MGT 420 Post-Assesment

A ____ details the responsibilities and the ownership shares of the partners involved with an organization A.Partnership agreement B.Industry contract C.Business pledge D.Business agreement

A

According to a Global Entrepreneurship Monitor (GEM) study within the past 7 years, the majority of people in high-income countries are drawn to entrepreneurship ________ a. To take advantage of an attractive opportunity b. Due to lack of career prospects c. As a result of government incentives d. Because an important role model was an entrepreneur e. To gain prestige

A

An market opportunity has the following four essential qualities ______ A )attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user B) practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective C) realistic; striking; timely; and anchored in a product, service, or business that is timely D) attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user E) attractive, durable, resilient, and opportune

A

Banks determine credit worthiness based on an examination of the five c's of credit. With many officers, the most important ingredient in the evaluation of credit risk is which of the five C's? A.Character B.Collateral C.Cash D.Capital expenditures

A

Commercial finance companies or asset-based lenders may be useful when A.The credit risk of the business needing funding is viewed as excessive to other, low risk lenders, B.The business needs the full value from their assets C.A business has no collateral

A

Commercial finance companies or asset-based lenders may be useful when A.The credit risk of the business needing funding is viewed as excessive to other, lower risk lenders B.The business needs the full value of their assets C.A business has no collateral

A

Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important ____ trend. A.Environmental B.Business C.Commerce D.Competitive

A

The number one characteristic shared by successful entrepreneurs is ________. A) a desire to achieve financial rewards B) a passion for the business C) a desire to employ other people D) a desire to fulfill a lifetime dream E) a desire to bring a revolutionary new product or service to market

A

____ business models are ones that don't fit the profile of standard business models and are impactful enough that they disrupt or change the way business is considered in an industry or an important niche within an industry. A.Disruptive B.Normal C.Unique D.Incomparable

A

______ relationships are characterized by frequent interactions that form between coworkers, friends, and spouses a. Strong-tie b. Weak-tie c. Lateral-tie d. Moderate-tie

A

A ____ is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders. A.Commercialization plan B.Business model C.Business plan D.Launch plan

B

A ____ is the group of founders, key employees, and advisors that move a new venture from an idea to a fully functioning firm. A.New venture panel B.New venture team C.New project team D.Startup cadre

B

A(n) ____ involves showing a preliminary description of the product idea to prospective customers to gauge interest, desirability, and purchase intent. A.Product/service statement B.Concept test C.Impression test D.Idea prospective E.Idea test

B

A(n)_____is a favorable set of circumstances that creates the need for a new product service, or business. A(n) ______ is a thought, an impression, or a notion. A.Scheme,notion B.Opportunity, idea C.Idea, design D.Idea, opportunity

B

An example of a valuable library resource is IBISWorld, which is a(n) ____ A.Trade journal B.Database of industry related information C.Business publication D.Academic journal

B

Because many entrepreneurs go about the task of raising capital haphazardly because they____ A.Are uncomfortable talking about money and they haven't written a business plan B.Lack experience in this area and because they don't know much about their choices C.Are focused on the nuts and bolts of starting a business D.Haven't completed a feasibility analysis or business plan

B

Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is: A. Brainstorming B. Finding a gap in the marketplace C. Observing trends D. Solving the problem

B

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ______ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection. a. Social forces b. Technological advances c. Legal changes d. Regulatory changes e. Economic forces

B

In general, industries are more attractive when the ____ A.Majority of the threats of porters five forces are high B.Majority of the threats of porters five forces are low C.Threat of each of porters five forces is neutral neither low nor high D.Threat of porters five forces is high

B

The process of creating new products, ventures, processes, or renewal within large organizations yet carried out by employees working in units separate from organizations who create and test innovations that are then assimilated back inside the broader organization is considered what type of entrepreneurship? a. Family enterprising b. Corporate entrepreneurship c. Serial entrepreneurs d. Social Entrepreneurship

B

Which form of business ownership is a particularly poor choice for an aggressive Entreprenurial firm? A.Corporation B.Sole proprietorship C.Limited liability corp. D.Limited partnership

B

Which of the following is not one of the five common myths about entrepreneurs? A) Entrepreneurs are tenacious. B) Entrepreneurs are moderate risk takers. C) Entrepreneurs should be young and energetic. D) Entrepreneurs love the spotlight. E) Entrepreneurs are born not made.

B

Which of the following is not one of the reasons why business modeling is considered a valuable Entreprenurial tool? A.It gives you the recipe for your business to follow for success B.Its lengthy process allows for an entrepreneur to dig deep into the model as a one time even and then move on to the next part of the entrepreneurial process C.It visually shows how the core aspects of the business fit together D.To test your assumptions

B

A ____ is a group of firms producing a similar product or service. A firm's ____ is the limited portion of the industry that it goes after or to which it wants to appeal A.Target market; industry B.Trade group, industry C.Industry, target market D.Industry, trade group

C

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as: A.Strong-tie B.Lateral-tie C.Weak-tie D.Moderate-tie

C

Any outsider provider of financing to a business will want to assess the owner's commitment and exposure to risk. An owners cash A.Is typically enough to finance a business B.Is the ideal source of long-term funding C.Is the most visible and trusted sign of commitment D.Is more expensive than other methods of financing

C

Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs? A) level of disposable income, new uses of old technologies, and new laws and regulations B) new technologies, consumer spending patterns, and new laws C) interest rates, consumer spending patterns, and level of disposable income D) social and cultural trends, level of interest rates, and what people think is "in" E) new changes in political areas, new laws, and level of disposable income

C

In most cases, the most important function of the pro forma statement of cash flows is to project whether the firm will have sufficient ____. A.Income to meet its payroll on a weekly or monthly basis B.Income to exceed industry norms C.Cash to meet its needs Inventory to meet its sales and production forecasts D.Short-term assets to cover E.its short-term liabilities

C

SafetyWeb is an online business that has created a Web-based service that helps parents protect their children's online reputation. SafetyWeb found its business opportunity in ______. A.Observing trends B.Studying government reports Solving a problem Finding gaps in the marketplace

C

The high failure rate among new ventures is due, in part, to the liability of newness, which refers to the fact that new companies often falter because ____. A.They are underfunded and the founders of the firms don't move quickly enough to put together boards of directors and boards of advisors that can provide them direction and advice. B.The founders of the firms underestimate the complexities involved with starting a new business and the firms lack a "track record" with outside buyers and sellers C.The people who start the firm can't adjust quickly enough to their new roles and the firms lack a "track record" with outside buyers and sellers D.The founder of the firm underestimate the complexities involved with starting a new business and they don't move quickly enough to establish business/ partnerships

C

Which of the following is not an attribute of an attractive industry? A.Is young rather than old B.Is not crowded C.Is late rather than early in life cycle D.Is important to the customer E.Is fragmented rather than concentrated

C

Which of the following statements is not true regarding why entrepreneurs test their assumptions? A.To get customer feedback B.To be lean and agile in planning and implementing their venture C.It takes a lot of time, money, and experience D.To understand customers pain points

C

____ research is research collected by the person or persons completing the analysis. ____ research probes data that is already collected. A.Primary, derivative B.Secondly, primary C.Primary, secondary D.Direct, indirect

C

A business plan is important as it forces the founding team to systematically think through every aspect of their venture and ____ A.It is a budget B.It is a public relations document that can be used to promote the firm C.It is a contract that is signed by the founders of the firm D.It communicates the merits of a new venture to outsiders, such as investors and bankers

D

A common way that gaps in the marketplace are recognized is ______ a. by observing changing environmental trends b. by recognizing problems that need to be solved c. via studying industry reports d. when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way e. via combined focus groups and brainstorming sessions

D

For startup firms, the cost of buying real estate, building facilities, and purchasing equipment often exceeds the firm's ability to provide for those needs on its own. Which of the following reasons that motivate firms to seek funding or financing illustrated in this example? A.Lengthy product development cycles B.Costs associated with building a brand C.Cash flow challenges D.Capital investments

D

The ability to notice things without engaging in deliberate search is referred to as _____. A.Cognitive alertness B.Managerial alertness C.Individual awareness D.Entrepreneurial alertness

D

There are three primary reasons that people become entrepreneurs and start their own firms. Which of the following is NOT one of those reasons? a. To be their own boss b. To pursue their own ideas c. To realize financial rewards d. Because they have an propensity to take risks

D

There are three types of startup firms: ________. A) lifestyle firms, general firms, and entrepreneurial firms B) standard-of-living firms, statutory firms, and general firms C) entrepreneurial firms, standard-of-living firms, and statutory firms D) lifestyle firms, salary-substitute firms, and entrepreneurial firms E) innovative firms, entrepreneurial firms, and standard firms

D

____ are an estimate of a firm's future income and expenses, based on its past performance, its current circumstances, and its future plans. A.Calculation statements B.Forecasts C.Statement of cash flow D.Financial statement

D

______ is (are) used to generate a number of ideas quickly a. Insight groups b. Competitive intelligence gatherings c. Survey groups d. Brainstorming

D

an individual who indentifies a business idea on his or her own is referred to as a(n) ________ entrepreneur a. separate b. functional c. lone d. solo

D

separate legal entity organized under the authority of a state is referred to as a ____. A.Limited partnership B.Conglomerate C.General partnership D.Corporation

D

An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An increased focus on health and wellness is an important _____ that is creating opportunities in many areas for entrepreneurial firms. a. Economic force b. Regulatory force c. Legal force d. Technological advances e. Social force

E

If a new firm was launched to help businesses comply with the affordable care act, that opportunity was created by ______ a. Changes in economic forces b. Demographic changes c. Changes in social forces d. Changes in technological forces e. Political actions and regulatory changes

E

Which of the following is an accurate characterization of interest in entrepreneurship? A) There is minimal interest in entrepreneurship across the world. B) There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia. C) There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia. D) While interest in entrepreneurship was once high, it is waning in popularity across the world. E) There is tremendous interest in entrepreneurship across the world.

E

Which of the following statement about target markets is incorrect? A.There is a distinct difference between a firm's industry and its target market B.The challenge is identifying an attractive target market is to find a market that's large enough for the proposed business but yet, is small enough to avoid attracting larger competitors C.By focusing on a target market, a firm can usually avoid head to head competition with industry leaders and can focus on serving a specified market very well D.A target market is a place within a larger market segments that represents a narrower group of customers with similar needs E.It's generally easier to find good information about a target market rather than an industry as a whole

E

Entrepreneurs inside is a form of entrepreneurship which can only exist in for-profit businesses. True Falsee

False

A B-Corp is a company, which has earned a certification for socially responsible firms. True False

True