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Prelim Exam

This document contains a 25 question preliminary exam on entrepreneurship. The questions cover topics such as the definition of small businesses, common entrepreneur characteristics, sources of new business ideas, forms of business ownership like proprietorships and partnerships, methods of financing a business through equity or public offerings, the concept of franchising, different types of innovation, myths associated with entrepreneurship, objectives for small businesses, types of entrepreneurs, steps in an entrepreneurial endeavor, common reasons for business failure, components of a business plan, advantages and disadvantages of different forms of business ownership like partnerships and corporations, management tactics to maximize innovation, and classifications of partnerships.

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3K views2 pages

Prelim Exam

This document contains a 25 question preliminary exam on entrepreneurship. The questions cover topics such as the definition of small businesses, common entrepreneur characteristics, sources of new business ideas, forms of business ownership like proprietorships and partnerships, methods of financing a business through equity or public offerings, the concept of franchising, different types of innovation, myths associated with entrepreneurship, objectives for small businesses, types of entrepreneurs, steps in an entrepreneurial endeavor, common reasons for business failure, components of a business plan, advantages and disadvantages of different forms of business ownership like partnerships and corporations, management tactics to maximize innovation, and classifications of partnerships.

Uploaded by

Phaul Quicktrack
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PRELIM EXAM

ENTREPRENEURSHIP

PLEASE READ!
Encircle the letter that corresponds to your answer. Strictly NO erasures.

1) A/An ______ is best described by stating it is any business that is independently owned and operated
and is not dominate in its market.
a. Corporation b. Sole Proprietorship c. Small Business d. Business Plan

2) Which of the following is not considered a common characteristic of an entrepreneur?


a. High Need of Achievement b. Self-confidence c. Willing to take the risk
d. Focus

3) The ideas for new businesses that are obtained by entrepreneurs are derived from many sources.
These various sources include all but _______.
a. Replication of the existing business b. Franchising c. Trade shows d. Trade Journals

4) A(n) ________ is defined as a form of business that is an association of two or more people acting
as co-owners of a business.
a. Proprietorship b. Partnership c. Corporation d. Incorporation

5) _________ financing is raising money by selling part of the ownership of the business to investors.
a. Venture Capital b. Equity c. Public Offering d. Spin-Off

6) Of the following, which is best identified when a business with an established name and product is
sold to additional owners along with the rights to distribute product?
a. Franchise b. Trade-off c. Barter d. Manufacturing

7) ______ is best described as doing something differently and has been described as discontinuous
or complementary change.
a. Innovation b. Enterprise c. Entrepreneurship d. Trading

8) ______ is best described as doing something differently and has been described as discontinuous or
complementary change.
a. Product Innovation b. Resale c. Oversale of Rights d. Retailing of Products

9) All but which of the following is considered to be a myth associated with entrepreneurship?
a. Successful entrepreneurs are born not made b. First venture are always successful
c. Successful entrepreneurs must have a break-through innovation d. Faces extraordinary risks

10) For small business owners, one of the most important objectives is _______.
a. Profitability b. Growth c. Innovation d. Market Presence

11) The entrepreneur who is committed to the entrepreneurial effort because it makes good business
sense is classed as a/an _____.
a. Inventor b. Opportunists c. Craftsman d. Hacker

12) The steps involved in an entrepreneurial endeavor include all but which one of the following?
a. Business Plan Formulation b. Hiring a Partner c. Adaption of market growth
d. Obtaining Financing

13) Common reasons for entrepreneurial failure include all but which one of the following?
a. Poor Implementation b. Lack of Capital c. Faulty Product Design
d. Ineffective Human Resource

14) A/An ________ is defined as the blueprint describing the business strategy for entering the
marketplace and explains the business to potential investors.
a. Business Plan b. Business Trading c. Entrepreneurship d. Power
15) Of the following, which one is not considered a key component of a business plan?
a. Source of Funding b. Market Trend Analysis c. Methods of Dissolution of the
organization d. Expansion Plan

16) Which one of the following would not be considered an advantage to a partnership formation?
a. Potential of Double Taxation b. Less Governmental Control c. Ease of Information
d. Direct share of profits

17) Which one of the following would not be considered a disadvantage of a corporation?
a. High Incorporation Fees b. Limited Activities c. Limited continuality of life of
enterprise d. Extensive government regulation activities

18) Is a management tactics purported to maximize innovation for an entrepreneurship include all but
which of the following items?
a. Cutting of loses b. Culture c. Benchmarking d. Customer Orientation

19) It is a part of the Business Plan that explains the fundamentals of the proposed business and what
do you think the future holds for your business.
a. General Description of the Business b. Executive Summary c. Product d. Services

20) What business will you be in and what will you do is part of the Business Plan that belongs to?
a. General Description of the Business b. Executive Summary c. Product d. Services

21) It is your destinations where you want your business to be and the progress makes along the way to
your business achievement.
a. Goals and Objective b. Company Description c. Mission d. Product and Services

22) This part of Business Plan will write the factors will give you competitive advantages or
disadvantages, examples include level of quality or proprietary features of your product.
a. Goals and Objective b. Product and Services c. Executive Summary d. Product Description

23) It is a process of introducing your product to the market. And this begins with careful systematic
research.
a. Executive Summary b. Goals and Objective c. Marketing Plan d. Product

24) It is classification of partnership that when two or more partners unite to jointly conduct a business
in which one or more of the partners is liable only to the extent of the amount of money that partner
has invested.
a. Limited Partner b. General Partner c. Partnership d. Corporation

25) It is classification of partnership by which partners conducting a business jointly have unlimited
liability, which means their personal assets are liable to the partnership's obligations.
a. Limited Partner b. General Partner c. Partnership d. Corporation

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