Martin runs a successful house painting business. He runs his business out of his
garage, which he got converted into an office space. Martin, who had previously
worked as a house painter in another company had good know-how of how to run a
house-painting business. After a storm destroyed public properties in his neighboring
town, he contracted with the mayor of that town to fulfill any painting jobs required
during the town’s reconstruction. In order to meet this demand and expand business, he
hired more house painters. According to the BRIE model, which of the following is an
example of Martin’s basic business competency?
A. Martin hiring more house painters to meet demand
B. Martin contracting with the mayor to help paint during reconstruction
C. Martin getting his company registered
D. Martin having prior knowledge of the house-painting business
A _____ will warehouse products, pack and ship them, and send an automated e-mail to
customers to let them know that the product is on its way.
A. contract manufacturer
B. traffic generator
C. sheltered workshop
D. fulfillment center
Which of the following is the last step for performing due diligence?
A. Obtain sufficient capital to purchase and operate the business.
B. Conduct extensive interviews with the sellers of the business.
C. Interview customers and suppliers of the business.
D. Study the financial reports and other records of the business.
Hugh starts his own animation company by borrowing funds from his parents. His
parents tell him that he can repay them when the business is generating profits. This is
an example of _____.
A. accelerated cash-out
B. deferral
C. free work
D. free use
Which of the following is essential to the success of all start-ups?
A. Starting a business with low margins
B. Not going into competition with one’s employer
C. Building trust in one’s ‘story”
D. Not starting a business with one’s established customers
Which of the following statements lists revenues and expenses and shows the amount of
profit a business makes for a specified period of time?
A. Balance sheet
B. Statement of retained earnings
C. Income statement
D. Cash flow statement
The questions on who will be hurt and how much, who will benefit and how much,
what does the owner or the firm owe others, and what do others owe the owner and the
firm are typically asked when:
A. the best solution for a moral problem is being implemented.
B. the progress of a solution to a moral problem is being monitored.
C. a variety of alternatives is to be generated to handle a moral problem.
D. the moral dimension of a problem is to be determined.
A _____ is a legal agreement that grants the rights to use a particular piece of
intellectual property.
A. codicil
B. franchise
C. writ
D. license
Which of the following is an advantage of the SCAMPER tool?
A. It helps entrepreneurs to come up with alternative solutions.
B. It helps entrepreneurs to generate more royalty than any other method.
C. It gives IP protection to products and services.
D. It helps entrepreneurs to avoid governmental taxes and liabilities.
Which of these is an off-the-job training method?
A. Orientations
B. Apprenticeships
C. Case studies
D. Coaching