Top 250+ Solved Entrepreneurship and Small Business Management MCQ Questions Answer
Q. Of the following, which is best identified as an independent entrepreneurship thatproduces a product or service that originated in a large company?
a. Diversification
b. Intrapreneurship
c. Trade-off
d. Franchise
Q. Management tactics purported to maximize innovation for an entrepreneurship include allbut which of the following items?
a. Cutting of losses
b. Culture
c. Benchmarking
d. Customer orientation
Q. In franchising, the entrepreneur assumes fewer risks because the franchise provides all but which one of the following?
a. Established market for the product
b. Management assistance in operating the business
c. Economies of scale for purchasing
d. Oversale of rights
Q. The ideas for new businesses that are obtained by entrepreneurs are derived from manysources. These various sources include all but _______.
a. replication of an existing business
b. trade journals
c. trade shows
d. family members
Q. The steps involved in an entrepreneurial endeavor include all but which one of the following?
a. Business plan formulation
b. Obtaining financing
c. Selecting the type of legal structure
d. Hiring a partner
Q. Common reasons for entrepreneurial failure include all but which one of the following?
a. Poor implementation
b. Lack of capital
c. Adequate financial support
d. Faulty product design
Q. A/An ________ is defined as the blueprint describing the business strategy for entering the
a. business alliance
b. spin-off
c. intrapreneurship
d. competitor analysis
Q. ______ is best described as doing something differently and has been described as discontinuous or complementary change.
a. Entrepreneurship
b. Innovation
c. Spin-off
d. Variance
Q. An opportunity assessment plan:
a. is the same thing as a business plan.
b. is longer than a business plan.
c. has a lot of computer-based spreadsheets.
d. focuses on the opportunity, not the venture.
Q. All of the following are questions an opportunity assessment plan might answer except:
a. How much capital do I need?
b. What market need does it fill?
c. What business skills do I have?
d. Can a patent be obtained?
Q. Which of the following statements is (are) true?
a. The business plan describes both internal and external elements.
b. The preliminary business plan should be prepared by a lawyer.
c. Most business plan resources on the Internet are too complex and expensive to be of use to the new venture.
d. Once made, a business plan should not be change
Q. Which of the following interested parties should not have access to the venture's business plan?
a. Competitors
b. Lenders
c. Investors
d. Suppliers
Q. The depth and detail of a business plan depend on:
a. The target audience.
b. The size and scope of the new venture.
c. The experience of the entrepreneur.
d. The amount of capital neede
Q. When evaluating business plans _________ are primarily concerned with the general guidelines of credit.
a. investors
b. employees
c. vendors
d. lenders
Q. Equity investors often place more emphasis on the entrepreneur's _________ than lenders do.
a. character
b. experience
c. financial records
d. personal viewpoint