Entrepreneurial Management
Mock Exam
Course Introduction
Entrepreneurial Management explores the principles, processes, and challenges involved in launching and managing new ventures in dynamic markets. The course provides students with a comprehensive understanding of opportunity recognition, business model development, resource acquisition, and strategic planning essential for entrepreneurial success. Through case studies, group projects, and real-world applications, students gain practical skills in leadership, innovation, risk assessment, and growth management, preparing them to start their own businesses or drive entrepreneurial initiatives within existing organizations.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures MA 4th Edition by Barringer Bruce
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15 Chapters
1125 Verified Questions
1125 Flashcards
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Page 2
Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.
A)True
B)False
Answer: True
Q2) Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs?
A) has a strong work ethic
B) intolerant of ambiguity
C) visionary
D) promoter
E) decisive
Answer: B
Q3) According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.
A)True
B)False
Answer: False
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Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.
A)True
B)False
Answer: True
Q2) The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:
A) obtain funding or financing
B) hire new employees
C) complete a financial analysis
D) realistically enter a new market
E) write a business plan
Answer: D
Q3) The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.
A)True
B)False
Answer: False
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.
A)True
B)False
Answer: True
Q2) According to the textbook, which is the proper sequence of events in developing successful business ideas?
A) opportunity recognition, feasibility analysis, development of a business plan
B) feasibility analysis, opportunity recognition, development of a business plan
C) development of a business plan, opportunity recognition, feasibility analysis
D) feasibility analysis, development of a business plan, opportunity recognition
E) development of a business plan, feasibility analysis, opportunity recognition
Answer: A
Q3) There are two components to product/service feasibility analysis: product/service desirability and total startup funds needed.
A)True
B)False
Answer: False
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Chapter 4: Writing a Business Plan
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75 Flashcards
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Sample Questions
Q1) An organizational chart is a graphic representation of how authority and responsibility are distributed within a company.
A)True
B)False
Q2) Kate Payne was reading the business plan for New Venture Fitness Drinks, and noticed that prior to its financial statements, New Venture Fitness Drinks placed an explanation of the sources of the numbers for the statements and the assumptions used to generate them. This explanation is called a(n):
A) estimate sheet
B) hypothesis sheet
C) assumptions sheet
D) forecast sheet
E) forecast hypothesis
Q3) For most business plans ________ pages are sufficient.
A) 40 to 50
B) 30 to 40
C) 15 to 20
D) 25 to 35
E) 5 to 10
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Page 6
Chapter 5: Industry and Competitor Analysis
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75 Flashcards
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Sample Questions
Q1) A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, electronic games, or computers.
A) cluster
B) division
C) sector
D) industry
E) network
Q2) Firms that pursue a(n) ________ strategy compete for market share on a country-by-country basis and vary their product or service offerings to meet the demands of the local market.
A) inclusive
B) universal
C) multidomestic
D) contemporary
E) worldwide
Q3) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces?
Q4) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering?
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Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) Jeff Mommer is starting an environmentally friendly lawn and garden service. One thing that Jeff has worked hard on is determining how his company will compete in the marketplace. This element of Jeff's business model is referred to as:
A) core strategy
B) strategic resources
C) partnership network
D) fulfillment and support
E) customer interface
Q2) Describe the two potential fatal flaws of business models.
Q3) Which of the following are the primary elements of a startup's core strategy?
A) target customer, fulfillment and support, pricing structure
B) suppliers, partners, other key relationships
C) pricing structure, suppliers, strategic assets
D) core competencies, strategic assets, funding model
E) mission statement, product/market scope, basis for differentiation
Q4) There is no standard business model that dictates how firms in a particular industry should compete.
A)True
B)False
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) If the owners of a corporation don't file their annual paperwork, neglect to pay their annual fees, or commit fraud, a court could ignore the fact that a corporation has been established and the owners could be held personally liable for the actions of the corporation. This chain of events is referred to as:
A) vacating the corporate status
B) yielding the corporate privilege
C) surrendering the corporate shield
D) piercing the corporate veil
E) capitulating the corporate doctrine
Q2) A noncompete agreement prevents an individual from competing against a former employer for a specific period of time.
A)True
B)False
Q3) The major difference between a general and a limited partnership is that a limited partnership includes two classes of owners: general partners and limited partners.
A)True
B)False
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Page 9
Chapter 8: Assessing a New Ventures Financial Strength and Viability
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Sample Questions
Q1) If a firm determines it can use the percentage-of-sales method and it follows the procedure described in the textbook, then the net result is that each expense item on its income statement (with the exception of those items that can be individually forecast) will grow at the same rate as sales. This approach is called the:
A) continuous percentage method of forecasting
B) stable fraction method of forecasting
C) regular proportion method of forecasting
D) constant ratio method of forecasting
E) steady percentage method of forecasting
Q2) According to the textbook, the three numbers that receive the most attention when evaluating an income statement are:
A) depreciation, interest income, and income tax expense
B) cost of sales, gross profit, and operating expenses
C) net sales, cost of sales, and operating expenses
D) gross profit, net sales, and incomes tax expense
E) gross profit, other income, and net income
Q3) Describe the difference between historical and pro forma financial statements.
Q4) What is ratio analysis? Why is it important?
Q5) Describe each of the four primary financial objectives of firms.
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) If a new venture organizes as a corporation, it is legally required to have a(n) ________, which is a panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm.
A) board of advisors
B) review team
C) team of advisors
D) accountability panel
E) board of directors
Q2) In the context of boards of directors, a(n) ________ is someone who is not employed by the firm.
A) outside director
B) inside director
C) external director
D) impartial director
E) peripheral director
Q3) The fact that a corporation has a board of directors precludes it from having a board of advisors.
A)True
B)False
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Page 11
Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) According to the textbook, beyond their own funds, the second source of funds for many new ventures is:
A) government grants
B) business angels
C) friends and family
D) banks
E) venture capital
Q2) A brief carefully constructed statement that outlines the merits of a business opportunity is called a(n):
A) subway speech
B) sway speech
C) bootstrap speech
D) teaser speech
E) elevator speech
Q3) Prosper is the best known:
A) factor
B) provider of SBA guaranteed loans
C) peer-to-peer lending network
D) provider of vendor credit
E) crowdfunding network
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) An important distinction should be made between a firm's core product and its actual product. While the core product may be a CD that contains an antivirus software program, the actual product may have a number of characteristics, include a quality level, features, design, a brand name, and packaging.
A)True
B)False
Q2) Which of the following is not one of the four elements that constitute a firm's marketing mix?
A) price
B) promotion
C) passion
D) place (or distribution)
E) product
Q3) What is a brand? How does a new firm develop a brand?
Q4) The amount of money consumers pay to buy a product is its:
A) price
B) fee
C) value
D) cost
E) charge
Page 13
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) The 1976 Copyright Revision Act governs copyright law in the United States.
A)True
B)False
Q2) Identify and briefly describe the three types of patents.
Q3) ________ patents are the most common type of patent and cover what we generally think of as new inventions.
A) Value
B) Product
C) Method
D) Utility
E) Design
Q4) Combinations of numbers and letters, such as 3M and 1-800-FREE-411, cannot be trademarked.
A)True
B)False
Q5) Copyright infringement occurs when one work derives from another or is an exact copy.
A)True
B)False
Q6) What is a trademark? Why are trademarks important?
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) According to the textbook, it is:
A) not inevitable that a business enter the decline stage of the organizational life cycle
B) inevitable that a business enter the decline stage of the organizational life cycle
C) not inevitable that service firms enter the decline stage of the organizational life cycle but is inevitable for manufacturing firms
D) not inevitable that manufacturing firms enter the decline stage of the organizational life cycle but is inevitable for service firms
E) not inevitable that international firms enter the decline stage of the organizational life cycle but is inevitable for strictly domestic firms
Q2) According to Chapter 13, business success doesn't always scale. What is meant by this statement?
Q3) All businesses have the potential to be aggressive growth firms.
A)True
B)False
Q4) What is the organizational life cycle and why is it important?
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15
Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) Describe the internal growth strategy of new product development. Why is it a competitive necessity in some industries that entrepreneurial firms focus on this form of growth?
Q2) If a business enhances the quality of a product, makes it more convenient to use, improves its durability, or makes it more up to date, any one of those initiatives fall under the category of:
A) increasing the market penetration of an existing product or service
B) extending product lines
C) geographic expansion
D) licensing
E) improving an existing product or service
Q3) A strategic alliance is a partnership between two or more firms that is developed to achieve a specific goal and has no joint ownership involved.
A)True
B)False
Q4) Explain the difference between internal and external growth strategies. Provide examples of each.
Q5) Describe what a joint venture is. Identify the two types of joint ventures.
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Chapter 15: Franchising
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Sample Questions
Q1) The Partnering for Success feature in Chapter 15 focuses on how franchise organizations can boost their sales while at the same time reduce their expenses. The technique that the feature recommends to achieve these dual objectives is:
A) strategic alliances
B) joint ventures
C) outsourcing
D) licensing
E) cobranding
Q2) Which of the following statements is incorrect regarding franchising?
A) Franchising is growing in popularity in the United States.
B) There are some instances in which franchising is not appropriate.
C) New technologies are often introduced through franchise systems.
D) Franchising, by its very nature, involves the sharing of knowledge between a franchisor and a franchisee.
E) The failure rate for franchise systems is relatively high.
Q3) A management concept called agency theory refutes the value of franchising for organizations with multiple units, like restaurant chains.
A)True
B)False
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Page 17