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WorksheetsENT 300: ENTREPRENEURSHIP QUIZ: SEM MARCH 2024
Total questions: 30
Worksheet time: 30mins
Carl Menger (1871) define the entrepreneur acts as an economic agent who transforms resources into products and services.
True
False
Risk-taking propensity is a trait commonly associated with entrepreneurs.
True
False
Assertiveness is an entrepreneur confronts problems and issues with others indirectly.
True
False
Creativity is the ability to generate novel and useful ideas, while innovation involves implementing those ideas to create value.
True
False
Creative process involves looking with similar perspectives on unique relationships of the surroundings.
True
False
SWOT analysis is a tool commonly used by entrepreneurs to assess the strengths, weaknesses, opportunities, and threats associated with a business venture.
True
False
Opportunity recognition is solely based on luck and cannot be systematically developed or enhanced.
True
False
One of the advantages of starting from scratch is entrepreneurs are free to develop business image and personality that suits their desire and interest.
True
False
One of the advantages of buying an existing business is entrepreneurs have to respect and abide the agreements that have been made by the previous owner with related parties.
True
False
Business support system refers to the assistance and services given by the government or private agencies to help entrepreneurs to start a new business or to develop an existing one.
True
False
Free Industrial Zones (FIZs) where the manufacturing companies enjoy no customs formalities and duty free import of raw materials, component parts, machinery and equipment.
True
False
One of the purposes of financial assistance is debt restructuring where a process used by companies, individuals, and countries to change the terms on loans to make them easier to pay back.
True
False
Human Resource Development Fund is to assess and determine the types and extent of employee training and retraining in keeping with the human resources need of industries.
True
False
In term of technical assistance, the function of MARDI is to develop indigenous science and technology capabilities in support of the development and modernization of the national food and agriculture sector.
True
False
Occupational Safety and Health Administration (OSHA) regulations primarily focus on protecting consumers from unsafe products.
True
False
The social entrepreneurship theory emphasizes:
Maximizing profit as the primary goal
Solving social and environmental problems through innovative approaches
Risk-taking and profit maximization
Adaptation to market conditions
Which theory suggests that entrepreneurs exploit opportunities by creatively combining existing resources?
Effectuation theory
Resource-based theory
Opportunity recognition theory
Schumpeter's theory of entrepreneurship
Which of the following is NOT a key competency of successful entrepreneurs?
Risk-taking
Conformity
Opportunity recognition
Resilience
Entrepreneurial self-efficacy refers to an individual's:
Ability to take risks
Belief in their capability to perform entrepreneurial tasks
Financial resources
Experience in a specific industry
Which behavior is characteristic of an entrepreneurial mindset?
Avoiding uncertainty
Opportunity-seeking
Fear of failure
Resistance to change
Which approach encourages brainstorming and free association to generate creative ideas?
Design thinking
Lateral thinking
Critical thinking
Linear thinking
Which method of opportunity evaluation involves creating a detailed plan outlining all aspects of the business?
Lean startup approach
Business canvas model
Business plan approach
SWOT analysis
Which factor is NOT typically considered during opportunity evaluation?
Market demand
Competitive landscape
Personal preferences of the entrepreneur
Regulatory environment
Which technique involves analyzing the strengths, weaknesses, opportunities, and threats of a potential business opportunity?
A) PEST analysis
B) SWOT analysis
C) Value chain analysis
D) Porter's Five Forces analysis
What is a key consideration when buying an existing business?
Greater flexibility in shaping the business model
Lower risk compared to starting from scratch
Potential for higher returns on investment
Thorough due diligence to assess the business's financial health and potential risks
What is a common challenge in family business succession planning?
Limited emotional attachment to the business
Difficulty in finding suitable outside buyers
Smooth transition of leadership and ownership
Minimal impact on family dynamics
What is a typical characteristic of acquiring a franchise?
Complete autonomy in decision-making
Higher risk due to untested business model
Established brand recognition and support system
Lower initial investment compared to independent ventures
Which governmental authority in Malaysia is responsible for issuing manufacturing licenses?
Ministry of International Trade and Industry (MITI)
Malaysian Industrial Development Authority (MIDA)
Department of Standards Malaysia
Securities Commission Malaysia
Which governmental agency is responsible for overseeing workplace safety regulations in the Malaysia?
Environmental Protection Agency (EPA)
Occupational Safety and Health Administration (OSHA)
Federal Trade Commission (FTC)
Securities and Exchange Commission (SEC)
Which organization focused on providing integrated entrepreneur development packages to assist Bumiputera entrepreneurs in Retail and Small and Medium sized Enterprise (SME) sectors?
Perbadanan Usahawan Nasional Berhad
Majis Amanah Rakyat (MARA)
Small Business Administration (SBA)
Ministry Of Human Resource
