Q#1: Individuals who help the entrepreneur in business activities are called:
(A) Role models
(B) Moral support networks
(C) Professional support networks
(D) Business support networks
Answer: (C) Professional support networks
Q#2: Following are the problems in developing economies EXCEPT:
(A) Gap of knowledge
(B) Variable rate of return
(C) Same communication style
(D) Different accounting system
Answer: (C) Same communication style
Q#3: Which one of the following is the best protection against product liability?
(A) Avoid negligence
(B) Warn consumers of any potential hazards
(C) Give warranty
(D) Avoid misrepresentation
Answer: (B) Warn consumers of any potential hazards
Q#4: Which one of the following reviews the trends and competitive strategies?
(A) Environmental analysis
(B) Product forecast
(C) Contingency plan
(D) Industry analysis
Answer: (D) Industry analysis
Q#5: A utility patent has a term of:
(A) 10 years
(B) 40 years
(C) 20 years
(D) 80 years
Answer: (C) 20 years
Q#6: Which of the following body issues patents?
(A) GATT
(B) NAFTA
(C) FTA
(D) PTO
Answer: (D) PTO
Q#7: Which of the following is a more structured method of problem solving?
(A) Scientific method
(B) Heuristics
(C) Attribute listing
(D) Value analysis
Answer: (A) Scientific method
Q#8: Which one of the following gives suggestions for new products and helps to market them?
(A) Existing products and services
(B) Distribution channels
(C) Federal government
(D) Consumers
Answer: (B) Distribution channels
Q#9: GATT was established in 1947 under:
(A) German leadership
(B) French leadership
(C) U.S. leadership
(D) U.K. leadership
Answer: (C) U.S. leadership
Q#10: Factors contributing to new venture creation EXCEPT:
(A) Government
(B) Finance
(C) High interest rates
(D) Role models
Answer: (C) High interest rates
Q#11: A foundation company is formed through:
(A) Fashion
(B) Most popular business
(C) A winding up company
(D) Research and development
Answer: (D) Research and development
Q#12: Primary cause of failure in small businesses is:
(A) Poor financial control
(B) Poor location
(C) Management mistakes
(D) Improper inventory control
Answer: (C) Management mistakes
Q#13: Fourth step in entrepreneurial process is:
(A) Developing successful business ideas
(B) Deciding to become an entrepreneur
(C) Growing the entrepreneurial firm
(D) Moving from an idea to an entrepreneurial firm
Answer: (D) Moving from an idea to an entrepreneurial firm
Q#14: Which is NOT a phase of entrepreneurial process?
(A) Identification and evaluation of opportunity
(B) Development of business plan
(C) Deciding to become an entrepreneur
(D) Determination of required resources
Answer: (C) Deciding to become an entrepreneur
Q#15: Which is NOT an intrapreneurial leadership characteristic?
(A) Understands environment
(B) Encourage teamwork
(C) Not flexible
(D) Persistent
Answer: (C) Not flexible
Q#16: Which system is necessary for expansion or elimination of intrapreneurial units?
(A) Management
(B) Evaluation
(C) Reward
(D) Training
Answer: (B) Evaluation
Q#17: Which factor does NOT affect a person becoming an entrepreneur?
(A) Nationality
(B) Education
(C) Personal values
(D) Work history
Answer: (A) Nationality
Q#18: Professional support network includes all EXCEPT:
(A) Personal affiliations
(B) Mentor
(C) Trade associations
(D) Friends
Answer: (D) Friends
Q#19: Following are types of foreign direct investment EXCEPT:
(A) Joint venture
(B) Management contracts
(C) Minority interest
(D) Merger
Answer: (B) Management contracts
Q#20: Following are types of non-equity arrangements EXCEPT:
(A) Licensing
(B) Management contracts
(C) Direct export
(D) Turnkey projects
Answer: (D) Turnkey projects
Q#21: According to whom is an entrepreneur one who combines resources to increase value?
(A) Economist
(B) Psychologist
(C) Businessman
(D) Sociologist
Answer: (A) Economist