Question 1

Entrepreneurs start their own firms to get rich quickly.

Accepted Answer

A) True 
 B)False  False

Question 2

Most small business ventures are in the _________ entrepreneurial strategy matrix.

Accepted Answer

A) upper-left quadrant 
B) lower-left quadrant 
C) upper-right quadrant 
D) lower-right quadrant 
E) center 
A) upper-left quadrant 
B) lower-left quadrant 
C) upper-right quadrant 
D) lower-right quadrant 
E) center D

Question 3

eBay helps auction buyers and sellers find one another for an online sale and then collects a percentage of that purchase,which is considered to be an example of the

Accepted Answer

A) transaction fee model. 
B) advertising support model. 
C) intermediary model. 
D) affiliate model. 
E) subscription model. 
A) transaction fee model. 
B) advertising support model. 
C) intermediary model. 
D) affiliate model. 
E) subscription model. C

Question 4

An entrepreneurial venture is a new business having growth and high profitability as primary objectives.

Accepted Answer

A) True 
 B)False

Question 5

The advertising support model involves charging fees for goods and services.

Accepted Answer

A) True 
 B)False

Question 6

Scenario C. Four entrepreneurs are discussing the potential for success or failure of their ventures. A few of them realize that they did not understand the risk involved in their undertaking. They describe their start-ups in the following manner:
1. Raymond: "I had very little money invested but I was the first on the market with my product."
2. Lotina: "My firm had a very substantial amount of money invested in my venture because I had a completely new and unique product that was expensive to create."
3. Sharida: "I had almost nothing invested in my business which produced a product with many similar competitors already on the market."
4. Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors."

-According to the Entrepreneurial Strategy Matrix,Kevin most likely runs

Accepted Answer

A) a small business with high start-up costs. 
B) a completely novel services business. 
C) an intrapreneurial team for a product with high R&D costs. 
D) a small shop manufacturing simple and unique handmade products. 
E) A or B 
A) a small business with high start-up costs. 
B) a completely novel services business. 
C) an intrapreneurial team for a product with high R&D costs. 
D) a small shop manufacturing simple and unique handmade products. 
E) A or B

Question 7

Working at Microsoft,Rohan has created a new venture based solely on his idea and Microsoft's proprietary technology.Rohan can be described as a(n)

Accepted Answer

A) intrapreneur. 
B) independent entrepreneur. 
C) spin-off employee. 
D) venture capitalist. 
E) franchisee. 
A) intrapreneur. 
B) independent entrepreneur. 
C) spin-off employee. 
D) venture capitalist. 
E) franchisee.

Question 8

Scenario A. Your roommate comes in after class to tell you, with great excitement, that she has decided to become an entrepreneur. Her reasons are these: First, she is a gambler so she believes this is a perfect match for her "personality." Second, she is an admitted "control freak". She is confident that all it takes is a good idea and that the money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-In lieu of high SAT or GMAT scores,which of the following is an important entrepreneurial characteristic?

Accepted Answer

A) Creativity 
B) Motivation 
C) Self-reliance 
D) Ability to adapt 
E) All of the above 
A) Creativity 
B) Motivation 
C) Self-reliance 
D) Ability to adapt 
E) All of the above

Question 9

Great companies have always had success from the start.

Accepted Answer

A) True 
 B)False

Question 10

The odds of survival of a small business decrease if

Accepted Answer

A) it employs over 10 to 20 people. 
B) the venture has revenues of more than $2 to $3 million. 
C) the company is pursuing opportunities with growth potential. 
D) the business is a successful franchise. 
E) the economy is weak. 
A) it employs over 10 to 20 people. 
B) the venture has revenues of more than $2 to $3 million. 
C) the company is pursuing opportunities with growth potential. 
D) the business is a successful franchise. 
E) the economy is weak.

Question 11

Dimitri,a successful entrepreneur,formed Med-Monitor,a producer of a distinctive flat monitor screen used in the medical field.He is a very open-minded person who has no problem learning quickly and is very skilled at coming up with new ideas.Which of the following characteristics does Dimitri have?

Accepted Answer

A) Leadership 
B) Commitment and determination 
C) Opportunity obsession 
D) Creativity,self-reliance and ability to adapt 
E) Motivation to excel 
A) Leadership 
B) Commitment and determination 
C) Opportunity obsession 
D) Creativity,self-reliance and ability to adapt 
E) Motivation to excel

Question 12

Charging fees to direct Internet site visitors to other companies' sites is called the

Accepted Answer

A) transaction fee model. 
B) advertising support model. 
C) intermediary model. 
D) affiliate model. 
E) subscription model. 
A) transaction fee model. 
B) advertising support model. 
C) intermediary model. 
D) affiliate model. 
E) subscription model.

Question 13

Miguel works as a technician for a large manufacturer of building supplies.He has discovered a technique to product composite materials more efficiently.Miguel's employer encourages their employees to pursue new ideas on company premises.Miguel's employer appears to support

Accepted Answer

A) bootlegging. 
B) skunkworks. 
C) spin-offs. 
D) delegation. 
E) corporate espionage. 
A) bootlegging. 
B) skunkworks. 
C) spin-offs. 
D) delegation. 
E) corporate espionage.

Question 14

Many entrepreneurs choose to open their own business because they want to "call their own shots." This trait is also a common source of difficulty for entrepreneurs because they also

Accepted Answer

A) fail to train a successor. 
B) inadequately monitor financial performance. 
C) fail to delegate. 
D) are poor bosses. 
E) fail to plan for contingencies. 
A) fail to train a successor. 
B) inadequately monitor financial performance. 
C) fail to delegate. 
D) are poor bosses. 
E) fail to plan for contingencies.

Question 15

Entrepreneurs are gamblers.

Accepted Answer

A) True 
 B)False

Question 16

An individual who establishes a new organization without the benefit of corporate sponsorship is called a(n)

Accepted Answer

A) intrapreneur. 
B) entrepreneur. 
C) sole proprietor. 
D) management novice. 
E) licensee. 
A) intrapreneur. 
B) entrepreneur. 
C) sole proprietor. 
D) management novice. 
E) licensee.

Question 17

New venture creators working inside big corporations are called

Accepted Answer

A) entrepreneurs. 
B) intrapreneurs. 
C) independent entrepreneurs. 
D) subsidiaries. 
E) franchisees. 
A) entrepreneurs. 
B) intrapreneurs. 
C) independent entrepreneurs. 
D) subsidiaries. 
E) franchisees.

Question 18

In order for family-managed businesses to survive and prosper,management guru Peter Drucker advises them to

Accepted Answer

A) grow as aggressively as possible. 
B) discontinue hiring family members. 
C) fill at least one key position with a non-family member. 
D) sell the business as soon as possible. 
E) allow for some diminished performance by family members. 
A) grow as aggressively as possible. 
B) discontinue hiring family members. 
C) fill at least one key position with a non-family member. 
D) sell the business as soon as possible. 
E) allow for some diminished performance by family members.

Question 19

Entrepreneurs spot,create,and exploit opportunities.

Accepted Answer

A) True 
 B)False

Question 20

People's judgment of a company's acceptance,appropriateness,and desirability,generally stemming from company goals and methods that are consistent with societal values is known as

Accepted Answer

A) social capital. 
B) venture capital. 
C) legitimacy. 
D) authenticity. 
E) consistency. 
A) social capital. 
B) venture capital. 
C) legitimacy. 
D) authenticity. 
E) consistency.

Entrepreneurs start their own firms to get rich quickly.

Most small business ventures are in the _________ entrepreneurial strategy matrix.

eBay helps auction buyers and sellers find one another for an online sale and then collects a percentage of that purchase,which is considered to be an example of the

An entrepreneurial venture is a new business having growth and high profitability as primary objectives.

The advertising support model involves charging fees for goods and services.

Working at Microsoft,Rohan has created a new venture based solely on his idea and Microsoft's proprietary technology.Rohan can be described as a(n)

Great companies have always had success from the start.

The odds of survival of a small business decrease if

Dimitri,a successful entrepreneur,formed Med-Monitor,a producer of a distinctive flat monitor screen used in the medical field.He is a very open-minded person who has no problem learning quickly and is very skilled at coming up with new ideas.Which of the following characteristics does Dimitri have?

Charging fees to direct Internet site visitors to other companies' sites is called the

Miguel works as a technician for a large manufacturer of building supplies.He has discovered a technique to product composite materials more efficiently.Miguel's employer encourages their employees to pursue new ideas on company premises.Miguel's employer appears to support

Many entrepreneurs choose to open their own business because they want to "call their own shots." This trait is also a common source of difficulty for entrepreneurs because they also

Entrepreneurs are gamblers.

An individual who establishes a new organization without the benefit of corporate sponsorship is called a(n)

New venture creators working inside big corporations are called

In order for family-managed businesses to survive and prosper,management guru Peter Drucker advises them to

Entrepreneurs spot,create,and exploit opportunities.

People's judgment of a company's acceptance,appropriateness,and desirability,generally stemming from company goals and methods that are consistent with societal values is known as

Managing

The External Environment and Organizational Culture

Managerial Decision Making

Planning and Strategic Management

Ethics and Corporate Responsibility

International Management

Organization Structure

Organizational Agility

Human Resources Management

Managing the Diverse Workforce

Leadership

Motivating for Performance

Team-Work

Communicating

Managerial Control

Managing Technology and Innovation

Creating and Managing Change

Filters

Exam 7: Entrepreneurship

Entrepreneurs start their own firms to get rich quickly.

Most small business ventures are in the _________ entrepreneurial strategy matrix.

eBay helps auction buyers and sellers find one another for an online sale and then collects a percentage of that purchase,which is considered to be an example of the

An entrepreneurial venture is a new business having growth and high profitability as primary objectives.

The advertising support model involves charging fees for goods and services.

Working at Microsoft,Rohan has created a new venture based solely on his idea and Microsoft's proprietary technology.Rohan can be described as a(n)

Great companies have always had success from the start.

The odds of survival of a small business decrease if

Charging fees to direct Internet site visitors to other companies' sites is called the

Miguel works as a technician for a large manufacturer of building supplies.He has discovered a technique to product composite materials more efficiently.Miguel's employer encourages their employees to pursue new ideas on company premises.Miguel's employer appears to support

Many entrepreneurs choose to open their own business because they want to "call their own shots." This trait is also a common source of difficulty for entrepreneurs because they also

Entrepreneurs are gamblers.

An individual who establishes a new organization without the benefit of corporate sponsorship is called a(n)

New venture creators working inside big corporations are called

In order for family-managed businesses to survive and prosper,management guru Peter Drucker advises them to

Entrepreneurs spot,create,and exploit opportunities.

People's judgment of a company's acceptance,appropriateness,and desirability,generally stemming from company goals and methods that are consistent with societal values is known as

Managing

The External Environment and Organizational Culture

Managerial Decision Making

Planning and Strategic Management

Ethics and Corporate Responsibility

International Management

Organization Structure

Organizational Agility

Human Resources Management

Managing the Diverse Workforce

Leadership

Motivating for Performance

Team-Work

Communicating

Managerial Control

Managing Technology and Innovation

Creating and Managing Change

Filters