Entrepreneurship Quiz 1

A set of behaviors and tasks a member of a group is expected to perform because of his or her position in the group. A. Group roles B. Social loafing C. Group think D. Group norms E. Division of labor

A. Group roles

The task of repeating or rehearsing in preparation for the networking event is called? A. Practicing B. Elevator pitch C. Personal brand D. Social networking

A. Practicing

When a student is going to miss two consecutive class times or more they must notify A. Student life and success office B. Student success council C. Counselors D. Emotional and physical health committee (Eph)

A. Student life and success office

One of the main advantages of using groups is the opportunity to obtain: A. Synergy- the collaborative outcome of the whole is greater than the input efforts of the individual parts. B. Less work per individual- individual team member doesn't have to work hard. C. Groups have difficulty achieving consensus D. The emergent of group conflict.

A. Synergy

A thirty second to a two minute pitch about yourself is called? A. Practicing B. Elevator pitch C. Personal brand D. Social networking

B. Elevator pitch

Professors office house are: A. MWF 10-11 B. MWF 1-4:30 C. T TH 10-11

B. MWF 1-4:30

The tendency of individuals to put forth less effort when they work in groups than when they work alone A. Group roles B. Social loafing C. Groupthink D. Group norms E. Division of labor

B. Social loafing

In this stage of group development, group member experience conflict and disagreements. A. Forming B. Storming C. Norming D. Performing E. Adjourning

B. Storming

Student resource for when a student is experiencing some form of hardship: A. Student life and success office B. Student success council C. Bemidji pioneer newspaper D. Emotional and physical health committee (eph)

B. Student success council

For a paper to be considered a complete paper it must consist of an ______, _______, _________, and _________. A. Cover sheet, table of content, recommendations, reference page. B. Title introduction, body, and conclusion C. Table of content, abstract, appendix, and reference page D. Abstract, executive Summary, body, and reference page.

B. Title, introduction, body, and conclusion

Occurs when a group values harmony and coherence over accurate analysis and critical evaluation A. Group roles B. Social loafing C. Groupthink D. Group norms E. Division of labor

C. Groupthink

Creating you own reputation so that people look for you is called: A. Practicing B. Elevator pitch C. Personal brand D. Social networking

C. Personal brand

who is responsible for the student learning? A.parents B. Instructor C. Students D. Neighbors

C. Student

The term used to describe grade points lost haphazardly: A. Lost points B. Good points C. Stupid points D. Unnecessary points

C. Stupid points

When attending the networking events, you should do the following except? A. Know who you are B. Know whom you want and why C. Wait till someone talks to you D. Buddy up C. Bone up on the small talk

C. Wait till someone talks to you

Teams obtain team leaders by: A. Sometimes managers assume the leadership role or appoint a member of a group. B. Group or team members may choose their own leaders, or a leader may emerge naturally. C. Sometimes teams rotate the leadership role among members. D. All of the above E. None of the above

D. All of the above

Who should students contact when they are in distress? A. Student life and success office B. Student success council C. Bemidji pioneer newspaper D. Emotional and physical health committee (eph)

D. Emotional and physical health committee (eph)

Shared guidelines or rules of behavior that most group member follow. A. Group roles B. Social loafing C. Groupthink D. Group norms E. Division of labor

D. Group norms

In preparing for social networking you should do all of the following except A. Lock down your Facebook account B. Choose and accepts your friends wisely C. Be careful what you post D. Post provocative photos and references to drinking and drugs

D. Post provocative photos and references to drinking and drugs

Networking online using tools like Facebook, LinkedIn, and twitter are called? A. Practicing B. Elevator pitch C. Personal brand D. Social networking

D. Social networking

The magic time the team business projects are due: A. Monday 8am B. Tuesday 11:59 pm C. Fridays 12:00am D. Sunday's 11:59 pm

D. Sunday's 11:59pm

In preparing for a networking event you should ask yourself which of the following questions: A. Who am I B. What have I done up until this point C. What do I want to do in the future D. What do you need or want from those attending the event. E. All of the above

E. All of the above

Splitting the work to be performed into particular tasks and assigning tasks to individual workers is called: A. Group roles B. Social loafing C. Groupthink D. Group norms E. Division of labor

E. Division of labor

T/F: it is a good idea to cold-calling people you don't know

False

1. True or False: Family businesses are often started to create jobs for other family members.

True

1. True or False: It is important to treat non-family member employees equal, or as nearly equal as possible, as family members.

True

T/F. All teams are groups, but NOT ALL groups are teams

True

T/F: 45% of employers use social networks to screen job candidates, and 35% of employers did not offer a job based on a candidates content uncovered on a social media networking site.

True

T/F: all groups and teams need leadership

True

Differences among people due to characteristics used to distinguish people. a. Diversity b. Ombudsman c. Caveat emptor d. Individual ethics

a. Diversity

An exhaustive investigation to see if the business sale you have found is really suitable. a. Due Diligence b. Self-efficacy c. Franchising d. Professional Manager

a. Due diligence

Who is responsible for paying the use of the trademark and logos, completing the training, and managing the franchise? a. Franchisee b. Franchiser c. Employees d. Customers

a. Franchisee

The text defines profit as ________. A) A positive gain from operations after all expenses are subtracted B) A positive gain from operations before all expenses are subtracted C) A positive gain from operations after fixed expenses are subtracted D) A negative loss from operations after all expenses are subtracted E) None of the above

a. a positive gain from operations after all expanses are subtracted

Gregory Dee's definition of social entrepreneurship states, "Social entrepreneurs play the role of change agents in the social sector by ________." A) Adopting a mission to create and sustain social value B) Serving a higher power C) Not being concerned with profit or sustainability D) Avoiding competition E) Being concerned with mother earth

a. adopting a mission to create and sustain social value

1. Posits that entrepreneurs tend to hire employees whose personalities are similar to their own. a. Attraction-Selection-Attrition (ASA) Framework b. Emotional Intelligence c. Personality traits d. Risk Avoidance

a. attraction-selection-attrition (ASA) framework

Which of the following is a set of official standards of employee behavior? A) Code of ethics B) Code of conduct C) Ethical relativism D) Ethical dilemma E) All of the above

a. code of ethics

According to the text, which of the following is not a cost of becoming an entrepreneur? A) Contribution to society B) Business failure C) Obstacles D) Loneliness E) Long Hours

a. contribution to society

________ means having rules and safeguards in place to ensure that executives behave legally and ethically. A) Corporate governance B) Corporate domination C) Commercial governance D) Corporate authority E) Corporate supremacy

a. corporate governance

1. What must an entrepreneur do to family members who are not a good fit for the business? a. Discipline and even termination. b. Reward with stock options c. Offer special medical benefit packages that are not offer to non-family member employees. Promote to new positions.

a. discipline and even termination

A morally problematic situation in which you must choose between two or more alternatives that aren't equally acceptable to different groups. a. Ethical dilemma b. Ethics c. Codes of ethics d. Caveat emptor

a. ethical dilemma

A(n) ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business. A) Franchise B) License C) Acquisition D) Merger E) Opportunity

a. franchise

Who sets conditions and standards and who grants operating permission of a franchised business? a. Franchiser b. Professional Manager c. Franchisee d. Employees

a. franchiser

) For a business, ethics are ________ and ________ moral principles applied to actions and issues within the business context. A) Individual, organizational B) Personal, managerial C) Individual, directorial D) Individual, governmental E) Individual, secretarial

a. individual, organizational

Corporate social responsibility is the ethical ________ of a company to its community. A) Obligation B) Compulsion C) Duty D) Requirement E) Debt

a. obligation

Entrepreneurship options include ________. A) Opportunities that are virtually limitless B) For-profit ventures only C) Not-for-profit organizations only D) Only green business options E) Only new technology and inventions

a. opportunities that are virtually limitless

Conflicts of interest are situations in which ________ considerations and ________ obligations interfere with each other. A) Personal, professional B) Individual, professional C) Not public, professional D) Personal, employment E) Personal, job

a. personal, professional

Ethics are a system of ________ that define a code of behavior to distinguish between good and bad or right and wrong. A) Principles B) Values C) Beliefs D) Religious beliefs E) None of the above

a. principles

Ethical ________ arises when ethical standards are believed to be subject to interpretation. A) Relativism B) Superiority C) Majority D) Nepotism E) Rationalism

a. relativism

1. Entrepreneurs personality is influenced by two sets of values: a. Terminal values and instrumental values. b. Emotional Intelligence and Personality traits. c. Risk Transfer and Risk Reduction d. Calculated risk and instrumental values.

a. terminal values and instrumental values

1. A set stills that can be used to reduce role conflict. a. Time Management b. Nepotism c. Role Conflict d. Meritocracy

a. time management

1. Tell what the business hopes to become in the eyes of its shareholders. a. vision statement b. internal understanding c. mission statement d. external legitimacy

a. vision statement

How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs? A) With profit B) With awards C) With praise D) With applause E) With a pat on the back

a. with profit

A system of values used to make decisions about what is right and wrong. a. Ethical dilemma b. Ethics c. Codes of ethics d. Caveat emptor

b. Ethics

Which one is not one of the three principal sources in which an organization's code of ethics is derived from? a. Societal ethics b. Grandma's ethics c. Professional ethics d. Individual ethics

b. Grandma's ethics

Which of the following is not an economic question listed in the text? A) What should be produced? B) How much will it cost to be produced? C) When will it be produced? D) Who will produce it? E) Who gets to have what is produced?

b. How much will it cost to be produced?

1. To increase _____ usually for you, your partners or your key employees to gain clarity about the business. a. vision statement b. internal understanding c. mission statement d. external legitimacy

b. Internal understanding

1. Hiring and promoting people who you know well and can trust. a. Time Management b. Nepotism c. Role Conflict d. Meritocracy

b. Nepotism

Organizations can encourage an ethical culture by creating the role of: a. Diversity b. Ombudsman. c. Caveat emptor d. Individual ethics

b. Ombudsman

A person's belief in his or her ability to achieve a goal. a. Due Diligence b. Self-efficacy c. Franchising d. Professional Manager

b. Self-efficacy

1. Which is not one of the five major ways to become an entrepreneur: a. You may start a new business. b. Work for a major corporation. c. You may buy a new business. d. You may franchise a business. e. You may inherit a family business. f. You may be hired to be the professional manager of a small firm.

b. Work for a major corporation

1. Risk that is supported by research and with data, and mixed with "gut feelings" about the situation. a. Risk Avoidance b. Calculated risk c. Risk Transfer Risk Reduction

b. calculated risk

1. The ability to understand and manage one's own moods and emotions, as well as the moods and emotions of others. a. Attraction-Selection-Attrition (ASA) Framework b. Emotional Intelligence c. Personality traits d. Risk Avoidance

b. emotional intelligence

Which one is not an advantage of purchasing an existing business? a. Established customers. b. Existing staff may resist change. c. Established business processes. d. Requires less cash outlay than a startup.

b. existing staff may resist change

1. Which plan is appropriate for customers or suppliers where you don't want them to see financials? a. Screening plans b. Informational plans c. Invention plan d. Operational plan

b. informational plans

________ is the six pillars of value for the actualized form, "Civility, courtesy, decency, dignity, autonomy, tolerance, acceptance." A) Trustworthiness B) Respect C) Caring D) Fairness E) Citizenship

b. respect

1. Which one is "Not" a risks that commonly threaten business plans: a. Overstated numbers b. Seeking professional help. c. Numbers that are wrong Inadequate cushion

b. seeking professional help

1. The term "Deadly aggravations" means: a. Make sure to research obvious competition and substitutes. b. Make sure people understand the product or service and what is expected from them. c. Misspellings, lacking a table of contents or page numbers and similar. d. If the payback takes too long or is unclear, investors won't be interested

c. Misspellings, lacking a table of contents or page numbers and similar.

1. What is succession plan? a. A plan that illustrate how the business will be managed. b. A plan that describes the company social responsibility efforts. c. A plan that identifies who will take over. d. A plan that explains a company competitive analysis of the business environment.

c. a plan that identifies who will take over

Making sure the business has a good chance for success through a feasibility study or customer development process is what part of the entrepreneurial process? a. Feel b. Plan c. Check d. Do

c. check

Formal standards and rules, based upon beliefs about right or wrong, that managers can use to help themselves make appropriate decisions concerning the interests of their stakeholders. a. Ethical dilemma b. Ethics c. Codes of ethics d. Caveat emptor

c. code of ethics

Which one is not an advantage of a family owned business? a. Communication can be more effective. b. Decision making may be easier and quicker. c. Conflict arises between family members about leadership. Strong family bonds may lead to strong corporate culture

c. conflict arises between family members about leadership

A legal agreement that allows one business to be operated using the name and business procedures of another. a. Due Diligence b. Self-efficacy c. Franchising d. Professional Manager

c. franchising

1. What is missing from an Invention plan? a. Generally used when the inventor hopes to sell or license his invention. b. Product or service information is very detailed. c. Marketing strategy. d. Legal section discusses only intellectual property protection and financials are limited to the deal and the risks.

c. marketing strategy

1. Tells of the business purpose. a. vision statement b. internal understanding c. mission statement d. external legitimacy

c. mission statement

1. Enduring tendencies to feel, think, and act in certain ways. a. Attraction-Selection-Attrition (ASA) Framework b. Emotional Intelligence c. Personality traits Risk Avoidance

c. personality traits

1. Which one is not one of the variations of planning style? a. Comprehensive planners b. Critical-point planners c. Planning style d. Opportunistic planners e. Reactive planners f. Habit-based planners

c. planning style

Which is not a goals every business must balance. a. Economical standards b. Legal standards c. Reading standards d. Ethical standards

c. reading standards

1. Refers to the legal assignment of the costs of certain potential losses from one party to another. The most common way is by insurance. a. Risk Avoidance b. Calculated risk c. Risk Transfer d. Risk Reduction

c. risk transfer

1. Occurs when family issues bleed into the workplace and vice versa. a. Time Management b. Nepotism c. Role Conflict d. Meritocracy

c. role conflict

Based on the idea of cost and benefits, which of the following activities is most beneficial? A) Playing video games B) Watching a PBS special about nature C) Seeing a speaker you admire and want to mentor you D) Going to a movie with your favorite actor/actress E) Hanging out with friends

c. seeing a speaker you admire and want to mentor you

A Latin expression which means "let the buyer beware" which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer. a. Ethical dilemma b. Ethics c. Codes of ethics d. Caveat emptor

d. Caveat emptor

1. The successor should master a. Technical knowledge about the firm b. Financial knowledge c. People skills d. All of the above e. None of the above

d. all of the above

1. Which one is a function of Professionalization? a. Expert business professionalization b. Specialized business professionalization c. Minimalized business professionalization d. All of the above. None of the above

d. all of the above

Management expert Peter Drucker pointed out that, for a business to be considered entrepreneurial, it should exploit changes in the world. Which of the following areas have changes that entrepreneurs could exploit? A) Technology B) Politics C) Socio-economics D) All of the above E) None of the above

d. all of the above

Which is American Marketing Association Code of Ethics: a. Do no harm b. Foster trust in the marketing system c. Embrace ethical values: d. All of the above. e. None of the above

d. all of the above

Which of the following could not be considered opportunity costs? A) Time B) Energy C) Money D) Entertainment E) All of the above can be considered opportunity costs.

d. entertainment

1. When you are trying to establish ______ usually seeking outside financial or expert help. a. vision statement b. internal understanding c. mission statement d. external legitimacy

d. external legitimacy

1. Selects and promotes the best person for the job regardless of family ties. a. Time Management b. Nepotism c. Role Conflict d. Meritocracy

d. meritocracy

Someone with experience and knowledge to adequately meet and beat business challenges. a. Due Diligence b. Self-efficacy c. Franchising d. Professional Manager

d. professional manager

Which of the following could be considered an acquisition? A) Inheriting your father's business B) Building a new restaurant C) Inventing a new product and selling it D) Starting a recycling business E) Buying a business from a retiring owner

e. Buying a business from a retiring owner

Which is not a goal of due diligence? a. Check for fraud b. Look for misrepresentation c. Analyze for missing information d. find any inefficiencies e. Restructure the business

e. Restructure for the business

Which of the following represents a "change" associated with the "five roots of opportunity" explored in the text? A) The invention of the cell phone B) Expanded completion within an industry C) The entry of a new competitor D) Development of the technology for social networking E) The green movement and society's new concern with recycling

e. The green movement and society's new concern with recycling

All of the following are components of control over compensation except ________. A) Salary B) Wage C) Dividend D) Commission E) All of the above are components of control over compensation.

e. all the above

1. Which one is 'not' one of the four situations where the firm should adapt the plan for the reader's. a. Pioneering business plan b. New entrant business plan c. Existing business plan d. Businesses with significant government involvement plan e. Classic business plan

e. classes business plan

1. Which one is not one of the five areas of knowledge or competencies that successful entrepreneurs need to have: a. Key Business Functions b. Industry Specific c. Resource Competencies d. Determination Competencies e. Critical-point planners f. Opportunity Competencies

e. critical-point planners

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses? A) Use a new technology to produce a new product B) Use an existing technology to produce a new product C) Use an existing technology to produce an old product in a new way D) Find a new source of resources E) Find a new market for a new product

e. find a new market for a new product

Which of the following is not one of the six pillars of character? A) Trustworthiness B) Respect C) Caring D) Fairness E) Honor

e. honor

Which of the following is not a way to identify business opportunity as discussed in the text? A) Exploiting changes in the world B) Seeing opportunity where others see problems C) Training your mind to recognize opportunity D) Using your imagination E) Seeing what is wrong, but not a way to fix it

e. see what is wrong, but not a way to fix it

1. Which one is not one of the 5P's of successful entrepreneur's behavior? a. Passion b. Perseverance c. Promotion/Prevention Focus d. Planning style e. Professionalization f. Pricing Model

f. pricing model

True or False: Using advisors to review the plan can is a waste of time and money

false