Entrepreneurship Exam Bank
Course Introduction
Entrepreneurship is a dynamic course that explores the foundational principles of creating, developing, and managing new business ventures. Students are introduced to the entrepreneurial mindset, learning to identify opportunities, assess market needs, and develop innovative solutions. The course covers vital topics such as business planning, funding strategies, marketing, and the challenges faced by startups. Through case studies, interactive projects, and expert insights, students gain practical skills to transform ideas into successful and sustainable enterprises, fostering creativity, resilience, and critical thinking essential for tomorrows leaders.
Recommended Textbook
Entrepreneurship Theory Process and Practice 10th Editionby Donald F. Kuratko
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15 Chapters
444 Verified Questions
444 Flashcards
Source URL: https://quizplus.com/study-set/1416
Page 2
Chapter 1: Entrepreneurship: Evolutionary
Development-Revolutionary Impact
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28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/28106
Sample Questions
Q1) The "corridor principle" states that entrepreneurs often get stuck on one idea.
A)True
B)False
Answer: False
Q2) Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following?
A)innovation
B)job creation
C)economic renewal
D)unemployment
Answer: D
Q3) Which of the following is not a common myth about entrepreneurs?
A)Entrepreneurs are academic and social misfits.
B)Entrepreneurs are doers, not thinkers.
C)Entrepreneurs today are considered heroes.
D)All you need is money to be an entrepreneur.
Answer: C
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Page 3
Chapter 2: The Entrepreneurial Mind-Set in Individuals:
Cognition and Ethics
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Entrepreneurial cognition is,in part,about understanding how entrepreneurs use simplifying mental models to make assessments,judgments,and decisions about opportunities.
A)True
B)False
Answer: True
Q2) Define ethics and discuss some conflicts over the ethical nature of decisions.
Answer: In a broad sense,ethics is the rules or parameters for conduct in any activity as long as it is done in an "acceptable" manner. Ethics can also be described as a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong. Even though society is in an ever-changing state,this definition implies that universal principles remain intact. An entrepreneur faces many conflicts for many reasons. One conflict arises as a business is faced with outside as well as inside interests. Some examples are stockholders,the community,the government,employees,and unions. Also,as society changes,the values and mores of society must change.
Q3) There is a certain psychic risk involved with entrepreneurship.
A)True
B)False
Answer: True
Page 4
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Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) Clever bootlegging of ideas refers to secretly working on new ideas on company time as well as on personal time.
A)True
B)False
Answer: True
Q2) Individuals may avoid corporate entrepreneurial behavior due to the impact of traditional management techniques.
A)True
B)False
Answer: True
Q3) Which of the following terms refers to the systematic evolution of a product or service into newer or larger markets?
A)radical innovation
B)incremental innovation
C)collective entrepreneurship
D)strategic management
Answer: B
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Page 5
Chapter 4: Social Entrepreneurship and the Global
Environment for Entrepreneurship
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) The first of five steps for entering the international marketplace is A)securing adequate financing
B)filing the proper documents
C)conducting research
D)preparing a feasibility study
Q2) An L3C is a new legal form for social enterprises known as
A)limited liability corporations
B)low-profit, limited liability companies
C)long-term, low-profit, low-liability companies
D)limited liability laborers
Q3) Methods for going international include all of the following except A)importing
B)exporting
C)licensing
D)foreign reclamation
Q4) In the context of benefit corporations,what does transparency refer to?
Q5) Social responsibility consists of those obligations that society has to businesses. A)True
B)False
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Chapter 5: Innovation: the Creative Pursuit of Ideas
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Creativity is most likely to occur when the "climate" is right. The text listed several important characteristics of this climate. What is the right climate?
Q2) Creative talents can be improved through practice and awareness of habits that can cause problems. However,there are ways to increase creativity; one area is to recognize relationships. Explain what is meant by this.
Q3) Identity and describe two arenas of creativity.
Q4) Logical and analytical skills are developed in the A)left hemisphere of the brain.
B)right hemisphere of the brain.
C)central hemisphere of the brain.
D)anterior hemisphere of the brain.
Q5) The four basic types of innovation are invention,extension,duplication,and synthesis. A)True
B)False
Q6) List and briefly explain each of the phases in the creative process.
Q7) Describe the innovation process.
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Chapter 6: Assessment of Entrepreneurial Opportunities
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) The decision of an entrepreneur to ignore the market is a safe one if he or she is sure that the idea will be a success.
A)True
B)False
Q2) There is a great abundance of reliable data concerning the start-up,performance,and failure of new ventures.
A)True
B)False
Q3) Obtaining external financing is considered one of the major types of problems for a new venture during its first year.
A)True
B)False
Q4) An approach developed as a criteria selection list from which entrepreneurs can gain insights into the viability of their venture is the A)feasibility criteria approach.
B)time-essence of a venture approach.
C)marketability feasibility approach.
D)comprehensive feasibility approach.
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Chapter 7: Pathways to Entrepreneurial Ventures
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) Franchisees have the option of using the logo and symbols of the franchisor.
A)True
B)False
Q2) The prospective investor should get as much information as possible on the franchisor.
A)True
B)False
Q3) A key question to ask when buying an on-going small business is which of the following?
A)How old is the business?
B)Where should you retire someday?
C)Can you become a millionaire by buying this business?
D)How many personnel are going to remain?
Q4) The Federal Trade Commission does not provide information on franchise success.
A)True
B)False
Q5) In negotiating a deal to purchase an existing business,it is possible to request that the seller retain a minority interest in the firm.
A)True
B)False
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Chapter 8: Sources of Capital for Entrepreneurs
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Are formal firms the only source of venture capital?
Q2) Which is an important question for the entrepreneur to ask when evaluating the venture capitalist?
A)Is the person someone with whom the entrepreneur can work?
B)Is the person a close relative?
C)Is the person wealthy?
D)Is the person a college graduate?
Q3) Venture capitalists,surprisingly,require little information before they make an investment.
A)True
B)False
Q4) Private placement is a method of raising capital through the private placement of securities.
A)True
B)False
Q5) Informal risk capitalists are those who have already made their money and now seek to help new ventures.
A)True
B)False
Q6) How does a public offering differ from a private placement?
Page 10
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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30 Flashcards
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Sample Questions
Q1) Laws governing intellectual property rights include copyrights,trademarks,and leases.
A)True
B)False
Q2) There are two parts to a patent application,claims and .
A)percentage
B)specification
C)value
D)integration
Q3) Which of the following falls under Chapter 7 bankruptcy?
A)The debtor surrenders most property to a court trustee.
B)The debtor fails to file income taxes.
C)The debtor is relieved of obligations.
D)The debtor is arrested.
Q4) One of the principal advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment.
A)True
B)False
Q5) What are the rules for avoiding pitfalls in selecting trademarks?
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) The textbook recommends that social media marketers consider three aspects of social media when using social media tools for marketing purposes. What are they?
A)cost, complexity, and relevancy
B)creating something of value, enabling customer promotion, and encouraging participation
C)control, contribution, and distribution
D)resource management, context, and content
Q2) Inhibitors to marketing research include all of the following except:
A)cost
B)irrelevancy
C)complexity
D)distribution
Q3) A market is
A)a group of consumers who have purchasing power and unsatisfied needs
B)a way of gaining consumer data
C)a segment of the economy
D)a group of known purchasers
Q4) What is guerrilla marketing?
Q5) What is skimming and what are its effects?
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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30 Flashcards
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Sample Questions
Q1) Define break-even analysis and identify some useful methods for finding the break-even point.
Q2) Explain what a cash flow budget tells a manager/owner.
Q3) The concept of the net present value method works on the premise that
A)a dollar today is worth less than a dollar in the future.
B)a dollar today is worth the same in the future.
C)a dollar today is worth more than a dollar in the future.
D)a dollar today cannot be measured in future dollars.
Q4) The traditional accounting equation that verifies the accuracy of the entrepreneur's balance sheet is
A)assets = liabilities + owners' equity.
B)assets + liabilities = owner's equity.
C)assets + owner's equity = liabilities.
D)assets = liabilities - owner's equity.
Q5) List the elements of a capital budget and define its main objective.
Q6) The cash flow budget describes
A)cash inflows/cash outflows.
B)cash outflows/accounts receivables.
C)interest income/interest expense.
D)profits/costs.
Page 13
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Page 14
Chapter 12: Developing an Effective Business Plan
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Sample Questions
Q1) How should an entrepreneur prepare to present his or her business plan?
Q2) Which of the following statements is not part of the "five-minute reading" by venture capitalists?
A)Determine the characteristics of the venture and industry.
B)Determine the strengths and weaknesses of the entrepreneur.
C)Determine the financial structure of the plan.
D)Read the latest balance sheet.
Q3) What is the basic structure of a business plan?
Q4) A business plan is
A)a written document that details the proposed venture.
B)an instance of entrepreneurial passion
C)the result of the new business.
D)a blueprint of the product.
Q5) The completed business plan provides the entrepreneur with
A)a tool for communicating with financial sources.
B)a sense of well-being.
C)a product-launch timetable.
D)a nicely designed booklet.
Q6) How does a business plan benefit the entrepreneur?
Page 15
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Chapter 13: Strategic Entrepreneurial Growth
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Unique managerial concerns of growing ventures encompass all of the following except:
A)the one-man-band syndrome
B)community pressures
C)time-management issues
D)agency problems
Q2) Participation by subordinates in a strategic plan is never appropriate.
A)True
B)False
Q3) Research has shown that there is a distinct lack of strategic planning in new ventures. Relate some of the reasons for this lack of planning.
Q4) Describe what typically takes place during the new-venture development life-cycle stage.
Q5) Which of the following would be considered fatal mistakes in strategic planning,according to researcher Michael E. Porter?
A)no real competitive advantage
B)pursuing a solid competitive position
C)compromising strategy for growth
D)a and c only
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Chapter 14: Valuation of Entrepreneurial Ventures
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) One of the most common reasons for acquiring a business is developing more growth-phase products.
A)True
B)False
Q2) What is a rollup?
A)the acquisition and merging of small companies in the same market
B)of a dissolution of a partnership
C)a product-line acquisition
D)the amount of risk involved in an acquisition
Q3) Closely held ventures usually suffer from which of the following shortcomings?
A)a lack of management depth
B)overcapitalization
C)insufficient controls
D)internal conflict
Q4) "Why is the business being sold?" is not an important question to ask when analyzing the viability of buying a business.
A)True
B)False
Q5) What should be considered in analyzing a business and what are some weaknesses of small business?
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Chapter 15: Harvesting the Entrepreneurial Venture
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Which is an influencing factor in succession?
A)family and business cultural issues
B)government regulation
C)current economic conditions
D)the competition
Q2) Which of the following steps should be carried out third when deciding to sell a business?
A)Publicize the offer to sell.
B)Value the business.
C)Finalize the prospective buyers.
D)Time the sale appropriately.
Q3) The forcing events that require an entrepreneur to step aside and let someone direct the operation are usually unforeseen and create major problems for the business.
A)True
B)False
Q4) Nonfamily members sometimes bring pressure on the owner-manager in an effort to protect their personal interests.
A)True
B)False
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