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PRELIMINARY EXAM IN ENTREPRENEURIAL MANAGEMENT

Total questions: 70

Worksheet time: 34mins

Name
Class
Date
1.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
2.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organised
d)
irresponsible
3.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
4.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
5.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
6.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
7.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
8.
All of the following are advantages of entrepreneurship, except
a)
isolation
b)
independence
c)
control
d)
personal satisfaction
9.
All of the following are entrepreneurial skills, except
a)
business skills
b)
art skills
c)
mathematical skills
d)
communication skills
10.
These are all characteristics of an entrepreneur, EXCEPT...
a)
Flexible
b)
Confidence
c)
Innovative
d)
Lazy
11.

Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

12.

What is a disadvantage of being an entrepreneur?

a)

You have more control over your work

b)

You have a more flexible schedule

c)

You do not always receive a regular paycheck

d)

Your work schedule is always predictable

13.
Starting and owning a person's own business
a)
corporation
b)
entrepreneurship
c)
sole proprietorship
d)
partnership
14.
Some people become entrepreneurs by turning part-time work experiences into full-time businesses.
a)
True 
b)
False
15.
Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.
a)
True
b)
False
16.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
17.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
18.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
19.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
20.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
21.
How do many people become millionaires?
a)
They save aggressively.
b)
They avoid debt.
c)
The invest their money.
d)
All of these
22.

Which is a characteristic of a successful entrepreneur?

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

23.

Full form of MSME is

a)

a. Mini, small and Micro Enterprises

b)

b. Micro, Small and Medium Enterprises

c)

c. micro, Small and Macro enterprises

d)

d. Micro, small and Mini Enterprises

24.
The process of starting & operating one's own business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
25.
Who can own a small business?
a)
Only a college graduate
b)
Anyone
c)
Only someone with a lot of money
d)
Only smart people
26.
A new or different product
a)
Harvesting
b)
Innovation
c)
Opportunity
d)
Risk
27.

This is a type of business that is owned & operated by 1 person.

a)

sole proprietorship

b)

partnership

c)

Corporation

d)

franchise

28.

A form of business ownership where 2 or more people share the assets, liabilities and profits.

a)

partnership

b)

sole proprietorship

c)

corporation

d)

franchise

29.

Many small businesses have an advantage over larger businesses because they are better able to _____

a)

Provide unique services to customers

b)

Market their products

c)

Raise large amounts of financial capital

d)

Mass produce products

30.

Which of the following is not a common reason for the failure of small businesses?

a)

A lack of sufficient start-up money

b)

Shortage of skilled workers

c)

lack of management experience

d)

failure to manage credit offered to customers

31.

You will likely pay more for a product or service from a small company than from a large one.

a)

true

b)

false

32.

A(n) ____ is an invention or creation that is brand new.

a)

Development

b)

Improvement

c)

Innovation

d)

Advancement

33.

Before a business owner completes the business plan, he or she should ask business experts to review the plan.

a)

True

b)

False

34.
An individual who undertakes the risk associated with creating, organizing, and owning a business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
35.
The process of starting & operating one's own business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
36.
When you go into business for yourself, there's a chance of damage or loss.  This is known as....
a)
opportunity
b)
venture
c)
business
d)
risk
37.
A business undertaking involving risk.
a)
venture
b)
adventure
c)
opportunity
38.

What is entrepreneurship?

a)

To develop, organize and manage a business venture with risks in order to make a profit.

b)

The art of making a deal.

c)

An innovating idea.

d)

Being competitive in the global marketplace.

39.

What are two characteristics of an entrepreneur?

a)

strong and bold

b)

risk taker and innovative

c)

curious and intelligent

d)

hardworking and smart

40.
Business entity that is easy to start and has a single owner.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
41.

What company did this famous entrepreneur start?

a)

Instagram

b)

Twitter

c)

Facebook

d)

Snapchat

42.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

plans

c)

risk

d)

none of these

43.

Schumpeter (1934) was the first who introduce the concept of entrepreneurship.

a)

Yes

b)

No

44.

Entrepreneurs should be __________ in learning their industry they belong to, go the extra mile, and do more than what is expected from them.

a)

Initiative

b)

Sees and acts on opportunity

c)

Persistence

d)

Information Seeking

45.

What are the two types of business ventures?

a)

work and home

b)

school and work

c)

a product or service

d)

telephone or internet

46.

How do we define a product in business?

a)

Something you buy

b)

Something you can eat

c)

Something you throw away

d)

Something that exists in nature or made by humans that is tangible.

47.
Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing:
a)
Career
b)
Social 
c)
Physical
d)
Financial 
48.
Ben is conducting a feasibility study for a new venture idea. Which of the following questions should Ben answer in terms of the venture's financial considerations:
a)
How will the business obtain the money it needs?
b)
What regulations is the business likely to encounter?
c)
Is there a real demand for the idea, good, or service?
d)
How will the business communicate information about its products?
49.
What is often a positive result of accepting responsibility for a poor decision?
a)
You reinforce skeptical attitudes.
b)
You control others' opinions. 
c)
You demonstrate self-importance.
d)
You gain others' respect.
50.
Which of the following is an operational issue that entrepreneurs must consider when planning their businesses:
a)
Source of financing
b)
Target market
c)
Production process
d)
Direct competitors
51.
The costs of operating a business are often called _____ expenses.
a)
fixed
b)
overhead 
c)
variable 
d)
markdown
52.
Jack, a manager, said to his staff, "I know that many of you think that this is a risky course of action. But, I've decided that we should proceed. If this is successful, it could greatly benefit the company. If it fails, I'll accept the consequences and work to find a solution." What is Jack doing?
a)
Requesting that his staff support his decision
b)
Indicating that he doesn't think he's made a good decision
c)
Asking his staff to share the blame, if the action fails
d)
Accepting responsibility for his decision
53.
Which of the following is a characteristic of a well-conducted feasibility study:
a)
Subjective
b)
Abbreviated 
c)
General 
d)
Complete
54.
Costs of sales for a new manufacturing venture typically include:
a)
trade show attendance, raw materials, and equipment.
b)
raw materials, equipment, and product inventory.
c)
trade show attendance, product inventory, and internet access.
d)
internet access, attorney fees, and sales lead lists.
55.
One-time start-up costs often include ______ fees.   
a)
shipping and postage
b)
incorporation
c)
trade association
d)
website maintenance
56.
Variable expenses increase in direct proportion to the increases rate of
a)
competition.
b)
production.
c)
automation.
d)
motivation.
57.
The primary purpose of a feasibility study is to answer which of the following questions:
a)
What are the opportunity costs of this projec
b)
What technology will be needed for this project?
c)
Should we proceed with this project?
d)
Is this business plan valid?
58.
Emotional risks that many entrepreneurs face include
a)
marital tensions and family problems. 
b)
unemployment and uncertain income. 
c)
competition and difficult suppliers.
d)
inflation and slow market acceptance.
59.
After Porter realized that he processed an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped to the customer. Now, the customer will need to ship the item back to the warehouse, and Porter's company will need to pay extra charges to have the product returned. This situation illustrates that
a)
customers are likely to be very angry when employees make mistakes.
b)
employees should tell their supervisors about all problems as soon as they occur.
c)
the company has unrealistic expectations about Porter's ability to perform his job.
d)
an employee's decisions and actions can negatively impact others
60.
When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a
a)
promotional budget. 
b)
 sales report. 
c)
competitive analysis.
d)
publicity plan.
61.
An individual who takes action when s/he is unsure of the outcome is able to:
a)
tolerate ambiguity.
b)
demonstrate sincerity.
c)
show empathy.
d)
resolve conflicts.
62.
Which of the following statements is true about business start-up requirements: 
a)
Equipment is the least expensive requirement for start-up business. 
b)
New business owners usually need to register for patent protection. 
c)
Purchasing a franchise is usually easy and inexpensive for start-up business owners. 
d)
The financial needs to start a new business depend on the nature of the venture. 
63.
Which of the following is a tool that an entrepreneur develops to project sales for a new business venture:
a)
Marketing objectives
b)
Sales forecast
c)
Promotional budget
d)
Inventory report
64.
An entrepreneur considers venture location and financial needs during the _______ process.
a)
distribution
b)
controlling
c)
implementation 
d)
planning
65.
In order for a business to generate a profit, its operating costs must be ______ the gross margin.
a)
equal to
b)
greater than
c)
less than
d)
identical to
66.
What is often a positive result of accepting responsibility for a poor decision?
a)
You reinforce skeptical attitudes.
b)
You control others' opinions. 
c)
You demonstrate self-importance.
d)
You gain others' respect.
67.
Small businesses have a positive effect on the local community because they:
a)
A. reduce competition.
b)
B. pay taxes.
c)
C. limit job growth.
d)
D. charge interest.2.
68.
What is one of the main reasons why small businesses are strongly promoted and supported by local government?
a)
A. They serve only their local communities.
b)
B. They are owned by one person.
c)
C. They may become a big business.
d)
D. They are important to the economy.
69.
Even when times are tough for Caitlin's business venture, she tends to remain positive- she looks at the glassas half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?
a)
A. Organization
b)
B. Optimism
c)
C. Innovation
d)
D. Determination
70.
Successful entrepreneurs enjoy their work and often start their businesses so that they can share theirinterests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.
a)
A. reservations about
b)
B. concerns about
c)
C. apathy for
d)
D. passion for

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