Entrepreneurship Past Papers Solved MCQs

Past Paper 2015

Q: 1 Select the appropriate option from the given 4 alternatives. Each

question carries equal marks. (1×10= 10 marks).

I. The characteristics of clearly defined vision are.

a. Provides Direction.
b. Determine Decisions.
c. Motivates people.
d. All of the Above.

II. A graphical technique that encourages thinking on both side of the

brain, visually displays relationship among ideas is known as.

a. Brainstorming.
b. Incubation.
c. Mind Mapping.
d. None of the above.
III. The ability to develop new ideas and to discover new ways of looking at
problems and opportunities; thinking new ideas.

a. Creativity.
b. Critical Thinking.
c. Innovation.
d. None of above.

IV. Any distinctive word, symbol, design, name, logo, slogan, or trade
dress a company uses to identify the origin of a product or to
distinguish it from other goods on the market.

a. Patent.
b. Copyright.
c. Trade Mark.
d. None of the Above.

V. Which of the following are advantages of sole proprietorship?

a. Total Decision making.

b. Easy to discontinue.
c. Less cost.
d. All of the above.
 VI. For business plan, the elements of feasibility analysis includes;

a. Industry and market feasibility.

b. Financial Feasibility.
c. Product & Service Feasibility.
d. All of the Above.

VII. Competitors offering same products and services are known as.

a. Significant competitors.
b. Financial Competitors.
c. Indirect competitors.
d. None of Them.

VIII. A road map of the actions an entrepreneur draws up to achieve a

company’s mission, goals and objectives.

a. Breakeven.
b. SMART.
c. Strategy.
d. None.
IX. Company seeks to build customer loyalty by making its goods or
services in a unique and different fashion.

a. Differentiation.
b. Growth strategy.
c. Cost leadership.
d. None.

X. Easy to establish, division of profits and large pool of capital are the
characteristics.

a. Sole proprietorship.
b. Corruption.
c. Partnership.
d. S Corruption.
 Past Paper 2017

Q: 1 ENCIRCLES THE CORRECT ANSWER:

1. Which of the following is an advantage of owing a small business?

a. Independence.
b. Flexibility.
c. Financial opportunities.
d. All of the above.

2. ------------- grants a franchise the right to market the product and

trademark and to use a complete operating system:

a. Product franchising.
b. Trademark franchising.
c. Business format franchising.
d. Traditional franchising.

3. -------------- is considered free advertising.

a. Institutional advertising.
b. Merchandising.
c. Sales promotion.
d. Publicity.
4. Classification of Small business by size according to SBA is:

a. Less than 20.

b. 20 – 99.
c. 100 – 499.
d. 500 or more.

5. In the context of Entrepreneurship, which of the following is true about

marketing research?

a. It helps to identify customers for a small firm’s products.

b. Employees are a biased source of information about customer
preferences.
c. It does not generate primary information but uses only secondary
information.
d. Gathering information is more important than defining the problem.

6. In the context of a family-owned business, one way to reduce taxes on

the owner’s is to:

a. Formulate a family mission statement.

b. Make a formal succession plan.
c. Form a corporation.
d. Sell stock to family members.

7. -------- is the redesign of operations, starting from scratch.

a. Rightsizing.
b. Downsizing.
c. Reinvention.
d. Recognizing.
8. A --------- consists of the various marketing organization involved in
moving the flow of goods and services from producer to user.

a. Distribution channel.
b. Intermodal shipping network.
c. Channel of transportation.
d. Sales promotion network.

9. In the -------- stage of the product life cycle, prices are high, sales are
low, and profits are negative.

a. Introduction.
b. Growth.
c. Maturity.
d. Decline.

10. A (n) ---------- is formed for civic, educational, charitable, and religious
purposes.

a. C Corporation.
b. Nonprofit corporation.
c. S corporation.
d. Limited-liability company.
 Past Paper 2019

Q: 1 Select the best answer from given option.

1. A person who organizes, manages and assumes the risks of starting and
operating a business to make a profit is called a(n):

a. Entrepreneur.
b. Investor.
c. Speculator.
d. Small business person.

2. According to the text, which of the following qualities will increase your
chance of succeeding as an entrepreneur?

a. Vision.
b. Risk orientation.
c. Determination.
d. All of these.

3. Which of the following was not cited as a reason for starting a new
business?

a. Independence.
b. Challenge.
c. Profit.
d. Increase of leisure time.
4. Mr. X is employed in a corporation to launch new products. He is a(n):

a. Entrepreneur.
b. Intrapreneur.
c. Innovator.
d. Franchisor.

5. Which of the following would be included in the business plan?

a. Capital required.
b. Marketing plan.
c. Management team.
d. All of these.

6. The form of business organization that has the largest sales volume is
the:

a. Partnership.
b. Corporation.
c. Cooperative.
d. None of these.

7. Which of the following is an advantage of a sole proprietorship?

a. Ease of starting a business.

b. Being your own boss.
c. Pride of ownership.
d. All of these.
8. Organizations in a ------------------ mobilize their resources toward
selling, advertising and other promotional efforts:

a. Sales orientation.
b. Marketing orientation.
c. Product orientation.
d. Production orientation.

9. The first step in the marketing process is:

a. Identify need.
b. Test marketing.
c. Conduct research.
d. Build a relationship with customers.

10. The two most dominant trends in business are:

a. Downsizing and restructuring.

b. Technology and globalization.
c. Strategic alliances and joint ventures.
d. None of these.