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Multiple Choice Quiz
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1
All but which of the following is considered to be a myth associated with entrepreneurship?
A)Successful entrepreneurs are born not made
B)First ventures are always successful
C)All entrepreneurs must willingly invest significant sums of money
D)Successful entrepreneurs must have a break-through invention
E)An entrepreneur faces extraordinary business risks
2
A/An ______ is best described by stating it is any business that is independently owned and operated and is not dominate in its market.
A)strategic alliance
B)corporation
C)entrepreneurship
D)proprietorship
E)small business
3
For small business owners, one of the most important objectives is _______.
A)market presence
B)growth
C)profitability
D)adaptability
E)innovation
4
Which of the following is not considered a common characteristic of an entrepreneur?
A)Internal locus of control
B)High need for achievement
C)Self-confidence
D)External locus of control
E)Willingness to take risks
5
Bobby believes that what takes place within his new company is mostly the result of fate or factors that are outside of his control. It could be stated that Bobby possesses a/an ______.
A)innovative spirit
B)intrapreneurship
C)internal locus of control
D)high need for achievement
E)external locus of control
6
The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an _____.
A)inventor
B)opportunist
C)hacker
D)craftsman
E)craftsperson
7
Melissa is one of the newest and most successful entrepreneurs in the technology industry. She handles numerous dealings with other companies for the exchange of goods and services. Her primary goal is to ensure that all parties involved receive favorable and acceptable terms. Melissa is most probably excellent at the entrepreneurial skill of _______.
A)negotiating
B)networking
C)leadership
D)analysis
E)alliance building
8
The steps involved in an entrepreneurial endeavor include all but which one of the following?
A)Business plan formulation
B)Obtaining financing
C)Selecting the type of legal structure
D)Hiring a partner
E)Adapting to growth
9
The ideas for new businesses that are obtained by entrepreneurs are derived from many sources. These various sources include all but _______.
A)replication of an existing business
B)trade journals
C)trade shows
D)family members
E)children
10
Common reasons for entrepreneurial failure include all but which one of the following?
A)Poor implementation
B)Lack of capital
C)Adequate financial support
D)Faulty product design
E)Ineffective human resources
11
A/An ________ is defined as the blueprint describing the business strategy for entering the marketplace and explains the business to potential investors.
A)business alliance
B)spin-off
C)intrapreneurship
D)competitor analysis
E)business plan
12
Of the following, which one is not considered a key component of a business plan?
A)Sources of funding
B)Market trend analysis
C)Methods for dissolution of the organization
D)Description of products or services
E)Expansion plans
13
A(n) ________ is defined as a form of business that is an association of two or more people acting as co-owners of a business.
A)proprietorship
B)partnership
C)INC
D)corporation
E)conglomerate
14
Which one of the following would not be considered an advantage to a partnership formation?
A)Potential for double taxation
B)Less governmental control
C)Ease of formation
D)Direct share of profits
E)Division of labor and management responsibilities
15
Which one of the following would not be considered a disadvantage of a corporation?
A)Limited continuality of life of enterprise
B)Extensive government regulations of activities
C)High incorporation fees
D)Corporate capital, profits, dividends, and salaries are double taxed
E)Activities limited to those stated in charter
16
Entrepreneurships require financial backing in order to get started in the business world. Which of the following is not one of the methods commonly utilized to obtain the financial resources needed?
A)Equity
B)Commercial loans
C)Personal finances provided by friends
D)Venture capitalists
E)Public offerings
17
_________ financing is raising money by selling part of the ownership of the business to investors.
A)Debt
B)Equity
C)Venture capitalist
D)Public offering
E)Spin-off
18
Of the following, which one would not be considered an alternative to independent entrepreneurship?
A)Franchise
B)Spin-off
C)Intrapreneurship
D)Extrapreneurship
E)Business unit within a larger corporate structure
19
Of the following, which is best identified as an independent entrepreneurship that produces a product or service that originated in a large company?
A)Diversification
B)Intrapreneurship
C)Trade-off
D)Franchise
E)Spin-off
20
Of the following, which is best identified when a business with an established name and product is sold to additional owners along with the rights to distribute product?
A)Spin-off
B)Intrapreneurship
C)Trade-off
D)Entrepreneurship
E)Franchise
21
Management tactics purported to maximize innovation for an entrepreneurship include all but which of the following items?
A)Cutting of losses
B)Culture
C)Benchmarking
D)Customer orientation
E)Capabilities
22
______ is best described as doing something differently and has been described as discontinuous or complementary change.
A)Entrepreneurship
B)Innovation
C)Spin-off
D)Variance
E)Enterprise
23
In franchising, the entrepreneur assumes fewer risks because the franchise provides all but which one of the following?
A)Established market for the product
B)Management assistance in operating the business
C)Economies of scale for purchasing
D)Oversale of rights
E)Favorable image for the product





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