BUS 4401 - Multiple Review Quiz 9 PDF

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BUS 4401 Entrepreneurship 2 – Review Quiz 9 Question 1 Correct Mark 1.00 out of 1.00

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Advantages of the Partnership Include: Select one: a. Shared risk and shared management.

b. Shared risk and individual management. c. Individual risk and shared management. d. Both risk and management are irrelevant to the overall success. Feedback The correct answer is: Shared risk and shared management.

Question 2 Incorrect Mark 0.00 out of 1.00

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Insolvency is the ability of a debtor to pay their debt. Select one: True

False Feedback The correct answer is 'False'.

Question 3 Correct Mark 1.00 out of 1.00

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According to the OECD/EUROSTAT framework for Entrepreneurship a new market could be: Select one: a. at the global level b. at the national level c. at local and even at street level

BUS 4401 Entrepreneurship 2 – Review Quiz 9 d. all of the above

Feedback The correct answer is: all of the above

Question 4 Correct Mark 1.00 out of 1.00

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According to Harvard Business School what is the best definition of entrepreneurship? Select one: a. Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.

b. Entrepreneurship is the pursuit of opportunity with regard to resources currently controlled. c. Entrepreneurship is the pursuit of opportunity based on resources currently controlled. d. Entrepreneurship is the pursuit of business opportunity that is directly linked with regard to resources currently controlled. Feedback The correct answer is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.

Question 5 Correct Mark 1.00 out of 1.00

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According to Hoffman Entrepreneurial activity is: Select one: a. the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

b. the enterprising business action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. c. the enterprising action in pursuit of the purchasing of value, through the creation or expansion of business activity, by buying new products, processes or markets. d. the enterprising human action in pursuit of the generation of monetary gains, through the creation or expansion of creative activity, by exploiting new processes and markets.

BUS 4401 Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

Question 6 Correct Mark 1.00 out of 1.00

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Weight Watchers has a traditional calorie counting method that suits: Select one: a. early adopters

b. late majority c. early majority d. All of the above Feedback The correct answer is: early adopters

Question 7 Correct Mark 1.00 out of 1.00

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A determination of insolvency is made by a court of law. Select one: True

False Feedback The correct answer is 'True'.

Question 8 Correct Mark 1.00 out of 1.00

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The most important document for a Joint Venture is: Select one: a. Owner’s Manual

BUS 4401 Entrepreneurship 2 – Review Quiz 9 b. Joint Venture Agreement

c. Profit and Loss Agreement d. Income Statement Feedback The correct answer is: Joint Venture Agreement

Question 9 Correct Mark 1.00 out of 1.00

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A determination of insolvency is made by individual entrepreneurs. Select one: True False

Feedback The correct answer is 'False'.

Question 10 Correct Mark 1.00 out of 1.00

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QaDIM should be used for: Select one: a. identifying incremental product and service innovations

b. creating a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy c. identifying innovations that are not triggered by novel technologies, but societal and other factors d. Quick Addressing Diminished Integration Methodology (QADIM) Feedback The correct answer is: identifying incremental product and service innovations

Question 11 Incorrect Mark 0.00 out of 1.00

BUS 4401 Entrepreneurship 2 – Review Quiz 9 Question text

Balance sheet solvency involves having negative net assets-where liabilities exceed assets. Select one: True

False Feedback The correct answer is 'False'.

Question 12 Correct Mark 1.00 out of 1.00

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The Pareto principle states that 100% of the results come from 20% of the causes - or doers. Select one: True False

Feedback The correct answer is 'False'.

Question 13 Correct Mark 1.00 out of 1.00

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The franchise governs the method of conducting business between the two parties. Generally, a franchisee: Select one: a. sells goods or services supplied by the franchisor and meets the franchisor's quality standards.

b. creates goods or services partially supplied by the franchisor and meets the franchisor's quality standards, when checked. c. sells goods or services supplied by the franchisor and does not need to meet franchisor's quality standards more than once per year (on yearly inspection).

BUS 4401 Entrepreneurship 2 – Review Quiz 9 d. takes goods or services supplied by the franchisor so that the franchisee can meet the franchisor's quality standards. Feedback The correct answer is: sells goods or services supplied by the franchisor and meets the franchisor's quality standards.

Question 14 Correct Mark 1.00 out of 1.00

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True or False: A good job advertisement emphasises why a qualified individual should apply for the job. Select one: True

False Feedback The correct answer is 'True'.

Question 15 Correct Mark 1.00 out of 1.00

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According to Hoffman Entrepreneurs are: Select one: a. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

b. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by exploiting new products, processes or markets. c. those business entities who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. d. those persons (business owners) who purchase value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Feedback The correct answer is: those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

BUS 4401 Entrepreneurship 2 – Review Quiz 9 Question 16 Incorrect Mark 0.00 out of 1.00

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Disadvantages of the Partnership Include: Select one: a. Risk of conflict between partners and shared decision making. b. Risk of friendship between partners and shared decision making. c. Risk of frequent problem-solving between partners and shared decision making. d. Risk of conflict between partners and too quick decision making.

Feedback The correct answer is: Risk of conflict between partners and shared decision making.

Question 17 Correct Mark 1.00 out of 1.00

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Balance sheet insolvency involves having no net assets-with no liabilities that exceed assets. Select one: True False

Feedback The correct answer is 'False'.

Question 18 Correct Mark 1.00 out of 1.00

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Entrepreneurs bring ______________ to a community. Select one: a. Opportunity and Prosperity b. Job Growth c. Promising identity

BUS 4401 Entrepreneurship 2 – Review Quiz 9 d. All of the above

Feedback The correct answer is: All of the above

Question 19 Correct Mark 1.00 out of 1.00

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The modern definition of entrepreneurship according to Hoffman must consider the following three components: Select one: a. Entrepreneurs, Entrepreneurial Activity and Entrepreneurship

b. Entrepreneurs, Entrepreneurial Background and Entrepreneurship c. Economy, Entrepreneurial Activity and Entrepreneurship d. Entrepreneurs and their activities and business gains. Feedback The correct answer is: Entrepreneurs, Entrepreneurial Activity and Entrepreneurship

Question 20 Correct Mark 1.00 out of 1.00

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Seller's Value Chain include: Select one: a. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people Sell

b. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Sell - Collect lessons learned for future training c. Identify demand - Contact Vendors - Negotiate terms - Acquire Stocks - Train sales people - Sell d. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Buy e. Invent the best product and sell it at the best possible price-continue selling until no demand exists-move to other markets Feedback

BUS 4401 Entrepreneurship 2 – Review Quiz 9 The correct answer is: Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Sell

Question 21 Correct Mark 1.00 out of 1.00

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According to Rogers notional percentage for Laggards within any given change project is: Select one: a. 26% b. 16%

c. 25% d. 13.5% Feedback The correct answer is: 16%

Question 22 Correct Mark 1.00 out of 1.00

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Lao Tzu's metaphor about water is relevant to entrepreneurship because of these two characteristics: Select one: a. flexibility and yielding

b. flexibility and force c. strength and force d. all of the above Feedback The correct answer is: flexibility and yielding

Question 23 Correct Mark 1.00 out of 1.00

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BUS 4401 Entrepreneurship 2 – Review Quiz 9 True or false: Effectuators put a lot of strategic thinking into their business. This is why they are not interested in getting customers and income early. They know, that later their business might have to pay a hefty price for that. Select one: True False

Feedback The correct answer is 'False'.

Question 24 Correct Mark 1.00 out of 1.00

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You should ignore all innovation opportunities that have the following hurdles: Select one: a. Economic and Environmental b. Ethical. Religious and Ethnic c. Moral, Social and Political d. all of the above

Feedback The correct answer is: all of the above

Question 25 Correct Mark 1.00 out of 1.00

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According to Rogers notional percentage for Innovators within any given change project is: Select one: a. 2.5%

b. 13.5% c. 34% d. 26% Feedback

BUS 4401 Entrepreneurship 2 – Review Quiz 9 The correct answer is: 2.5%

Question 26 Correct Mark 1.00 out of 1.00

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According to a Forbes author, an intrapreneur is: Select one: a. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own.

b. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a small business in place of creating his or her own because it is easier. c. Someone who lacks entrepreneurial skills and stays in a large organization out of fear of failure and financial limitations. d. someone who might not have enough entrepreneurial streaks in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own because that is true, learning entrepreneurship. Feedback The correct answer is: someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own.

Question 27 Correct Mark 1.00 out of 1.00

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Disadvantages of the Corporation Include: Select one: a. Most expensive form of business to set up that involves a lot of ongoing paperwork.

b. Least expensive form of business because cost and ongoing paperwork are shared c. Most expensive form of business to set up that involves sharing by all Members a lot of ongoing paperwork. d. Moderately expensive form of business to set up that involves a lot of ongoing paperwork. Feedback The correct answer is: Most expensive form of business to set up that involves a lot of ongoing paperwork.

Question 28 Correct

BUS 4401 Entrepreneurship 2 – Review Quiz 9 Mark 1.00 out of 1.00

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Balance sheet insolvency involves having negative net assets-where liabilities exceed assets. Select one: True

False Feedback The correct answer is 'True'.

Question 29 Incorrect Mark 0.00 out of 1.00

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Early majorities are: Select one: a. Cost sensitive and risk adverse pragmatists, comfortable with moderately progressive ideas b. The ones who won't act without solid proof of benefits

c. Followers who are influenced by mainstream fashions and wary of fads d. All of the above Feedback The correct answer is: All of the above

Question 30 Correct Mark 1.00 out of 1.00

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The OECD/EUROSTAT framework for Entrepreneurship indicators include the following: Select one: a. determinants, performance and impact that includes: job creation, economic growth and poverty reduction

b. determinants, performance and impact that includes: economic growth and poverty reduction c. determinants, performance and impact that includes: economic growth

BUS 4401 Entrepreneurship 2 – Review Quiz 9 d. entrepreneurial performance that includes: job creation and economic impact Feedback The correct answer is: determinants, performance and impact that includes: job creation, economic growth and poverty reduction

Question 31 Correct Mark 1.00 out of 1.00

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Affordable Loss Effectuation Principle: Select one: a. Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside.

b. Set affordable loss, evaluate opportunities based on the attractiveness of the predicted upside. c. Do not set affordable loss. Just go for it. d. Do not evaluate or even look into the downside. Just abandon the idea if the predicted upside is not attractive. Feedback The correct answer is: Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside.

Question 32 Correct Mark 1.00 out of 1.00

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Businesses that form Joint Ventures can operate as separate entities. Select one: a. TRUE

b. FALSE Feedback The correct answer is: TRUE

Question 33 Correct Mark 1.00 out of 1.00

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BUS 4401 Entrepreneurship 2 – Review Quiz 9 If you were to describe branding in one word, what word would you choose? Select one: a. selling b. association

c. design d. production Feedback The correct answer is: association

Question 34 Correct Mark 1.00 out of 1.00

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Some large successful companies hold long term debt permanently. Select one: True

False Feedback The correct answer is 'True'.

Question 35 Correct Mark 1.00 out of 1.00

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Advantages of the Corporation Include: Select one: a. Limited liability and easier to raise capital.

b. Unlimited liability and easier to raise capital. c. Limited liability and easy to raise capital. d. Limited ability and easier to raise capital. Feedback The correct answer is: Limited liability and easier to raise capital.

BUS 4401 Entrepreneurship 2 – Review Quiz 9 Question 36 Correct Mark 1.00 out of 1.00

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Value Chain Analysis is: Select one: a. a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy

b. a specific version of the Business Utility Matrix defined in the Blue Ocean Strategy c. a quick version to identify incremental product and service innovations d. an analysis used in ethical considerations pertaining to entrepreneurship all over the world Feedback The correct answer is: a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy

Question 37 Correct Mark 1.00 out of 1.00

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According to Hoffman Entrepreneurship is: Select one: a. the phenomenon associated with entrepreneurial activity.

b. the business process associated with entrepreneurial economy c. the financial process associated with entrepreneurial activities d. the creative process associated with entrepreneurs. Feedback The correct answer is: the phenomenon associated with entrepreneurial activity.

Question 38 Correct Mark 1.00 out of 1.00

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Disadvantages of the Sole proprietorship Include: Select one:

BUS 4401 Entrepreneurship 2 – Review Quiz 9 a. Unlimited liability and can be hard to raise capital.

b. Limited liability and can be hard to raise capital. c. Unlimited liability and relatively easy to raise capital. d. Limited liability and relatively hard to grow capital. Feedback The correct answer is: Unlimited liability and can be hard to raise capital.

Question 39 Correct Mark 1.00 out of 1.00

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According to the International Franchise Association, the estimated number of franchised locations in the U.S. is almost: Select one: a. 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies.

b. 150,000 in 25 industries, employing almost 0.5 million workers, in more than 500 companies. c. 800,000 in 175 industries, employing almost 100 million workers, in more than 200,500 companies. d. 200,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. Feedback The correct answer is: 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies.

Question 40 Incorrect Mark 0.00 out of 1.00

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Examples of branding include the following EXCEPT: Select one: a. a poor press review for a new product

b. a corporate image designed by a professional designer c. a marketed image

BUS 4401 Entrepreneurship 2 – Review Quiz 9 d. the product itself Feedback The correct answer is: the product itself

Question 41 Correct Mark 1.00 out of 1.00

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There are essentially four traditional forms of business ownership in North America: Select one: a. the sole proprietorship, the partnership, the corporation, and the cooperative.

b. the sole proprietorship, t...