Innovation and Entrepreneurship Test Preparation
Course Introduction
Innovation and Entrepreneurship explores the processes through which new ideas are generated, evaluated, and transformed into viable products, services, or ventures. The course examines the fundamentals of creative problem-solving, opportunity recognition, market analysis, and the development of business models. Students will gain insights into the mindset and skills required for entrepreneurial leadership, as well as strategies for navigating uncertainty, securing resources, and scaling new ventures within diverse contexts. Real-world case studies and practical exercises provide hands-on experience in launching and managing innovative projects, preparing students to become effective innovators and entrepreneurs in both startup and corporate environments.
Recommended Textbook
Entrepreneurship 11th Edition by Robert D Hisrich
Available Study Resources on Quizplus
15 Chapters
1225 Verified Questions
1225 Flashcards
Source URL: https://quizplus.com/study-set/2356 Page 2
Chapter 1: The Entrepreneurial Mind-Set
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/46831
Sample Questions
Q1) A reflection task would involve thinking about what strategies should be used to solve a problem.
A)True
B)False
Answer: False
Q2) Entrepreneurial Opportunities are defined as:
A) new market entry through entrepreneur action.
B) the entrepreneur's mental processes in deciding whether or not to act on a potential opportunity.
C) a feasibility assessment.
D) situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.
Answer: D
Q3) Density,in regards to a social network,refers to:
A) the extensiveness of ties between two individuals.
B) the total number of individuals in the network.
C) the distance of connection between the entrepreneur and contact.
D) the fact that most networks are informal and not well organized.
Answer: A
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Corporate Entrepreneurship
Available Study Resources on Quizplus for this Chatper
54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/46832
Sample Questions
Q1) Explain the benefits,or practical implications,of using the dual process model of coping with negative emotions.
Answer: 1.Helps to reduce feelings of shame and embarrassment.
2.Realizing that psychological and physiological outcomes caused by the feelings of loss are "symptoms" can reduce secondary sources of stress and may also assist with the choice of treatment.
3.Understanding that there is a process can provide entrepreneurs some comfort that their current feelings of loss,sadness,and helplessness will eventually diminish.
4.The recovery and learning process can be enhanced by some degree of oscillation between a loss orientation and a restoration orientation.
5.Recovery from loss offers an opportunity to increase one's knowledge of entrepreneurship.This provides benefits to the individual and society.
Q2) Entrepreneurially managed firm structure is usually flat with multiple informal networks.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Generating and Exploiting New Entries
Available Study Resources on Quizplus for this Chatper
97 Verified Questions
97 Flashcards
Source URL: https://quizplus.com/quiz/46833
Sample Questions
Q1) By delaying entry,late movers:
A) can learn from the actions of first movers without incurring the same costs.
B) have less information about market demand.
C) secure the window of opportunity.
D) can avoid high entry barriers.
Answer: A
Q2) First movers can monitor changes in the market that might be difficult or impossible to detect for those firms not participating in the market.
A)True
B)False
Answer: True
Q3) The late mover is able to operate in the industry for a grace period under conditions of limited competition.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Creativity and the Business Idea
Available Study Resources on Quizplus for this Chatper
77 Verified Questions
77 Flashcards
Source URL: https://quizplus.com/quiz/46834
Sample Questions
Q1) When a firm classifies a new product the two key factors used are market and technology newness.
A)True
B)False
Q2) In the concept stage,the refined idea is tested to determine consumer acceptance.
A)True
B)False
Q3) In the idea stage of the product planning and development process:
A) conversational interviewing is used.
B) product samples are given out.
C) systematic market evaluation is used.
D) multiple brand comparison is used.
Q4) The big-dream approach requires the entrepreneur to dream about the problem and its solution,thinking big.
A)True
B)False
Q5) Brainwriting is a written form of brainstorming.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Identifying and Analyzing Domestic and International Opportunities
Available Study Resources on Quizplus for this Chatper
73 Verified Questions
73 Flashcards
Source URL: https://quizplus.com/quiz/46835
Sample Questions
Q1) 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.
Q2) Which of the following statements is true
A) Most countries have laws and court procedures protecting intellectual property such as those in the United States.
B) Civil laws tend to be relatively nonspecific.
C) Laws of a country regulate the manner in which business transactions are executed.
D) Global entrepreneurs cannot specify in the contract that any contract disputes will be heard in the courts of another country.
Q3) An opportunity assessment plan:
A) is the same thing as a business plan.
B) is longer than a business plan.
C) has a comprehensive financial statement.
D) focuses on the opportunity, not the venture.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Protecting the Idea and Other Legal Issues for the Entrepreneur
Available Study Resources on Quizplus for this Chatper
76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/46836
Sample Questions
Q1) What type of agreement must always be in writing in order to be a legally binding contract
A) Client
B) Distributor
C) Supplier
D) Real estate
Q2) To file for trademark protection only intent to use is necessary.
A)True
B)False
Q3) The section of the patent application which provides the criteria by which any infringement will be determined is the:
A) background and advantages section.
B) description of the invention.
C) claims section.
D) executive summary.
Q4) Licensing can be a way to start a new venture when the idea may infringe on someone else's patent,trademark,or copyright.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: The Business Plan: Creating and Starting the Venture
Available Study Resources on Quizplus for this Chatper
87 Verified Questions
87 Flashcards
Source URL: https://quizplus.com/quiz/46837
Sample Questions
Q1) When evaluating business plans ________ are primarily concerned with the four Cs of credit.
A) investors
B) employees
C) vendors
D) lenders
Q2) The best way to address the concerns of all potential audiences when writing the business plan is to rely exclusively on a computer software package.
A)True
B)False
Q3) The process of writing the business plan provides a self-assessment for the entrepreneur.
A)True
B)False
Q4) The business plan does not help an entrepreneur to obtain financing.
A)True
B)False
Q5) List some of the advantages of using the Internet as a resource tool.
Q6) Identify the most common reasons why business plans fail.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: The Marketing Plan
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46838
Sample Questions
Q1) An effective way to begin defining the purpose of a marketing plan,is to make a list of all the information needed to prepare the marketing plan.
A)True
B)False
Q2) When products cannot be easily differentiated,the entrepreneur is forced to charge a lower price than the competition.
A)True
B)False
Q3) The most common approach to gathering primary information is:
A) observation.
B) focus groups.
C) experimentation.
D) interviewing.
Q4) A marketing strategy and action plan is defined as specific activities outlined to meet the venture's business plan goals and objectives.
A)True
B)False
Q5) Describe the steps in the marketing plan flowchart.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: The Organizational Plan
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/46839
Sample Questions
Q1) The most expensive type of business to start is the partnership.
A)True
B)False
Q2) Corporations are not able to distribute profits to shareholders.
A)True
B)False
Q3) In a limited liability company,every member has limited liability.
A)True
B)False
Q4) In which of the legal forms of ownership is transferability of interest the easiest
A) Sole proprietorship
B) Limited partnership
C) General partnership
D) Corporation
Q5) What are the main characteristics of an LLC
Q6) The standard term of a limited liability company is 30 years.
A)True
B)False
Q7) Discuss the advantages and disadvantages of an S-Corporation.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: The Financial Plan
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46840
Sample Questions
Q1) A ________ summarizes all the projected sources and applications of funds available to the venture and how these funds will be disbursed.
A) pro forma income statement
B) pro forma sources and applications of funds statement
C) break-even analysis
D) cash flow statement
Q2) The basic balance sheet relationship is:
A) assets plus owner's equity equal liabilities.
B) assets equal liabilities plus owner's equity.
C) assets plus liabilities equal owner's equity.
D) assets equal owner's equity minus liabilities.
Q3) As the business grows:
A) selling expenses should go down.
B) salaries and wages will go up as output increases.
C) the pro forma income statement becomes unimportant.
D) advertising expenses should go down.
Q4) The indirect method of projecting cash flow is the most popular.
A)True
B)False
Q5) Explain negative cash flow.How can a profitable firm have negative cash flow
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Sources of Capital
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/46841
Sample Questions
Q1) The most frequently used source of funds for start-ups is:
A) the entrepreneur's personal funds.
B) bank loans.
C) credit cards.
D) SBA loans.
Q2) Explain and define the four types of asset backed loans.
Q3) Trust receipts are inventory loans used to finance floor plans of retailers such as automobile dealers.
A)True
B)False
Q4) In an R&D limited partnership the liability for losses incurred is borne by the limited partners.
A)True
B)False
Q5) In limited partnerships:
A) the liability for any loss incurred is borne by the company.
B) the sponsoring company acts as the general partner.
C) there is no special tax benefit for partners.
D) the sponsoring company does not retain rights to use any base technology to develop other products.
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/46842
Sample Questions
Q1) In most cases,the venture capitalist:
A) seeks control of the company.
B) would prefer to not be a part of the board of directors.
C) is not involved in developing strategic plans.
D) expects the management team to run the daily operations.
Q2) The deregulatory legislation that allows companies to be more active in their intent to raise money through crowdfunding was the:
A) Securities Exchange Act
B) Sarbanes-Oxley Act
C) Small Business Investment Act
D) Jump Start Our Business Act (JOBS Act).
Q3) Venture capitalists view going public a highly disadvantageous step since the level of risks involved substantially increase.
A)True
B)False
Q4) Describe and compare early-stage financing to expansion or development financing.Who are the usual investors in each of the two stages
Q5) Identify the main advantages and disadvantages of going public.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Strategies for Growth and Managing the Implication of Growth
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46843
Sample Questions
Q1) Even when cash flow problems are discovered,the pro forma budgeted amounts should never be changed.
A)True
B)False
Q2) Most entrepreneurs could benefit from implementing time management techniques.
A)True
B)False
Q3) Even though some entrepreneurs may way to grow their business,they lack the ability to do so.
A)True
B)False
Q4) Acknowledgment that only a small amount of time is actually under one's control and that most of one's time is taken up by others is known as the:
A) principle of desire.
B) principle of teamwork.
C) principle of analysis.
D) principle of prioritized planning.
Page 15
Q5) What benefits can an entrepreneur receive from better time management
Q6) Explain the four types of entrepreneurs and firm growth.
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 14: Accessing Resources for Growth From External Sources
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/46844
Sample Questions
Q1) Joint ventures are sometimes called:
A) mergers.
B) strategic alliances.
C) acquisitions.
D) leveraged buyouts.
Q2) For the franchisor,the capital required to expand a venture quickly is more than it would be without franchising.
A)True
B)False
Q3) In evaluating the potential profit for a new franchise,the entrepreneur should request data from the franchisor so they can develop pro forma income and cash flow statements.
A)True
B)False
Q4) When negotiating,the entrepreneur should make only one offer and stick to it.
A)True B)False
Q5) The most common type of franchise is the dealership. A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
Available Study Resources on Quizplus for this Chatper
69 Verified Questions
69 Flashcards
Source URL: https://quizplus.com/quiz/46845
Sample Questions
Q1) One key advantage of an ESOP is that it enhances employee motivation.
A)True
B)False
Q2) The sale of the company to employees is an exit strategy.
A)True
B)False
Q3) An ESOP is a five- to six-year plan to sell a business to its employees.
A)True
B)False
Q4) The first principle in any successful turnaround is aggressive hands-on management.
A)True
B)False
Q5) The most severe form of bankruptcy is:
A) Chapter 7.
B) Chapter 11.
C) Chapter 13.
D) prepackaged bankruptcy.
Q7) What are some of the warning signs of bankruptcy Page 18
Q6) Identify and define the three major types of bankruptcy.
To view all questions and flashcards with answers, click on the resource link above.
Page 19