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Choosing a good attorney is a time-consuming but vital task that should be
accomplished immediately after startup.
a. True
b. False
____ from lawyers, accountants, consultants, and investment bankers are essentially a
promise not to charge the full fee if an IPO fails.
a. Fair market provisions
b. Stop-loss statements
c. Forfeiture provisions
d. Liquidation agreements
e. Registration statements
To search for a trademark online, one would navigate to:
a. TESS
b. US.gov
c. USPTO
d. Whitehouse.gov
e. None of these choices
The intense effort required of a startup can be shared when the entrepreneur uses a
____.
a. creditor
b. business agent
c. stockholder
d. founding team
e. board of directors
A very helpful exchange of information and resources can be gained from groups or
organizations who form a:
a. network
b. mentor
c. self-starter
d. leader
e. All of these choices
The primary reason to outsource manufacturing is to improve quality.
a. True
b. False
Meeting ethical expectations is part of social responsibility.
a. True
b. False
A/An ____ is one of the best places to meet and negotiate with sales representatives and
to gather contact information for a mailing list.
a. website
b. blog
c. affiliate program
d. online community
e. trade show
Recommendations for a successful pitch include all of these except:
a. Stand behind a podium
b. Maintain eye contact
c. Use colorful visual aids
d. Do a live demonstration of the product or service
e. All of these choices are recommended for a successful pitch
A financial vehicle that enjoys limited liability in that its owners are liable for its debts
and obligations only to the limit of their investment is a ____.
a. sole proprietorship
b. S-corporation
c. C-corporation
d. joint venture
e. limited partnership
If after exhaustive due diligence the VCs are still sold on the business, they draw up the
____, which signals the start of a negotiation.
a. business plan
b. term sheet
c. tombstone
d. prospectus
e. None of these choices
Creating a ____ is the first step in calculating startup capital requirements.
a. process map
b. feasibility analysis
c. business plan
d. balance sheet
e. timeline
A/An ____ consists of individuals whom the entrepreneur respects and trusts. They
serve as a sounding board for ideas and act as coaches.
a. advisory board
b. board of directors
c. founding team
d. personal mentor board
e. independent contractor
By creating a corporation and issuing stock, the entrepreneur is giving up a measure of
control to the ____.
a. creditors
b. government
c. partnership
d. board of directors
e. SEC
Which of the following is a service that consultants do not provide?
a. Training sales staff and/or management
b. Conducting market research
c. Acting as temporary key management
d. Bringing the activity in-house
e. Conducting research and development
It is not possible to innovate with business models; one must create the plan and stick to
it.
a. True
b. False
____ is/are the fundamental beliefs that a company holds about what is important in
business and in life in general.
a. A code of ethics
b. Social responsibility
c. Vision
d. Core values
e. None of these choices
Geoffrey Moore's modification of the adoption/diffusion curve shows the ____, a period
when the early adopters have been exhausted and the technology stops selling.
a. long tail
life cycle
c. tornado
d. chasm
e. void
The production process consists of a series of:
a. Inputs
b. Outputs
c. Revisions
d. Quality control checks
e. None of these is correct.
