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The goal in ____ is to provide the exact service the customer wants at minimal cost.
a. logistics
b. supply chain management
c. outsourcing
d. human resources
e. purchasing
A ____ consists of a novel and confidential formula, device, idea, process, pattern, or
compilation of information that gives the owner a competitive advantage in the
marketplace.
a. copyright
b. patent
c. trade secret
d. property right
e. trademark
A good starting point for gathering secondary market data is ____.
a. the library
b. other companies
c. the Internet
d. the buying habits of potential customers
e. All of these choices
The most important element for success is abundant start-up capital.
a. True
b. False
Entrepreneurs are more successful at discovering opportunities because of:
a. Brainstorming
b. Minimizing distractions
c. Contemplation
d. Alertness
e. None of these choices
Venture capital firms in an early-stage investment characteristically demand a higher
rate of return, as much as ____ percent or more annual cash-on-cash return, whereas a
later-stage investment demands a lower rate of return, perhaps ____ percent annually.
a. 50 / 30
b. 60 / 30
c. 40 / 25
d. 30 / 10
e. 80 / 20
DBA stands for a certificate of doing business under an assumed name.
a. True
b. False
The annual Global Entrepreneurship Monitor divides countries into three groups based
on where the country stands in terms of growth. In 2013, these three categories were:
a. Innovation-driven economies
b. b. Efficiency-driven economics
c. Inertia-driven economies
d. Factor-driven economies
e. A, b and d only
The Age Discrimination in Employment Act applies to all companies with ____ or more
employees.
a. 20
b. 50
c. 70
d. 100
e. 300
No time for creativity, lack of confidence, and absence of creative skills are all
examples of roadblocks to :
a. creativity
b. invention
c. innovation
d. business opportunity
e. functional
Entrepreneurship provides many benefits to society, chiefly ____, new industry
formation, and ____.
a. new technologies / new markets
b. b. economic growth / job creation
c. job creation / diversity
d. economic growth / new technologies
e. globalization / new markets
The best question to ask to define a problem is ____?
a. how can I fix this problem
b. who created the problem
c. who has the solution to this problem
d. what is the source of the problem
e. who is affected by this problem
All of the following disadvantages are associated with IPOs except ____.
a. high cost
b. being very time-consuming
c. public scrutiny
d. loss of control
e. pressure to perform in the long term
As more firms enter an industry, intense ____ occurs.
a. growth
b. adaptation
c. differentiation
d. shakeout
e. decline
A feasibility study and a business plan are essentially the same.
a. True
b. False
The higher the ____, the more liquid the company is and the more easily these assets
can be converted to cash to pay off short-term obligations.
a. return on investment
b. inventory turnover
c. current ratio
d. profit margin
e. income statement
Creativity is the basis for ____, which is discovering something that did not exist
previously.
a. invention
b. innovation
c. creation theory
d. discovery theory
e. value creation
Even though the term ____ has negative connotations, it is widely used to describe a
marketing strategy that entices customers to pass on marketing messages to others.
a. search engine marketing
b. viral marketing
c. affiliate program
d. word-of-mouth referral
e. Internet marketing
What decisions need to be made when considering warranting a product?
Define risk management.
Discuss the four major industry trajectories that signal how fast change occurs in a
particular industry.
List some ways in which a company can become socially responsible.
Briefly discuss the financial metrics employed by startups.
Briefly discuss quality.
