BCS III - Spring 2014 Midterm Review: Question Preview (ID: 13590)

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Entrepreneurship is the process of starting and running a business.
a) True b) False c) d)
Starting a business involves a considerable amount of risk.
a) True b) False c) d)
The act of selling stock to the public by a corporation is known as resourcing.
a) True b) False c) d)
A venture is a business undertaking involving risk.
a) True b) False c) d)
A trademark is the exclusive right given to an inventor by the government to make use of an invention for a specific period of time.
a) True b) False c) d)
A ____ protects creative works such as literature, music, and art.
a) trademark b) copyright c) patent d) none of the above
A(n) ____ is an individual who gives money to a company with the hope of making money later.
a) investor b) entrepreneur c) employee d) consumer
Which of the following components of a business plan presents plans for future expansion of the business?
a) Financial Plan b) Marketing Plan c) Operational Plan d) Growth Plan
An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business.
a) True b) False c) d)
The Grand Opening of a business would take place during which stage of the entrepreneurial process?
a) Harvesting b) Resourcing c) Discovery d) Actualization
In order to start a business, an entrepreneur must ____.
a) develop a business plan b) acquire finances c) meet legal requirements d) all of the above
A(n) ____ is a detailed proposal that describes a new business.
a) patent b) executive summary c) business plan d) contract
During the Discovery stage of the entrepreneurial process, an entrepreneur might
a) conduct surveys b) apply for loans c) identify potential investors d) choose a location for the business
Which of the following is the correct order of the steps in the entrepreneurial process?
a) Harvesting, Concept Development, Discovery, Resourcing, Actualization b) Resourcing, Discovery, Concept Development, Harvesting, Actualization c) Discovery, Concept Development, Resourcing, Actualization, Harvesting d) Concept Development, Discovery, Harvesting, Actualization, Resourcing
The stage in the entrepreneurial process in which the entrepreneur plans the venture, creates a business plan, and identifies strategies to protect intellectual property.
a) Harvesting b) Resourcing c) Concept Development d) Discovery
It is essential that entrepreneurs be able to get along with others and enjoy meeting and talking to people.
a) human relations skills b) technical skills c) problem-solving skills d) communication skills
Entrepreneurs work until a job is done. They are determined to overcome problems and to pursue their goals in order to make their business successful.
a) self-confident b) responsible c) persistent d) independent
Entrepreneurs are curious about things that may affect their business. They are not afraid to ask questions or to conduct research in order to solve problems.
a) goal oriented b) inquisitive c) independent d) creative
RiskĀ is the potential of losing something of value.
a) True b) False c) d)
A successful entrepreneur is ____.
a) inquisitive b) creative c) responsible d) all of the above
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