1.

The concept ‘entrepreneur’ was first coined by_________

a. David, McCllenand
*b. Richard, Cantillon
c. David, Hisrich
d. Jean-Baptiste, Say

2. The non-continuous process of combining resources of time, man, money and materials to create
products, services and ideas is ____________.
*a. entrepreneurship
b. management
c. Intrapreneurship
d. production

3. An individual that exhibits innovative abilities, perceives the market opportunities, and has the
motivation, drive and ability to mobilize resources to meet market opportunities, while working in
an existing organization is referred to as an __________.
a. entrepreneur
b. inventor
*c. intrepreneur
d. manager

4. The characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers,

leaders, and innovators or creative imitators were listed by__________.
a. Adam Smith
b. David Ricardo
c. John Stuart Mill
*d. Joseph Schumpeter

5. The two disciplines where entrepreneurship originated were ________/___________.

a. French / English
*b. Economics / Business
c. Economics / History
d. History / French

6. The one who creates a new enterprise in a risky and uncertain environment is referred to as a
an_____.
a. risk taker
*b. entrepreneur
c. adventurist
d. leader

7. Which one of the following is not considered as entrepreneurship?

a. The creation of a new business.
*b. The routine management of an on-going operation.
c. Innovation applied to a business context.
d. The combination of resources.

8. The scholar who first stressed the significance of entrepreneurship for economic growth is_____.
*a. Cantillon
b. Mill
c. Quesnay
d. Ricardo

9. When an entrepreneur directs and controls all organizational activities to ensure that things are
done properly on schedule, he is performing the _______ role.
*a. leader
b. resource allocator
c. directing and controlling
d. visionary

10. An Entrepreneur who starts a business with a fresh idea is simply performing a _______ role.
a. leadership
b. resource allocator
c. directing and controlling
*d. visionary

11. Which one of the following is an important source of idea generation due to their familiarity
with the needs of market?
a. Commitment to opportunity
*b. Existing products and services
c. Distribution channels
d. Federal government

12. Creativity is____________.

*a. the ability to bring something new into existence.
b. the process of doing new things.
c. ability to imitate perfectly.
d. all of the above.

13. The first step in creative process according to Holt 1992, is_______.
a. Incubation
b. Preparation
*c. Idea generation
d. Verification
14. The following are forms of innovation except:
a. Technological Innovation
b. Product-Marked Innovation
c. Administrative Innovation
*d. Idea generation

15. When innovation brings about a new dominant design and consequently, a new set of core
design concepts embodied in components that are linked together in a new architecture, it is known
as:
a. Architectural Innovation
*b. Radical Innovation
c. Modular Innovation
d. Incremental Innovatio
on
c. Radical Innovation
d. Incremental Innovation

17. Creative process according to Holt 1992 can be classified into:

a. 4 stages
*b. 5 stages
c. 6 stages
d. 7 stages

18. When innovation consists of market research, product design, and innovations in advertising and
promotion, it can be said to be:
a. Technological Innovation
*b. Product-market Innovation
c. Consumer related Innovation
d. Administrative Innovation

19. According to Adams 2005, the following are critical to individual creativity except:
a. Knowledge
b. Thinking
*c. Personal Motivation
d. Verification

20. The entrepreneur can assess the internal environment of the business by critically looking at
a. 5ps
*b. 5s
c. 5w
d. 5t
21. ___________is a written document prepared by an entrepreneur which describes all the
relevant internal and external issues involved in starting a new business venture.
*a. Business plan
b. Feasibility study
c. Appraisal
d. Business structure

22. SMIEIS stands for _________________.

*a. Small and Medium Industry Equity Investment Schemes
b. Small and Medium e Investment Schools
c. Small and Medium Industry Equity Investment Schools
d. None

23. The chief motivational factor for ___________ entrepreneurs to leave jobs is the frustration of
not being allowed to perform at the level of which they are capable.
a. Male
b. Female
c. Young
*d. All of the above

24. The difference between management and entrepreneurship is that while management is
continuous _______ is non-continuous.
*a. entrepreneurships
b. entrepreneur
c. environmental
d. Management

25. Innovation is invention and __________.

*a. creativity
b. design
c. exploitation
d. growth

26. _______ is that person who creates a business enterprise, establishes it, and nurses it to survival
and success.
*a. Entrepreneur
b. Sales Manager
c. Feasibility report
d. feasibility study

27. When the multiplicity of environments become too complex to handle, the international
entrepreneurs often______
*a. go for merger
b. Diversify
c. Decentralize operations
d. Sale out the foreign business

28. The entrepreneur utilizes the resources through_________

*a. Identifying and evaluating the opportunity
b. Developing a business plan
c. Implementing the business plan
d. Manage the enterprise

29. The difference in the entrepreneurial and managerial domains has contributed towards an
increase interest in____________
*a. Forming new firms
b. Partnership
c. Intrapreneurship
d. Private firms

30. There are _________ routes or paths to entrepreneurial opportunities.

*a. 4
b. 5
c. 7
d. 3

31. Which of the following allows for criticism in the process generating a business idea?
a. matrix charting
b. brainstorming
*c. reverse brainstorming
d. collective notebook

32. COSIRA means ________ in Britain.

*a. Council for Small Industries in Rural Areas
b. Committee for Small Industries in Rural Areas
c. Council for Small Investment in Rural Areas
d. Committee for Small Investment in Rural Areas

33. ____________is an exclusionary right that conveys the right to prevent others from copying,
selling, performing, displaying or making derivative versions of a work of authorship.
a. patent right
b. intellectual right
*c. copyright
d. royalty

34. COSIRA is to Britain while _____________is to Nigeria.

a. SMEs
*b. SMIESIS
c. SMEDIS
d. SMEDAN

35. Which of the following four Ps of marketing according to McCarthy (1975. is odd?
a. product
b. place
c. promotion
*d. public relation
36. Which one of the following is the fourth step in the entrepreneurial process?
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

37. An individual who initiates, creates and manages a new business can be called_______
a. A leader.
b. A manager.
c. A professional.
*d. An entrepreneur

38. A person owning and running a small firm, is known as________

a. A manager-owner.
*b. An owner-manager .
c. A professional adapter.
d. An enterprise worker.

39. Someone who improves an existing business can be called _________

*a. An intrapreneur
b. A professional
c. A co-worker.
d. A changeling.

40. Where individual skills are collectively integrated into a group, this is known as __
a. Collective entrepreneurship
b. Intrapreneurship.
*c. Team entrepreneurship
d. Dual innovation.

41. The scanning of the business environment so as to identify the favourable and unfavorable
conditions therein is ………………..
*a. SWOT analysis
b. External evaluation
c. Internal Evaluation
d. Market analysis

42. Threats from external environmental factors can come from________.

a. Direct Completion
b. Indirect competitors
c. Consumers
*d. All of the above

43. The essence of scanning the external environment of business is in order to identify
_____________.
a. only strengths
b. weaknesses
c. strengths and weaknesses
*d. opportunities and threats

44. The entrepreneur can assess the internal environment of business by critically looking at the
opportunities and threats.
a. Opportunities .
b. threats and opportunities
c. strength and threats
*d. strengths and weaknesses

45. One of the following is not an advantage of sole proprietorship

a. ownership of all profits
b. Minimum legal restriction
*c. unlimited liability
d. Privacy

46. The Minimum number required to start a sole proprietorship

*a. One
b. two
c. seven
d. twenty

47. All of the followings are the disadvantages of sole proprietorship except
a. Limited growth
b. unlimited liability
c. lack of continuity after the death of promoter
*d. Easy to raise capital

48. Partnership formation requires minimum and maximum number of partners respectively
*a. 2 and 20
b. 2 and 50
c. 2 and 7
d. 7 and 20

49. The document that states all the terms of partnership is known as ________.
a. Partnership agreement
b. article of partnership
c. article of association
*d. article of partnership and article of association
50. The general partners have _________.
a. limited liability
b. Unlimited liability
c. participate in the day to day running of the business
*d. Unlimited liability and participate in the day to day running of the business

51. The management of resources in a small firm is largely __________ concerned with
a. Operations.
b. Finance.
c. Marketing.
*d. All the above.

52. Acquiring the use of equipment such as machinery without owning it is known as_________
*a. Leasing
b. Hire purchase.
c. Factoring.
d. Acquisition.

53. Which type of business should prepare a business plan for a new venture _________
a. Sole traders only.
b. Limited companies only.
c. All businesses.
d. Only those asked to by the bank.

54. A cash flow forecast will form part of which section of the business plan ______
a. Operations.
b. Marketing.
*c. Finance.
d. Executive summary.

55. A key aspect of the financial section of the business plan is _________.
a. A statement of management skills.
*b. A realistic sales forecast
c. Production capacity.
d. A description of competitors

56. As a new company grows, the entrepreneur will need to _________.

a. be responsive to changes in the market
b. ensure financial controls are maintained.
c. build a management team.
*D. all the above.

57. Business planning process sometimes fails because _______.

a. the planning process is poorly managed
b. plans are impractical
c. planners lack the appropriate skills.
*d. all the above.
58. One of the common mistakes when starting a new business venture is being overoptimistic
about market size. This could be a result of __________.
a. proper planning
*b. poor market research
c. diversifying too soon.
d. focusing on sales volume rather than profit.

59. 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

60. 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.

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

62. Entrepreneurship can best be described as _________.

a. a process that requires setting up a business.
b. taking a significant risk in a business context.
c. having a strong vision.
*d. a process involving innovation, new products or services, and value creation

63. Which of these statements best describes the context for entrepreneurship?
a. Entrepreneurship takes place in small businesses.
b. Entrepreneurship takes place in large businesses
*c. Entrepreneurship takes place in a wide variety of contexts.
d. Entrepreneurship does not take place in social enterprises

64. Entrepreneurs are motivated by _________.

a. money.
b. personal values
c. pull influences.
*d. All the above.

65. The sociological theory of entrepreneurship refers to ________.

a. Looking at individuals personality traits.
b. Understanding how our thought processes influence our entrepreneurial capacity.
c. Describing how different business-types influence entrepreneurial activity.
*d. Reviewing the way in which the environment influences who becomes entrepreneurial.

66. Which one of the following is not considered as one of the building blocks of the model
entrepreneur?
a. technical skills.
b. management competencies.
*c. business awareness.
d. personal attributes.

67. Which of the following is least likely to influence the timing of new business births?
a. Government policies.
b. Profitability.
c. Consumer expenditure.
*d. Weather conditions.

68. Innovation can best be defined as_______.

a. the generation of new ideas.
b. the evolution of new ideas.
c. the opposite of creativity.
*d. the successful exploitation of new ideas.

69. Which of the following statements most accurately describes innovation?

a. Innovation is an absolute not a relative concept
b. Innovation is easy to measure.
c. Innovation is much more important to small business than to large businesses.
*d. Innovation is a relative not an absolute concept.

70. Which of the following is not an advantage that large firms hold over small firms in managing
innovation?
a. large firms are more likely to attract highly skilled specialists often for R&D.
b. large firms are more able to employ patent and legal specialists
c. large firms are more able to raise venture capital and spread risk.
*d. large firms are more likely to come up with better ideas than small businesses.

71. Which of the list below does not form Intellectual Property?
a. Trade marks.
b. Patents.
*c. Tangible assets
d. Copyright.

72. A business centre that offers working space and specialised support for new ventures is
called_______
a. isolator.
b. injector.
*c. incubator.
d. integrator.
73. An entrepreneur who owns more than one business at a time is called ________.
a. an intrapreneur.
b. a corporate entrepreneur.
*c. a portfolio entrepreneur.
d. None of the above

74. An entrepreneur who runs a business sells it and moves onto another venture in a relatively
short time is called _____________.
a. a failed entrepreneur.
*b. a serial entrepreneur.
c. a multiple entrepreneur
d. secondary entrepreneur

75. To provide financial assistance to entrepreneurs the government has set up a number of_____.
a. financial advisors.
b. financial intermediaries
c. Industrial estates.
*d. financial institutions.

76. Technical feasibility examines the project with reference to __________.

a. location.
b. land and building
c. technical competence.
*d. all the above.

77. Which of the following is the broad category of ratios used in analysis of Balance sheet
a. Liquidity ratios.
b. Net worth ratios.
c. Profitability ratios.
*d. All the above.

78. A commercial banker would prefer a ____________ debt-equity ratio over the years as it
indicates financial strength of a unit.
*a. Declining.
b. Increasing.
c. Stable.
d. Fluctuating.

79. Term financing is mainly availed by entrepreneurs for the establishment of _______.
a. new industrial units
b. acquisition of fixed assets.
c. expansion in plant capacity
*d. all the above.

80. The first step in starting a new business venture is _________.

*a. Idea generation.
b. Scanning of ideas.
c. Preparing a business plan.
d. Project implementation

81. ___is primarily concerned with the identification qualification and evaluation of the project
resources
a. Techno-economic analysis.
*b. Feasibility analysis.
c. Input analysis.
d. Financial analysis.

82. Large investment is made in fixed assets, the project will be termed as __________.
*a. Capital Intensive.
b. Labour Intensive.
c. Product Intensive.
d. Market Intensive.

83. PERT stands for __________.

a. Programme Evaluation and Research Techniques.
b. Project Evaluation and Review Techniques.
*c. Programme Evaluation and Review Techniques.
d. Project Evaluation and Research Techniques.

84. ___________ is the process of identifying opportunities for new business ventures.
*a. Project identification
b. Project formulation
c. Project feasibility
d. Project evaluation

85. ____________ is the systematic development of a project idea for the eventual purpose of
arriving at an investment decision.
a. Project identification.
*b. Project formulation
c. Project feasibility.
d. Project evaluation.

86. _________ implies the availability or otherwise of plant and machinery and technical know-how
to produce the product.
a. Economic viability.
b. Financial feasibility.
*c. Technical feasibility.
d. Managerial competence

87. The process of preparing an inventory of skills needed for effective implementation of the
project is called as _______.
a. Economic viability
b. Financial feasibility
c. Technical feasibility
*d. Managerial competence
88. A project, which may not add to the existing profits, should be financed by _________
*a. debentures.
b. preference share capital.
c. equity capital.
d. public deposits.

89. Which one of the following is a business arrangement in which someone else is allowed to use
something of the company?
a. Patent
b. Copyright
c. Trade mark
*d. Licensing

90. __________ is by definition a company-wide consumer orientation with the aim of achieving
long-run profit objectives.
*a. Marketing Concept
b. political concept
c. technological concept
d. demographic concept

91. The concept ‘environment’ can also be referred to as _____________.

*a. surroundings
b. external objects
c. inferences
d. circumstances

92. The business environment can be broadly classified into______________.

*a. two
b. three
c. four
d. five

93. When a development perceived as a threat by an organization is viewed as an opportunity by

another then the business environment is _______.
*a. multifaceted
b. Stable
c. Simple
d. potent

94. A _________ is an inherent constraint that creates strategic disadvantage for an organization.
a. threat
*b. weakness
c. strategy
d. risk
95. A _______ business environment is made up of a number of factors that interact and interrelate
with one another.
*a. complex and dynamic
b. Simple
c. Stable
d. potent

96. The body of regulations and laws can be classified under the ____________.
*a. Political/Legal environment
b. Socio-cultural environment
c. Technological environment
d. Demographic environment

97. The environment that recognizes the customs, traditions and value of the community is known
as____.
a. Demographic
*b. Socio-cultural
c. Technology
d. Historical

98. The environment in the borderline between the internal and external environment is______.
a. General
b. Remote
c. Close
*d. Intermediate

99. The support systems that facilitate entrepreneurship process listed here are ___________.
a. Seven
b. Six
c. Five
*d. Four

100. Entrepreneur can assess the external environment of the business by critically looking at the _.
a. opportunities and strengths
*b. opportunities and threats
c. opportunities and weaknesses
d. Weaknesses and threats

101. Which is the most common cause of business failure?

a. Insufficient capital
b. Unstable market
c. Insufficient experience
*d. Poor entrepreneurship

102. Which of the following statements is (are. true?

a. Individuals who study entrepreneurship are three to four times less likely to start a business than
students in other fields
b. It is impossible for entrepreneurs to also be philanthropists
c. Entrepreneurs are a relatively new phenomenon, emerging in the 17th century
*d. None

103. What is a target market?

a. A group of customers a venture reaches by accident
b. All consumers who purchase the venture’s product
*c. A specific group of potential customers toward which a venture aims its marketing plan
d. A chain of discount stores

104. Which of the following shows the process of creating something new?
a. Business model
b. Modeling
*c. Innovation
d. Creative flexibility

105. Which one of the following gives suggestions for new product and also helps to market new
products?
a. Existing products and services
*b. Distribution channels
c. Federal government
d. Consumers

106. 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

107. GATT is established in 1947, under:

a. German leadership
b. French leadership
*c. U.S. leadership
d. U.K. leadership

108. What is the process by which individuals pursue opportunities without regard to resources they
currently control?
a. Start-up management
*b. Entrepreneurship
c. Financial analysis
d. Feasibility planning
109. Which one of the following is the process of entrepreneurs developing new products that over
time make current products obsolete?
a. New business model
b. Anatomization
*c. Creative destruction
d. None of the given options

110. Individuals influencing an entrepreneur’s career choice and style are known as which of the
following?
*a. Role model
b. Moral-support network
c. Professional support network
d. Support system

111. The activity which occurs when the new venture is started is called________.
a. Motivation
b. Business skills
*c. Departure point
d. Goal orientation

112. Which one of the following is an important source of idea generation due to their familiarity
with the needs of market?
a. Existing products and services
*b. Distribution channels
c. Federal government
d. Consumers

113. Members of distribution channels are excellent sources for new ideas because__________
*a. They are familiar with the needs of the market
b. They earn a handsome profit from new business
c. They do not bother if entrepreneur bears a loss
d. They have well-developed sales force

114. Which one of the following is the most important characteristic of a successful business
website?
*a. Speed
b. Innovation
c. Graphics
d. Products

115. Why should an entrepreneur do a feasibility study for starting a new venture?
*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

116. Which of the following is TRUE for Disclosure Document?

a. It gives recognition that he was the inventor of the idea in past
*b. It gives recognition that he is the first the inventor of the idea
c. It gives recognition that he will be the invent an idea in future
d. It gives recognition that he wants to copy the idea

117. In the administrative domain, the commitment of resources is for which of the following?
a. Periodic intervals
*b. Total amount needed
c. For certain tasks
d. For long time

118. Which of the following factor has allowed small companies to act like they are big ones?
*a. Technology
b. Customers
c. Economic development
d. Competition

119. Which one of the following actions by an entrepreneur is most likely to contribute to creative
destruction?
*a. Development of a new product
b. Take-over of a competitor
c. Issuing shares
d. Reducing prices

120. An advantage of the small firm in the innovation process?

a. Ability to carry out R&D
b. Ability to raise finance
c. Ability of the entrepreneur to carry out multiple tasks
*d. Ability of the entrepreneur to act on new ideas or product development

121. External links may provide incentives to ______________

a. Raise finance
b. Introduce new working practices
*c. Introduce improvements to products
d. Attend business exhibitions

122. __________ data for entrepreneurship management decision is usually found in libraries,
magazines, government agencies and universities, among other sources.
a. Primary
b. Questionnaire
c. Issues
*d. Secondary

123. Innovative small firms are more likely in:

*a. Knowledge-based sectors
b. Biotechnology
c. Automobile manufacture
d. Aerospace manufacture
124. Schumpeter considered that innovative entrepreneurs would_____________.
a. Thrive
b. Disappear
*c. Be absorbed within large innovative firms
d. Be absorbed within non-innovative firms

125. Innovative entrepreneurs face special issues in raising___________.

a. Development capital
b. Structured capital
c. Human capital
*d. Seed capital

126. Innovative entrepreneurs may have to pay high insurance premiums due to the:
*a. The need to protect patents
b. Greater employee liability
c. Greater customer liability
d. Greater trading risks

127. Networking by innovative entrepreneurs may be most encouraged by?

a. Science parks
*b. Business incubators
c. Chambers of Commerce
d. Business associations

128. The most likely problem encountered by innovative entrepreneurs in raising finance is:
a. Limited security since R&D is an intangible asset
b. The costs of the patenting system
*c. The exhaustion of personal equity in R&D
d. Inability of potential external funders to understand technology

129. The knowledge, experience and skills that have been obtained, preserved, catalogues and
made available for sharing is called____________.
a. intellectual rights
*b. intellectual property
c. intellectual copyright
d. intellectual debtor

130. Positive external trends or changes that provide unique and distinct possibilities for innovating
and creating value are called _____________.
a. Strengths
*b. Opportunities
c. Weaknesses
d. Threats

131. An individual who has no prior business ownership experience as a business founder, inheritor
of a business, or a purchaser of a business is called a(n. ____________ entrepreneur.
a. Habitual
*b. Novice
c. Serial
d. Portfolio

132. An individual who has prior business ownership experience is called a(n) ______ entrepreneur.
a. Novice
*b. habitual
c. Serial
d. Portfolio

133. All of the following are popular demographic factors about entrepreneurs that have been
studied EXCEPT.
*a. Self-confidence
b. Gender
c. Education
d. Family birth order

134. 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

135. SMEDAN stands ___________.

*a. Small and Medium Enterprises Development Agency of Nigeria
b. Small and Medium Equity Investment Schools
c. Small and Medium Industry Equity Investment Schemes
d. none of the above

136. In stage of responsibility allocation processes the entrepreneur follows_____________.

*a. Highly centralized decision making process
b. Highly decentralized decision making process
c. Somewhat centralized decision making process
d. No particular standard

137. ___________ is the major issue that unlocks the entrepreneurial process.
*a. Business opportunity
b. Business manager
c. Business stocks
d. Business Ethics

138. The entrepreneur was distinguished from capital provider in____________.

*a. 18th century
b. 17th century
c. 19th and 20th century
d. Middle ages

139. The assessment of the needed resources by the entrepreneur starts with____________.
*a. An appraisal of the entrepreneur’s present resources
b. An assessment of economic conditions of the country
c. A scanning of friends and family for funds
d. A survey of banks and other finance

140. Intrapreneurship is also called _____________.

*a. corporate venturing
b. Entrepreneurship
c. Act of stating a new venture
d. Offering new products by an existing company

141. The uniqueness of private limited company is that the investors have _____.
a. limited liability
b. minimum of two person to start the business
c. shares are publicly subscribed
*d. Restrictions on the transfer of shares

142. One of the differences between the public and private limited companies is __________.
*a. the minimum number of owners
b. the maximum number of owners
c. limited liability
d. unlimited liability of owners

143. One of the major documents of incorporation is _____________.

a. article of partnership
b. Partnership agreement
*c. memorandum of association
d. memorandum of incorporation

144. An entrepreneur that buys and sells collectibles such as ____________ antique furniture or art
works, can be referred to as what type of entrepreneur.
a. An innovator.
b. A researcher
*c. A speculator.
d. An acquirer.

145. Which of the following is a characteristic typical of _________most entrepreneurs?

a. Choose high risk ventures.
b. Choose low risk ventures.
*c. Choose moderate or calculated risk ventures.
d. Choose no risk ventures

146. Which could provide an individual with the motivation to start a new business venture?
a. The financial rewards
b. A desire to be independent.
c. . Being made redundant from existing job
*d. All the above.

147. Which of the following government actions could contribute to a more entrepreneurial
society?
a. Deregulation
b. Financial start-up
c. Information and advice
*d. All the above

148. Which industrial sector tends to naturally promote small-scale businesses and
entrepreneurship, and generally has lower barriers to market entry.
*a. Service
b. Manufacturing
c. Distribution
d. Agriculture

149. Where there is no legal separation between the assets and liabilities of a business, and the
assets and liabilities of an individual, the business is _________
*a. A sole trader.
b. A limited company
c. A cooperative.
d. A partnership.

150. Intellectual Property laws can protect _________

a. Trademarks.
b. Copyright.
c. Patents.
*d. All the above.

151. A business arrangement where one party allows another party to use a business name and sell
its products or services is known as__________
a. A cooperative.
*b. A franchise.
c. An owner-manager business.
d. A limited company.

152. One of the disadvantages of a franchise business for a franchisee is ________

*a. Lack of independence
b. Franchise businesses typically have a high failure rate.
c. Lack of brand identity.
d. Training is not normally provided by the franchisor

153. Which of the following is the reason for business failure __________
a. Lack of market research.
b. Poor financial control.
c. Poor management.
*d. All the above.

154. ______ believes entrepreneurial activity is the source of innovation is an economy.

*a. Schumpeter
b. McClelland
c. Porter
d. Fayol

155. ______________is the systematic collection and analysis of publicly available information
about competitors and developments in the marketing environment,
*a. Marketing Intelligence
b. Marketing Research
c. Marketing Mix
d. demographic concept

156. ________entrepreneurs are risk takers, self-confident, hardworking, goal setters accountable
and innovative.
*a. Well performing
b. Sales representative
c. Sales Force
d. All of the above

157. The__________ section of a business plan generally contains any back up material which is not
necessary in the text of the business plan document.
a. Business plan
b. Feasibility study
c. None
*d. Appendix

158. According to Drucker, there are __________ sources of innovation.

a. 3
*b. 4
c. 5
d. 7

159. In terms of chronological age, most entrepreneurs initiate their entrepreneurial carrier
between ages of ________________.
a. 15 and 22
*b. 22 and 45
c. 45 and 57
d. 57 and 63

160. The market for entrepreneurial offerings is ______________.

a. where they are sold
*b. people who have a need for them
c. an arrangement that bring buyer and seller together
d. all of the above