BUSI-3004-1/MGMT-3106-1-Entrepreneurship

for Small Bus2023 Fall Quarter 08/31-11/22-PT3

BUSI-3004-1/MGMT-3106-1- accurate week 4 quiz attempt

(100 % verified exam)

Question 1 1 out of 1 points

Backward integration is taking a step back on the value chain toward the raw materials.

Selected ANS: TRUE

Correct ANS: TRUE

Question 2 0 out of 1 points

are used to protect the owner of the technology from people imitating the technology.
 Selected ANS: Franchises

Correct ANS: Patents

Question 3 1 out of 1 points

The entrepreneur's market knowledge is deeper than the knowledge that could be gained
through market research.

Selected ANS: TRUE

Correct ANS: TRUE

Question 4 0 out of 1 points

One of the more predominant motivations to globally expand is:

Selected ANS: To take advantage of lower costs in foreign countries

Correct ANS: The desire to establish and exploit a global presence

Question 5 1 out of 1 points

Which is the best way to gain knowledge about a potential new entry?

Selected ANS: Entrepreneur's market experience and knowledge

Correct ANS: Entrepreneur's market experience and knowledge

Question 6 1 out of 1 points

The set of decisions, actions, and reactions that first generate, and then exploit over time, a new
entry is .

Selected ANS: Entrepreneurial strategy

Correct ANS: Entrepreneurial strategy

Question 7 1 out of 1 points

The strategy for growth in which the entrepreneur encourages existing customers to buy more
of the firm's current product is a .

Selected ANS: Penetration strategy

Correct ANS: Penetration strategy

Question 8 1 out of 1 points

Entrepreneurs move into international markets to avoid increased regulations or governmental

or societal concerns about the firm's products or services.

Selected ANS: TRUE

Correct ANS: TRUE

Question 9 1 out of 1 points

Which of the following would NOT be a recommended diversification strategy?

Selected ANS: Integration into markets unrelated to existing products

Correct ANS: Integration into markets unrelated to existing products

Question 10 1 out of 1 points

The long-run performance of a firm is dependent upon the ability to generate and exploit
numerous new entries.

Selected ANS: TRUE

Correct ANS: TRUE

Question 11 1 out of 1 points

In a diversified activity merger, the acquiring firm is not interested in either using its cash
resources to expand shareholder wealth or, in actively running and managing the acquired
company.

Selected ANS: TRUE

Correct ANS: TRUE

Question 12 1 out of 1 points

The use of the LIFO system to value inventory should be avoided in times of high inflation.

Selected ANS: FALSE

Correct ANS: FALSE

Question 13 1 out of 1 points

The captures the steps it takes to develop raw materials into a product and get it into
the hands of customers.

Selected ANS: Value chain

 Correct ANS: Value chain

Question 14 1 out of 1 points

Customers are uncertainty adverse to change.

Selected ANS: TRUE

Correct ANS: TRUE

Question 15 1 out of 1 points

An error of omission occurs when an entrepreneur:

Selected ANS: Decides not to enter a market that is, in fact, desirable

Correct ANS: Decides not to enter a market that is, in fact, desirable

Question 16 1 out of 1 points

Knowledge is the basis of the entrepreneurial resource.

Selected ANS: TRUE

Correct ANS: TRUE

Question 17 0 out of 1 points

The knowledge needed to generate innovation can be easily learned from a textbook.

Selected ANS: TRUE

Correct ANS: FALSE

Question 18 1 out of 1 points

As a firm grows, higher volume increases production efficiency and increases its bargaining
power with suppliers.

Selected ANS: TRUE

Correct ANS: TRUE

Question 19 0 out of 1 points

Employee turn over for part-time workers is higher that for full-time workers.
 Selected ANS: FALSE

Correct ANS: TRUE

Question 20 0 out of 1 points

In order to be the basis for a firm's superior performance, a bundle of resources must be
valuable, rare, and inimitable.

Selected ANS: FALSE

Correct ANS: TRUE

Question 21 1 out of 1 points

A computer company buys a hard-drive manufacturer. This is an example of:

Selected ANS: Backward integration

Correct ANS: Backward integration

Question 22 1 out of 1 points

Growing ventures tie up more cash in their inventory than in any other part of the business.

Selected ANS: TRUE

Correct ANS: TRUE

Question 23 1 out of 1 points

A product development strategy relies on taking market share from competitors.

Selected ANS: FALSE

Correct ANS: FALSE

Question 24 1 out of 1 points

When an entrepreneur pursues a new entry opportunity only to find out later that he or she had
overestimated his or her ability to create customer demand, it is a(n) .

Selected ANS: Error of commission

Correct ANS: Error of commission

Question 25 1 out of 1 points

The late mover is able to operate in the industry for a grace period under conditions of limited
competition.

Selected ANS: FALSE

Correct ANS: FALSE