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ENT 300: ENTREPRENEURSHIP QUIZ: SEM MARCH 2024

Total questions: 30

Worksheet time: 30mins

Name
Class
Date
1.

Carl Menger (1871) define the entrepreneur acts as an economic agent who transforms resources into products and services.

a)

True

b)

False

2.

Risk-taking propensity is a trait commonly associated with entrepreneurs.

a)

True

b)

False

3.

Assertiveness is an entrepreneur confronts problems and issues with others indirectly.

a)

True

b)

False

4.

Creativity is the ability to generate novel and useful ideas, while innovation involves implementing those ideas to create value.

a)

True

b)

False

5.

Creative process involves looking with similar perspectives on unique relationships of the surroundings.

a)

True

b)

False

6.

SWOT analysis is a tool commonly used by entrepreneurs to assess the strengths, weaknesses, opportunities, and threats associated with a business venture.  

a)

True

b)

False

7.

Opportunity recognition is solely based on luck and cannot be systematically developed or enhanced.

a)

True

b)

False

8.

One of the advantages of starting from scratch is entrepreneurs are free to develop business image and personality that suits their desire and interest.

a)

True

b)

False

9.

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.

a)

True

b)

False

10.

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.

a)

True

b)

False

11.

Free Industrial Zones (FIZs) where the manufacturing companies enjoy no customs formalities and duty free import of raw materials, component parts, machinery and equipment.

a)

True

b)

False

12.

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.

a)

True

b)

False

13.

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.

a)

True

b)

False

14.

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.

a)

True

b)

False

15.

Occupational Safety and Health Administration (OSHA) regulations primarily focus on protecting consumers from unsafe products.

a)

True

b)

False

16.

The social entrepreneurship theory emphasizes:

a)

Maximizing profit as the primary goal

b)

Solving social and environmental problems through innovative approaches

c)

Risk-taking and profit maximization

d)

Adaptation to market conditions

17.

Which theory suggests that entrepreneurs exploit opportunities by creatively combining existing resources?

a)

Effectuation theory

b)

Resource-based theory

c)

Opportunity recognition theory

d)

Schumpeter's theory of entrepreneurship

18.

Which of the following is NOT a key competency of successful entrepreneurs?

a)

Risk-taking

b)

Conformity

c)

Opportunity recognition

d)

Resilience

19.

Entrepreneurial self-efficacy refers to an individual's:

a)

Ability to take risks

b)

Belief in their capability to perform entrepreneurial tasks

c)

Financial resources

d)

Experience in a specific industry

20.

Which behavior is characteristic of an entrepreneurial mindset?

a)

Avoiding uncertainty

b)

Opportunity-seeking

c)

Fear of failure

d)

Resistance to change

21.

Which approach encourages brainstorming and free association to generate creative ideas?

a)

Design thinking

b)

Lateral thinking

c)

Critical thinking

d)

Linear thinking

22.

Which method of opportunity evaluation involves creating a detailed plan outlining all aspects of the business?

a)

Lean startup approach

b)

Business canvas model

c)

Business plan approach

d)

SWOT analysis

23.

Which factor is NOT typically considered during opportunity evaluation?

a)

Market demand

b)

Competitive landscape

c)

Personal preferences of the entrepreneur

d)

Regulatory environment

24.

Which technique involves analyzing the strengths, weaknesses, opportunities, and threats of a potential business opportunity?

a)

A) PEST analysis

b)

B) SWOT analysis

c)

C) Value chain analysis

d)

D) Porter's Five Forces analysis

25.

What is a key consideration when buying an existing business?

a)

Greater flexibility in shaping the business model

b)

Lower risk compared to starting from scratch

c)

Potential for higher returns on investment

d)

Thorough due diligence to assess the business's financial health and potential risks

26.

What is a common challenge in family business succession planning?

a)

Limited emotional attachment to the business

b)

Difficulty in finding suitable outside buyers

c)

Smooth transition of leadership and ownership

d)

Minimal impact on family dynamics

27.

What is a typical characteristic of acquiring a franchise?

a)

Complete autonomy in decision-making

b)

Higher risk due to untested business model

c)

Established brand recognition and support system

d)

Lower initial investment compared to independent ventures

28.

Which governmental authority in Malaysia is responsible for issuing manufacturing licenses?

a)

Ministry of International Trade and Industry (MITI)

b)

Malaysian Industrial Development Authority (MIDA)

c)

Department of Standards Malaysia

d)

Securities Commission Malaysia

29.

Which governmental agency is responsible for overseeing workplace safety regulations in the Malaysia?

a)

Environmental Protection Agency (EPA)

b)

Occupational Safety and Health Administration (OSHA)

c)

Federal Trade Commission (FTC)

d)

Securities and Exchange Commission (SEC)

30.

Which organization focused on providing integrated entrepreneur development packages to assist Bumiputera entrepreneurs in Retail and Small and Medium sized Enterprise (SME) sectors?

a)

Perbadanan Usahawan Nasional Berhad

b)

Majis Amanah Rakyat (MARA)

c)

Small Business Administration (SBA)

d)

Ministry Of Human Resource