MGT602 – Entrepreneurship
Quiz No.4 FEB 02, 2013
Idea of new product is tested in potential consumers to determine consumer acceptance at _________ stage.
Select correct option:
Concept (Right Answer)
Product development
Test marketing
Commercialization
Which of the following is NOT followed in brainstorming?
Select correct option:
Criticism is done by the group members (Right Answer)
The wilder idea is better
Quantity of ideas is required
The session should be fun, with no on dominating the discussion
According to the governing bodies of common laws, the life of trade secret is:
Select correct option:
12 years
17 years
20 years
As long as it remains confidential (Right Answer)
Which one of the following depends on the type of production system but is designed to make sure that the product performs satisfactorily?
Select correct option:
Inventory control
Quality control
Sales control
Production control (Right Answer)
The most important characteristic of a successful business website is::
Select correct option:
Speed (Right Answer)
Innovation
Graphics
Products
Which of the following is used as most common approach to gather market information?
Select correct option:
Interviewing
Focus group (Right Answer)
Questionnaire
Observation
Which one of the following has the critical decisions of materials, style, features, options, brand name, packaging, sizes and warranties?
Select correct option:
Product
Price
Channel of distribution (Right Answer)
Promotion
Which one of the following contracts should be in written?
Select correct option:
Real estates
Lease
Rentals
All of the given options (Right Answer)
Which one of the following best describes the flow of goods and services from production to the customer?
Organizational plan
Marketing plan
Operations plan (Right Answer)
Financial plan
Customers may sometimes prefer to do business with a corporation because of its:
Long time Continuity (Right Answer)
Double taxation
Centralized Management
Distribution of profits and losses
Which of the following should consider in economy while conducting environmental analysis?
GNP (Right Answer)
Disposable income
Unemployment
All of the given options
The marketing perspective of business plan considers the venture through the eyes of:
Investor
Customer(Right Answer)
Entrepreneur
Marketing manager
Which one of the following is the method of developing new idea through a thought process progression?
Synetics (Right Answer)
Heuristics
Forced relationships
Value analysis
Which one of the following plans should contain control points to ascertain progress and to initiate contingency plans if necessary?
Financial plan(Right Answer)
Marketing plan
Business plan
Operational plan
Which of the following includes duties, purpose, responsibilities, scope and working conditions of a job along with the job's title and the designation of the person to whom the employee reports?
Job design
Job specification
Job description(Right Answer)
Job analysis
The importance of intellectual property should be understood by entrepreneur even before:
Hiring a manager
Engaging an attorney (Right Answer)
Developing a product
Establishing new venture
Which of the following form of business has no double taxation system?
Proprietorship
Partnership
S corporation
All the given options (Right Answer)
Which of the following is not considered a mode of conducting interviews?
By telephone
Face to face
Online
Newspaper (Right Answer)
Which one of the following is the systematic assembly of all the facts about a job?
Select correct option:
Job Specification
Job Description
Job Identification
Job Analysis
Which of the following is/are used by successful ventures to focus on information about competitors, the customers and the industry
Networking
Trade associations
Recent publication
All of the above
In USA Public Limited Companies may have ______ Director/s
1
2
3
4
Which one of the following is NOT an external factor?
Select correct option:
New regulations
Competition
Social changes
Manufacturing
Which of the following should be considered in economy while conducting environmental analysis?
GNP\
Disposable income
Which one of the following is an important source of idea generation due to their
familiarity with the needs of market?
Select correct option:
Existing products and services
Distribution channels
Federal government
Consumers
A marketing Plan answers the _______ types of questions
Select correct option:
1
2
3
4
Which one of the following plans should contain control points to ascertain progress and to initiate contingency plans if necessary?
Financial plan
Marketing plan
Business plan
Operational plan
Which one of the following contracts should be in written?
Real estates
Lease
Rentals
All of the given options
The members of the board should be carefully selected by considering which of the following criteria?
Select individuals who can work with a diverse group and will commit to the venture's mission
Select candidates who understand the market environment
Select candidates who will show good judgment in business decision making
All of the given options
A short-term, internal source of funds can be obtained by reducing all of following EXCEPT
Short-term assets
Cash
Fixed assets
Inventory
SBA provides:
Finance without interest
Finance with interest
Guarantees for getting loans
Financing up to 90 % of principal amount
In USA Public Limited Companies may have ______ Director/s
1
2
3
4
On the part of entrepreneur which of the following has/ have a great concern to the Investors
Experience
Commitment
Knowledge
All of the above
Before leaving his job as a brand manager for a leading toy manufacturer in France, John smith was
SBIR grant program is controlled by:
10 Agencies
11 Agencies
12 Agencies
13 Agencies
Targeting the market consists of ______ Procedures
1
2
3
4
Before setting the product price, which of the following elements the entrepreneur needs to consider?
Costs
Markups
Competition
All of the above
Which of the following is the most important for the entrepreneur, while starting a new venture, to make an assessment of?
Risk
Profit
Market
Competitors
Why should an entrepreneur do a feasibility study?
Select correct option:
To see if there are possible barriers to success
To identify possible sources of funds
To estimate the expected sales
To explore potential customers
Which of the following is used for calculating the financial projections to assess the impact of different scenarios?
Inventory management program.
The Internet.
Spreadsheet program.
Graphics program.
Which of the following information is included in industry analysis?
Market size
Suppliers
Economic conditions
All the given options
The creative process for problem solving that involves making the strange familiar in first
step and then making the familiar strange through personal, direct or symbolic analogy is
called:
Synectics
Gordon method
Checklist method
Scientific method
The business plan should be prepared by:
Select correct option:
Entrepreneurs
Consultants
Engineers
Small business administration services
Which of the following is the most frequently used source of short term funds when collateral is available?
SBA loans
Commercial bank loans
R & D limited partnership
SBA microloans
Which type of business form has least perpetual life?
Partnership
Sole proprietorship
Limited liability Company
Corporation
Which type of Job analysis enlists the qualification of individual?
Select correct option:
Job Description
Job Specification
Job identification
All of the above options
Which of the following is NOT a characteristic of a marketing plan?
Select correct option:
It should be flexible
It should be long and detailed
It should be based on facts and valid assumptions
It should provide a strategy
Which of the following plans help to provide an organization chart indicating the lines of
authority?
Select correct option:
Physical
Business
Organizational
Marketing
On the part of entrepreneur which of the following has/ have a great concern to the
Investors
Select correct option:
Experience
Commitment
Knowledge
All of the above
Which of the following techniques is an excellent method for initially screening ideas and
concepts in addition to generating new ideas?
Select correct option:
Focus group
Problem inventory analysis
Brain storming
Reverse brainstorming
Which of the following is the previous name of SME?
Select correct option:
SPCC
SMEDA
SBFC
FMBC
Developing a new idea through inquiry and testing is called:
Select correct option:
Heuristics
Forced relationship
Scientific method
Value analysis
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