Innovation and Entrepreneurship Practice Exam
Course Introduction
This course explores the fundamental concepts of innovation and entrepreneurship, guiding students through the process of identifying opportunities, creating business models, and developing ventures. Emphasizing creativity, risk assessment, and strategic planning, it provides practical frameworks and real-world case studies that illustrate how entrepreneurs transform innovative ideas into successful enterprises. Students will learn about market analysis, funding strategies, and the role of leadership in fostering an entrepreneurial mindset, equipping them with the skills to launch and sustain new initiatives in various contexts.
Recommended Textbook
Entrepreneurship 9th Edition by Robert D
Hisrich
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15 Chapters
1225 Verified Questions
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Page 2
Chapter 1: Entrepreneurship and the Entrepreneurial
Mind-Set
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49 Verified Questions
49 Flashcards
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Sample Questions
Q1) Define superficial similarities and structural similarities.Which was noted as the more challenging for entreprenuers?
Answer: 1.Superficial similarities exist when the basic (relatively easy to observe)elements of the technology resemble (match)the basic (relatively easy to observe)elements of the market.
2.Structural similarities exist when the underlying mechanisms of the technology resemble (or match)the underlying mechanisms of the market.
Structural was identified as the most challenging.
Q2) The moral support network is different from the professional support network in that:
A)a professional support network includes finding a mentor.
B)moral support is less important than professional support.
C)only the "cheering squad" provides moral support.
D)a moral support network comprises only of personal contacts.
Answer: A
Q3) In a social network there are two major properties,density and centrality.
A)True
B)False
Answer: True
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Chapter 2: Entrepreneurial Intentions and Corporate Entrepreneurship
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48 Verified Questions
48 Flashcards
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Sample Questions
Q1) Which company,discussed in our text as an example of corporate entrepreneurship,created the independent business unit concept?
A)HP
B)IBM
C)APPLE
D)TOSHIBA
Answer: B
Q2) An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.
A)True
B)False Answer: True
Q3) Entrepreneurially managed firm structure is usually flat with multiple informal networks.
A)True
B)False Answer: True
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Page 4
Chapter 3: Entrepreneurial Strategy: Generating and Exploiting New Entries
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93 Verified Questions
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Sample Questions
Q1) Explain what constitutes a new entry.
Answer: New entry refers to (1)offering a new product to an established or new market, (2)offering an established product to a new market,or (3)creating a new organization (regardless of whether the product or the market is new to competitors or customers).
Q2) A ______ strategy that copies products that already exist and attempts to build an advantage through minor variations.
A)technological
B)narrow scope
C)me-too
D)broad scope
Answer: C
Q3) List the 5 main first-mover advantages discussed in the text.
Answer: Cost advantages
Less competition
Secure important channels
Prime position for customers
Expertise from participation
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Page 5
Chapter 4: Creativity and the Business Idea
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87 Flashcards
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Sample Questions
Q1) The stage in the product planning and development process in which actual sales results are available is the:
A)idea stage.
B)concept stage.
C)product development stage.
D)test marketing stage.
Q2) Continuous innovations are described as:
A)having the least disrupting influence on established consumption patterns.
B)having some disruptive influence on established consumption patterns.
C)having no disruptive influence on established consumption patterns.
D)having to establish new consumption patterns due to the creation of a previously unknown product.
Q3) How many stages are in the product planning and development process?
A)Two
B)Three
C)Four
D)Five
Q4) List,in order,the stages of the product planning and development process.
Q5) Discuss brainstorming,its definitions and tips for having a successful brainstorming session.
6
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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73 Flashcards
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Sample Questions
Q1) The objectives of the General Agreement on Tariffs and Trade was to liberalize trade by eliminating or reducing tariffs.
A)True
B)False
Q2) Concerns regarding roads,electricity,banking facilities,communication,and educational systems have to do with a country's:
A)infrastructure.
B)balance of payments.
C)political climate.
D)economics.
Q3) Nonequity arrangements discussed by the text include licensing,management projects and exporting.
A)True
B)False
Q4) List the seven various aspects of culture.
Q5) The Euromonitor provides very industry specific information on companies in the European Union.
A)True
B)False
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Chapter 6: Intellectual Property and Other Legal Issues for the Entrepreneur
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76 Flashcards
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Sample Questions
Q1) A utility patent grants the owner protection from anyone else making,using,and/or selling the identified invention and generally reflects protection of new,useful,and unobvious processes.
A)True
B)False
Q2) Which of the following is not a condition that makes a contract legally enforceable?
A)Consideration is given by both parties
B)All parties involved are competent
C)Money is exchanged for products/services
D)Acceptance of the offer must be voluntary
Q3) A design patent has a term of 14-years,beginning on the date of filing with the Patent and Trademark Office (PTO).
A)True
B)False
Q4) A copyright can be used to protect sculptures or blueprints.
A)True
B)False
Q5) List the four requirements of filing for a trademark.
Q6) Identify and describe the three different types of patents.
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Chapter 7: The Business Plan: Creating and Starting the Venture
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89 Verified Questions
89 Flashcards
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Sample Questions
Q1) The organization plan describes the business':
A)physical plant and machinery layout.
B)location as well as its plant(s).
C)system of distribution.
D)form of ownership.
Q2) Most entrepreneurs have little difficulty with gathering market information.
A)True
B)False
Q3) The business plan is a private document and should not be read by employees and customers.
A)True
B)False
Q4) While preparing the first draft of the business plan,the entrepreneur should not:
A)prepare it from his or her personal viewpoint.
B)take into consideration the constituencies that will ultimately read and evaluate the plan's feasibility.
C)prepare it with an aim to identify possible barriers to success.
D)try to define the goals and objectives of the venture.
Q5) Draw the Upside-Down Pyramid Approach to Gathering Market Information.
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) Which survey method results in the worst response rate?
A)Telephone
B)Mail
C)Personal
D)Internet
Q2) Market segmentation is the process of:
A)describing market conditions.
B)dividing the market into smaller homogeneous groups.
C)presenting future opportunities.
D)exploring new market opportunities.
Q3) Which of the following is true of implementing a market plan?
A)It is meant to be a tentative plan by the entrepreneur to a specific strategy.
B)It need not be assigned to an individual for coordinating and implementing the plan.
C)It is a formality that serves as a superficial document to outside financial supporters or suppliers.
D)It is a commitment to make adjustments as needed or dictated by market conditions.
Q4) Identify the 4 major considerations in distribution channel selection.
Q5) Identify and explain the three basic questions a marketing plan should answer.
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) A limited liability corporation:
A)has unlimited liability.
B)is automatically taxed as a partnership.
C)is decreasing in popularity among venture capitalists.
D)had been the most popular choice of organization structure by new ventures and small businesses.
Q2) The limited liability company is the only form of organization that allows members to share liability.
A)True
B)False
Q3) Bonds can be used to raise capital in which form of ownership?
A)Sole proprietorship
B)Limited partnership
C)General partnership
D)Corporation
Q4) In an S Corporation,ownership can be freely transferred as long as the buyer is an individual.
A)True
B)False
Q5) Discuss the main advantages of an LLC over an S-Corp.
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Chapter 10: The Financial Plan
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Sample Questions
Q1) Owner's equity represents:
A)the net worth of the business.
B)only capital invested by the entrepreneur.
C)everything of value owned by the firm.
D)all assets owned by the entrepreneur.
Q2) ______ is the volume of sales needed to cover total variable and fixed costs.
A)Cash flow
B)Depreciation
C)Revenue
D)Breakeven
Q3) Cash flow is the result of subtracting expenses from sales.
A)True
B)False
Q4) Assets represent the net worth of the firm.
A)True
B)False
Q5) Cash flow is the same thing as profit.
A)True
B)False
Q6) Define capital budgeting.
Page 12
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Chapter 11: Sources of Capital
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Sample Questions
Q1) Bootstrap financing involves using any possible method,such as discounts for volume purchasing,to conserve cash.
A)True
B)False
Q2) The funds for a SBA guaranteed loan are provided by the federal government.
A)True
B)False
Q3) SBA 7(a)loans can be used for such things as equipment and land.
A)True
B)False
Q4) Obtaining funds from private investors:
A)is inappropriate for new ventures.
B)is a public offering.
C)is covered by Regulation D.
D)involves a great deal of time and expensE.
Q5) External investors generally require the entrepreneur to commit a large percentage of his or her personal assets.
A)True
B)False
Q6) Explain the three major components of an R&D partnership.
Page 13
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Chapter 12: Informal Risk Capital, venture Capital, and Going Public
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Sample Questions
Q1) There is more risk involved in financing a business's early operations,therefore,higher rates of return are expected.
A)True
B)False
Q2) Using the __________ method of evaluating the firm,cash flow is adjusted for the time value of money.
A)present value of future cash flow
B)replacement value
C)book value
D)earnings approach
Q3) Which of the following would not typically be part of a private venture capital fund?
A)Money from state governments
B)Money from insurance companies
C)Money from pension funds
D)Money from college endowment funds
Q4) Venture capital firms are pools of equity managed by large corporations.
A)True
B)False
Q5) What are the three types of risk capital markets?
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) One of the most successful diversification strategies is to diversify into unrelated products or unrelated markets to spread the risk.
A)True
B)False
Q2) The principle of teamwork states that an entrepreneur spends too much time with employees and should try to become less accessible to them in order to increase their efficiency.
A)True
B)False
Q3) Using a time sheet to record usage of time is part of the principle of:
A)desire.
B)effectiveness.
C)prioritized planning.
D)analysis.
Q4) An increase in supplier prices may require:
A)raising the price of products/services.
B)purchase of lesser inventory.
C)an increase in the purchasing budget.
D)reviewing all other expenses and perhaps institute tighter controls.
Q5) What benefits can an entrepreneur receive from better time management?
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Chapter 14: Accessing Resources for Growth From External
Sources
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Sample Questions
Q1) What are the main benefits (to the franchisee)of franchising?
Q2) By buying a franchise the entrepreneur reduces the amount of money available for advertising.
A)True
B)False
Q3) Negotiating parties will often focus on the distribution task and ignore the integration task.
A)True
B)False
Q4) Product innovation,diversification,protection against market encroachment are some of the reasons why a company would opt for this:
A)Merger.
B)Acquisition.
C)Leveraged buyouts.
D)Lease.
Q5) For the franchisor,the capital required to expand a venture quickly is more than it would be without franchising.
A)True
B)False
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) Currently ESOPs account for ____ of the private sector workforce.
A)5%
B)10%
C)15%
D)20%
Q2) Under Chapter 13,meeting with groups of creditors to amicably solve issues is usually a good idea.
A)True
B)False
Q3) An effective succession plan should be communicated only to top management and not all employees.
A)True
B)False
Q4) What are some of the warning signs of bankruptcy?
Q5) In 2010 the number of bankruptcy filings was around 4 million.
A)True
B)False
B)False Page 17
Q6) Bankruptcy protects entrepreneurs from creditors and competitors. A)True
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Page 18