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BCS III - Spring 2014 Midterm Review
Test Description: Entrepreneurship
Instructions: Answer all questions to get your test result.
1) 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
independent
B
inquisitive
C
goal oriented
D
creative
2) 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
persistent
B
responsible
C
self-confident
D
independent
3) It is essential that entrepreneurs be able to get along with others and enjoy meeting and talking to people.
A
problem-solving skills
B
technical skills
C
human relations skills
D
communication skills
4) Which of the following is the correct order of the steps in the entrepreneurial process?
A
Discovery, Concept Development, Resourcing, Actualization, Harvesting
B
Concept Development, Discovery, Harvesting, Actualization, Resourcing
C
Harvesting, Concept Development, Discovery, Resourcing, Actualization
D
Resourcing, Discovery, Concept Development, Harvesting, Actualization
5) 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
Discovery
B
Concept Development
C
Resourcing
D
Harvesting
6) During the Discovery stage of the entrepreneurial process, an entrepreneur might
A
choose a location for the business
B
identify potential investors
C
apply for loans
D
conduct surveys
7) The Grand Opening of a business would take place during which stage of the entrepreneurial process?
A
Discovery
B
Harvesting
C
Actualization
D
Resourcing
8) In order to start a business, an entrepreneur must ____.
A
all of the above
B
acquire finances
C
meet legal requirements
D
develop a business plan
9) A(n) ____ is a detailed proposal that describes a new business.
A
patent
B
business plan
C
executive summary
D
contract
10) A ____ protects creative works such as literature, music, and art.
A
none of the above
B
patent
C
copyright
D
trademark
11) A(n) ____ is an individual who gives money to a company with the hope of making money later.
A
consumer
B
employee
C
investor
D
entrepreneur
12) Which of the following components of a business plan presents plans for future expansion of the business?
A
Growth Plan
B
Financial Plan
C
Marketing Plan
D
Operational Plan
13) An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business.
A
False
B
True
14) Entrepreneurship is the process of starting and running a business.
A
True
B
False
15) Starting a business involves a considerable amount of risk.
A
True
B
False
16) The act of selling stock to the public by a corporation is known as resourcing.
A
True
B
False
17) A venture is a business undertaking involving risk.
A
False
B
True
18) 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
False
B
True
19) RiskĀ is the potential of losing something of value.
A
True
B
False
20) A successful entrepreneur is ____.
A
responsible
B
all of the above
C
inquisitive
D
creative
*select an answer for all questions
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