GST 307 ENTERPRENEURSHIP AND CORPORATE GOVERNANCE

1. One who is ready to bear risks and create new opportunities through innovations is called

a. Corporate individual

b. Entrepreneur

c. Investor

d. Capitalist

2. The person who provides funding for a business is called

a. Corporate individual

b. Entrepreneur

c. Investor

d. Capitalist

3. The word 'entrepreneur' was first used by

a. Richard Cantillon

b. Jean-Baptiste Say

c. Adam Smith

d. Joseph Allis Schumpeter

4. The word 'entrepreneur' has _____ what language as it's origin

a. German

b. Latin

c. French

d. English

5. An intellectual concept in the mind of an individual that can be translated to something meaningful
for the good of mankind

a. Entreprendre
b. Idea

c. Thought

d. Management

6. The contribution of small amount of money to an individual over a period of time to achieve a
financial aim is

a. Contribution

b. Savings

c. Thrift

d. All of the above

7. All but one is a traditional way of getting funds for enterpreneurs

a. Bank loans

b. Thrift

c. Borroing from friends and family

d. Personal savings

8. Seed funding is used for funding what types of businesses

a. Large scale businesses

b. Second stage of business

c. First stage or start up businesses

d. All of the above

9. Who qualifies for seed funding? All but one

a. Startup businesses

b. Large scale businesses

c. New business ideas

d. People with small investments

10. People who contribute to a Thrift collector are called

a. Contributors.

b. Thriftors

c. Thrifters

d. Thrift donators

11. A person who collects money from individuals and kkeps it on their behalf is

a. Collector

b. Thrift collector.

c. Thrifter

d. Thriftor

12. Loan capital is also know as

a. Debt equity.

b. Money borrowed

c. Loan money

d. None of the above

13. Debt equity is

a. Money borrowed for business.

b. Money given out for business

c. Money used to start a business

d. Money loaned to start a business

14. The money used to start a business is

a. Money-at-hand
b. Business money

c. Capital.

d. Funding equity

15. According to Richard Cantillon, an entrepreneur is

a. Someone who is seeks out, respond and make opportunities from change

b. An individual who can exploit new opportunities

c. Someone who can create new innovations for his own business advantage

d. Someone who buys at a certain price and sells at an uncertain price.

16. An entrepreneur is a risk bearer according to

a. Peter Drucker

b. Joseph Aloise Schumpeter

c. Jean-Baptiste Say

d. Richard Cantillon.

17. An entrepreneur must be

a. All of the above.

b. Bear risks

c. Willing to adjust to changes

d. Innovative

18. The process by which individuals pursue and exploit opportunities regardless of the resources they
control is

a. Entrepreneurship.

b. Investiship

c. Social Entrepreneurship

d. Business
19. According to Ventakataman, 1997, Entrepreneurship is

a. The process by which individuals pursue and exploit opportunities regardless of the resources they
control.

b. Is the creation of organizations.

c. The process by which new organizations come into existence.

d. Is about how, by whom and with what consequences opportunities to bring future goods and services
into existence are discovered, created and exploited....

20. The process by which new organizations come into existence is the definition of entrepreneurship by
______ in the year _____

a. Stevenson & Gumpert, 1985

b. Madubi, 1994

c. Ventakataman, 1997

d. Gartner, 1988.

21. Most of the scholars who wrote about the origin of entrepreneurship were

a. Economists

b. Historians

c. Politicians

d. a and b. 5

22. Penrose (1963) viewed entrepreneurship as the activity that involves identifying opportunities within
the economic system.

a. True.

b. False

c. None of the above

d. All of the above

23. ………………. views entrepreneurship as: “self employment of any sort”

a. Jean-Baptiste Say

b. Penrose

c. Joseph Aloise Schumpeter

d. Richard Cantillon.

24. Creation of organizations, Innovation applied to a business context and the combination of resources
are not parts concepts of entrepreneurship.

a. True.

b. False

c. All of the above

d. None of the above

25. An entrepreneur who is not able to establish his or her own business but work in an organization is
known as __________

a. Interpreneur

b. Intrepreneur

c. Intern-preneur

d. Intrapreneur.

26. 6According to Rockstar (2008), there are ________ types of entrepreneurs

a. 2

b. 3

c. 4.

d. 5

27. An entrepreneur is influenced by his or her environment 6

a. True.
b. False

c. Maybe

d. It depends

28. The type of entrepreneur is preoccupied with introducing something new into the market,
organization or nation is called

a. Drone

b. Idealist

c. Realist

d. Innovative. 7

29. Entrepreneurs who observe an existing system and replicate it in a better manner are called

a. Imitating.

b. Drone

c. Fabian

d. Innovative 7

30. Those types of entrepreneurs that are very careful and cautious in adopting any changes

a. Innovative

b. Copy cat

c. Fabian.

d. Idealist7

31. Those entrepreneurs that are resistant to change are called

a. Drone.

b. Idealist

c. Fabian
d. 8Innovative

32. Drone entrepreneurs are also known as _________

a. Idealists

b. Old school.

c. Innovators

d. Copy cats

33. _________ entrepreneurs are lazy and shy to innovations, they are laggards.8

a. Drone

b. Fabian.

c. Innovative

d. Immitating

34. Another name for imitating entrepreneurs is _____

a. Spy

b. Dubbers

c. None of the above

d. Copy cats.

35. All but one is not a characteristic of entrepreneuship

a. Creativity

b. Dynamism

c. Profit making

d. None of the above.

36. Seriousness, planning ability, prudence, and team work are entrepreneur characteristics identified
by _____
a. Stephenson, 2010.

b. Dreissen, 2010

c. Hadzima & Pilla, 2010

d. Di-Masi, 2010

37. Risk taking propensity (RTP) is one of the main characteristics for a successful entrepreneur
identified by Driessen and Zwart (2010)

a. True.

b. False

c. Maybe

c. I don't know

38. Depending on the kind of venture created, the entrepreneur must have technical expertise about
production techniques and marketing9

a. Maybe

b. Probably

c. True.

d. False

39. A successful entrepreneur should posses some of these characteristics except

a. Calm

b. Focused

c. Tolerance

d. Greed.

40. The entrepreneur’s most important team members are the ________
a. Suppliers

b. Workers

c. Customers.

d. Business partners

41. According to Driessen and Zwart (2010), the main characteristics of an entrepreneur are

a. Need for achievement (n Ach), internal locus of control (ILOC) and risk taking propensity (RTP).10

b. Need for autonomy (n Aut), need for power (n Pow)10

c. Tolerance of ambiguity (ToA), need for affiliation (n Aff), and endurance (End)10

10d. All of the above

42. According to Driessen and Zwart (2010), the secondary characteristics of an entrepreneur

are

a. Need for achievement (n Ach), internal locus of control (ILOC) and risk taking propensity (RTP).

b. Need for autonomy (n Aut), need for power (n Pow)10

c. Tolerance of ambiguity (ToA), need for affiliation (n Aff), and endurance (End)

d. B and C.

43. is the driving force within individuals that propel them to action10

a. Motivation.

b. Idea

c. A and B

d. None of the above

44. _______ and ________ are motivations that influence entrepreneural decisions

a. Health an Wealth

b. Human and external factors.

c. Human and non-human factors

d. Natural and artificial factors

45. Which of the following external factors does not play a role in entrepreneurial motivations?

a. Status of economy

b. Actions of competitors

c. Government regulations

d. Poor Funding.

46. The two types of factors that influence entrepreneural decisions are

a. Motivational and non-motivational factors.

b. Motivational and human factors

c. Human and external factors

d. Natural and Artificial factors

47. negative displacement and career transition are entrepreneurial motivational factors

a. True

b. False.

c. None of the above

d. All of the above

48. Two factors affect the supply of entrepreneurship variables are

a. Opportunity and willingness to become an entrepreneur.

b. Environment and Society

c. Activeness and Society

d. None of the above

49. Which of the following is not a characteristic of a highly effective entrepreneur?

a. Team Player
b. Desire for instant feedback.

c. Ability to deal with risk

d. Multitasking Ability

50. Which one of the following is not an individual who urges others to start a business?

a. Potential partners

b. Mentors

c. Investors

d. Employer.

51.12There is a belief that individuals are more likely to become entrepreneurs between the ages of
………

a. 20 and 60.

b. 25 and 40

c. 35-50

d. 20-3512

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52. Entrepreneurial ……………… are those factors that propel individuals to become entrepreneurs.

a. Characteristics

b. Traits

c. Motivations.

d. Perceptions12

53. Modern entrepreneurship in Nigeria started with the advent of ________

a. Independence

b. Colonialism.

c. Democracy

d. Trade by barter12
54. Individuals who identify public problems and apply business acumen to resolve them are

a. Philanthropists

b. Visionaries

c. Social entrepreneurs.

d. Entrepreneurs

55. The distinction between the entrepreneur and social entrepreneur does not lie only in the purpose
they are pursuing but also in the _______

a. Degree of freedom

b. Degree of risk-taking.

c. Degree of vision

d. Degree of social tolerance13

56. The evolution of entrepreneurship in Nigeria and most part of world can be traced to

A. Trade by barter.

b. Colonial rule

c. Foreign business

d. United Africa Company (UAC)13

57. An entrepreneur who create a venture to make profit as well as strives to contribute to societal
development and regulate positive change can be described as13

a. Social entrepreneur.

b. Intrapreneur

c. Responsible entrepreneur

d. Capitalist entrepreneur

58. Risks faced by social entrepreneurs is limited to all but one of the following
a. Financial security

b. Social activism

c. Passion

d. None of the above.

59. The founder of Chiscro Group is _____

a. Chris Ejiofor

b. Chidi Anyaegbu.

c. Uche Uche Ohafia

d. Chetus Olebune

60. Free education was introduced in the Western part of Nigeria by _______

a. Chief Obafemi Awolowo.

b. Albert Macauley

c. Chief Herbert Ogunde

d. Chief Ladoke Akintola14

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