Prelim Exam

Question 1
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is the result of an entrepreneur’s dream of  something that does not exist yet and the ability  to paint a
compelling picture of that dream for  everyone to see.

Select one:

mission

goal

vision

objectives

Feedback
Your answer is correct.
The correct answer is: vision

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Positive external factors the company can exploit to accomplish its mission, goals, and objectives.

Select one:

threats
strengths

weaknesses

opportunities

Feedback
Your answer is correct.
The correct answer is: opportunities

Question 3
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is a road map of the actions an entrepreneur  draws up to achieve a company’s mission, goals, and 
objectives.

Select one:

objectives

goals

purpose

strategy

Feedback
Your answer is correct.
The correct answer is: strategy

Question 4
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
Which of the following is/are the Characteristics of Entrepreneurs?

Select one:

All of the above

High level of energy

Desire for immediate feedback

Determination

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Drawbacks of Entrepreneurship?

Select one:

Uncertainty of income

Long hours and hard work

Risk of losing your entire investment

All of the above

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

All of the above

They Listen To Customer

They Think

They are Visionaries

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Entrepreneur can stimulate their own creativity and  encourage it among workers by:

Select one:

Developing a Procedure For Capturing Ideas

All of the above

Rewarding Creativity
Providing Support

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 8
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Characteristics of Entrepreneurs?

Select one:

All of the above

Confidence in their ability to succeed

Preference for moderate levels of risk – risk eliminators

Desire for responsibility

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Deadly Mistakes of Entrepreneurship?

Select one:

All of the above

Poor Location

Incorrect Pricing

Improper Inventory Control

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is a written expression of how  the company will reflect an entrepreneur’s  values, beliefs, and vision – more
than just  “making money.”

Select one:

vision

mission

objectives

goal

Feedback
Your answer is correct.
The correct answer is: mission

Question 11
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Negative external factors that inhibit the firm's ability  to accomplish its mission, goals, and objectives.

Select one:

threats

weaknesses

opportunities

strengths

Feedback
Your answer is correct.
The correct answer is: threats

Question 12
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

They Love what they do and fun doing it

They Maximize team Synergy, balance and focus

All of the above

They Refuse to take ‘’no’’ for an Answer

 Feedback
Your answer is correct.
The correct answer is: All of the above

Question 13
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Cultural Diversity of Entrepreneurship?

Select one:

Women entrepreneurs

Young entrepreneurs

All of the above

Minority-owned enterprises

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 14
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Entrepreneur can stimulate their own creativity and  encourage it among workers by:

Select one:

Encouraging Curiosity
Viewing Problems as Challenges

All of the above

Providing Creativity Training

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 15
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It involves developing a game plan to guide a  company as it strives to accomplish its  mission, goals , and
objectives, and to keep it  on its desired course.

Select one:

strategic management

franchise

competitive advantage

strategic plan

Feedback
Your answer is correct.
The correct answer is: strategic management

Question 16
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
The barrier/s of creativity is/are the following:

Select one:

Avoiding ambiguity.

All of the above

Fearing mistakes and failure.

Fearing looking foolish.

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 17
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

All of the above

They Understand How To Manage Ideas

They Maintain a Culture Of Change

They are People Centered

 Feedback
Your answer is correct.
The correct answer is: All of the above

Question 18
Correct
Mark 1.00 out of 1.00

Flag question

Question text
A clearly defined vision __________ .

Select one:

Provides direction

Motivates people

all of the above

Determines decisions

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 19
Correct
Mark 1.00 out of 1.00

Flag question

Question text
One characteristic of entrepreneurs that stands out is __________ .

Select one:

originality
hospitality

hard work

Diversity

Feedback
Your answer is correct.
The correct answer is: Diversity

Question 20
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Entrepreneurs tend to exhibit __________ .

Select one:

Tenacity

none of the above

All of the above

A willingness to work hard

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 21
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
Most entrepreneurs turn to family members and friends for _________ .

Select one:

love

support

capital

motivation

Feedback
Your answer is correct.
The correct answer is: capital

Question 22
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Benefits of Entrepreneurship?

Select one:

Create your own destiny

All of the above

Reach your full potential

Make a difference

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 23
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

They are People Centered

All of the above

They Maintain a Culture Of Change

They Understand How To Manage Ideas

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 24
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Benefits of Entrepreneurship?

Select one:

Contribute to society and to be recognized for your efforts

Reap impressive profits

All of the above

Do what you enjoy and to have fun at it 

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 25
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It involves generating something from nothing.

Select one:

Creativity

Entrepreneurship

Application

Innovation

Feedback
Your answer is correct.
The correct answer is: Creativity

Question 26
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is the ability to create new and  useful ideas that solve problems and challenges  people face everyday.

Select one:
Innovation

Application

Entrepreneurship

Creativity

Feedback
Your answer is correct.
The correct answer is: Entrepreneurship

Question 27
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Any activity which is undertaken with an intention to earn profit is called __________ .

Select one:

business

credit

employment

asset
Feedback
Your answer is correct.
The correct answer is: business

Question 28
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
One who creates a new business in the face of risk and uncertainty for the purpose of
achieving profit and growth by identifying opportunities and assembling the necessary
resources to capitalize on them.  

Select one:

entrepreneur

stakeholder

distributor

business owner
Feedback
Your answer is correct.
The correct answer is: entrepreneur

Question 29
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

They Maximize team Synergy, balance and focus

All of the above

They Love what they do and fun doing it

They Refuse to take ‘’no’’ for an Answer

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 30
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are Strategic Management Process?

Select one:

Formulate strategies.

Translate plans into actions.

All of the above

Establish accurate controls.

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 31
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

They are People Centered

All of the above

They Maintain a Culture Of Change

They Understand How To Manage Ideas

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 32
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Cultural Diversity of Entrepreneurship?

Select one:

Copreneurs

Corporate castoffs
All of the above

Family businesses
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 33
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are aspects of a small company?

Select one:

All of the above

Pricing they offer

Service they provide

Products they sell

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 34
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which of the following is/are the Drawbacks of Entrepreneurship?

Select one:

High levels of stress

Discouragement

All of the above

Complete responsibility
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 35
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Entrepreneur can stimulate their own creativity and  encourage it among workers by:

Select one:

Embracing Diversity

Expecting And Tolerating Failure

Expecting Creativity

All of the above

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 36
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Positive internal factors a company can draw on to accomplish its mission, goals, and
objectives.

Select one:

weaknesses

strengths

mission

vision
Feedback
Your answer is correct.
The correct answer is: strengths

Question 37
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Negative internal factors that inhibit a  company’s ability to accomplish its mission, 
goals, and objectives.

Select one:

strengths

weaknesses

vision

mission
Feedback
Your answer is correct.
The correct answer is: weaknesses

Question 38
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It refers to something new or to a change made to an existing product, idea, or field.

Select one:

Creativity
Entrepreneurship

Invention

Innovation
Feedback
Your answer is correct.
The correct answer is: Innovation

Question 39
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The aggregation of factors that sets a company  apart from its competitors and gives
it a unique  position in the market that is superior to its  competition.

Select one:

strategic plan

strategic management

competitive advantage

franchise
Feedback
Your answer is correct.
The correct answer is: competitive advantage

Question 40
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Deadly Mistakes of Entrepreneurship?

Select one:

Weak Marketing Efforts

All of the above

Failure to develop a strategic Plan

Uncontrolled Growth
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 41
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Deadly Mistakes of Entrepreneurship?

Select one:

Poor Financial Controls

All of the above

Lack of Experience

Management Mistakes
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 42
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are Strategic Management Process?

Select one:

Create goals and objectives.

All of the above

Analyze competition.

Identify key success factors.

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 43
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which of the following is/are the Characteristics of Entrepreneurs?

Select one:

Value achievement over money

Future orientation – opportunity, necessity, and serial entrepreneurs

All of the above

Skilled at organizing
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 44
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The barrier/s of creativity is/are the following:

Select one:

Focusing on “being logical”.

All of the above

Searching for the one “right” answer.

Blindly following the rules.

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 45
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The barrier/s of creativity is/are the following:

Select one:

Constantly being practical.

Becoming overly specialized.

All of the above

Viewing play as frivolous.

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 46
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
The practice of gathering,  organizing, and disseminating the  collective wisdom and
experience  of a company’s employees for the  purpose of strengthening its 
competitive position.

Select one:

goals

objectives

purpose

strategy
Feedback
Your answer is correct.
The correct answer is: purpose

Question 47
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are Strategic Management Process?

Select one:

Assess strengths and weaknesses.

Develop a vision and translate it into a  mission statement.

Scan environment for opportunities and threats.

All of the above

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 48
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the Cultural Diversity of Entrepreneurship?

Select one:
a.
Home-based businesses

b.
Immigrant entrepreneurs

c.
Part-time entrepreneurs

d.
All of the above
Feedback
Your answer is correct.
The correct answer is: All of the above

Question 49
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Leaders of innovation has identified the following secrets for Leading Creativity:

Select one:

They Refuse to take ‘’no’’ for an Answer

They Maximize team Synergy, balance and focus

They Love what they do and fun doing it

All of the above

Feedback
Your answer is correct.
The correct answer is: All of the above

Question 50
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Entrepreneurs tend to exhibit __________ .

Select one:

Flexibility

All of the above

A high degree of commitment

Tolerance for ambiguity

Feedback
Your answer is correct.
The correct answer is: All of the above
Midterm Exam

Question 1
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In General Partnerships, each partner is individually liable for all debts and contracts of the
partnership.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Quality _____ products are not readily available and the prices of which are not lower.

Select one:
Rivalry

suppliers

substitute

buyers
Feedback
Your answer is correct.
The correct answer is: substitute

Question 3
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Why would a new business venture choose to operate as a partnership?

Select one:

all of the choices

Diversity of managerial expertise

Relative freedom from  government control

Flexibility to respond to  changing business conditions

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 4
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
The combination of 2 or more firms to form a new company, which often takes a new
corporate identity.

Select one:

Acquisition

Merger

joint ventures

cooperatives
Feedback
Your answer is correct.
The correct answer is: Merger

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
A legal entity with an existence and life  separate from its owners, who  therefore are not
personally liable for  its debts.

Select one:

sole proprietorship

limited liability company

partnership

franchise
Feedback
Your answer is correct.
The correct answer is: limited liability company

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Choose a form of organization by evaluating _____ .

Select one:

The ability to raise funds

Owner’s liability for firm’s debts

all of the choices

The ease and cost of forming the business

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 7
Correct
Mark 1.00 out of 1.00
 Flag question

Question text

Choose a form of organization by evaluating _____ .

Select one:

the taxes

all of the choices

The aims and objectives of the various business

The desire of how to/not to share profits

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 8
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The switching costs to competitors is high and their numbers is large.

Select one:

Buyers

Suppliers
Rivalry

New Entrants
Feedback
Your answer is correct.
The correct answer is: Buyers

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of Marketing Strategy?

Select one:

target market

Pricing

Distribution

all of the above

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 10
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Choose a form of organization by evaluating _____ .

Select one:

all of the choices

The degree of operating control the owner can  retain

The taxes

The ability to attract employees

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 11
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, the dormant partners’ do not participate actively in the  firm’s
operations.
.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 12
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Existing or anticipated profitability of the industry.

Select one:

Business Strategy

Marketing Strategy

Executive Summary

Business and Industry  Profile

Feedback
Your answer is correct.
The correct answer is: Business and Industry  Profile

Question 13
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, each partner is controlled by one or more  general partners who
have unlimited liability.
.

Select one:
 True 

False
Feedback
The correct answer is 'True'.

Question 14
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Overview of industry or market segment.

Select one:

Marketing Strategy

Business Strategy

Business and Industry  Profile

Executive Summary
Feedback
Your answer is correct.
The correct answer is: Business and Industry  Profile

Question 15
Correct
Mark 1.00 out of 1.00

Flag question

Question text
An original, functional model of a new  product that entrepreneurs can put into the  hands
of potential customers so they can see it, test it and use it.

Select one:

trial

prototype

questionnaire

research
Feedback
Your answer is correct.
The correct answer is: prototype

Question 16
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The company’s target markets and the benefits its product or service will provide.

Select one:

Business Strategy

Marketing Strategy

Business and Industry  Profil

Executive Summary
Feedback
Your answer is correct.
The correct answer is: Executive Summary

Question 17
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Advantages of economic scale are not present and the capital requirements to enter are
low.

Select one:

Suppliers

Buyers

New Entrants

Rivalry
Feedback
Your answer is correct.
The correct answer is: New Entrants

Question 18
Correct
Mark 1.00 out of 1.00

Flag question

Question text
What Lenders and Investors  Look for in a Business Plan?

Select one:

all of the choices

collateral

Conditions

Character
Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 19
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Company’s general business goals and the company’s immediate objectives.

Select one:

Business Strategy

Marketing Strategy

Executive Summary

Business and Industry  Profile

Feedback
Your answer is correct.
The correct answer is: Business and Industry  Profile

Question 20
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
which of the following is/are the Elements of a Business Plan?

Select one:

all of the above

Competitor Analysis

Description of the Firm’s Product or Service

Marketing Strategy
Feedback
Your answer is correct.
The correct answer is: all of the above

Question 21
Correct
Mark 1.00 out of 1.00

Flag question

Question text
What Lenders and Investors  Look for in a Business Plan?

Select one:

Capital

Collateral

Capacity
all of the above
Feedback
Your answer is correct.
The correct answer is: all of the above

Question 22
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of a Business  Plan?

Select one:

Pro Forma Financial Statements

Description of Management Team

Plan of Operation

all of the above

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 23
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Proving that a profitable market exists by showing customer interest and documenting
market claims.

Select one:

Marketing strategy

Executive Summary

Business Strategy

Business and Industry  Profile

Feedback
Your answer is correct.
The correct answer is: Marketing strategy

Question 24
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are an advantage/s of Limited Liability company?

Select one:

Ease of transferring ownership

Ability to deny financing

Limited liability

Stable business life

Feedback
Your answer is correct.
The correct answer is: Ability to deny financing

Question 25
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the main forms of business  organization?

Select one:

Sole proprietor

Partnership

all of the choices

Ltd liability company

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 26
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
In General Partnerships, each partner can co-own assets and  share profits.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 27
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not a disadvantage of sole proprietorship?

Select one:

Large personal time commitment

Difficulty in attracting qualified  employees

Unstable business life

none of the choices

Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 28
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not an advantage of sole proprietorship?

Select one:

none of the choices

Relative freedom from  government regulation

Absence of special taxes

Owner’s rights to all profits

Ease of dissolution
Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 29
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Why would a new business venture choose not to  operate as a partnership?

Select one:

all of the choices

Limited life

Potential for conflict between  partners

Unlimited liability for general  partners

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 30
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The company’s business model and basis for  competitive edge.

Select one:
a.
Executive Summary

b.
Marketing Strategy

c.
Business Strategy

d.
Business and Industry  Profil
Feedback
Your answer is correct.
The correct answer is: Executive Summary

Question 31
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
The process of determining  whether an entrepreneur’s idea is  a viable foundation for
creating a  successful business.

Select one:

Business strategy

Business Plan

Feasibility Analysis

Marketing Strategy
Feedback
Your answer is correct.
The correct answer is: Feasibility Analysis

Question 32
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of a Feasibility Analysis?

Select one:

Financial Feasibility

all of the above

Product or
 Service Feasibility

Industry and
 Market Feasibility
Feedback
Your answer is correct.
The correct answer is: all of the above

Question 33
Correct
Mark 1.00 out of 1.00

Flag question

Question text
 Why would a new business venture choose to operate as a partnership?

Select one:
a.
all of the choices

b.
Ease of formation

c.
Diversity of managerial expertise

d.
Availability of capital
Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 34
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Number of competitors is large or few (less than 5).

Select one:

Suppliers

Buyers

New Entrants

Rivalry
Feedback
Your answer is correct.
The correct answer is: Rivalry

Question 35
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of Marketing Strategy?

Select one:

Location

Market Size and trend

all of the above

Advertising
Feedback
Your answer is correct.
The correct answer is: all of the above

Question 36
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Formed by people with similar interests, such as  customers and suppliers.

Select one:

joint ventures
Cost and complexity of formation

stockholders

cooperatives

franchises
Feedback
Your answer is correct.
The correct answer is: cooperatives

Question 37
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which of the following is not a disadvantage of sole proprietorship?

Select one:

Limited managerial expertise

Difficulty in raising capital

none of the choices

Unlimited liability of the owner for debts

Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 38
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, the dormant partners’ liability is  limited to their investment.

Select one:
True 

False
Feedback
The correct answer is 'True'.
Question 39
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Two or more companies form an  alliance to pursue a specific project, usually for a specific
time period.

Select one:

stockholders

cooperatives

franchises

joint ventures
Cost and complexity of formation
Feedback
Your answer is correct.
The correct answer is: joint ventures

Cost and complexity of formation

Question 40
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of a Business  Plan?
Select one:

Title Page and Contents

Vision and Mission Statement

all of the above

Executive Summary

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 41
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The business organization in which a  franchisor supplies the product  concept to the
franchisee, who sells the goods or services.

Select one:

joint ventures

cooperatives

stockholders

franchises
Feedback
Your answer is correct.
The correct answer is: franchises
Question 42
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Why would a new business venture choose not to  operate as a partnership?

Select one:

Limited life

Sharing of profits

Difficulty in leaving a partnership

all of the choices

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 43
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The qualification of the founders and/or key employees and the key financial highlights.

Select one:
Business and Industry  Profile

Business Strategy

Executive Summary

Marketing Strategy
Feedback
Your answer is correct.
The correct answer is: Executive Summary

Question 44
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The purchase of a corporation by another corporation or investment group.

Select one:

cooperatives

Merger

joint ventures

Acquisition
Feedback
Your answer is correct.
The correct answer is: Acquisition

Question 45
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
A written summary of an entrepreneur’s proposed business  venture, its operational and
financial details, its marketing  opportunities and strategy, and its managers’ skills and
abilities.

Select one:

Business Plan

Business Strategy

Marketing Strategy

Business Model
Feedback
Your answer is correct.
The correct answer is: Business Plan

Question 46
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Elements of a Business  Plan?

Select one:

Business Strategy

Company History
Business and Industry Profile

all of the above

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 47
Correct
Mark 1.00 out of 1.00

Flag question

Question text
They sell a commodity  product to the companies in it.

Select one:

New Entrants

Buyers

Suppliers

Rivalry
Feedback
Your answer is correct.
The correct answer is: Suppliers

Question 48
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Description of production process, strategic raw materials,  sources, costs.

Select one:

Description of Product or  Service

Business and Industry  Profile

Executive Summary

Business Strategy
Feedback
Your answer is correct.
The correct answer is: Description of Product or  Service

Question 49
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are disadvantage/s of Limited Liability company?

Select one:

Cost and complexity of formation

Double taxation of profits

Government restrictions and regulations

Stable business life

Feedback
Your answer is correct.
The correct answer is: Stable business life

Question 50
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not an advantage of sole proprietorship?

Select one:

none of the choices

Owner’s rights to all profits

Ease and low cost of formation

Owner’s absolute control of the  business

Feedback
Your answer is correct.
The correct answer is: none of the choices

Final Exam
Question 1
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Why would a new business venture choose not to  operate as a partnership?

Select one:

Unlimited liability for general  partners

Potential for conflict between  partners

Limited life

all of the choices

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be a business anyone can do.

Select one:
True

False 
Feedback
The correct answer is 'False'.
Question 3
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, the dormant partners’ do not participate actively in the  firm’s
operations.
.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 4
Correct
Mark 1.00 out of 1.00

Flag question

Question text
There are some negative attributes of buying a franchise and those include?

Select one:

Unsatisfactory training programs

Limited product line

Market saturation

all of the choices

 Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Remain calm during the  negotiation.

Select one:

Poise

Preparation

Patience

Persistence
Feedback
Your answer is correct.
The correct answer is: Poise

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not a disadvantage of sole proprietorship?

Select one:
none of the choices

Unlimited liability of the owner for debts

Limited managerial expertise

Difficulty in raising capital

Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In General Partnerships, each partner can co-own assets and  share profits.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 8
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
which of the following is/are the Advantages of Buying a Business?

Select one:

Easier financing

all of the choices

It’s a bargain

You can use the previous owner’s experience

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Disadvantages of Buying a Business?

Select one:

Accounts receivable may be worth less than face value

all of the choice

Inventory may be stale

Changes can be difficult to implement

Feedback
Your answer is correct.
The correct answer is: all of the choice

Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
One of the primary reasons for interest in a franchise system is that the franchisee is able  to
tap into the proven experience and guidance that the franchise offers.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 11
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be taking care of my business problems.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 12
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Franchises will be economical.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 13
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not an advantage of sole proprietorship?

Select one:

Absence of special taxes

Owner’s rights to all profits

Relative freedom from  government regulation

none of the choices

Ease of dissolution
Feedback
Your answer is correct.
The correct answer is: none of the choices
Question 14
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Don’t be in such  a hurry to close the deal that you end up giving up much of what  you
hoped to get.

Select one:

Preparation

Persistence

Patience

Poise
Feedback
Your answer is correct.
The correct answer is: Patience

Question 15
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It protects business buyer  from the claims unpaid creditors might  have against a
company’s assets.

Select one:

Bulk transfer
Contract assignment

Restrictive covenant

Lien
Feedback
Your answer is correct.
The correct answer is: Bulk transfer

Question 16
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will enable the owner to be removed from day–to–day management.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 17
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not an advantage of sole proprietorship?

Select one:
none of the choices

Owner’s rights to all profits

Ease and low cost of formation

Owner’s absolute control of the  business

Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 18
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Advantages of Buying a Business?

Select one:

Inventory is in place and trade credit is established

You 

can “hit the ground running”

all of the choices

Equipment is already installed

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 19
Correct
Mark 1.00 out of 1.00

Flag question

Question text
There are some negative attributes of buying a franchise and those include?

Select one:

Franchise fees and profit sharing

all of the choices

Restrictions on purchasing

Strict adherence to standardized operations

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 20
Correct
Mark 1.00 out of 1.00

Flag question

Question text

Choose a form of organization by evaluating _____ .

Select one:
the taxes

all of the choices

The aims and objectives of the various business

The desire of how to/not to share profits

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 21
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be the cheapest business option.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 22
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Choose a form of organization by evaluating _____ .
Select one:

The degree of operating control the owner can  retain

all of the choices

The taxes

The ability to attract employees

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 23
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be more successful based on its size.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 24
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the benefits of franchising?

Select one:

Brand name appeal

all of the choices

Standardized quality of goods and services

Management training and support

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 25
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be safer and will not fail.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 26
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
Franchises will be a business “I” can run things the way “I” want to.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 27
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The creditors’ claims against an asset.

Select one:

Contract assignment

Bulk transfer

Restrictive covenant

Lien
Feedback
Your answer is correct.
The correct answer is: Lien

Question 28
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
In General Partnerships, each partner is individually liable for all debts and contracts of the
partnership.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 29
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, each partner is controlled by one or more  general partners who
have unlimited liability.
.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 30
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which of the following is/are the types of franchising systems?

Select one:

Pure (or comprehensive or business format) franchising

all of the choices

Product distribution franchising

Tradename franchising
Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 31
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In Limited Partnerships, the dormant partners’ liability is  limited to their investment.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 32
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Disadvantages of Buying a Business?

Select one:

Equipment may be obsolete or inefficient

Change and innovation can be difficult  to implement

all of the choices

Location may have become unsatisfactory

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 33
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The benefits of franchising have proven to have a positive impact on the success rate of
franchises,  beginning in the first year of operation, compared to nonfranchise ventures.

Select one:
True 

False
Feedback
The correct answer is 'True'.

Question 34
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Disadvantages of Buying a Business?

Select one:

Inventory may be stale

It may be overpriced

all of the choices

Accounts receivable may be worth less  than face value

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 35
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The step/s to consider in buying a franchise is/are _____ .

Select one:

all of the choices

Research your market

Evaluate yourself

Consider your franchise options

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 36
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The step/s to consider in buying a franchise is/are _____ .

Select one:

Make your choice

Ask the franchiser some tough questions

Talk to existing franchisees

all of the above

Feedback
Your answer is correct.
The correct answer is: all of the above

Question 37
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which of the following is/are the benefits of franchising?

Select one:

Site selection and territorial protection

Centralized buying power

all of the choices

Greater chance for success

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 38
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be able to have improvement potential.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 39
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Franchises will be “all the same”.

Select one:
True

False 
Feedback
The correct answer is 'False'.

Question 40
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Why would a new business venture choose to operate as a partnership?

Select one:

all of the choices

Relative freedom from  government control

Diversity of managerial expertise

Flexibility to respond to  changing business conditions

Feedback
Your answer is correct.
The correct answer is: all of the choices
Question 41
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is/are the benefits of franchising?

Select one:

all of the choices

Proven products and business formats

National advertising programs

Financial assistance
Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 42
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the steps of Acquiring a Business?

Select one:

Ensure a smooth transition.

Investigate and evaluate candidate businesses and select the best one.

Explore financing 

options.

all of the choices

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 43
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Choose a form of organization by evaluating _____ .

Select one:

The ease and cost of forming the business

The ability to raise funds

Owner’s liability for firm’s debts

all of the choices

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 44
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Examine the needs  of both parties and all of the  relevant external factors affecting  the
negotiation before you sit  down to talk.

Select one:

Persistence

Preparation

Patience

Poise
Feedback
Your answer is correct.
The correct answer is: Preparation

Question 45
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Why would a new business venture choose not to  operate as a partnership?

Select one:

Sharing of profits
Limited life

all of the choices

Difficulty in leaving a partnership

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 46
Correct
Mark 1.00 out of 1.00

Flag question

Question text
which of the following is/are the Advantages of Buying a Business?

Select one:

Employees and 
suppliers are established

It may continue to be successful

all of the choices

It may already have the best location

Feedback
Your answer is correct.
The correct answer is: all of the choices

Question 47
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not a disadvantage of sole proprietorship?

Select one:

Unstable business life

Difficulty in attracting qualified  employees

Large personal time commitment

none of the choices

Feedback
Your answer is correct.
The correct answer is: none of the choices

Question 48
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The buyer’s ability to  assume rights under seller’s existing  contracts.

Select one:

Lien

Bulk transfer
Restrictive covenant

Contract assignment
Feedback
Your answer is correct.
The correct answer is: Contract assignment

Question 49
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The contract in which a business  seller agrees not to compete with the buyer  within a
specific time and geographic area.

Select one:

Lien

Contract assignment

Bulk transfer

Restrictive covenant
Feedback
Your answer is correct.
The correct answer is: Restrictive covenant

Question 50
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
which of the following is/are the Disadvantages of Buying a Business?

Select one:

"Inherited” employees may be  unsuitable

Previous owner may have created ill will

“It’s a loser”

all of the choices

Feedback
Your answer is correct.
The correct answer is: all of the choices