1.

An Entrepreneur is principally out there in business to _______

a. Make profit
b. Deliver goods and services
c. Pay all forms of tax
*d. Create and deliver values

2. The word Entrepreneurship originates from the French word _______, which means "to
undertake"
*a. Entreprendre
b. Interprendre
c. Entripendre
d. Entreprendri

3. The attributes of a good entrepreneurship include all, EXCEPT_______

a. Need for achievement
b. Need to create superior value
c. Need for innovativeness
*d. Identification of mentor

4. In order to build long-term competitive advantage, the 21st century entrepreneurs primarily
invest in _______
a. Plant and equipment
b. Natural resources
c. Shares and debentgymures
*d. Knowledge and social capital

5. Small is beautiful is an entrepreneurship slogan propagated by the______

a. Europeans
b. Germans
*c. Japanese
d. Americans

6. A globally renowned known entrepreneur who made fortune through electric light bulb and
phonograph is ______
a. Richard Branson
b. Bill Gates
c. Henry Ford
*d. Thomas Edison

7. ______ is a high school drop-out entrepreneur who made fortune in a small record shop in
London.
a. Richard Branson
*b. Bill Gates
c. Henry Ford
d. Anita Roddick

8. All are popular demographic factors EXCEPT ________

*a. Self confidence
b. Gender
c. Education
d. Family birth order

9. ______ is not the main responsibility in managing an entrepreneurial venture

a. Managing process
b. Managing people
*c. Managing bureaucracy
d. Managing growth and innovation

10. The socio-economic values of entrepreneur include all but one ______
a. Employment creation
b. Innovation
c. Tax payment
*d. Encouraging illegal business

11. For business idea to be profitable, it considers what promises/values it offers to _______
a. Employee
b. Entrepreneurship
*c. Customer
d. Government

12. A good business idea must meet how many conditions _______
a. 2
*b. 3
c. 5
d. 4

13. An entrepreneur's next word for ‘go-between’ is _______

a. Innovator
b. Futuristic
*c. Risk taker
d. Creator

14. A business opportunity has the following qualities EXCEPT_______

a. The window opening last for long time
b. Is rewarding and provide significant profits and growth potential
c. Easy feasible and achievable entry into the market
*d. Break-even taken a long time

15. Business opportunity uses which of the following resources_______

a. Money and machine
b. Men and material
c. Idea
*d. All of the above

16. Entrepreneurs are usually referred to as_______

a. Intellect people
*b. Opportunists
c. Brilliant
d. Tribalism people

17. _____ deals with the careful identification and examination of every factor of business
opportunity (positive and negative effects)
a. Evaluation
b. Idea general
*c. Scanning business opportunity
d. Market analysis

18. Customers buy products to satisfy first their ____

a. Self
b. Image
*c. Need
d. Want

19. Entrepreneur is significant in all EXCEPT_______

a. Income redistribution
b. Employment potential
c. Promote local technology
*d. Frowns at self reliance

20. All are challenges of SMEs EXCEPT_______

a. Creating awareness for the product
b. Providing benefits and value to the customers
c. Getting acceptance by their target audience
*d. Quit break even

21. Marketing research process has how many key stops _______
a. 3
*b. 4
c. 7
d. 5

22. The first step in market research is to _______

*a. Define the opportunity problem
b. Design the method
c. Develop the solution
d. Collection of data

23. The function that links the organization to its market through the gathering of analysis of
information is ______
a. Product development
b. Data analysis
*c. Marketing research
d. Advertising

24. Market intelligence collects data on happenings on all EXCEPT_______

a. Competitors offerings
*b. Ownership/Entrepreneur history
c. Customer purchase trend
d. Product/price changes

25. Marketing research is a misplaced activity for SMEs_______

a. True
*b. False
c. None of the above
d. Only a and b

26. Which one of these is inexpensive alternative to survey myth?

a. Archival research
b. Systematic observation
*c. Cross-section survey
d. Secondary sources

27. ____ is not a theory of business growth in Nigeria

a. Franchising theory
b. Acquisition theory
*c. Personality Theory
d. Organic Theory

28. When one firm purchase of high strength purchase over the other, it is referred to as
________
a. Franchise
b. Leasor
*c. Acquisition
d. Merger

29. Reasons for unethical behaviours among Nigerian entrepreneurs are all EXCEPT____
a. Low income
b. Poor moral background
*c. Strong code of ethic
d. Weak sanctions

30. Ethical culture can be created by entrepreneur through all EXCEPT one ________
a. Be a visible role model
b. Communicate ethical expectations
c. Provide ethical training
*d. Reward mediocre
31. _____ is the ability of the business organization to act responsibly towards its internal and
external publics
a. Ethics
b. Consumers
*c. Corporate social responsibility
d. Citizenship

32. Ethics is good in business because of all EXCEPT ________

a. Corporate reputation
b. Shareholder’s trust
c. Long term sustenance of organization
*d. Employee turnover

33. Family business is business that____

a. Owned and managed by a person
b. Owned and run by a family member
*c. Owned and managed by family members
d. Owned and managed by blood relation only

34. An example of family business that have grown top among the list of five best in the world is
______
*a. Wall Mart
b. Sony
c. Agofure
d. Ibru

35. The three circle model encompasses all EXCEPT one ________
a. Family
b. Ownership
*c. Production
d. Management

36. ______ is a world known entrepreneur in Microsoft business.

a. Chief Femi Otedola
b. Alhaji Aliko Dangote
*c. Bill Gates
d. Walt Disney

37. _______ was a University drop-out who eventually became a successful entrepreneur.
a. Chief Femi Otedola
b. Alhaji Aliko Dangote
*c. Bill Gates
d. Walt Disney

38. The entrepreneur sees business opportunities only when ______

*a. He is creative, regularly scans the environment, and can see beyond the ordinary
b. He has cash and connection
c. He has God father in business
d. He sells fake items

39. The characteristics of a successful entrepreneur include all, EXCEPT______

a. Adaptability
*b. Changing the environment
c. Innovative mindedness
d. Analytical capability

40. Which is not the difference between an entrepreneur and a manager______?

*a. Environmental analysis
b. Ownership status
c. Risking bearing
d. Reward structure

41. The difference between entrepreneur and other businessmen is that______

*a. He is creative, values relationships, and delivers customer superior values
b. He believes in transaction paradigm
c. He takes business secret
d. He cheats the customers

42. Entrepreneur is someone who demonstrates initiatives and creative thoughts and is able to
organize socio-economic mechanism to turn resources and situations practically and accepts
risks and failures ______
*a. True
b. False
c. None of the above
d. All of the above

43. Opportunity recognition involves______

a. The ability to identify high-potential ones
b. The ability to identify low-potential ones
*c. All of the above
d. None of the above

44. The entrepreneur’s environment defines the _____

*a. Factors and actors that influence decision-making
b. The internal factors only that influence decision making
c. The external factors only that influence decision-making
d. Economic factors that influence decision-making

45. All are the macro-environmental forces to be considered by an entrepreneur, EXCEPT _____
a. Technology
b. Economy
c. socio-politics
*d. Suppliers

46. What is the critical reason for engaging in entrepreneurship?

a. Make profit
b. Play 419
c. Pay tax
*d. Create value

47. The documents required of an entrepreneur to register his business in Nigeria are amongst
others_____
a. memorandum and articles of association
b. Address of registered office
c. list and particulars of directors
*d. All of the above

48. The entrepreneur does the following fundamental management functions _____
*a. Planning, organizing, directing, co-ordinating, and controlling
b. Planning, organizing, directing, fashioning and controlling
c. Informing, organizing, directing, co-ordinating and controlling
d. Planning, organizing, directing, co-ordinating and reporting

49. One of the options is not a critical setback to an entrepreneur _____

a. inability to see and tap opportunities
b. funds
c. Human capital
*d. Government encouragement

50. _____ foster entrepreneurship in mature market create

a. Opportunity
*b. Necessity
c. Innovation
d. Commitment

51. The factor spurring entrepreneurship in rapid growth market create _____
a. Opportunity
b. Necessity
*c. Innovation
d. Commitment

52. The sources of funding entrepreneurial ideas includes but one_____

a. Equity
*b. Copying
c. Debenture
d. Personal savings

53. The tendency of perceive ambiguous situations as desirable is_____

a. Locus of control
b. Need for achievement
*c. Risk taking propensity
d. Tolerance for ambiguity

54. Major factors that influence the core process of opportunity recognition and development
include the following EXCEPT ________
a. Entrepreneurial alertness
b. Social networks
*c. Entrepreneurial posture
d. Prior knowledge

55. Social entrepreneurship achieves its goals by achieving the following_____

a. Being passionate in the community
b. Helping communities to define their problems
c. Being community friendly
*d. All of the above

56. Innovation represents goods, services, ideas, practices and opinions that are_____
a. The first in the industry
b. One of the first in the industry
c. The last in the industry
*d. The first or one of the first in the industry that has the capability of building for a firm a
competitive advantage

57. Who amongst these is a know scholar in innovation_____

a. Professor Ivan Pavlow
*b. Dr. B. F. Skinner
c. Professor Everette Rogers
d. Abraham Maslow

58. Early studies on entrepreneurial career choice focused on one of the following_____
a. Unemployment
b. Wealth creation
c. Inflation
*d. None of the above

59. One of the following is a determining factor of why people choose to become entrepreneurs
_____
*a. Attractiveness of an enterpriuse
b. Availability of funds
c. Entrepreneurship education
d. Paying taxes to the government

60. _____ provides a cognitive framework that endows meaning, belief and value and explains
the differences in entrepreneurial intentions
a. Geography
b. Top echelon
*c. Culture
d. GDP

61. Schumpeter (1934) observes that change is a catalyst for entrepreneurial activities, thus,
stable environments offer entrepreneurial opportunity_____
a. True
*b. False
c. None of the above
d. All of the above

62. Knowing the behavioural manifestations of entrepreneurship, we measure the entrepreneurial

levels in the following ways EXCEPT_____
a. Reliably
*b. Profitably
c. None of the above
d. All of the above

63. Which best defines an industry?

a. A place goods and services are manufactured
b. A manufacturer of heavy duty machines
*c. A group of firms that compete amongst themselves
d. A seller of goods and services

64. A typical example of a manufacturing industry is _____

a. Agriculture
b. Mining
c. Labour Market
*d. Automobile

65. The father of scientific management is_____

a. Henri Fayol
b. Frank Gilbert
c. Elton Mayo
*d. F. W. Taylor

66. Who is associated with the Hawthorne experiment and human relations management? _____
a. Henri Fayol
b. Frank Gilbert
*c. Elton Mayo
d. F. W. Taylor

67. Which is not a basis for assessing opportunities? _____

a. Net present value (NPV)
b. Break-even approach
c. Linear programming (LP)
*d. Balance sheet

68. In terms of Derr’s success measures, entrepreneurship means the following EXCEPT_____
a. Getting ahead
b. Balance
*c. Making money
d. Autonomy

69. _____ involves extending the firm’s domain of competence and corresponding opportunity
set through internally generated new resource combinations
a. Firm entrepreneurship
b. Independent entrepreneurship
c. Organizational entrepreneurship
*d. Corporate entrepreneurship

70. Generally entrepreneurial firms emphasize the following EXCEPT____

a. Technological leadership
b. Product leadership
c. Research & Development leadership
*d. All of the above

71. Risk returns trade-off emphasizes ____

*a. The more the risk, the more the returns
b. Risk equals returns
c. Risk less than returns
d. Invested cash

72. The internet turns the world flat means that ____
*a. Size and location are no more barriers to entrepreneurs
b. Size is no more barriers to the entrepreneurs
c. Location is no more a barrier the entrepreneurs
d. Entrepreneurs are equal

73. Cash-flow statement is broken into____

a. cash-flow from operating activities
b. cash-flow from investing activities
*c. All of the above
d. Cash paid for dividend

74. Micro-financing provides all EXCEPT ________

a. Financial services to economically active sector
b. Offers small loans
*c. Accepts small serving deposits
d. Offers simple payment services needed by micro-entrepreneurs

75. The long-term sources of loan for entrepreneur include all EXCEPT one ____
a. Debenture
b. Equity
c. Preference Shares
*d. Bonds
76. The salesman test only builds goodwill but does not take order is____
*a. Missionary sales people
b. Order delivery
c. Order taker
d. Service people

77. Which one of these is not a role of sales people?

*a. Produce product
b. Generate sales revenue
c. Meet buyer expectation
d. Provide market information

78. The first step in personality selling process is ____

a. Information
b. Approach
*c. Prospecting
d. Closing sales

79. All these are types of sales job EXCEPT ________

a. Order delivery
b. Order getting and taking
*c. Planning
d. Missionary and creative sales people

80. Canned sales is used in what stage of selling process____

a. Approach
*b. Presentation
c. Handling objection
d. Prospecting

81. The aspect of selling process that builds long lasting relationship and customer satisfaction
is____
a. Closing sales
*b. Follow-up
c. Approach
d. Handling objection

82. ____ is the number of stages for selling process, a sales process goes through
a. 6
*b. 7
c. 5
d. 4

83. ____ skill is needed to handle subordinate issues and problem

a. Technical skill
*b. human skill
c. Conceptual skill
d. Managerial skill
84. which of this is a key knowledge required in selling____
a. Company
b. Product
c. Sales technique
*d. all of the above

85. A common characteristics of a good sales person is ____

a. Communication ability
b. Accommodation
c. Empathy
*d. All of the above

86. The traditional P(s) of market are ____

a. 2
b. 3
*c. 4
d. 5

87. The extended P(s)/mix of marketing are____

*a. 7
b. 8
c. 6
d. 4

88. The various type of places where personal selling occur are EXCEPT ___________
a. Over the counter selling
b. Field selling
c. Telemarketing
*d. Shopping

89. Market coverage selling strategy is all EXCEPT one____

a. In intensive distribution
*b. In-narrow distribution
c. In selective distribution
d. In exclusive distribution

90. ____ is all economic activities whose output/outcome is not physical or construction
a. Commodity
b. Product
*c. Service
d. Item

91. Modern marketing tool are classified as ____ devices used for communication and drive
sales
*a. Electronic
b. Print
c. Broadcast
d. Transit

92. Facebook, Twitter, Blog, Website are ____ used for business activities
a. Machines
*b. Social media
c. Communication
d. Advertising

93. The employee who is entrusted with the responsibility to make innovation in the organization
is called ____
*a. Intraprenuer
b. Enterpreneur
c. Intrapersonal
d. None of the above

94. An entrepreneur is ____

a. Risk-bearer
b. Organizer
c. Innovator
*d. All of the above

95. ______ is individuals with innovative solutions to society’s most pressing and daunting
social problems
*a. Social Entrepreneur
b. Socialist enterprise
c. Entrepreneur
d. Philanthropist

96. ______ is a good or favourable change available to run a specific business in a given
environment at a given point of time
*a. Business opportunity
b. Optimist
c. Savoury
d. Business placement

97. ____ serves as a road map in setting up a business enterprise

*a. Business plan
b. Business idea
c. Business breakthrough
d. Business

98. ____is the attempt to create value through recognition of business opportunity, the
management of risk taking appropriate to the opportunity and through the communicative and
management skills to mobilise human, financial and material resources necessary to bring a
project to fruition.

*a. Entrepreneurship
b. socialism
c. Entreprepism
d. Business model

99. The easiest form of business is ____

*a. Sole proprietorship
b. Partnership
c. Co-operative
d. Company

100. The contents of a business plan include the following EXCEPT ______
a. Product
b. Manpower
c. Location
*d. Maturity

101. Entrepreneurship promotes employment opportunities in Nigeria____

a. True
*b. False
c. Only in business
d. Rivers State alone

102. Statement of cash flow contains operating, financial and investing activities of a
company____
*a. True
b. False
c. Cash book
d. Income statement

103. The following factors are impediments to entrepreneurial practice in Nigeria except____
a. The entrepreneurs’ mindset
b. Fear
*c. Innovativeness
d. Worry

104. The various components of the external environment that directly and consistently interfere
with the daily activities of the firm is known as____
a. Interest groups
b. Suppliers
c. Deciders
*d. Task environment

105. The following are the common reasons why people purchase goods and services except____
a. Desirability
b. Convenience
*c. Profitability
d. Appearance

106. For a new idea to be recognized as a business idea, it must be____

a. Diplomatic
b. Feasible
c. Viable
*d. d & a

107. A promising business idea has the following characteristics EXCEPT ________
a. Clear focus
b. Profitability
c. Innovativeness
*d. Co- operative

108. _________ is the tool employed by SMEs to identify customer needs, monitor/handle
complaints and keep abreact of competitive actions.
*a. Marketing research
b. Market potential
c. Sale potentials
d. C & D

109. The following methods are simple ways of collecting data by SMEs EXCEPT ________
a. Primary data
b. Secondary data
*c. Infotech
d. Observation

110. A growth strategy in which a firm combines its operations at different levels of the
production and marketing process is ____
a. Market strategy
*b. Vertical integration
c. Penetration strategy
d. None of the above

111. _______ is defined as the art of recording business transactions in chronological and
systematic manner so as to show firms financial position at any given date
a. Accounting
*b. Book keeping
c. Recording
d. A & B

112. The act of selecting a sub-set of the whole market place that a company can organize its
sales efforts around or on is known as ____
a. Diversification
b. Acquisition
*c. Segmentation
d. Penetration

113. ________ involves the exchange of digital information between parties such as coordination
of flow of goods and services and/or transition of electronic orders/payments.j
*c. e-commerce
d. e-marketing

114. A new technology that creates a new/different approach toward performing a task in a more
efficient and advantageous way that it displaces existing technology is known as ____
a. Innovation
*b. Disruptive technology
c. Arid strategies
d. Run strategy.

115. The process of adjusting a sales presentation to fit a particular selling situation is known as
____
a. Prospecting
b. Consultative selling
*c. Adaptive selling
d. Objective selling

116. The general forms of business, ownership transfer and succession include ____
a. Liquidation
b. Gifting
c. Inheritance
*d. Integration

117. Debt and equity are major sources of ____

*a. Entrepreneurial financing
b. Borrowing
c. Open market operations
d. Business assessment

118. Loan financing institutions for entrepreneur are____

a. Commercial banks, development banks and specialist banks
b. Merchant Bank, Development Banks and Specialist banks
*c. Money deposit banks, merchant bank and CBN
d. Bank of the North, UBA, and FCMB

119. The relationship between psychological attributes and entrepreneurial performance are
generally few but____
a. Certain
b. Uncertain
*c. Suggestive
d. None of the above

120. The elementary classification between founders as entrepreneurs and successors as non-
entrepreneurs avoids dependence on subjective distinctions such as the following EXCEPT____
a. Strategic preference
b. Orientation towards innovation
*c. Creativity
d. None is a factor
121. One is not an element of enlarged marketing mix____
*a. Distribution
b. People
c. Propensity
d. Positioning

122. The basis of market segmentation includes all EXCEPT____

a. Gender
b. Age group
c. Income
*d. None of the above

123. Fundamentally, consumer behavior covers all EXCEPT____

a. Searching for product
b. Disposing of product
*c. Producing products
d. Evaluating products

124. Balance sheet captures ____

*a. Assets, liabilities and capital
b. Fixed assets, current assets and equity
c. Liabilities and capital
d. Assets and capital

125. Assets are made up of ____

*a. Fixed and variable
b. Land and building
c. Cash and stock
d. Creditor and stockholders

126. Once is not an example of fixed costs____

a. Salaries
*b. Unskilled wages
c. Land
d. Building

127. Accounting books include all EXCEPT____

a. Balance sheet
*b. Fixed asset
c. Cash-flow statement
d. Statement of shareholders’ equity

128. The structure of income statement covers____

a. Revenue and cost
b. Cost and budget
*c. Income and expenses
d. Net income and income tax
129. All the following are techniques for analyzing financial statement EXCEPT _______
*a. Balance sheet
b. Ratio analysis
c. Fund flow analysis
d. Cash flow analysis

130. Break-even analysis analyzes the relationship between____

a. Production, operations and sales
b. Production, operations and analysis
c. Fixed and variable costs
*d. Sales revenue, operating costs and profits

131.____is not a major category of financial ratio analysis

a. Profitability sustainability
b. Operational effectiveness
c. Liquidity
*d. Autman model

132. ____ is not a participant in the stock market

a. The Nigerian Stock Exchange
b. Brokers
*c. Registrars
d. Investors

133. ______ may be used for distribution of low involvement entrepreneurial products
a. Wholesalers → Retailers → Agents → Consumers
*b. Producers → Wholesalers → Retailers → Consumers
c. Producers → Consumers
d. Producers → Agents → Consumers

134. The informal sector provides more employment opportunities than the formal sector in the
developed and emerging economies______
*a. True
b. False
c. None of the above
d. All of the above

135. Two methods are commonly used by entrepreneurs in the 21st century to work closely with
the consumers’ aspiration ____
a. Review of literature
b. Forecasting
*c. Research and user interface
d. Guessing

136. Which of the following statements is incorrect? ____

a. Assets – liabilities = capital
*b. Capital – liabilities = assets
c. Assets = capital + liabilities
d. Assets – capital = liabilities

137. Which of the following is not an asset? ____

a. debtor
b. Motor vehicle
*c. Creditor
d. Stock of goods

138. Which of the following is a liability? ____

a. Cash balance
*b. Loan from Chinda C.
c. Debtor
d. Building

139. Which of the following should not be called “sales”? ____

a. Goods sold, to be paid for m one month’s time
b. Goods sold, cash being received immediately
c. Items previously included in purchases, now sold on credit
*d. Sale of a motor lorry not now required

140. Which of the following should not be called “purchase”? ____

a. Items bought for the prime purpose of resale
b. Goods bought on credit
*c. Office stationary purchased
d. Goods bought for cash

141. Which of these statements is incorrect? ____

*a. profit is another word for capital
b. A loss creases capital
c. Profit increase capital
d. Drawings decreases capital

142. Gross profit is____

a. Excess of cost of goods sold over sales
b. Purchase + sales
c. Net profit less expenses
*d. Excess sales over cost of goods sold

143. Net profit is calculated on the____

a. Trial balance
b. Trading account
*c. Profit and loss account
d. Balance sheet

144. The credit entry for net profit is shown in the ____
*a. Capital account
b. Profit and loss account
c. Balance sheet
d. Trading account

145. The total of the sales journal is entered on ____

a. The debit side of the sales day book
*b. The credit side of the sales account in the general ledger
c. The debit side of the sales account in the general ledger
d. The credit side of the sales daybook

146. The purchase journal is best described as____

*a. A list of purchases bought on credit
b. Containing suppliers’ accounts
c. A list of purchases bought for cash
d. Part of the double entry system

147. In the trading account, the returns inwards should be____

a. Added to cost of goods sold
b. Deducted from purchases
*c. Deducted from sales
d. Added to sales

148. The descending order in which current assets should be shown in the balance are____
a. Debtors, bank, stock, cash
*b. Stock, debtors, bank, cash
c. Stock, debtors, cash, bank
d. Cash, bank, debtors, stock

149. The purchase journal consists of____

a. Cash purchases
b. Suppliers’ ledger accounts
*c. A list of purchase invoices
d. Payment for goods

150. A trade discount is best described as____

a. A discount if the invoice is paid
b. A discount given for cash payment
c. A discount given to suppliers
*d. A discount given to traders

151. The sales journal does not contain____

a. Credit sales made without deduction of trade discount
b. Credit sales made to oversee customers
*c. Cash sales
d. Credit sales which eventually turn out to be bad debts

152. The journal is____

a. Part of the double entry system
b. A form of sales day book
*c. A form of diary
d. A supplement to the balance sheet

153. A petty cash book ____

a. Is used only in limited companies
b. Is used when we have a bank overdraft
c. Is used for small cheque payments
*d. will keep down the number of entries on the general ledger

154. Any patents, trademarks, copyright or trade secrets held by the entrepreneur is known
as____
a. Disclosure document
b. Patent
*c. Intellectual property
d. None of the mentioned

155. The organization will never be able to make the necessary changes without_________
*a. Top management commitment
b. Employees
c. Workers
d. None of the mentioned

156. The ways entrepreneurs make decisions______

*a. Entrepreneurial domain.
b. Reverse brain storming
c. Heuristics
d. Reverse brain storming

157. A trademark is_______

*a. word, symbol, name or device that a business uses to identify its goods.
b. A legal protection for information on foreign products.
c. Legal protection for intellectual works.
d. Legal protection for a U.S. product exported to another country.

158. Locus of control is______

a. A feeling
b. Attitude
*c. Attribute
d. None of the above

159. Licensing arrangements have____

a. Low risk process involved
b. Easy way to generate incremental income
c. Several pitfalls
*d. All of the above

160. Personal characteristics to be a successful entrepreneur includes____

a. Understanding environment
b. Creating management options
c. Encourage open discussion
*d. All of the above

161. International entrepreneurship is____

a. Licensing
b. Exporting
*c. Both of the mentioned options
d. None of the two mentioned

162. Which of the following is not a characteristic that is helpful for an entrepreneur to have?
a. Self-esteem
*b. Caution
c. Drive
d. Optimism

163. Hindrance for going in the international business is known as____

a. Synergy
b. Turn key point
*c. Trade barrier
d. Minority interest

164. A set of reasons for engaging in a particular behavior, especially human behavior is known
as ______
a. Values
b. Vision
c. Entrepreneurship
*d. Motivation

165. Which of the following techniques is an excellent method for initially screening ideas and
concepts in addition to generating new ideas?
*a. Focus group
b. Brain storming
c. Problem inventory analysis
d. Reverse brainstorming

166. The creative process for problem solving that involves making the strange familiar in first
step and then making the familiar strange through personal, direct or symbolic analogy is called
_________
*a. Synectics
b. Gordon method
c. Checklist method
d. Scientific method

167. When the multiplicity of environments become too complex to handle, the international
entrepreneurs often _______
a. Go for mergers
b. Diversify
*c. Decentralize operations
d. Sale out the foreign business

168. An entrepreneur into the hosiery business found out the reason his hosiery was not selling
was due to its color. What could be the best source of this information? ____
a. Supplier
*b. Retailer
c. Competition
d. Government bureau

169. In some countries, point of purchase displays is not allowed in retail stores. Such
differences are studied by international entrepreneurs under __________ environment.
a. Economic
b. Political
*c. Cultural
d. Technological

170. Entrepreneurial success has been significant because of the culture and the political and
economic systems in _______
a. European countries
*b. Asian countries
c. Transition economies
d. Middle east

171. Having more than 50% ownership position that provides the entrepreneur with managerial
control is called _______
a. Joint venture
*b. Majority interest
c. Horizontal merger
d. Diversified activity merger

172. The under-developed or lesser developed countries need manufacturing technology and
infrastructure and yet do not want to turn over substantial portion of their economy to foreign
ownership. Which of the following is a solution to this dilemma? ____
a. Management contract
b. Indirect exporting
c. Licensing
*d. Turn-key project

173. The development of a new venture based on an inventor's work often requires _______
*a. Expertise of an entrepreneur
b. Heavy investment from financers
c. Skilled human resources
d. Highly educated staff

174. _________ is the process in marketing of dividing a market into distinct subsets (segments)
that behave in the same way or have similar needs.
a. Target Market
b. Market Analysis
*c. Market Segmentation
d. All of the Above

175. A business where an individual is both the owner and conductor of the business affairs is
called___________
*a. Sole Proprietorship
b. Partnership
c. Corporation
d. None of the above

176. In ________, the entrepreneur has the right to sell any assets.
*a. Proprietorship
b. Partnership
c. Limited Liability Company
d. None of the given options

177. __________are lists of the general tasks, or functions, and responsibilities of a position.
a. Job Specifications
*b. Job descriptions
c. Job Requirements
d. Jobholder

178. A__________ can be a budget, a plan for spending and saving future income.
a. Marketing Plan
*b. Financial Plan
c. Production Plan
d. Organizational Plan

179. __________ involves an interest-bearing instrument, usually a loan, the payment of which
is only indirectly related to sales and profits.
a. Equity Financing
b. Internal or External Funds
c. Banking Funds
*d. Debt Financing

180. The idea and actions that explain how a firm will make its profits refers to____
a. Mission
b. Goal
*c. Strategy
d. Objective

181. SBIR stands for____

a. Small Business Information Research
*b. Small Business Innovation Research
c. Small Business Intelligent Research
d. Small Business Inventory Research
182. _______is what the "W" in the SWOT analysis stands for.
a. Wedge
b. Work/life
c. Worth of Business
*d. Weakness

183. Benefits can focus on which of these?

*a. Value and Cost
b. Imitation and Innovation
c. Internal and External aspects
d. None of the given options

184. An entrepreneur's primary motivation for starting a business is_______

a. To make money
*b. To be independent
c. To be famous
d. To be powerful

185. To be successful in an entrepreneurial venture, you need____

a. Money
*b. Luck
c. Hard work
d. A good idea

186. Entrepreneurs are best as______

a. Managers
b. Venture capitalists
c. Planners
*d. Doers

187. A successful entrepreneur relies on which of the following for critical management
advice______
a. Internal management team
*b. External management professionals
c. Financial sources
d. No one

188. Entrepreneurs typically form______

a. Service businesses
b. Manufacturing companies
c. Constructive companies
*d. A variety of ventures

189. Entrepreneurs______
a. Are the life of the party
b. Are bores at a cocktail party?
c. Will never go to parties
*d. Just fit into the crowd at a party
190. Entrepreneurs and ventures capitalists:
a. Get along well
b. Are the best friends
c. Are cordial friends
*d. Are in conflict

191. An entrepreneur's primary motivation for high ego and need for achievement is based upon
a relationship with______
a. Spouse
b. Mother
*c. Father
d. Children

192. An individual usually begins his or her first significant entrepreneurial business enterprise at
what age______
a. Teens
b. Twenties
*c. Forties
d. Fifties

193. NAFTA is acronym for______

*a. North American Free Trade Agreements
b. North Asian Free Trade Agreements
c. National Asian Free Trade Agreements
d. National American Free Trade Agreements

194. The factor______ is probably the most prevalent reason for mergers.
a. Taxation
*b. Economies of scale
c. Inflation
d. Mergers

195. A ______ merger is a combination of two firms producing the same products but selling
them in different geographic markets.
a. Diversified Activity Merger
b. Product Extension Merger
c. Vertical Merger
*d. Market Extension Merger

196. One of the most frequent reasons an entrepreneur forms a joint venture is to share the
______
a. Resources
b. Cost
*c. Cost and risk of a project
d. Profit
197. _______ involves having a foreign purchaser in the local market or using an export
management firm.
a. Direct Exporting
*b. Indirect Exporting
c. Management Contracts
d. Turn-Key Projects

198. The _______measures the payments that flow between any individual country and all other
countries.
a. International Business
b. Economies of Scales
*c. Balance of Payment
d. None of the given options

199._________ is an entrepreneurial type who quickly identifies new promising business

opportunities but rarely, if ever, follows through on the opportunity to create a successful new
venture.
a. Simplicity Sue
*b. Shotgun Sam
c. Hidden Agenda Harry
d. Inventor Irving

200. One study found that the typical minority business owner was the____
*a. Oldest child in a blue-collar family and married.
b. Oldest child in a white-collar family and married.
c. Youngest child in a blue-collar family and married.
d. Youngest child in a white-collar family and married.

201. Traditional managers are____

a. Deals with mistakes and failures
*b. Tries to avoid mistakes and surprises
c. Attempts to hide risky projects from view until ready
d. None of the given Options

202. Entrepreneurs are____

*a. Moderate risk taker
b. High risk taker
c. Avoidance
d. Both b and c

203. Risk decisions are often postponed until____

*a. Hard facts can be gathered or a consultant hired to illuminate the unknown.
b. Hard facts can be gathered or an auditor hired to illuminate the unknown.
c. There is no need to gather facts and hired a consultant/auditor
d. None of the given options

204. ____ is one method of stimulating, and then capitalizing on, individuals in an organization
who think that something can be done differently and better.
a. Strategic Orientation
b. Capitalization
*c. Intrapreneurship
d. Management

205. The typical ______ has a climate and reward system that favor conservative decision
making.
a. Entrepreneurship culture
*b. Corporate culture
c. Intrapreneurial culture
d. None of the given options

206. Female entrepreneurs normally start their venture at the age of ______ years.
*a. 35-45
b. 25-30
c. 20-25
d. 40-45

207. Male entrepreneurs normally start their venture at the age of_____ years.
a. 20-25
*b. 25-35
c. 40-50
d. After the age of retirement.

208. The _______ is the process through which innovation develops and commercializes through
entrepreneurial activity, which in turn stimulates economic growth.
*a. Product-evolution process
b. Technological innovations
c. Breakthrough innovations
d. None of the given options

209. A__________ is a type of company formed from research and development that usually
does not go public.
*a. Foundation
b. Life-Style Firm
c. High-Potential Venture
d. Both b and c

210. ______involve such things as writing, listening, oral presentations, coaching and technical
know-how.
a. Business Management skills
b. Personal entrepreneurial skills
*c. Technical skills
d. None of the given options

211. The _______ means to do things in his or her own way and time.
*a. Need per independence
b. Need for achievement
c. Personal values
d. Ethics

212. ______ is a reason or set of reasons for engaging in a particular behavior, especially human
behavior.
a. Moral value
b. Act
*c. Motivation
d. None of the options

213. The _______ plan shows whether the business is economically feasible or not.
a. Financial
*b. Business
c. Economic
d. Marketing

214. The term entrepreneur is translated as ______

a. between-giver
*b. between-taker
c. receiver
d. giver

215. The period in which the money person entered into a contract with the go-between to sell
his goods is known as ______
a. middle area
b. 18th century
c. 17th century
*d. Earliest period

216. ______viewed the entrepreneur as a risk taker who "buy(s) at an uncertain price, therefore
operating at a risk"
a. Eli Whitney
b. Edward Harriman
*c. Richard cantilena
d. Thomas Edison

217. A ______ is a professional money manager who makes risk investment from a pool of
equity capital to obtain a high rate of return on investments
*a. venture capitalist
b. entrepreneur
c. businessman
d. Buyer

218. In the ______ century, the notion of an entrepreneur as an innovator was established.
a. 17th century
b. Late 19th century
*c. middle of the 20th century
d. 18th century
219. In almost all definitions of entrepreneurship there is agreement that we are talking about a
kind of behavior that includes______
a. initiative taking
b. the organizing and reorganizing or social/economic mechanisms to turn resources and
situations to practical account.
c. the acceptance of risk or failure
*d. all of the given option

220. One effective way to begin the marketing plan is______

*a. To make a list of the information that will be needed to prepare the marketing plan.
b. Gathering Data from Secondary Sources
c. Gathering Information from Primary Sources.
d. None of the options given

221. A focus group______

a. Is a sample of 10 or 12 potential investors who participate in a discussion?
b. b Is a sample of 10 or 12 potential employees who participate in a discussion?
*c. Is a sample of 10 or 12 potential customers who participate in a discussion?
d. None of the options given

222. The situation analysis is______

a. Defining Target Market/Opportunities and Threats.
b. Considering Strengths and Weaknesses
*c. A review of where the company has been and considers environmental factors.
d. None of the options given

223. One of the difficult decisions______

a. Is about the distribution of the product
*b. Is determining the appropriate price for the product.
c. Is about the promotion of the product
d. None of the options given

224. Which of the following statement is true for marketing system? ______
a. It is all about the internal envoi mental factors
*b. It identifies the major interacting components, both internal and external
c. It's about the financial needs of the venture
d. None of the options given

225. In setting marketing goals and objectives the entrepreneur must______

a. Set the price
b. Distribution place
c. Must satisfy customers
*d. None of the above

226. The financial plan provides a complete picture of______

a. How much and when the funds are coming into the organization.
b. Where the funds are going.
c. How much cash is available?
*d. All of the options given

227. Before developing the pro forma income statement, the entrepreneur should______
a. Prepare operating budgets
b. Capital budgets.
c. None of the options given
*d. Both of the options given (a,b)

228. Which of the following statement is true?

a. Cash flow is same as profit.
*b. Profit is the result of subtracting expenses from sales.
c. Cash flow results from the difference between all cash available and cash payments.
d. Cash flows only when actual payments are not made but only received.

229. Personal characteristics to be a successful entrepreneur includes______

a. Understanding environment
b. Creating management options
c. Encourage open discussion
*d. All of the above

230. without top management commitment, the organization will______

a. Be able to make changes
*b. Not be able to make any changes
c. Not be able to make effective changes
d. None of the above

231. Locus of control is______

a. A feeling
b. Attitude
*c. Attribute
d. None of the above

232. Entrepreneurial experience becomes increasingly important as______

a. Work load increases
*b. Complexity of venture increases
c. Complexity of wok increases
d. None of the above

233. Entrepreneurs are concerned about basic issues of______

*a. Sales, costs and benefits
b. Customers, sales and costs
c. Risk, costs and benefits
d. None of the above

234. Licensing arrangements have______

a. Low risk process involved
b. Easy way to generate incremental income
c. Several pitfalls
*d. All of the above

235. Joint ventures have been used by entrepreneur______

a. When the entrepreneur wants to purchase local knowledge
b. When rapid entry in to the market is needed
*c. Both of the options given
d. None of the above

236. First stage of production planning and development processes is______

a. Idea stage
b. Concept stage
*c. Establishing and evaluating criteria stage
d. None of the above

237. The importance of intellectual property should be understood by entrepreneur even before
_______
a. Hiring a manager
*b. Engaging an attorney
c. Developing a product
d. Establishing new venture.

238. Which of the following is not followed in brainstorming?

*a. Criticism is done by the group members
b. The wilder idea is batter
c. Quantity of ideas is required
d. The session should be fun, with no on dominating the discussion

239. The former USSR received technology and syrup from Pepsi and provided it with Soviet
vodka and rights to distribute it in the US. This is an example of______
a. Economic development
*b. Barter system
c. Balance of payment
d. International trade

240. A patent is granted for a specified amount of time because of the assumption______
a. During this time firm will cover its development costs
b. Firm will earn a sufficient profit during this period
c. To limit the monopoly of the firm
*d. It will stimulate idea and development of a batter product

241. Developing a new idea through inquiry and testing is called _______
a. Heuristics
*b. Scientific method
c. Forced relationship
d. Value analysis
242. In an international perspective, which of the following decisions are not covered under
strategic planning of an entrepreneur? ______
*a. What are unique characteristics of each market?
b. Who should be involved in marketing decisions?
c. What customer benefits are provided by the product
d. What are the company's major strengths and weaknesses?

243. Which of the following grants the owner protection from anyone else making, using and
selling the identified innovation? ______
*a. Utility patent
b. Design patent
c. Plant patent
d. International patent

244. The problem inventory analysis should b used primarily to______

a. Reflect a new business opportunity
*b. Identify product idea for further evaluation
c. Solve unknown problems
d. Develop a list of problems

245. Selling goods to another country through a person in the entrepreneur's home country is
known as ______
a. Export
b. Direct export
*c. Indirect export
d. Domestic sales

246. Which of the following statements is not true about trademarks? ______
a. A trademark could be a slogan or a particular sound
b. Some trademarks have no relationship with the product
c. The filing date for the trademark becomes the first date use of the mark
*d. The entrepreneur cannot file after the mark already been in use

247. The product life cycle is included in which stage of product planning and development
process? ______
a. Test marketing stage
b. Product development stage
*c. Commercialization stage
d. Product planning and development process is a part of product life cycle

248. Which of the following cannot be covered under the copyright protection? ______
a. Computer software
*b. Computer hardware
c. Poems and songs
d. Models and sculpture

249. Idea of new product is tested in potential consumers to determine consumer acceptance at
the_________ stage.
*a. Concept
b. Product development
c. Test marketing
d. Commercialization

250. According to the governing bodies of common laws, the life of trade secret is______
a. 12 years
b. 17 years
c. 20 years
*d. As long as it remains confidential

251. Which of the following is used by entrepreneurs to acquire experience in an International

market before making a major commitment? ______
a. Merger
b. Joint venture
*c. Minority interest
d. Majority interest

252. The evaluation criteria for the new product should include all of the following
except______
a. Determination of market demand
*b. Determination of the suppliers
c. Pricing and marketing policies of other competing firms
d. Product should be profitable

253. Licensing is a significant marketing strategy to______

a. Use intellectual property of others
b. Pirate others' patents
*c. Grow the business in new markets
d. Control the costs

254. Automated stock replenishment, electronic selling and processing of customers orders and
payments are examples of________
*a. E-business
b. E-commerce
c. E-trading
d. E-transaction

255. The longest lasting trade agreement with the objective of liberalizing trade by eliminating or
reducing tariffs, subsidies and quotas is ______
a. Free trade area (FTA)
b. European community (EC)
*c. General agreement on tariffs and trade (GATT)
d. The North American free trade agreement (NAFTA)

256. The most important characteristic of a successful business website is_____

*a. Speed
b. Innovation
c. Graphics
d. Products

257. Many companies are attempting to create the same ______ of entrepreneurship in the
organization.
a. spirit
b. culture
c. reward
*d. all

258. The typical _____ has a climate and reward system that favors conservative decision
making.
a. Entrepreneurial process
b. Opportunity identification
c. Entrepreneurial culture
*d. Corporate culture

259. There is/are individual characteristic(s) needed for a person to be successful entrepreneurs,
_____
a. Understanding the environment
b. been visionary and flexible
c. Creating management options
*d. all

260. Without _____ commitment, the organization will never be able to make the necessary
changes.
*a. top management
b. upper management
c. middle management
d. all

261. With _____ cut backs, more control has been given to lower levels of the organization.
a. top management
b. upper management
*c. middle management
d. lower management

262. Women are now starting new ventures at _____ time(s) the rate of men.
a. one
b. two
*c. three
d. Four

263. A/an _____ an individual who creates something for the first time, is a highly driven
individual motivated by his or her own work and personal ideas.
a. Entrepreneur
*b. Inventor
c. Salesman
d. Investor

264. An entrepreneur falls in love with the new _____

a. Industry
b. Invention
*c. Venture
d. None

265. What causes people to do something ______

*a. Motivations
b. Need for achievement
c. Need for independence
d. All of the above

266. _____ is the process of an entrepreneur conducting business activities across national
boundaries.
a. National entrepreneurship
*b. International entrepreneurship
c. Both a and b
d. None of the given option

267. An entrepreneur is concerned about the same basic issue(s) _____

a. sales
b. costs
c. profits
*d. All

268. A countries’ _____affects the valuation of its currency.

a. Economics
b. Culture and traditions
*c. Balance of payments
d. Technological environment

269. 4 laws governing business arrangements also vary realty in the _____ different legal
systems and sets of national laws.
*a. 150
b. 50
c. 100
d. 95

270. To understand what is required for effective planning, reporting and control the
entrepreneur should consider________
a. Environment analysis
b. Strategic planning
c. Operating planning
*d. All
271. 6 lesser-developed countries are able to obtain manufacturing technology without
surrendering economic control through _____
a. Licensing
*b. Turn key projects
c. Direct foreign investment
d. Direct exporting

272. A _____ Is the combination of two firms that produce closely related projects in the same
area?
a. Product extension merger
b. Vertical merger
*c. Horizontal merger
d. Diversified activity merger

273. _____ is a creative process that forces individuals to solve problems through one of four
analysis mechanisms, personal, direct, symbolic and fantasy.
a. Ordain method
b. Checklist method
c. Brainstorming
*d. Synaptic

274. _____ method is a method of developing new ideas when the individuals are unaware of the
problem.
a. Synaptic
*b. Ordain method
c. Reverse brainstorming
d. Matrix charting

275. Following is/are the factor(s) that facilitate the growth of e-commerce are________
a. The widespread use of personal computers
b. The adoption of intranets in companies
c. The acceptance of the internet as a business communications platform
*d. All

276. The product life cycle is generally divided into the following stage(s)________
a. Product introduction
b. Market growth and maturity
c. Sales decline
*d. All

277. The entrepreneur should first file a _____ to establish a date of conception
a. The patent application
*b. The disclosure document
c. Patent infringement
d. None

278. A _____must have become distinctive and aimed recognition before it can be registered.
a. Arbitrary mark
b. Selective mark
*c. Descriptive mark
d. Trade mark

279. A _____ protects original works of authorship.

a. Trade marks
b. Trade secrets
*c. Copyrights
d. All

280. The consumer product safety Act, passed in_____

a. 1986
*b. 1972
c. 1970
d. 1965

281. Common types of insurance include________

a. Property insurance
b. Casualty and life insurance
c. Bonding
*d. All

282. Insurance companies calculate the premium for workers' compensation as a percentage
of________
a. Payrolls
b. Type of business
c. Prior claim
*d. All

283. The perspective(s) need to be considered in the business plan is/are________

a. Entrepreneur
b. Investor
c. Marketing perspective
*d. All

284. The _____ provides a brief summary of the business plan's contents.
a. Executive summary
*b. Introductory page
c. Environmental and industry analysis
d. Description of the venture

285. Following is/are the factor(s) that facilitate the growth of e-commerce are________
a. The widespread use of personal computers
b. The adoption of intranets in companies
c. The acceptance of the internet as a business communications platform
*d. all

286. The product life cycle is generally divided into the following stage(s)________
a. Product introduction
b. Market growth and maturity
c. Sales decline
*d. All

287. The creative process for problem solving that involves making the strange familiar in first
step and then making the familiar strange through personal, direct or symbolic analogy is
called________
*a. Synectics
b. Ordain method
c. Checklist method
d. Scientific method Bottom of Form

288. Which of the following is included in the description of the business? _____
a. Location
b. Products offered
c. History
*d. All of the given options

289. Which of the following cannot be covered under the copyright protection? _____
a. Computer software
*b. Computer hardware
c. Poems and sons
d. Models and sculpture

290. Why should an entrepreneur do a feasibility study? _____

*a. To see if there are possible barriers to success
b. To identify possible sources of funds
c. To estimate the expected sales
d. To explore potential customers

291. In an international perspective, which of the following decisions are NOT covered under
strategic planning of an entrepreneur? _____
*a. What are unique characteristics of each market?
b. Who should be involved in marketing decisions?
c. What customer benefits are provided by the product?
d. What are the company's major strengths and weaknesses?

292. Brand in business represents the following EXCEPT_____

a. Name
b. Term
c. Symbol
*d. All of the above

293. Branding is pervasive of which management process_____

a. Planning
*b. All the stages/process
c. Organizing
d. Strategy

294. Brand represents picture that governs ____ mind

a. Government
*b. Consumer
c. Employee
d. Student

295. Branding is the process of activities of giving a particular product a ____

a. Value
b. Choice
*c. Name
d. Management

296. The aspect of brand that can be verbalized and vocalized is ____
a. Brand Symbol
*b. Brand Name
c. Brand Colour
d. Brand Design

297. The aspect of brand that require legal protection and registration is____
a. Trade Mark
*b. Trade Name
c. Brand Colour
d. Brand Name

298. Fulani herdsmen practice branding of putting marks/sign at the back of ____
a. Mans
b. Buildings
*c. Cows
d. Trees

299. Which one of these is not a role of brand? _____

a. Source of maker
b. Reduce risk of choice making
c. Inventory/tracking record
*d. Depletion

300. The role of brand that allows entrepreneur to reap from the creatively investment is _____
a. Asset
*b. Intellectual property right
c. Inventory right
d. Goodwill right

301. _____ quality of brand allows for easy recognition and recall by consumer
*a. Memorable
b. Meaningful
c. Adaptable
d. Protectable

302. Which one of these is not a quality of brand _____

*a. Adjustable
b. Protectable
c. Memorable
d. Meaningful

303. CANIRIV is an example of which type of brand_____

a. Idea
b. Person
c. Product
*d. Event

304. Using your own district, unique and innovative name for different version of product is
called_____
*a. Individual brand name
b. Family brand name
c. Generic branding
d. Corporate brand name

305. Using a organization name for all the product of that firm is ____
*a. Corporate name
b. Individual name
c. Generic name
d. Co-branding name

306. Shell/NNPC joint venture is an example of what branding approach_____

a. Family name
*b. Co-branding name
c. Individual name
d. Company name

307. _____ is the value endowed in a brand

a. Brand management
*b. Brand equity
c. Brand joy
d. Brand asset

308. The first process of strategic brand equity starts with ____
*a. Consumer brand research
b. Brand element
c. Integrated marketing
d. Continuous innovation

309. The aspect of brand building that considers every internal unit/department is important is
_______
*a. Integrated marketing
b. Competitor research
c. Brand element
d. Secondary association

310. The publics of an entrepreneur are all EXCEPT one _____

a. Banks
b. Government
c. Host communities
*d. The company itself

311. ______ is the process of exchanging idea, goods and services for an amount of money or for
anything of value
*a. Selling
b. Trade by barter
c. Personal
d. Transaction

312. The art of selling or persuading customer to buy represent ____

a. Personal selling
b. Trade
*c. Salesmanship
d. Mass media

313. _________ refers to one’s belief in one’s ability to succeed in specific situations and/or
accomplish task
*a. Self-efficacy
b. Determination
c. Ability
d. All of the above

314. The uncontrollable environment is also called_____

a. Internal
b. Controllable
*c. Task
d. Political

315. The environment that makes it difficult to recognize raw opportunities is found in ___
a. Plan
b. Structure
*c. Task
d. Internal

316. ___ and ____ are the two major components of entrepreneur environment
a. The market
b. Non-market
*c. a and b
d. None of the above
317. Social, political and legal arrangements are under ____ environment
a. Market
b. Internal
*c. Non market
d. Economic

318. The Sum total of forces/factors outside the entrepreneur and the firm that hinder business
development is ____
a. Political
*b. Environment
c. Risk
d. Culture

319. The government role is summed into _____

a. Regulatory
b. Supportive
*c. a and b
d. None of the above

320. Which one of these is not incentive used by government to encourage entrepreneur_____
a. Tax holiday
b. Exportation
*c. Inflation
d. Infrastructure development

321. ____ defines the existence of unmet and unsatisfied need which can be profitable tapped
a. Business
b. Business idea
*c. Business opportunity
d. Market

322. Entrepreneurship business start first with_____

a. Production
b. Accounting/record keeping
*c. Market need identification
d. Human Resource

323. The first essence of entrepreneurship is to _____

a. Create need
b. Make money
*c. Satisfy need
d. Develop business

324. Customers are more concerned with what benefit they get than product _____
a. Time
b. Place
*c. Feature
d. Price

325. Entrepreneurship is driven by poverty, newer and better ways of accomplishing familiar
task is summed as ___
*a. Creativity/Innovation
b. Development
c. Technology
d. Best practices

326. A concept that can be used to make money is ____

*a. Concept
b. Business idea
c. Market need
d. Brain storming

327. Entrepreneurship entails_____

*a. Converting idea to market product/service and for maney
b. Converting weakness to strength
c. Conceptual new idea only
d. a and c

328. The following are the characteristics of a good business idea EXCEPT_____
a. Innovative
b. Unique
*c. Imitation
d. Original

329. In which of the following, the ownership of venture is reflected by ownership of shares of
stock? _____
a. Partnership
b. Limited partnership
*c. Corporation
d. Proprietorship

330. Bankers say that most businesses fail because of the _____ inability to plan properly.
a. Investor's
b. Marketer's
*c. Entrepreneur's
d. Consultant's

331. The _______ of a venture could be that the company has experience in related business.
*a. Strength
b. Weakness
c. Opportunity
d. Threat

332. The marketing plan should focus on strategies and for the first year, goals and strategies
should be projected _______
a. Daily
b. Weekly
*c. Monthly
d. Quarterly

333. Which of the following is not a characteristic of marketing plan? _____

a. It should provide a strategy to accomplish the company mission
b. It should provide for the use of existing resources
c. It should be simple and short
*d. It should be rigid

334. Secondary data can be obtained from all of the following sources, except________
a. Internet
b. Magazine
c. Bureau of statistics
*d. Focus group

335. Which of the following is one of the simplest form and lowest in entry costs_____
*a. Direct mail marketing
b. Online marketing
c. Sales promotion
d. Export marketing

336. In ________, the death of entrepreneur results in the termination of venture.

*a. Proprietorship
b. Limited company
c. Limited partnership
d. Corporation

337. In partnership, the ability to raise capital depends on the __________ of the business.
a. Expansion
*b. Success
c. Size
d. Nature

338. Which of the following is NOT recognized an important component to organizational

vision? _____
a. The vision should be built on a foundation of the organization's core values and beliefs.
b. The vision should elaborate a purpose for the organization.
c. The vision should include a brief summary of what the organization does.
*d. The vision should specify detailed and short-term goals.

339. Which of the following components of organizational vision and mission statements tells
how the organizational unit is responsive to societal, community, and environmental issues?
_____
a. Customer
b. Market
c. Self-Concept
*d. Concern for public image

340. Which of the following dimensions of organizational culture describes the degree to which
employees are expected to do their jobs with precision, thorough analysis, and attention to detail?
_____
a. Innovation and risk-taking
b. Team orientation
c. Aggressiveness
*d. Attention to detail

341. Which of the following does NOT represent a method through which organizational culture
is learned? _____
a. Stories
*b. Conflict
c. Rituals
d. Material symbols

342. Which of the following is NOT recognized as an important purpose of a business plan?
_____
a. Development tool for organizational founders
b. Vision and mission clarification
c. Planning and evaluation guidelines
*d. All of the selections are recognized as important purposes of a business plan.

343. Which of the following is NOT recognized as a major area that should be included in a
business plan? _____
a. Executive summary
*b. Corporate culture differences
c. Analysis of the opportunity
d. Analysis of the context

344. All of the following are important elements of the financial data and projections section of a
business plan EXCEPT_____
*a. SWOT analysis
b. Projected income statements
c. Break-even analysis
d. Cost controls

345. A (n) ______ is a form of organization in which the owner maintains complete control over
the business and is personally liable for business debts.
*a. Sole proprietorship
b. General partnership
c. Corporation
d. Limited liability Company

346. A (n) _____ is a form of business organization in which two or more business owners share
the management and risk of the business
a. Limited liability Company
*b. General partnership
c. Corporation
d. Sole proprietorship

347. A (n) ______ is a form of business organization in which there are general partners and
limited liability partners.
a. Sole proprietorship
b. General partnership
*c. Limited liability partnership
d. Corporation

348. A (n) ______ is a legal business entity that is separate from its owners and managers.
a. Sole proprietorship
b. General partnership
*c. Corporation
d. Limited liability Company

349. A (n) ______ is a form of legal protection for a distinctive word, name, phrase, logo,
symbol, design, slogan, or any combination of these elements.
*a. Trademark
b. Patent
c. Contract
d. Procedure

350. Which of the following is NOT one of the three different types of patents? _____
a. Utility patent
b. Design patent
c. Plant patent
*d. All the selections are valid type of patent.

351. Which of the following is recognized as the most common type of patent? _____
*a. Utility patent
b. Design patent
c. Plant patent
d. Cultural patent

352. All of the following are signals of potential decline in organizational performance
Except________
a. Poor communication within the organization
*b. Intolerance of work incompetence
c. Fear of conflict and taking risks
d. Negative cash flow

353. All of the following are recognized as important people practices of successful
organizations EXCEPT________
a. Employment security
b. Selective hiring
*c. Increased status differences
d. Training

354. Which of the following is NOT a characteristic of an effective team? _____

a. External support
b. Clear goals
*c. Irrelevant skills
d. Mutual trust

355. in brainstorming_____
a. No criticism is allowed
b. Quantity of ideas is desired
c. None of the mentioned options
*d. Both of the mentioned options

356. A technique that asks questions about objects or ideas in an effort to develop a new idea
is_____
a. Heuristics
b. Matrix charting
*c. Forced relationships
d. Attribute listing

357. The solution development is_____

a. Big-Dream approach
b. Parameter Analysis
*c. Creative synthesis
d. None of the above

358. Perceived benefits /risks involve the following factors________

a. Utility to customer
b. Consumption habits
c. Buying motives
*d. All of the above

359. A patent is_____

a. A document between government and an inventor
*b. Grants holder protection from others making, using, or selling similar idea
c. A public domain
d. None of the above

360. Marketing mix includes________

*a. Product or service
b. Financing
c. Consumer
d. Retailer

361. Which of the following statement is true for tax advantage of proprietorship? _____
a. There is double tax on profits
*b. There is no capital stock tax or penalty for re trained earnings
c. Both of the options given
d. None of the options given

362. Industry analysis should include information on________

a. Market size of competitor's product
b. Growth rate of suppliers
c. New products entry
*d. Economic conditions

363. We need to update the business plan because _____

*a. Environmental factors and internal factors can change the direction of the plan
b. Goals set by the entrepreneurs may be unreasonable.
c. Goals may not be measurable.
d. Goals may not be specific

364. Marketing research involves the gathering of data in order to determine information
as________
a. Who will buy the product?
b. What price should be charged?
c. What is the most effective promotion strategy?
*d. All of the mentioned options

365. The most often used type of funds is_____

*a. Internally generated funds
b. Externally generated funds
c. Commercial bank funds
d. None of the mentioned options

366. Which of the following is not type of Bank Loans? _____

a. Inventory loans
*b. Accounts payable loans
c. Equipment loans
d. Real estate loans

367. Conventional bank loans include________

a. Lines of credit
b. In Stallman loans
c. Straight commercial loans
*d. All of the mentioned options

368. When an entrepreneur is unable to secure a regular commercial bank loan, an alternative is
a________
a. Small and medium enterprise loan
b. Character loan
*c. Small Business Administration (SBA) Guaranty Loan
d. Equipment loan
369. Installment loans can be obtained by a going venture with a track record of________
*a. Sales and profits
b. Customers
c. Supplier's chain
d. All of the mentioned options

370. What causes people to do something? _____

a. Need for achievement
b. Need for independence
*c. Motivation
d. None of the mentioned options

371. Individuals who help the entrepreneur in business activities_____

a. Role models
*b. Professional-support network
c. Parents
d. None of the mentioned options

372. The managers in an organization strongly supporting intrapreneurship is called _____

*a. Top management commitment
b. Upper management commitment
c. Lower management intrapreneur
d. Upper management intrapreneur

373. _____ involves a manufacturer giving a foreign manufacturer the right to use a patent,
trademark or technology in return for a royalty
*a. Licensing
b. Turn-key projects
c. Management contracts
d. None of the mentioned options

374. In chronological age, most entrepreneurs start their careers between ages_____
*a. 22 and 55
b. 30 and 55
c. 40 and 65
d. None of the given options

375. _______ is the combination of at least two firms doing similar businesses at the same
market level.
a. Diversified activity Merger
*b. Horizontal Merger
c. Joint Venture
d. Vertical Merger

376. Which of the following is NOT recognized as a misconception about entrepreneurship?

_____
a. Entrepreneurship is found only is small businesses.
b. Entrepreneurship is easy.
c. Successful entrepreneurship needs only a great idea.
*d. Entrepreneurial ventures and small businesses are different

377. All of the following are recognized as potential sources of entrepreneurial ideas
EXCEPT________
a. Work experiences, skills, and abilities
b. Familiar and unfamiliar products and services
c. Personal interests or hobbies
*d. All of the selections are recognized as potential sources of entrepreneurial ideas.

378. An __________ is an individual who creates something for the first time, is a highly driven
individual motivated by his or her own work and personal ideas.
a. Entrepreneur
*b. Inventor
c. Both a and b
d. None of the given options