CHAPTER 4: TECHNOPRENEURSHIP

Question 1

Two or more companies from an alliance to pursue a specific project, usually for specific time period.

A. cooperatives
B. joint ventures
C. cost and complexity of formation
D. franchises

Answer 1

joint ventures

Question 2

the process of determining whether an entrepreneur’s idea is a viable foundation for creating a successful business.

A. business plan
B. marketing strategy
C. business strategy
D. feasibility analysis

Answer 2

feasibility analysis

Question 3

the barrier/s of creativity is/are the following:

A. constantly being practical
B. viewing play as a frivolous
C. becoming overly specialized
D. all of the above

Answer 3

ALL OF THE ABOVE

Question 4

it is the ability to create a new and useful ideas that solve problems and challenges people face everyday.

A. creativity
B. application
C. innovation
D. Entrepreneurship

Answer 4

entrepreneurship

Question 5

which of the following is/are the Drawbacks of Entrepreneurship?

A. long hours and hard wok
B. uncertainty of income
C. risk of losing your entire investment
D. all of the above

Answer 5

all of the above

Question 6

which of the following is/are disadvantage/s of Limited Liability company?

A. government restrictions and regulations
B. cost and complexity of information
C. stable business life
D. double taxation of profits

Answer 6

double taxation of profits

Question 7

the purchases of a corporation by another corporation or investment group.

A. cooperatives
B. merger
C. acquisition
D. joint ventures

Answer 7

acquisition

Question 8

The following is not a disadvantage of sole proprietorship?

A. Large personal time commitment
B. unstable business life
C. difficulty in attracting qualified employees
D. none of the choices

Answer 8

none of the choices

Question 9

the contract in which a business seller agrees not to compete with the buyer within a specific time and geographic area.

A. Restrictive covenant
B. Lien
C. bulk transfer
D. contract assignment

Answer 9

Restrictive covenant

Question 10

It is a road map of the actions and entrepreneur draws up to achieve a company’s mission, goals, and objectives.

A. Strategy
B. Goals
C. Purpose
D. Objectives

Answer 10

Strategy

Question 11

a legal entity with an existence and life separate from its owners, who therefore are not personally liable for its debts.

A. Limited liability company
B. Partnership
C. sole proprietorship
D. franchise

Answer 11

Limited liability company

Question 12

which of the following is/are the benefits of entrepreneurship?

A. Create your own destiny
B. reach your full potential
C. make a difference
D. all of the above

Answer 12

all of the above

Question 13

which of the following is/are the steps of acquiring a business?

A. Investigate and evaluate candidate business and select the best one
B. ensure a smooth transition
C. explore financing
D. all of the choices

Answer 13

all of the choices

Question 14

choose a form of organization by evaluating ______?

A. The taxes
B. the degree of operating control the owner can retain
C. the ability to attract employees
D. all of the choices

Answer 14

all of the choices

Question 15

negative internal factors that inhibit a companies ability the accomplish its mission, goals, and objectives.

A. Vision
B. Mission
C. Strengths
D. Weaknesses

Answer 15

Weaknesses

Question 16

a written summary of an entrepreneurs proposed business venture, its operational and financial details, its marketing opportunities and strategy, and its managers skills and abilities.

A. Business strategy
B. business plan
C. marketing strategy
D. business model

Answer 16

business plan

Question 17

It protects business buyer from the claims and unpaid creditors might have against a company’s asset.

A. Bulk transfer
B. contract assignment
C. restrictive covenant
D. lien

Answer 17

Bulk transfer

Question 18

Entrepreneurs tend to exhibit ________.

A. A willingness to work hard
B. Tenacity
C. all of the above
D. none of the above

Answer 18

all of the above

Question 19

Number of competitors is large or few (less than 5).

A. Rivalry
B. Buyers
C. new entrants
D. suppliers

Answer 19

Rivalry

Question 19

Positive internal factors a company can draw on to accomplish its mission, goals, and objectives.

A. Weaknesses
B. Mission
C. Vision
D. Strengths

Answer 19

Strengths

Question 19

The following is/are the elements of a business plan?

A. Description of the firm’s product or service
B. competitor analysis
C. Marketing strategy
D. all of the above

Answer 19

all of the above

Question 20

Any activity which is undertaken with an intension to earn profit is called?

A. Employment
B. Asset
C. Credit
D. Business

Answer 20

Business

Question 21

which of the following is/are the disadvantages of buying a business?

A. Accounts receivable may be worth less than face value
B. it may be overpriced
C. inventory maybe stale
D. all of the choices

Answer 21

all of the choices

Question 22

They sell a commodity product to the companies in it.

A. Buyers
B. Suppliers
C. new entrants
D. rivalry

Answer 22

Suppliers

Question 23

don’t be in such a hurry to close the deal that you end up giving up much of what you hoped to get.

A. Preparation
B. Patience
C. Persistence
D. Poise

Answer 23

Patience

Question 24

The company’s target markets and the benefits its product or service will provide.

A. Business strategy
B. executive summary
C. marketing strategy
D. business and industry profile

Answer 24

executive summary

Question 25

which of the following is/are the benefits of franchising?

A. Centralized buying power
B. great chance for success
C. site selection and territorial protection
D. all of the choices

Answer 25

all of the choices

Question 26

examine the needs of both parties and all of the relevant external factors affecting the negotiation before you sit down to talk.

A. Poise
B. Persistence
C. Patience
D. preparation

Answer 26

preparation