Management practice quiz 1-4

Which of the following is a true of a factor-driven economy?

It consists of nations where most industry relates to farming and extracting raw materials

In a feasibility study, the legal restrictions and rights are included in which of the following sections?

The product/service section

Which of the following is a reward that is rarely mentioned by entrepreneurs?

To be respected by friends

High Growth ventures start small but are intended to grow rapidly

True

Role conflict and succession are two challenges typical to family businesses

True

Royalty is a licensing fee paid to a licensor based on the number of licensed items sold

True

The rapid website prototyping process involves making quick fixes on products based on customer feedback

True

Using low cost or free techniques to minimize the cost of doing business is called bootstrapping

True

Crowdfunding refers to:

financing a business online through the involvement of others who provide donations, loans, or investments.

Minimization of the depletion of natural resources, maximization of the use of recycled material and improvement in the environment are a few positive outcomes of sustainable entrepreneurship. Hence it is called_

green entrepreneurship

Green Cult Inc. uses 100 % green power for its electricity needs. Its stores are built out of recycled steel, rubber, and wood. The stores' layout is also designed to consume minimal energy. This is a typical example of:

green retailing

The final step in LaRue Hosmer's model for ethical decision making is:

implementing a solution and monitoring its progress.

A _ is a legal agreement granting you rights to use a particular piece of intellectual property.

license

A business owner is most likely to introduce changeability into a core business by:

reading magazines or trade journals outside his or her area of expertise.

Radical innovation strategy involves:

rejecting existing ideas and presenting a way to do things differently.

A(n) _ competency is the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials and expertise.

resource

_ describes the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and each makes different demands on them

role conflict

According to Graham Wallas's four stages of creative processes, the verification stage involves:

testing of an idea and reducing it to its most exact form.

Mindshare refers to:

the degree of attention a target market pays to an idea or organization.

Conversion rate is defined as:

the measure of how many visitors to a website actually make a purchase

Time management is the process of intergenerational transfer

False

Entrepreneurs who do not plan and prefer to let all actions be dictated by their routines are called

Habit based planners

_ refers to certification for having met a standard of quality that is consistently evaluated around the world.

ISO

Which if the following legitimacy-building features does setting technological or service standards adopted by competitors typically indicate?

Industry leadership

which of the following is true of a lifestyle firm?

It generates an income not enough to provide a living for the owner

Which of the following is true of virtual instant global entrepreneurship (VIGE)?

It is a process that uses the Internet to quickly create businesses with a worldwide reach

Which of the following is true of a high-performing small business?

It maximizes its profitability over a long term.

Which of the following is true of a small business?

Its external control preference is to control the firm

Which of the following is a reward that is a universally mentioned reward by entrepreneurs?

To have greater flexibility for personal and family life.

Adjusting to the entrepreneurial life is one of the challenges faced by late career entrepreneurs

True

Building social capital through social networking involves giving information, letting people know they belong, and providing social support and approval

True

Competencies are forms of business-related expertise

True

Which of the following is a people based legitimacy building feature

Wearing uniforms or business attire

According to Graham Wallas's four stages of creative processes, the _ stage of a creative process involves putting a problem on the back burner.

incubation

The owner, employes, and any other owners or board members of a firm typically refer to its

internal environment

_ begin their businesses after having retired or resigned from work in corporations at the age 50 or later.

second career entrepreneurs

A _ is a government contracting fund earmarked for particular kinds of firms, such as small businesses, minority owned firms, women owned firms, and the like.

set-aside

A(n) _ is best defined as an entrepreneur's set of relationships and contacts with individuals and institutions.

social network

In a(n) _ professionalization, businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources.

specialized business

The most frequently occurring element of the BRIE model is boundary.

False

To avoid pitfalls, a business owner must voluntarily take personal responsibility to do all the work and solve employees' problems.

False

Which of the following statements is true of late career entrepreneurs?

A do-it-yourself approach is a challenge for late career entrepreneurs.

which of the following is true of entrepreneurial teams?

A team can face conflict over idea ownership when the team is evenly split on choices

Which of the following is a way to create a sustainable enterprise?

By maximizing the use of recycled material

_ is an examination-based acknowledgment that the firm is owned and operated by a woman or minority

Certification

_ is a process producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities.

Creativity

_occurs when there are several different options for a decision one has to make and the best choice is not clear.

Ethical dilemma

After working for a couple of years as a consultant in an MNC, Yelena started a consulting company of her own. She believed she could get more out of her talents by working on her own terms. Which of the following is most likely to be the source of Yelena's business idea?

Expertise

If a business owner does not involve employees in solving problems, he or she is most likely to be a victim of which of the following major pitfalls?

Failing to ask for support

A firm can increase its legitimacy by self-certifying its products

False

Lifestyle firms often maximize their profitability over a long term.

False

One of the disadvantages of a typical I2P analysis is that it does not discuss a product's IP protection features.

False

Professionalization refers to a business action that has been widely adopted within an industry or occupation.

False

SCAMPER is an IP protection strategy for new products and services

False

Small businesses are characterized by novelty in their products.

False

Small businesses do not usually hire people with atypical work histories.

False

Social capital is the major component of what accountants call intellectual property and one cannot find it on a business's balance sheets

False

Sustainable entrepreneurship damages businesses' external relations with customers, governments and the physical environment

False

The _ of a business is characterised by its products or services being different or new.

Novelty

Which of the following is included in the financial projections section of the feasibility study?

Operating expenses and profitability

_ planners are completely passive, waiting for cues from the environment to determine what actions to take.

Reactive