Top 250+ Solved Entrepreneurship and Small Business Management MCQ Questions Answer
Q. Which of the following is NOT one of the definitions of 'business models' as identified in the text?
a. The system of components, linkages and associated dynamics, which that make commercial advantage of the Internet.
b. A business model describes the rationale of how an organization creates, delivers and captures value.
c. Business models identify where the resources necessary to establish a venture will come from.
d. Business models describe, as a system, how the pieces fit together.
Q. Which of the following statements is true?
a. The entrepreneurial process starts with creativity and the task of generating new ideas.
b. The creativity process starts with innovation and the task of generating new ideas.
c. The idea generation process starts with creativity and the task of innovation.
d. The innovation process starts with creativity and the task of generating new ideas.
Q. What are markets made up of?
a. Customers and competitors
b. Customers and potential customers
c. Customers, competitors and suppliers
d. Customer, competitors, suppliers and regulators
Q. Incubation stage deals with
a. Sample development
b. Idea development
c. Prototype Development
d. None of the above
Q. Product design defines
a. Micro activities of the project
b. Macro activities of the project
c. Allied activities of the project
d. Individual activities of the project
Q. Feasibility study is defined as
a. Formal investigation of profitable opportunity
b. Informal investigation of profitable opportunities
c. Intensive investigation of profitable opportunities
d. None of the above
Q. Project selection is
a. Product idea is used as a basis for project idea
b. Project idea is used as a basis for product idea
c. Both are the same
d. None of the above
Q. General criteria is concerned with
a. Entrepreneur’s own interests
b. Economic development of the country
c. Business environment of the country
d. None of the above
Q. A(n) ________ is defined as a form of business that is an association of two or more people acting as co-owners of a business.
a. proprietorship
b. partnership
c. INC
d. corporation
Q. Which one of the following would not be considered an advantage to a partnership formation?
a. Potential for double taxation
b. Less governmental control
c. Ease of formation
d. Direct share of profits
Q. Which one of the following would not be considered a disadvantage of a corporation?
a. Limited continuality of life of enterprise
b. Extensive government regulations of activities
c. High incorporation fees
d. Corporate capital, profits, dividends, and salaries are double taxed
Q. Entrepreneurships require financial backing in order to get started in the business world. Which of the following is not one of the methods commonly utilized to obtain the financial resources needed?
a. Equity
b. Commercial loans
c. Personal finances provided by friends
d. Venture capitalists
Q. Of the following, which one would not be considered an alternative to independententrepreneurship?
a. Franchise
b. Spin-off
c. Intrapreneurship
d. Extrapreneurship