Solved MCQs on Entrepreneurship - Part 1

Multiple choice questions and answers on entrepreneurship, creativity and innovation, which can be used in preparation for exams on Entrepreneurship.

1. Which one of the following gives suggestions for new product and also help to market new products?

1. Distribution channels

2. Federal government

3. Existing products and services

4. Consumers

2. Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

1. Creative destruction

2. None of the given options

3. New business model

4. Anatomization

3. Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process?

1. Product Planning Stage

2. Test Marketing Stage

3. Idea Stage

4. Product Development Stage

4. What is the process by which individuals pursue opportunities without regard to resources they currently control?

1. Financial analysis

2. Startup management

3. Feasibility planning

4. Entrepreneurship

5. The entrepreneur was distinguished from capital provider in _________

1. Middle ages

2. 19th and 20th century

3. 17th century

4. 18th century

6. Members of distribution channels are excellent sources for new ideas because ___________

1. They earn a handsome profit from new business

2. They have well-developed sales force

3. They do not bother if entrepreneur bears a loss

4. They are familiar with the needs of the market

7. Which of the following is used by entrepreneurs to acquire experience in an international market before making a major commitment?

1. Joint venture

2. Minority interest

3. Merger

4. Majority interest

8. Which of the following shows the process of creating something new?

1. Business model

2. Creative flexibility

3. Innovation

4. Modeling

9. Why should an entrepreneur do a feasibility study for starting a new venture?

1. To identify possible sources of funds

2. To explore potential customers

3. To estimate the expected sales

4. To see if there are possible barriers to success

10. Having more than 50% ownership position that provides the entrepreneur with managerial control is called _________

1. Majority interest

2. Diversified activity merger

3. Joint venture

4. Horizontal merger

11. One of the primary determinants of the supply of entrepreneurship is ____________

1. Willingness of an individual to become an entrepreneur

2. Dependent of Individual to become an entrepreneur

3. None of the above

4. Connections of an individual to become an entrepreneur

12. __________ the driving force within individuals that propel them to action

1. Character

2. Influence

3. Motivation

4. Entrepreneurial

13. Willingness to take moderate risks in entrepreneurship literature is called_________

1. Tolerance for Ambiguity

2. Risk taking propensity

3. Moderate Risk

4. Ambiguous situation

14. Thus, once an individual desires to be independent and take total control of his/her life, then that person is propelled to become an__________

1. motivator

2. innovator

3. entrepreneur

4. intrapreneur

15. Ambition, goals, energy and stamina and persistence are an aspect of __________

1. Drive

2. Control

3. Entrepreneur

4. Innovation

16. External locus of control believe that the outcome of an event is outside their___________

1. Situation

2. Internal locus

3. Event

4. Control

17. The amount of money an individual is able to accumulate or stock refers to __________

1. Stocks of Financial Capital

2. Opportunity cost

3. Financial Accounting

4. Financial Capital

18. The following are the dark side of an entrepreneur except ___________

1. Social Ties to Investors

2. Opportunity Cost

3. All of the mentioned

4. None of the mentioned

19. _____________ should pay close attention to the final focal point of a new product-the customer.

1. Product

2. Technological

3. Potential entrepreneurs

4. Industrial technological

20. Paying attention to the final focal point of a new product can be an informal or formal survey of consumers expressing their __________.

1. minds

2. opinions

3. values

4. love

21. Care should be taken, when carrying out an informal or formal survey, to ensure that the idea represents a large enough __________.

1. people

2. market

3. products

4. vendors

22. The final focal point of a new product is the ___________.

1. vendor

2. product

3. customer

4. employee

23. Which of the following express their opinions about new products?

1. Existing companies

2. Distribution channels

3. Federal government

4. Consumers

24. Which of the following provide entrepreneurs with information needed to establish a formal method for monitoring and evaluating the products and services in the market?

1. Existing companies

2. Distribution channels

3. Federal government

4. Consumers

25. Monitoring and evaluating products and services in the market may uncover _______________

1. hidden plans

2. ways to improve on present products

3. products and services that can be used

4. new customers in the market

26. Evaluating existing products and services may result in _______________

1. destruction of competition

2. promotion of products and services

3. new product ideas

4. distribution of products

27. Not only do channel members frequently have suggestions for new product, but they can also help in ____________ the entrepreneur’s newly developed products.

1. producing

2. developing

3. packaging

4. marketing

28. Members of distribution channels are excellent sources for new ideas because ______________.

1. they are sellers of old products

2. the market is big and informative

3. they are familiar with the needs of the market

4. they have lots of ideas

29. Federal Government can be source of new product ideas.

1. True

2. False

30. How can the Federal Government be source of new product ideas?

1. Through product possibility information contained in patent files, which can suggest other marketable product ideas.

2. Through new product ideas that come in response to government regulations.

3. All of the mentioned

4. None of the mentioned

31. In the late 19th and early 20th centuries, entrepreneurs were viewed mostly from ____________.

1. a business-oriented view

2. an economic perspective

3. geographical location

4. environmental explanation

32. The entrepreneur, in the late 19th and early 20th century, contributes his own initiative, skill and ingenuity in planning, organizing and administering the enterprise, assuming the chance of ________.

1. winning

2. becoming big

3. loss and gain

4. gaining everything

33. A person who managed large project was termed as the entrepreneur in the _________.

1. Middle ages

2. 17^th century

3. 18^th century

4. 19^th century

34. Which of the following is alternatively called corporate venturing?

1. Entrepreneurship

2. Intrapreneurship

3. Act of stating a new venture

4. Offering new products by an existing company

35. Individuals influencing an entrepreneur’s career choice and style are known as _____________

1. Role model

2. Moral-support network

3. Professional support network

4. Support system