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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
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ENTREPRENEURSHIP(MGT602)
TH U RSDAY , AP RIL 15, 2010
SolvedMCQsofEntrepreneurship(withproper
referenceandexplanation)
QuestionNo:1
Which of the following shows the process of creating
somethingnew?
Businessmodel
Modeling
Innovation
Creativeflexibility
Reference:
(page#4)
Innovation,theactofintroducingsomethingnew,
QuestionNo:2
Whichoneofthefollowinggivessuggestionsfornew
productandalsohelptomarketnewproducts?
Existingproductsandservices
Distributionchannels
Federalgovernment
Consumers
Reference&Explanation:
(Page#39ofhandouts)
ConsumersPotentialentrepreneursshouldpaycloseattention
tothefinalfocalpointofanewproductthecustomer.Thiscan
beaninformalorformalsurveyofconsumersexpressingtheir
opinions.Careshouldbetakentoensurethattheidea
representsalargeenoughmarket.
ExistingCompaniesEntrepreneursshouldestablishaformal
methodformonitoringandevaluatingtheproductsandservices
inthemarket.Thismayuncoverwaystoimproveonpresent
products,resultinginnewproductideas.
DistributionChannels
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Membersofdistributionchannelsarealsoexcellentsourcesfor
newideasbecausetheyarefamiliarwiththeneedsofthe
market.Notonlydochannelmembersfrequentlyhave
suggestionsfornewproduct,buttheycanalsohelpin
marketingtheentrepreneursnewlydevelopedproducts.
FederalGovernment
Thefederalgovernmentcanbesourceofnewproductideasin
twoways.FirstthefilesofthePatentOfficecontainnumerous
newproductpossibilities.Althoughthepatentsmaynotbe
feasiblenewproductintroduction,theycansuggestother
marketableproductideas.Severalgovernmentagenciesand
publicationsarehelpfulinmonitoringpatentapplications.
Secondnewproductideascancomeinresponsetogovernment
regulations.ForexampletheOccupationalSafetyandHealth
Act(OSHA),aimedateliminatingunsafeworkingconditionin
industry,mandatedthatfirstaidkitsbemadeavailablein
businessestablishmentsemployingmorethanthreepeople.The
kithadtocontainspecificitemthatvariedaccordingtothe
companyandtheindustry.InresponsetoOSHA,both
establishedandnewlyformedventuresmarketedawidevariety
offirstaidkits.
QuestionNo:3
Whichofthefollowingisusedbyentrepreneurstoacquire
experienceinaninternationalmarketbeforemakinga
majorcommitment?
Merger
Jointventure
Minorityinterest
Majorityinterest
Reference&Explanation:
(http://books.google.com.pk/books?
id=s01P0agnLPUC&pg=PA94&lpg=PA94&dq=Which+of+the
+following+is+used+by+entrepreneurs+to+acquire+experience
+in+an+international+market+before+making+a+major+comm
itment&source=bl&ots=rCNwzr1ZA_&sig=jOefpOz349LldzT
xKVQZ_kLb1fg&hl=en&ei=L47FS6i5OaXCmgP_r_XLDg&s
a=X&oi=book_result&ct=result&resnum=4&ved=0CBMQ6A
EwAw#v=onepage&q&f=false)
(http://books.google.com.pk/books?id=Uvdw6E2
1aIC&pg=PA203&lpg=PA203&dq=minority+interest+is+used
+by+entrepreneurs+to+acquire+experience+in+an+internationa
l+market+before+making+a+major+commitment&source=bl&
ots=3tAy_kn4K&sig=Nt4k8
ZGwnTlYndb9RkicLgYlF8&hl=en&ei=9JvFS
ncIsnbsAbfuPzAAQ&sa=X&oi=book_result&ct=result&resnu
m=6&ved=0CBoQ6AEwBQ#v=onepage&q=minority%20inter
est%20is%20used%20by%20entrepreneurs%20to%20acquire%
20experience%20in%20an%20international%20market%20bef
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
ore%20making%20a%20major%20commitment&f=false)
Note:Sorryweareunabletocopythereferencetext,
QuestionNo:4
GATTisestablishedin1947,under:
Germanleadership
Frenchleadership
U.S.leadership
U.K.leadership
ReferenceandExplanation:
GATT1947intheUS
TheGATT,asaninternationalagreement,isatreaty.Under
UnitedStateslawitisclassifiedasacongressionalexecutive
agreement.BasedontheReciprocalTradeAgreementsActit
allowedtheexecutivebranchnegotiatingpowerovertrade
agreementswithtemporaryauthorityfromCongress.Atthe
timeitfunctionedasaprovisional,butpromisingtradesystem.
(http://en.wikipedia.org/wiki/General_Agreement_on_Tariffs_a
nd_Trade)
QuestionNo:5
The entrepreneur was distinguished from capital provider
in:
Middleages
18thcentury
17thcentury
19thand20thcentury
RefereceandExplanation:
(Page#3ofhandouts)
MiddleAges
Inthisagethetermentrepreneurwasusedtodescribebothan
actorandapersonwhomanagedlargeproductionprojects.In
such large production projects, this person did not take any
risks, managing the project with the resources provided. A
typical entrepreneur was the cleric who managed architectural
projects.
18thCentury
In the 18th century the person with capital was differentiated
fromtheonewhoneededcapital.Inotherwords,entrepreneur
wasdistinguishedfromthecapitalprovider.
17thCentury
Inthe17thcenturytheentrepreneurwasapersonwhoentered
into a contract with the government to perform a service
Richard Cantillon, a noted economist of the 1700s, developed
theories of the entrepreneur and is regarded as the founder of
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
the term. He viewed the entrepreneur as a risk taker who
"buy[s] at certain price and sell[s] at an uncertain price,
thereforeoperatingatarisk."
19thand20thCenturies
In the late 19th and early 20th centuries, entrepreneurs were
viewedmostlyfromaneconomicperspective.Theentrepreneur
"contributeshisowninitiative,skillandingenuityinplanning,
organizing and administering the enterprise, assuming the
chanceoflossandgain."
QuestionNo:6
A person who managed large project was termed as the
entrepreneurinthe_________.
Earliestperiod
Middleages
17thcentury
19thand20thcentury
RefereceandExplanation:
(Page#3ofhandouts)
EarliestPeriod
Inthisperiodthemoneyperson(forerunnerofthecapitalist)
enteredintoacontractwiththegobetweentosellhisgoods.
While the capitalist was a passive risk bearer, the merchant
boreallthephysicalandemotionalrisks.
MiddleAges
Inthisagethetermentrepreneurwasusedtodescribebothan
actorandapersonwhomanagedlargeproductionprojects.In
such large production projects, this person did not take any
risks, managing the project with the resources provided. A
typical entrepreneur was the cleric who managed architectural
projects.
17thCentury
Inthe17thcenturytheentrepreneurwasapersonwhoentered
into a contract with the government to perform a service
Richard Cantillon, a noted economist of the 1700s, developed
theories of the entrepreneur and is regarded as the founder of
the term. He viewed the entrepreneur as a risk taker who
"buy[s] at certain price and sell[s] at an uncertain price,
thereforeoperatingatarisk."
19thand20thCenturies
In the late 19th and early 20th centuries, entrepreneurs were
viewedmostlyfromaneconomicperspective.Theentrepreneur
"contributeshisowninitiative,skillandingenuityinplanning,
organizing and administering the enterprise, assuming the
chanceoflossandgain."
QuestionNo:7
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Whatistheprocessbywhichindividualspursue
opportunitieswithoutregardtoresourcestheycurrently
control?
Startupmanagement
Entrepreneurship
Financialanalysis
Feasibilityplanning
Reference&Explanation:
Entrepreneurshipisaprocessbywhichindividualseitheron
theirownorinsideorganizationspursueopportunitieswithout
regardtotheresourcestheycurrentlycontrol.(Stevenson&
Jarillo,1990,p.23)
(http://findarticles.com/p/articles/mi_hb6648/is_n3_v19/ai_n28
666393/)
Stevenson'sdefinitionwouldbeasfollows:Thecontinuous
processbywhichindividualspursueopportunitieswithout
regardtoresourcestheycurrentlycontrol,withtheintentof
increasingvalueand/oradvantage.Ihavemadetheunderlined
additionsbecauseentrepreneurshipshouldneverbeconsidered
asingleevent.Itisacontinuing,nonendingprocessinsearch
ofincreasingvalueandeverincreasingadvantage.
(http://www.babson.edu/entrep/fer/papers97/mitton/mit6.htm)
QuestionNo:8
Havinglessthan50percentofequityshareinan
internationalventureiscalled:
Minorityinterest
Jointventure
Majorityinterest
Exporting
Reference:
(page#36)
Minorityinterest
Havinglessthan50percentownershipposition
QuestionNo:9
Havingmorethan50%ownershippositionthatprovides
theentrepreneurwithmanagerialcontroliscalled:
Jointventure
Majorityinterest
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Horizontalmerger
Diversifiedactivitymerger
Reference:
(Page#34)
Majorityinterest
Havingmorethan50percentownershipposition
QuestionNo:10(
Whichoneofthefollowingistheprocessofentrepreneurs
developingnewproductsthatovertimemakecurrent
productsobsolete?
Newbusinessmodel
Anatomization
Creativedestruction
Noneofthegivenoptions
Reference:
Creativedestructionoccurswhensomethingnewkills
somethingolder.Agreatexampleofthisispersonalcomputers.
Theindustry,ledbyMicrosoftandIntel,destroyedmany
mainframecomputercompanies,butindoingso,entrepreneurs
createdoneofthemostimportantinventionsofthiscentury
(http://www.investopedia.com/terms/c/creativedestruction.asp)
(http://wps.prenhall.com/bp_barringer_entrep_1/29/7476/19138
75.cw/content/index.html)
QuestionNo:11
Whichofthefollowingfactorsisthemostimportantin
forcingU.Scompaniestofocusonnewproduct
developmentandincreasedproductivity?
Entrepreneurship
Hypercompetition
Governmentallaws
Organizationalculture
Reference:
(page#16)
HypercompetitionhasforcedU.S.companiestofocusonnew
productdevelopmentandincreasedproductivity.
QuestionNo:12
Whichofthefollowingisalternativelycalledcorporate
venturing?
Entrepreneurship
Intrapreneurship
Actofstatinganewventure
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Offeringnewproductsbyanexistingcompany
Reference:
(Page#21)
Intrapreneurship,alsocalledcorporateventuring,
QuestionNo:13
Individualsinfluencinganentrepreneurscareerchoiceand
styleareknownaswhichofthefollowing?
Rolemodel
Moralsupportnetwork
Professionalsupportnetwork
Supportsystem
Reference:
(Page#25)
Rolemodels
Individualsinfluencinganentrepreneurscareerchoiceandstyle
Moralsupportnetwork
Individualswhogivepsychologicalsupporttoanentrepreneur
Professionalsupportnetwork
Individualswhohelptheentrepreneurinbusinessactivities
QuestionNo:14
Theactivitywhichoccurswhenthenewventureisstartedis
called:
Motivation
Businessskills
Departurepoint
Goalorientation
Reference:
(Page#23)
Departurepoints
Theactivitiesoccurringwhentheventureisstarted
QuestionNo:15
Thelevelatwhichanindividualisviewedbysocietyis
called:
Financialstatus
Qualification
Socialstatus
Achievement
Reference:
(Page#25)
Socialstatus
Thelevelatwhichanindividualinviewedbysociety
QuestionNo:16
Whichoneofthefollowingisanimportantsourceofidea
generationduetotheirfamiliaritywiththeneedsof
market?
Existingproductsandservices
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Distributionchannels
Federalgovernment
Consumers
Reference&Explanation:
(Page#39ofhandouts)
ConsumersPotentialentrepreneursshouldpaycloseattention
tothefinalfocalpointofanewproductthecustomer.Thiscan
beaninformalorformalsurveyofconsumersexpressingtheir
opinions.Careshouldbetakentoensurethattheidea
representsalargeenoughmarket.
ExistingCompaniesEntrepreneursshouldestablishaformal
methodformonitoringandevaluatingtheproductsandservices
inthemarket.Thismayuncoverwaystoimproveonpresent
products,resultinginnewproductideas.
DistributionChannels
Membersofdistributionchannelsarealsoexcellentsources
fornewideasbecausetheyarefamiliarwiththeneedsofthe
market.Notonlydochannelmembersfrequentlyhave
suggestionsfornewproduct,buttheycanalsohelpin
marketingtheentrepreneursnewlydevelopedproducts.
FederalGovernment
Thefederalgovernmentcanbesourceofnewproductideasin
twoways.FirstthefilesofthePatentOfficecontainnumerous
newproductpossibilities.Althoughthepatentsmaynotbe
feasiblenewproductintroduction,theycansuggestother
marketableproductideas.Severalgovernmentagenciesand
publicationsarehelpfulinmonitoringpatentapplications.
Secondnewproductideascancomeinresponsetogovernment
regulations.ForexampletheOccupationalSafetyandHealth
Act(OSHA),aimedateliminatingunsafeworkingconditionin
industry,mandatedthatfirstaidkitsbemadeavailablein
businessestablishmentsemployingmorethanthreepeople.The
kithadtocontainspecificitemthatvariedaccordingtothe
companyandtheindustry.InresponsetoOSHA,both
establishedandnewlyformedventuresmarketedawidevariety
offirstaidkits.
QuestionNo:17
Membersofdistributionchannelsareexcellentsourcesfor
newideasbecause:
Theyarefamiliarwiththeneedsofthemarket
Theyearnahandsomeprofitfromnewbusiness
Theydonotbotherifentrepreneurbearsaloss
Theyhavewelldevelopedsalesforce
Reference&Explanation:
(Page#39ofhandouts)
ConsumersPotentialentrepreneursshouldpaycloseattention
tothefinalfocalpointofanewproductthecustomer.Thiscan
beaninformalorformalsurveyofconsumersexpressingtheir
http://mgt602mbilal.blogspot.in/2010/04/solvedmcqsofentrepreneurshipwith.html
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
opinions.Careshouldbetakentoensurethattheidea
representsalargeenoughmarket.
ExistingCompaniesEntrepreneursshouldestablishaformal
methodformonitoringandevaluatingtheproductsandservices
inthemarket.Thismayuncoverwaystoimproveonpresent
products,resultinginnewproductideas.
DistributionChannels
Membersofdistributionchannelsarealsoexcellentsources
fornewideasbecausetheyarefamiliarwiththeneedsofthe
market.Notonlydochannelmembersfrequentlyhave
suggestionsfornewproduct,buttheycanalsohelpin
marketingtheentrepreneursnewlydevelopedproducts.
FederalGovernment
Thefederalgovernmentcanbesourceofnewproductideasin
twoways.FirstthefilesofthePatentOfficecontainnumerous
newproductpossibilities.Althoughthepatentsmaynotbe
feasiblenewproductintroduction,theycansuggestother
marketableproductideas.Severalgovernmentagenciesand
publicationsarehelpfulinmonitoringpatentapplications.
Secondnewproductideascancomeinresponsetogovernment
regulations.ForexampletheOccupationalSafetyandHealth
Act(OSHA),aimedateliminatingunsafeworkingconditionin
industry,mandatedthatfirstaidkitsbemadeavailablein
businessestablishmentsemployingmorethanthreepeople.The
kithadtocontainspecificitemthatvariedaccordingtothe
companyandtheindustry.InresponsetoOSHA,both
establishedandnewlyformedventuresmarketedawidevariety
offirstaidkits.
QuestionNo:18
Whichoneofthefollowingisthemostimportant
characteristicofasuccessfulbusinesswebsite?
Speed
Innovation
Graphics
Products
Reference:
(Page#44)
Asuccessfulwebsitehasthreecharacteristics:speed,speed,and
speed.Shortdownloadtimeshouldbetheprimaryconcernof
websitedevelopers.
QuestionNo:19
WhichoneofthefollowingisthenextstagetotheConcept
StageofProductPlanningandDevelopmentProcess?
IdeaStage
ProductPlanningStage
ProductDevelopmentStage
TestMarketingStage
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Reference:
(Page#45)
Productplanninganddevelopmentprocess
Generallydividedintofivemajorstages:ideastage,conceptstage,
productdevelopmentstage,testmarketingstage,and
commercializationstage
QuestionNo:20(
SBAstandsfor:
Smallbusinessaccountants
Smallbusinessadministration
Smallbusinessadequacy
Smallbusinessadvisors
Reference:
(Page#81,Lecture32)
SmallBusinessAdministrative(SBA)
QuestionNo:21
Whyshouldanentrepreneurdoafeasibilitystudyfor
startinganewventure?
Toseeiftherearepossiblebarrierstosuccess
Toidentifypossiblesourcesoffunds
Toestimatetheexpectedsales
Toexplorepotentialcustomers
Reference:
(Page#56,Lecture#22)
Beforepreparingabusinessplan,theentrepreneurshoulddoaquick
feasibilitystudytoseeiftherearepossiblebarrierstosuccess.The
entrepreneurshouldclearlydefinetheventuresgoals,which
provideaframeworkforthebusinessplan.Thebusinessplanmust
reflectreasonablegoals.
QuestionNo:22
Informationregardingallofthefollowingisrelatedto
operations,EXCEPT:
Location
Promotion
Rawmaterials
Laborskills
Reference:
(Page#56,Lecture#22)
OperaonsInformaonNeeds
Theentrepreneurmayneedinformaonon:
1.Locaon
2.Manufacturingoperaons
3.Rawmaterials
4
.
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.
E
q
u
i
p
m
e
n
t
5
.
L
a
b
o
r
s
k
i
l
l
s
6.Space
7.Overhead
QuestionNo:23
Forwhichofthefollowingcopyrightacquisitionis
desirable?
Songs
Poems
Models
Allofthegivenoptions
Reference:
allabovethingevendownloadingbooksforminternetis
protectedbycopyrightsexceptvupastpapers.heheehe
QuestionNo:24
WhichofthefollowingisTRUEforDisclosureDocument?
Itgivesrecognitionthathewastheinventoroftheideain
past
Itgivesrecognitionthatheisthefirsttheinventorofthe
idea
Itgivesrecognitionthathewillbetheinventanideain
future
Itgivesrecognitionthathewantstocopytheidea
Reference:
(Page#47)
Disclosureoftheinvention,givingrecognitionthatheorshewasthe
firsttodeveloptheidea.
QuestionNo:25(
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
Intheadministrativedomain,thecommitmentofresources
isforwhichofthefollowing?
Periodicintervals
Totalamountneeded
Forcertaintasks
Forlongtime
Reference:
CommitmentofResources
An entrepreneur is used to having resources at periodic
intervalsthat are often based oncertain tasks orobjects being
reached. These resources, often acquired from others, are
usuallydifficulttoobtain,forcingtheentrepreneurtomaximize
any resources used. This multistage commitment allows the
resource providers (such as venture capitalist or private
investors) to have as small an exposure as possible at each
stage of business development and to constantly monitor and
track record being established. Even though the funding may
alsobeimplementedinstagesintheadministrativedomain,the
commitment of the recourses is for the total amount needed.
Administratively oriented individuals respond to the resources
of the rewards offered and receive personal rewards by
effectivelyadministeringtheresourcesunderthiscontrol.
(http://books.google.com/books?
id=s01P0agnLPUC&pg=PA42&lpg=PA42&dq=In+the+admini
strative+domain,+the+commitment+of+resources+is+for+whic
h+of+the+following&source=bl&ots=rCNwzs25w3&sig=08Td
nkl46ViZSrIM4ti5s0QNRPk&hl=en&ei=JLzFS4bNJY
TsQadsJHBAQ&sa=X&oi=book_result&ct=result&resnum=1
&ved=0CAYQ6AEwAA#v=onepage&q&f=false)
QuestionNo:26(Marks:1)Pleasechooseone
Whichofthefollowingisamethodofsellinggoodsto
anothercountrybytakingcareoftransactions?
Indirectexporting
Directexporting
Importing
Managementcontract
Reference:
(Page#30)
Directexportingthroughindependentdistributorsorthrough
onesownoverseassalesofficeisanotherentrymethod.An
independentforeigndistributordirectlycontactsforeign
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Entrepreneurship(MGT602):SolvedMCQsofEntrepreneurship(withproperreferenceandexplanation)
customersandtakescareofalltechnicalities.
QuestionNo:27(Marks:1)Pleasechooseone
Gazellesarethefirmswith:
Highgrowthrate
Moderategrowthrate
Zerogrowthrate
Lowgrowthrate
Reference:
(page#7)
Gazelles
Veryhighgrowthventures.
QuestionNo:28(Marks:1)Pleasechooseone
WhichofthefollowingaretheFastgrowthyoung
companies?
Gazelles
Lifestyle
FoundationCompany
Noneofthegivenoptions
Reference:
(page#8)
Aventurehashighgrowthpotentialandthereforereceives
greatinvestorinterest.Thecompanymaystartoutlikea
foundationcompany,butitsgrowthisfarmorerapid.After
fivetotenyearsthecompanycouldemployaround500
employees.Thesefirmsarealsocalledgazellesandaremost
importantfortheeconomicdevelopmentofanarea
QuestionNo:29(Marks:1)Pleasechooseone
Whichofthefollowingfactorhasallowedsmallcompanies
toactliketheyarebigones?
Technology
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Customers
Economicdevelopment
Competition
Reference:
(Page#21)
Acompanyneedstousetechnologytomakeitselffasterand
moreflexible.Technologyhasallowedsmallcompaniesto
actliketheyarebigones.Largecompaniescanuse
technologytomakethemresponsiveandflexible
P O S T ED B Y $ A T 10: 41 A M
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