:
{
~ market feasibility ~ technical feasibility
~ financing feasibility = financial feasibility
}
When innovation thrives in an organization, it means the organization is characterized by:
{
= encouragement of creativity and risk-taking ~ rewards for creativity
~ open communication ~ allowance for errors
}
When the creative employee is allowed to engage in creative activities on hours most convenient to him and to the company, the firm has adapted as a matter of policy:
{
= flexibility ~ a climate of participation
~ allowance for errors ~ open communications
}
When an employee develops a business idea as a result of direct contact with customers, this unanticipated means due to:
{
= the person’s sales work ~ the person’s hobbies
~ the person’s acquaintances ~ a chance event encountered by the person
}
The projected cash flow statements shows:
{
~ the planned or expected cash sales and/or purchases
~ the summery of the firm’s planned or expected financial performance in terms of revenues, expenses, and profits over a given time period
~ the planned or expected financial position of the firm on a particular date
= the sources and uses of funds during a given period
}
The forecast of some income /expense which will happen in the future is referred to as a
{
~ projected income statement ~ projected financial statement
~ projected balance sheet = projected cash flow statement
}
The free-flowing exchange of ideas between the members of an organizing is referred to as _____;
{
~ Allowance for errors ~ A climate of participation
~ Flexibility = Open Communication
}
Refers to the process of determining the primary objectives of the firm and then adapting courses of action and allocating resources to achieve those objectives.
{
~ determinations of objectives ~ adoption of course of actions
= strategic planning ~ allocation of resources
}
How the entrepreneur intends to use his resources and others.
{
~ mission statement = strategic objectives
~ strategy ~ adoption of course of actions }
The ___________ is to be able to deploy the right quality and quantity of resources
{
= aim of strategic planning ~ new business
~ SWOT ~ strategic planning
}
One example of the mission statement concern is
{
~ expand production capacity by 50% within 2 years
= strategic planning
~ how the entrepreneur intends to use his resources
~ forecast of future sales performance
}
This gives sufficient reason to disregard the benefits of strategic planning.
{
~ Lack of expertise
~ Resource poverty
~ Focus on daily operations
= All of the above
}
Refers to the chance offered by the external environment to improve the firm’s situation significantly.
{
~ weakness ~ threats = opportunity ~ strength
}
A document that helps the venture capitalist to determine what resources are needed to achieve the objectives of the firm, and the like:
{
~ financial plan ~ marketing plan
~ human resources plan = business plan
}
The part of the business plan that indicates the name of the business, the names of the proponents, address, and others:
{
= title page and contents ~ executive summary
~ description of the business ~ description of the product of service
}
The part of the business plan which contains information on the capital needs of the business how the money will spent, what benefits will be derived by the business from the loan or investment, among others:
{
~ executive summary ~ description of the business
~ description of the product or service = funding plan
}
When the business owners is determining which part of the total potential market will be served by the firm, he is actually developing a market strategy referred to as
{
= the achievable market ~ determination of the market share
~ position strategy ~ pricing strategy
}
When the business owners wants to know what the customers really want to buy from the firm, he is starting to develop a:
{
~ pricing strategy = positioning strategy
~ distribution strategy ~ promotion strategy
}
A method of pricing where the firm sets prices based on buyer desires:
{
~ cost plus pricing = demand pricing
~ competitive pricing ~ markup pricing
}
They sell directly to consumers:
{
~ brokers ~ wholesalers
= retailers ~ manufacturer’s representatitives
}
This portion of the promotion strategy is a detailed presentation of the publicity strategy of the firm:
{
~ advertising aspects ~ packaging
= public relations ~ sales promotions
}
That portion of the business plan that contains the organizational structure, operating expenses, capital requirements, and cost of goods sold:
{
~ market strategies ~ analysis of the competition
= operations and management ~ financial data
}
The financial statement that shows the financial condition of the business as of a given data:
{
= income statement ~ cash flow statement
~ balance sheet ~ statement of planning premises
}
The __________ details a company's assets and liabilities at a certain period of time.
{
~ income statement ~ cash flow statement
= balance sheet ~ statement of planning premises
}
Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers
{
~ Cash = Receivables
~ Cash Sales ~ Other Incomes }
Is a business owned and operated by a single person.
{
~ Corporate ~ Partnership
= Sole Proprietorship ~ Incorporated
}
This Authority is very important especially under critical moments of competition.
{
~ Government Regulation = Control of the Business
~ Taxation ~ Secrecy
}
Which of the following is not included with regards the advantages of partnership?
{
~ Ease of Formation = Unlimited Liability
~ Tax Advantage ~ More source of capital
} Every entrepreneur should draw an______________ for his project to ensure the timely completion of all activities involved in setting up an enterprise.
{
~ cost structure = implementation plan
~ market structure ~ production structure
}