Entrepreneurship MCQ: ETR Chapter 1

In order to start "For Kidz" successfully, Jamie needs all of the following elements to come together EXCEPT

A. boundary.
B. recruitment.
C. intention.
D. exchange.

Answer: B

Jamie should be aware that all of the following are myths about a small business EXCEPT

A. there is not enough financing to start businesses.
B. you need to make something if you are going to make money.
C. you can never try again if you fail.
D. the biggest hurdle facing an individual considering a business opportunity is inaction.

Answer: D

Given that "For Kidz" will be a small business in a rural area, which of the following characteristics would be true?

A. Its focus should be on effectiveness
B. The approach to human resources should be to professionalize
C. Metastrategy should be imitation
D. It should grow when possible

Answer: C

If Jamie gets "For Kidz" up and running, he could be described as all of the following EXCEPT

A. founder.
B. owner-manager.
C. independent small business.
D. franchisor.

Answer: D

Where can Jamie go to get some help with his business idea?

A. Small Business Development Center
B. U.S. Department of Commerce office
C. Incubator
D. Small Business Administration Center

Answer: A

This is the degree of attention your target market pays to your idea or organization.

A. Efficiency
B. Identity
C. Mindshare
D. Growth

Answer: C

Social entrepreneurship

A. involves creating new charitable and civic organizations which are financially self-sufficient.
B. involves bringing new products or services to market.
C. involves a person or group who owns their own for-profit business.
D. involves revitalizing government agencies.

Answer: A

Which of the following best describes a corporate form of entrepreneurship?

A. It is a form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations.
B. It is a form of entrepreneurship that involves revitalizing government agencies.
C. It is a form of entrepreneurship in which a person or group owns their own for-profit business.
D. It is a form of entrepreneurship which takes place in existing businesses around new products, services or markets.

Answer: D

Identify the type of entrepreneurship which concentrates typically on innovation and customer-focus.

A. Public entrepreneurship
B. Corporate entrepreneurship
C. Independent entrepreneurship
D. Social entrepreneurship

Answer: B

Public entrepreneurship

A. focuses typically on customer-focus and innovation, bringing new products or services to market, or opening up new markets to your firm.
B. involves creating new charitable and civic organizations which are financially self-sufficient.
C. requires all four elements, and that is what makes small business so important as the role model for the other forms.
D. involves revitalizing government agencies, so it tends to focus on the customer-focus and efficiency aspects of entrepreneurship.

Answer: D

The entrepreneurial focus which looks at a new thing or a new way of doing things is

A. customer-focus.
B. innovation.
C. creation.
D. efficiency.

Answer: B

The entrepreneurial focus which refers to doing the most work with the fewest resources is

A. innovation.
B. creation.
C. efficiency.
D. customer-focus.

Answer: C

The form of entrepreneurship in which a person or group own their own for-profit business is

A. independent entrepreneurship.
B. social entrepreneurship.
C. public entrepreneurship.
D. corporate entrepreneurship.

Answer: A

Which aspect of entrepreneurship refers to being in-tune with one's market?

A. Efficiency
B. Creation
C. Customer-focus
D. Growth

Answer: C

Which of the following statements about virtual instant global entrepreneurship (VIGE) is false?

A. VIGE depends on using Web sites like eBay for products to quickly establish a global presence.
B. Many VIGE sites offer procedures, services, and Web page templates which incorporate best practices for global trading.
C. The VIGE approach produces large numbers of smaller-scale exporters.
D. VIGE sites replace institutional procedures with personal contacts to help even the smallest small businesses go global.

Answer: D

Entrepreneurship levels in countries such as Germany, Israel, the Republic of Korea, and the United States average the lowest of the

A. innovation-driven economies.
B. efficiency-driven economies.
C. factor-driven economies.
D. competency-driven economies.

Answer: A

Innovation-driven economies

A. are those where entrepreneurship becomes a key way to build the middle class.
B. are nations where industrialization is becoming the major force providing jobs, revenues and taxes.
C. are focused on high-value-added manufacturing but are marked by a very large service sector.
D. are those where entrepreneurship is essential to helping build personal wealth and break the cycle of low-wage jobs.

Answer: C

A nation where industrialization is becoming the major force providing jobs, revenues and taxes, and where minimizing costs while maximizing productivity is a major goal is a(n)

A. factor-driven economy.
B. efficiency-driven economy.
C. innovation-driven economy.
D. dynamic-driven economy.

Answer: A

A nation where the major forces for jobs, revenues and taxes come from farming or extractive industries like forestry, mining, or oil production is a(n)

A. factor-driven economy.
B. efficiency-driven economy.
C. innovation-driven economy.
D. competency-driven economy.

Answer: A

According to the U.S. Small Business Administration, small businesses generate _____ the number of patents per employee than big businesses.

A. 13 to 14 times
B. about twice
C. 40 to 50 times
D. about half

Answer: A