Entrepreneurial Management
Final Exam Questions
Course Introduction
Entrepreneurial Management explores the essential principles and practices required to launch, manage, and grow new ventures in dynamic market environments. The course covers topics such as opportunity recognition, business model development, resource acquisition, and risk management. Students learn to think and act entrepreneurially by analyzing real-world case studies, crafting business plans, and applying innovative problem-solving strategies. Emphasis is placed on leadership, adaptability, and the ethical challenges entrepreneurs face, equipping students with practical tools and frameworks to navigate the complexities of starting and sustaining successful businesses.
Recommended Textbook
Entrepreneurship 10th Edition by Robert
Hisrich
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15 Chapters
1220 Verified Questions
1220 Flashcards
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Page 2
Chapter 1: Entrepreneurship and the Entrepreneurial
Mind-Set
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) The question "What is this technology all about?" is a comprehension question. A)True
B)False
Answer: True
Q2) Which of the following is NOT a stage in Kolter's procedure in bringing a product/service to market?
A)Select target market segments
B)Analyze long run opportunities in the market
C)Design market strategies
D)File for patent protection
Answer: D
Q3) Entrepreneurial opportunities are those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.
A)True
B)False
Answer: True
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Chapter 2: Entrepreneurial Intentions and Corporate
Entrepreneurship
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Sample Questions
Q1) Why does restoration-orientation have adverse effects on an individual's health?
A)Since it involves suppression by mental effort.
B)Since it prescribes physical diversions like a hobby.
C)Since it involves regular physical exertion via exercise.
D)Since it involves mental catharsis to bring out the grief.
Answer: A
Q2) One study found that new ventures started within a corporation performed better than those started independently by entrepreneurs.
A)True
B)False
Answer: False
Q3) An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.
A)True
B)False
Answer: True
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Chapter 3: Entrepreneurial Strategy: Generating and Exploiting New Entries
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Sample Questions
Q1) First movers can monitor changes in the market that might be difficult or impossible to detect for those firms not participating in the market.
A)True
B)False
Answer: True
Q2) Experience is idiosyncratic-unique to the life of the individual.
A)True
B)False
Answer: True
Q3) Which of the following statements is(are)true?
A)Knowledge is a valuable entrepreneurial resource that is gained through formal education.
B)Knowledge can be gained through highly experienced managers and/or firms.
C)Knowledge based on experience is unlikely to be learned in a classroom.
D)Research,more than knowledge,leads to the generation of new entries in markets and technologies.
Answer: C
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Page 5
Chapter 4: Creativity and the Business Idea
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Sample Questions
Q1) Only the test marketing phase of product planning provides actual sales results to judge the product's customer appeal.
A)True
B)False
Q2) Brainstorming groups should:
A)contain an expert in the field to be discussed.
B)be serious and work-oriented.
C)try to generate as many ideas as possible.
D)encourage criticism of ideas from other participants in the group.
Q3) In the product development stage,consumer reaction to the physical product/service is determined.
A)True
B)False
Q4) The focus group is an excellent method for initially screening ideas and concepts.
A)True
B)False
Q5) Forced relationships is a method of forcing confrontations in focus groups.
A)True
B)False
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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Sample Questions
Q1) The Kaufmann foundation Provides resources for entrepreneurship education and research and lists the angel (private investor)groups throughout the United States.
A)True
B)False
Q2) Primary data is:
A)data that has been collected by the private sector.
B)data collected by the government.
C)original information collected by the entrepreneur.
D)data that is hard to finD.
Q3) International entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries.
A)True
B)False
Q4) A vertical merger is the combination of two firms that produce one or more of the same or closely related products in the same geographical area.
A)True
B)False
Q5) List the seven various aspects of culture.
Page 7
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Chapter 6: Intellectual Property and Other Legal Issues for the Entrepreneur
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Sample Questions
Q1) An entrepreneur should seek a patent attorney who has experience in their product line.
A)True
B)False
Q2) Priceline.com's service where a buyer can submit a price bid for a particular service is an example of a:
A)utility patent.
B)design patent.
C)business method patent.
D)license.
Q3) A lawyer may work on a retainer basis by which he or she provides office and consulting time,which includes court time and other legal fees related to the action.
A)True
B)False
Q4) The three major parts of a patent application are the introduction,description and warranty sections.
A)True
B)False
Page 8
Q5) List the four requirements of filing for a trademark.
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Chapter 7: The Business Plan: Creating and Starting the Venture
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Sample Questions
Q1) Revenue sources such as sales and any externally available funds should be included in the budget.
A)True
B)False
Q2) The organizational plan section of the business plan should describe the venture's form of ownership.
A)True
B)False
Q3) By controlling __________,the firm can ensure maximum service to the customer.
A)production
B)sales
C)costs
D)inventory
Q4) Which U.S.Census publication provides information about production and shipments on a wide range of products?
A)Service Annual Survey
B)Current Industrial Report
C)County Business Patterns
D)Annual Survey of Manufacturers
Q5) List three sources of Financial and Industry Operating Ratios from the text.
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) The simplest approach to gathering primary information is by developing a questionnaire.
A)True
B)False
Q2) It is a good idea to have several marketing goals,since it provides better clarity to the entrepreneur.
A)True
B)False
Q3) Warby Parker was started by:
A)Neal Blumenthal
B)Sergy Bryn
C)Mark Zuckerberg
D)Google
Q4) When products cannot be easily differentiated,the entrepreneur is forced to charge a lower price than the competition.
A)True
B)False
Q5) Unrealistic goals are a common reason for failure of the marketing plan.
A)True
B)False
Page 10
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) The board of directors:
A)lacks voting authority.
B)has responsibilities to represent all shareholders.
C)is less objective than the entrepreneur.
D)are always volunteers and need not be compensateD.
Q2) The standard term of a limited liability company is:
A)15 years.
B)20 years.
C)25 years.
D)30 years.
Q3) The corporation can be created only by statute.
A)True
B)False
Q4) An S Corporation combines the tax advantages of the partnership and the corporation.
A)True
B)False
Q5) Discuss the six main functions of a board of directors.
Q6) Discuss the main advantages of an LLC over an S-Corp.
Q7) What are the main characteristics of an LLC?
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Chapter 10: The Financial Plan
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Sample Questions
Q1) The marginal contribution is defined as:
A)selling price per unit minus variable cost per unit
B)total fixed costs minus selling price per unit
C)variable cost per unit minus the selling price per unit
D)total fixed costs plus total variable costs
Q2) ______ is(are)the major source of revenue.
A)Borrowing from banks
B)Outside investors' contributions
C)Sales
D)Dividends
Q3) Inventory is considered a source of funds because of the revenue it brings in.
A)True
B)False
Q4) To satisfy outside investors,the financial plan will need three years of projected financial data.
A)True
B)False
Q5) Cash flow is the result of subtracting expenses from sales.
A)True
B)False
Page 12
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Chapter 11: Sources of Capital
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Sample Questions
Q1) Research and development limited partnerships provide small businesses funds from investors looking for tax shelters.
A)True
B)False
Q2) ______ financing entails obtaining funds for the company in exchange for ownership.
A)Bootstrap
B)Equity
C)Debt
D)Commercial
Q3) Which of the following types of credit does not require the pledging of an individual's collateral or a cosigner?
A)Line of credit
B)Character loan
C)Trust receipts
D)Mortgage loan
Q4) SBA guaranteed loans are guaranteed for 100 percent of the loan amount.
A)True
B)False
Q5) Explain the three major components of an R&D partnership.
Page 13
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Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
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Sample Questions
Q1) The ____ is calculated by dividing accounts receivable by average daily sales.
A)current ratio
B)average collection period
C)debt ratio
D)return on investment
Q2) The current ratio is used to measure the long-term solvency of the venture and its ability to meet short-term debts.
A)True
B)False
Q3) Which of the following was not one of the top industries where venture capital was invested in 2011?
A)Software
B)Biotechnology
C)Industrial/energy
D)Telecommunications
Q4) The three main advantages of going public are obtaining new capital,realizing an enhanced valuation,and enhancing the company's ability to obtain future funds.
A)True
B)False
Page 14
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) Transport mode selection can be important in inventory management.
A)True
B)False
Q2) Identify and describe the three major types of diversification growth strategies.
Q3) Inventory control:
A)is not necessary for small firms.
B)eliminates the need to carry inventory.
C)balances the cost of carrying inventory with the cost of lost sales.
D)requires a computerized inventory system.
Q4) The entrepreneur has which of the following responsibilities regarding taxes?
A)Withhold federal and state taxes for employees.
B)Pay state and federal unemployment taxes.
C)File end-of-year tax returns.
D)All of these.
Q5) The penetration growth strategy:
A)focuses on developing new products for the existing market.
B)relies on taking market share from competitors.
C)expands the firm's product offering with complementary products.
D)aims to take new products into new markets.
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Chapter 14: Accessing Resources for Growth From External Sources
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Sample Questions
Q1) Which franchise below is an example of the most popular type of franchise?
A)KFC
B)An automobile dealership
C)H&R Block
D)Real estate franchises
Q2) The integration task phase of negotiation explores mutual benefits for the parties.
A)True
B)False
Q3) The ______ frequently issues guidelines for mergers.
A)SBDC
B)Department of Justice
C)Supreme Court
D)United States Senate
Q4) Which of the following would be an advantage of an acquisition?
A)Established customer base
B)Customer familiarity with location
C)Existing employees
D)Period of acquisition deal
Q5) What are the main benefits (to the franchisee)of franchising?
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) Which of the following is not an exit strategy?
A)an IPO
B)a private sale of stock
C)liquidation
D)franchising
Q2) Bankruptcy protects entrepreneurs from creditors and competitors.
A)True
B)False
Q3) About one third of all new start-ups fail in their first years.
A)True
B)False
Q4) A two to three year plan to sell a business to employees is:
A)an ESOP.
B)an acquisition.
C)succession.
D)the most popular method of exit.
Q5) If an entrepreneur recognizes the warning signs of bankruptcy early,he or she may be able to prevent it from occurring.
A)True
B)False
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