Management 4700 Test 1

Ms. Brueggeman stopped by class and talked about the company she works for and you conduct a _____ analysis for future operating locations for her company. a) five forces b) triple bottom line c) PESTEL D) SWOT

D) SWOT

What are the three schools of Macro?

Economic Financial/ Capital Displacement (e)rnie (f)ucked yo (dog)

What are the three schools of Micro?

Entrepreneurial Trait Venture Opportunity Strategic (e)rnie (v)omited (o)n (s)usie

What is one common characteristic of entrepreneurs?

Willingness to accept failure or literally anything else

All of the following are advantages of debt financing except ____ a) Regular interest payments b) possible cash flow enhancement c) retention of ownership d) growth and development funding

a) Regular interest payments

Which of the following statements about social entrepreneurship is not true? a) Social entrepreneurship is limited to non-profit organizations b) Social entrepreneurship is about having a heightened sense of accountability c) social entrepreneurship has, in recent years, garnered increased media attention d) Social entrepreneurship adopts some of the same principles that have been effective in successful entrepreneurship.

a) Social entrepreneurship is limited to non-profit organizations

"Gazelles" are _____ a) a business with at least 20% growth yearly b) a business with no sales growth c) a business which has acquired numerous firms d) an inventor turned business person

a) a business with at least 20% growth yearly

Which of the following is a false statement about entrepreneurs? a) they burn with the competitive desire to excel b) They see the cup half full rather than half empty c) they do not use failure as a tool for learning d) they are achievers

c) they do not use failure as a tool for learning

The four phases in the creative process in order are ______ a) background or knowledge accumulation, incubation, idea experience, and evaluation and implementation b) idea experience, background or knowledge accumulation, incubation, and evaluation and implementation c) incubation, background or knowledge accumulation, idea experience, and evaluation and implementation d) evaluation and implementation, idea experience, incubation and background or knowledge accumulation

a) background or knowledge accumulation, incubation, idea experience, and evaluation and implementation

_______ is when entrepreneurs believe that their accomplishments and setbacks are within their own control and influence a) persistent problem solving b) internal locus of control c) external locus of control d) opportunity orientation

b) internal locus of control

The in-class activity where, in groups, you were to cut out different shapes of different colors demonstrated that firms have different _____ which affected both the actions of the group as well as the final outcome a) leadership constraints b) resource contraints c) financing capabilities d) none of the above

b) resource contraints

When one discusses the potential for upside gain and downside loss, one is talking about _____ a) inventory turnover b) risk vs reward c) asset pricing d) liquidation pricing

b) risk vs reward

During one class we did several exercises including puzzles, association tests, and an alternative uses test for a pencil are types of _____ tests a) creativity b) leadership c) emotional d) team work

a) creativity

Which of the following will help to foster an innovative climate? a) encourage action from employees b) punish mistakes c) eliminate coffee breaks to encourage employees to work harder d) have a dress code

a) encourage action from employees

Which of the following is a major reason for the failure of a new venture? a) inadequate market knowledge b) good product performance c) capable staff d) adequate financing

a) inadequate market knowledge

What are the four types of innovation discussed in chapter 5? a) invention, extension, synthesis, duplication b) extension, retention, analysis, duplication c) synthesis,extension, retention, analysis d) analysis, synthesis, duplication, retention

a) invention, extension, synthesis, duplication

From a firms perspective, one of the advantages of a public offering for a firm is ______ a) liquidity b) disclosure c) requirements d) cost

a) liquidity

The triple bottom line focuses on three dimensions of firm performance. What are these three dimensions?

Environmental (planet) Economic - (profit) Social - (people)

What are the two categories of innovation? Elaborate bitch What are these two categories of innovation?

Radical - which involved launching inaugural breakthroughs Incremental - which involved the systematic evolution of products services They are ways to develop an entrepreneurial mindset

A characteristic often attributed to entrepreneurs is ______? a) Determination b) Being a loner c) Power hungry d) Indecisiveness

a) Determination

The individual who buys a franchise is the _____ a) Franchisee b) Franchisor c) Franchisette d) Franchatter

a) Franchisee

A common pitfall in selecting a new venture is ____ a) poor financial planning b) proper objective evaluation c) real insight into the market d) none of the above

a) poor financial planning

In oder, the three phases a start-up goes through are ____ a) prestart-up, start-up, poststart-up b) start-up, poststart-up, evaluation c) beginning start-up, start-up, ending start-up d) prestart up, start-up, evaluation

a) prestart-up, start-up, poststart-up

Groups that function outside the traditional lines of authority permitting rapid turnaround of new ideas are called _____ a) skunk works b) multi-approach teams c) champions d) strategic innovators

a) skunk works

Which of the following would not be considered as encouraging to an entrepreneurial environment? a) uniform compensation b) identifying and working with potential entrepreneurs c) top management sponsorship of entrepreneurship d) promotion of entrepreneurship through experimentation

a) uniform compensation

Informal risk capitalists are also referred to as _____ a) neighbors b) business angels c) retirees d) venture capitalists

b) business angels

Which of the following is a type of equity financing? a) debt b) common stock c) loans d) credit

b) common stock

Which of the following refers to the systematic evolution of a product or service? a) radical innovation b) incremental innovation c) collective entrepreneurship d) strategic mangement

b) incremental innovation

Which of the following is not a trait of successful entrepreneurs? a) initiative b) indecisiveness c) perseverance d) strategic thinking

b) indecisiveness

When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting, ______ a) persistent problem-solving b) internal locus of control c) external locus of control d) opportunity recognition

b) internal locus of control

During the past 10 years, there were approximately how many business incorporations in the United States per year? a) 10,000-30,000 b) 200,000-400,000 c) 600,000-800,000 d) 1,100,000-1,300,000

c) 600,000-800,000

Intrapreneurship is also referred to as_____? a) Inside entrepreneurship b) Internal entrepreneurship c) Corporate entrepreneurship d) outside entrepreneurship

c) Corporate entrepreneurship

Which of the following is not a type of innovation? a) invention b) duplication c) adaptation d) synthesis

c) adaptation

Secretly working on new ideas during company and personal time is referred to as ____ a) skunk works b) championing c) bootlegging d) interactive learning

c) bootlegging

Which of the following is an aspect of the "dark side" of entrepreneurship? a) a need for control b) a sense of distrust c) both a and b d) bouts of euphoria

c) both a and b

Ecopreneurs are concerned with _____ a) Only ecologically sustainable development b) only economically sustainable development c) both ecologically and economically sustainable development d) neither a or b

c) both ecologically and economically sustainable development

The _____ is the person who has the opportunity to lead and "run" with an idea a) department manager b) manager c) champion d) visionary

c) champion

Which of the following is not a common myth about entrepreneurs? a) entrepreneurs are academic and social misfits b) entrepreneurs are doers, not thinkers c) entrepreneurs today are considered heroes d) all you need is money to be an entrepreneur

c) entrepreneurs today are considered heroes

The in-class activity where you negotiated with another individual or individuals about the sale/purchase of an existing entrepreneurial venture demonstrated _______ a) how it is always easy to work with others b) how negotiations always favor the seller c) how several factors (trust, information sharing, etc.) affect negotiations d) none of the above

c) how several factors (trust, information sharing, etc.) affect negotiations

Many entrepreneurs lack the ____ necessary to critically analyze their new venture a) innovation b) intelligence c) objectivity d) none of the above

c) objectivity

All of the following are characteristics of a creative environment except _____ a) a large variety of personality types b) an enjoyment in experimenting with new ideas c) restricted communication with outsiders d) a willingness to accept change

c) restricted communication with outsiders

The framework which focuses on people, profits, and the planet is called ______ a) the shared value approach b) the value proposition c) the triple bottom line d) the triplet approach

c) the triple bottom line

An advantage to buying an existing business is ______ a) reduced concern over viability b) start-up time and effort are reduced c) it may be purchased at a bargain price d) all of the above

d) all of the above

Entrepreneurial motivations of individuals are derived from ______ a) the environment b) the entrepreneur c) the venture d) all of the above

d) all of the above

Evaluating franchise opportunities include finding out more about which of the following? a) the franchisor b) the franchise c) the franchisee d) all of the above

d) all of the above

The advantages of franchising include _____ a) training and guidance b) brand-name appeal c) proven track record d) all of the above

d) all of the above

The entrepreneurial motivations of individuals are____ a) the environment b) the entrepreneur c) the venture d) all of the above

d) all of the above

the franchisee is usually required to do all of the following except _____ a) invest money in the operation b) maintain a specified quality of performance c) pay a fee d) design a logo

d) design a logo

The study of entrepreneurship is _____ a) based on the field of management b) based on the field of accounting c) based on the field of sociology d) interdisciplinary

d) interdisciplinary

Methods for going international include all of the following except ____ a) importing b) exporting c) alliances d) intrapreneuring

d) intrapreneuring

What were the 4 types of innovation discussed in class?

invention, extension, synthesis, duplication not ducking adaptation