*EMT301* study questions

" indicates the correct option

Origin and Concepts of Entrepreneur and Entrepreneurship

1. The concept ?entrepreneur? was first coined by?????...

(a) David, McCllenand

(b) Richard, Cantillon ?

(c) David, Hisrich

(d) Jean-Baptiste, Say

2. The non-continuous process of combining resources of time, man, money and materials to
create products, services and ideas is ???..

(a) entrepreneurship ?

(b) management

(c) Intrapreneurship

(d) production

3. An individual that exhibits innovative abilities, perceives the market opportunities, and has the
motivation, drive and ability to mobilize resources to meet market opportunities, while working in
an existing organization is referred to as a(an)??????

(a) entrepreneur

(b) inventor

(c) intrapreneur ?

(d) manager

4. The characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers,

leaders, and innovators or creative imitators were listed by?????..

(a) Adam Smith

(b) David Ricardo

(c) John Stuart Mill

(d) Joseph Schumpeter ?

5. The two disciplines where entrepreneurship originated were ?? / ??

a. French / English

b. Economics / Business ?

c. Economics / History

d. History / French

6. The one who creates a new enterprise in a risky and uncertain environment is referred to as
a (an)?????...

a. risk taker

b. entrepreneur ?

c. adventurist

d. leader

7. Which one of the following is not considered as entrepreneurship?

a. The creation of a new business.

b. The routine management of an ongoing operation. ?

c. Innovation applied to a business context.

d. The combination of resources.

8. The scholar who first stressed the significance of entrepreneurship for economic growth is???.

(a) Cantillon ?

(b) Mill

(c) Quesnay

(d) Ricardo

9. When an entrepreneur directs and controls all organizational activities to ensure that things
are done properly on schedule, he is performing the??.. role.

(a) leader ?

(b) resource allocator

(c) directing and controlling

(d) visionary

10. An Entrepreneur who starts a business with a fresh idea is simply performing a ????. role.

(a) leadership

(b) resource allocator

(c) directing and controlling

(d) visionary ?

Concept of Business and Business Environment

1. The concept ?environment? can also be referred to as????????

(a) surroundings ?

(b) external objects

(c) inferences

(d) circumstances

2. The business environment can be broadly classified into?????.

(a) two ?

(b) three

(c) four

(d) five

3. When a development perceived as a threat by an organization is viewed as an opportunity by

another then the business environment is ??????...

(a) multifaceted ?

(b) Stable

(c) Simple

(d) potent

4. A ???????.. is an inherent constraint that creates strategic disadvantage for an organization.

(a) threat

(b) weakness ?

(c) strategy

(d) risk

5. A ??.. business environment is made up of a number of factors that interact and

interrelate with one another.

(a) complex and dynamic ?

(b) Simple
(c) Stable

(d) potent

6. The body of regulations and laws can be classified under the

(a) Political/Legal environment ?

(b) Socio-cultural environment

(c) Technological environment

(d) Demographic environment

7. The environment that recognizes the customs, traditions and value of the community is known
as

(a) Demographic

(b) Socio-cultural ?

(c) Technology

(d) Historical

8. The environment in the borderline between the internal and external environment is ??????..

(a) General

(b) Remote

(c) Close

(d) Intermediate ?

9. The support systems that facilitate entrepreneurship process listed here are ??????..

(a) Seven

(b) Six

(c) Five

(d) Four ?

10. Entrepreneur can assess the external environment of the business by critically looking at
the ?.

(a) opportunities and strengths

(b) opportunities and threats ?

(c) opportunities and weaknesses

(d) Weaknesses and threats

11. The scanning of the business environment so as to identify the favourable and unfavorable
conditions therein is ??????..

(a) SWOT analysis ?

(b) External evaluation

(c) Internal Evaluation

(d) Market analysis

12. Threats from external environmental factors can come from:

(a) Direct Completion

(c) Consumers

(b) Indirect competitors

(d) None of the above

(e). All of the above. ?

13. Opportunities in the political/legal environment could be -

(a) favourable government policies

(b) Tax holidays

(c) Great market demand

(d) a and b ?

(e) All of the

(e) None of the above

14. The essence of scanning the external environment of business is in order to identify
_____________.

(a) only strengths

(c) strengths and weaknesses

(b) weaknesses

(d) opportunities and threats ?

15. The entrepreneur can assess the internal environment of business by critically looking at
the ???..

(a) Opportunities

(b) threats and opportunities

(c) strength and threats

(d) strengths and weaknesses ?

Forms of Business Ownership and Legal Implications

One of the following is not an advatange of sole proprietorship

ownership of all profit?

Minimum legal restriction

(c) unlimited liability ?

(d) Privacy

2. The Minimum number required to start a sole proprietorship

(a) One ?

(b) two

(c) seven

(d) twenty

3. All of the followings are the disadvantages of sole proprietorship except

(a) Limited growth

(b) unlimited liability

(c) lack of continuity after the death of promoter

(d) Easy to raise capital. ?

4. Partnership formation requires minimum and maximum number of partners respectively

(a) 2 and 20 ?

(b) 2 and 50

(c) 2 and 7

(d) 7 and 20

5. The document that states all the terms of partnership is known as

(a) Partnership agreement

(b) article of partnership

(c) article of association

(d) a and b ?

6. The general partners have

(a) limited liability

(b) Unlimited liability

(c) participate in the day to day running of the business

(d) b and c ?

7. The uniquness of private limited company is that the investors have

(a) limited liability

(b) minimum of two person to start the business

(c) shares are publicly subscribed

(d) Restrictions on the transfer of shares ?

8. One of the differences between the public and private limited companies is

(a) the minimum number of owners ?

(b) the maximum number of owners

(c) limited liability

(d) unlimited liability of owners

9. One of the major documents of incorporation is

(a) article of partnership

(b) Partnership agreement

(c) memorandum of association ?

(d) memorandum of incorporation

Writing Business Plan and Feasibility Studies

1. The need for a business plan includes all except:

(a) Planning to launch a new business

(b) Expanding your existing business

(c) Adding a new product or product line

(d) Increasing your labour force ?

2. A plan must be ??????..

(a) Readable

(b) Accommodating
(c) Explicit ?

(d) Durable

3. One of the benefits of planning is ???..

(a) It justifies your plans and actions ?

(b) It increases ?firefight?

(c) It keeps ideas in your memory

(d) It indicates your inability

4. A written business plan should have all the following except __________

(a) financial information

(b) product or service

(c) business objective

(d) liquidation plan ?

5. The importance of feasibility study cannot be overemphasized as it ?

(a) provides comprehensive details about the business to determine if, and how it can succeed, and
serve as a valuable tool for developing a good business plan "

(b) does not list in details all the things you need to make the business works.

(c) does not identify logistical and other business related problems and solutions.

(d) does not serve as a solid foundation for developing your business plan.

6. The type of business you are planning should be stated under ?

(a) Description of the business "

(b) Marketing

(c) Organisation

(d) All of the above

7. Which of the following question will be answered in a business plan under organization?

(a) What products or services will you sell?

(b) Who are your potential customers?

(c) How will you promote sales?

(d) Who will manage the business? "

8. The following except ???? is a component of feasibility study.

(a) Executive Summary

(b) Product/Service

(c) Acquisition. ?

(d) Technology

9. The importance of feasibility studies include

(a) Listing in details all the things you need to make the business works.

(b) Identifying logistical and other business related problems and solutions.

(c) Serving as a solid foundation for developing your business plan.

(d) All of the above "

10. The need for a full-scale business plan according to Cagan (2006) is spurred by the following except
one:

(a) You plan to launch a new business.

(b) You want to expand your existing business into new markets.

(c) You want to add a new product or product line.

(d) None of the above "

*Kenneth'17*
*EMT 301 Question?? Powered by Polymer Concept�??*

```#Team_Polymer_ making a difference ```

```1. The form of business organization that has the largest sales volume is the:

� a. Partnership. � b. Corporation. � c. cooperative. � d. multinational.

2.The simplest form of business ownership is a:

� a. proprietorship. � b. partnership. � c. corporation. � d. cooperative.

3. Which of the following is an advantage of a sole proprietorship?

� a. ease of starting a business. � b. being your own boss. � c. pride of ownership. � d. all of the
above.

4. The main disadvantage of a general partnership is:

� a. the unlimited liability of the partners. � b. disagreement amongst partners. � c. shared

management. � d. difficulty of termination.

5. A ___________ is a business with two or more owners:

� a. corporation. � b. conglomerate. � c. partnership. � d. public corporation.

6. A partner who is not actually involved in the partnership but lends his name for public relations
purposes is a:

� a. silent partner. � b. general partner. � c. nominal partner. � d. dominant partner.

7. A_____________partner is an owner who has unlimited liability and is active in managing the firm:

� a. senior partner. � b. general partner. � c. silent partner. � d. limited partner.

8. Which of the following is an example of a public corporation?

� a. Imperial Oil. � b. Hospital for Sick Children. � c. Mouvement Caisse Desjardin. � d. YMCA.

9. Which of the following is probably the most important reason for incorporating?

� a. limited liability of shareholders. � b. more money for investment. � c. increased flexibility. � d.

shared management.

10. Which of the following is an example of a non profit organization?

� a. Royal Bank. � b. YMCA. � c. BCE. � d. Air Canada.

11. A__________ provides for the greatest degree of continuity:

� a. general partnership. � b. joint venture. � c. corporation. � d. sole proprietorship.

12. The major advantage of a franchise is:

� a. training and management assistance. � b. personal ownership. � c. nationally recognized name.

� d. all of the above.

13. Which of the following is a characteristic of a co-operative?

� a. profits are not subject to income tax. � b. one vote per share. � c. dividends are paid on a per
share basis. � d. all of the above.

14. The most effective form of business organization for raising capital is the:

� a. joint venture. � b. partnership. � c. corporation. � d. proprietorship.

15. Co-operatives play an important role in:

� a. aerospace. � b. agriculture. � c. manufacturing. � d. all of the above.

Answer: 1. B 2.a 3. D 4. A 5. C 6. C 7.b 8. A 9.a 10. B 11. C 12. D 13. A 14. C 15.b

1. Business can be defined in dimensions of

A. customer groups

B. customer needs

C. technology

D. all of above

2. Design strategy of business includes

A. marketing strategy

B. technology strategy

C. sourcing strategy

D. all of above

3. First phase of value creation in sequence is

A. choosing value

B. providing value
C. communicating value

D. making superior product

4. Organizational division which makes decision on amount of available resources is part of

A. corporate level

B. division level

C. business unit

D, decision level

5. Plausible representation of possible future based on assumptions is called

A. scenario analysis

B. market analysis

C. segmentation analysis

D. targeted factors

6. An instrument for directing and coordinating whole market effort

A., marketing plan

B. business plan

C. financial plan

D. corporate plan

*I am Polymer �*

7. In hypercompetitive economy, a company can win only by tuning the

A. providing superior value

B. communicating value

C. managing superior value

D. all of above

8. Analysis of opportunities and threats includes

A. internal environment

B. external environment

C. market environment

D.product environment

9. Process of defining business, shaping its scope and repositioning brand entity is part of

A. business realignment

B. business workflow

C. cross functional teams

D. various department strategies

10. When a company agrees to promote product of other company, offers its best classified as

A. product alliance

B. service alliances

C. promotional alliances

D. logistic alliances

12. When two companies join hands to market new or complementary products are best classified as

A. product alliance

B., logistic alliances

C. service alliance

D. market collaborations

13. Analysis of strengths and weaknesses are included in

A. external environment

B. market environment

C. internal environment

D., product environment

C
14. List of company's major strategic alliances does not include

A. product alliance

B. promotional alliance

C., pricing collaborations

D., financial alliances

15. Approving of orders, shipping of goods on time and payment of collection is part of

A. fulfill management process

B. customer acquisition process

C. customer relationship management

D. corporate goals

16. 'market-development strategy' is used to gain market share

A. current products in new market

B. new products for new markets

C. new products in new market

D., current product in current market

```Polymer ?````

11 During feasibility analysis it is necessary to examine several alternative solutions because

(i)a comparison of alternatives will lead to a cost-effective solution

(ii)a pre-conceived single solution may turn out to be un-implementable

(iii)it is always good to examine alternatives

(iv)management normally looks at alternatives

a. i and iii

b. i and iv

c. i and ii

d. ii and iv

12 A computer-based information system

a. may require some tasks to be done manually

b. should not have any manual tasks

c. is always fully automated

d. may use only computers

13 Among alternative solutions for an information system one may consider

a. PC based solutions only

b. an improved manual system

c. only client-server based solutions as they are popular now-a-days

d. whatever management decides

14 By technical feasibility of a solution we mean that

a. technology is available to implement it

b. persons are available to implement it

c. persons have technical ability to implement it

d. funds are available to implement it

15 By operational feasibility we mean

a. the system can be operated nicely

b. the system is unusable by operators

c. the system can be adapted by an organization without major disruptions

d. the system can be implemented

16 By economic feasibility of a system we mean that

a. it is economical to operate

b. it is expensive to operate

c. it will be cost-effective if implemented

d. finances are available to implement the system and it will be cost-

17 A solution is said to be feasible for implementation if

(i)it is cost-effective and finance is available to implement it

(ii)technology is available to implement it

(iii)it can be adapted to work in an organization?s environment

(iv)it has been implemented in another organization

a. ii and iii

b. i, ii and iii

c. i and iv

d. i, ii and iv

18 A cost-benefit analysis is performed to assess

a. economic feasibility

b. operational feasibility

c. technical feasibility

d. all of the above

19 The primary objective of cost-benefit analysis is

a. to find out direct and indirect cost of developing the information system

b. to determine the tangible benefits of the information system

c. to determine if it is economically worthwhile to invest in developing the information system

d. to determine the intangible benefits of the information system

```Polymer?```

20 A cost-benefit analysis is performed as a part of

a. system design

b. system specification

c. system performance assessment

d. feasibility analysis

21 A cost benefit analysis consists of

(i)finding the direct and indirect cost of developing, implementing and running the system

(ii)finding out the tangible and intangible benefit of the system

(iii)finding the investment to be made in the system

(iv)finding the profit which will accrue from the system

a. iii and iv

b. i and iv
c. ii and iii

d. i and ii

22 The tangible benefits in the following list are (i)savings due to reducing investment

(ii)savings due to sending bills faster and consequent early collection

(iii)providing better service to the customers

(iv)improving quality of company?s products

a. i and ii

b. ii and iii

c. iii and iv

d. i and iii

23 The intangible benefits in the following list are (i)savings due to reducing investment

(ii)savings due to sending bills faster and consequent early collection

(iii)providing better service to the customers

(iv)improving quality of company?s products

a. i and ii

b. ii and iii

c. iii and iv

d. i and iii

24 Intangible benefits are

a. not very important

b. as important as tangible benefits

c. the most important benefits

d. irrelevant in feasibility study

25 Pick the indirect cost from the following

a. cost of new forms

b. cost of training analysts and users

c. cost of software to be brought

d. cost of fact gathering

26 In payback method one finds out

a. the period necessary to invest the cost of the system

b. the time required for the full benefits to accrue

c. the time at which benefits exceed cost

d. whether the system is able to payback amount invested

27 In simple payback method one

a. accounts for interest payments on benefits

b. ignores interest payments

c. only accounts for interest on capital investments

d. only accounts for interest on recurring expenses

30 In present value method one has to account for

a. interest rate prevalent at a given time

b. exchange rate prevalent at a given time

c. sales tax rate prevalent at a given time

d. both income and sales tax rates prevalent at a given time

31 At the end of the feasibility study the systems analyst

a. meets the users for a discussion

b. gives a summary feasibility report to the management

c. gives a systems proposal to management

d. tells the top management if the system is not feasible

32 The most important parts of a feasibility report are (i)cost-benefit analysis

(ii)statement of the objective of the proposed system

(iii)who will supply equipment for implementing the system

(iv)organizational changes needed to successfully implement the system

a. i and ii
b. i, ii and iii

c. i and iv

d. i, ii and iv

11 c 12 a 13 b 14 a 15 c 16 d 17 b 18 a 19 c 20 d 21 d 22 a 23 c 24 b 25 d 26 c 27 b 30 a 31 b 32 d 33 c 34
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