Entrepreneurship - Multiple Review Quiz 9

Entrepreneurship 2 – Review Quiz 9 Question 1 Correct Mark 1.00 out of 1.00 Question text Advantages of the Partnership Include: Select one: a. Shared risk and shared management. b. Shared risk and individual management. c. Individual risk and shared management. d. Both risk and management are irrelevant to the overall success. Feedback The correct answer is: Shared risk and shared management. Question 2 Incorrect Mark 0.00 out of 1.00 Question text Insolvency is the ability of a debtor to pay their debt. Select one: True False Feedback The correct answer is 'False'. Question 3 Correct Mark 1.00 out of 1.00 Question text According to the OECD/EUROSTAT framework for Entrepreneurship a new market could be: Select one: a. at the global level b. at the national level c. at local and even at street level Entrepreneurship 2 – Review Quiz 9 d. all of the above Feedback The correct answer is: all of the above Question 4 Correct Mark 1.00 out of 1.00 Question text According to Harvard Business School what is the best definition of entrepreneurship? Select one: a. Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. b. Entrepreneurship is the pursuit of opportunity with regard to resources currently controlled. c. Entrepreneurship is the pursuit of opportunity based on resources currently controlled. d. Entrepreneurship is the pursuit of business opportunity that is directly linked with regard to resources currently controlled. Feedback The correct answer is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. Question 5 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurial activity is: Select one: a. the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. the enterprising business action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. c. the enterprising action in pursuit of the purchasing of value, through the creation or expansion of business activity, by buying new products, processes or markets. d. the enterprising human action in pursuit of the generation of monetary gains, through the creation or expansion of creative activity, by exploiting new processes and markets. Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Question 6 Correct Mark 1.00 out of 1.00 Question text Weight Watchers has a traditional calorie counting method that suits: Select one: a. early adopters b. late majority c. early majority d. All of the above Feedback The correct answer is: early adopters Question 7 Correct Mark 1.00 out of 1.00 Question text A determination of insolvency is made by a court of law. Select one: True False Feedback The correct answer is 'True'. Question 8 Correct Mark 1.00 out of 1.00 Question text The most important document for a Joint Venture is: Select one: a. Owner’s Manual Entrepreneurship 2 – Review Quiz 9 b. Joint Venture Agreement c. Profit and Loss Agreement d. Income Statement Feedback The correct answer is: Joint Venture Agreement Question 9 Correct Mark 1.00 out of 1.00 Question text A determination of insolvency is made by individual entrepreneurs. Select one: True False Feedback The correct answer is 'False'. Question 10 Correct Mark 1.00 out of 1.00 Question text QaDIM should be used for: Select one: a. identifying incremental product and service innovations b. creating a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy c. identifying innovations that are not triggered by novel technologies, but societal and other factors d. Quick Addressing Diminished Integration Methodology (QADIM) Feedback The correct answer is: identifying incremental product and service innovations Question 11 Incorrect Mark 0.00 out of 1.00 Entrepreneurship 2 – Review Quiz 9 Question text Balance sheet solvency involves having negative net assets-where liabilities exceed assets. Select one: True False Feedback The correct answer is 'False'. Question 12 Correct Mark 1.00 out of 1.00 Question text The Pareto principle states that 100% of the results come from 20% of the causes - or doers. Select one: True False Feedback The correct answer is 'False'. Question 13 Correct Mark 1.00 out of 1.00 Question text The franchise governs the method of conducting business between the two parties. Generally, a franchisee: Select one: a. sells goods or services supplied by the franchisor and meets the franchisor's quality standards. b. creates goods or services partially supplied by the franchisor and meets the franchisor's quality standards, when checked. c. sells goods or services supplied by the franchisor and does not need to meet franchisor's quality standards more than once per year (on yearly inspection). Entrepreneurship 2 – Review Quiz 9 d. takes goods or services supplied by the franchisor so that the franchisee can meet the franchisor's quality standards. Feedback The correct answer is: sells goods or services supplied by the franchisor and meets the franchisor's quality standards. Question 14 Correct Mark 1.00 out of 1.00 Question text True or False: A good job advertisement emphasises why a qualified individual should apply for the job. Select one: True False Feedback The correct answer is 'True'. Question 15 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurs are: Select one: a. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by exploiting new products, processes or markets. c. those business entities who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. d. those persons (business owners) who purchase value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Feedback The correct answer is: those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurship 2 – Review Quiz 9 Question 16 Incorrect Mark 0.00 out of 1.00 Question text Disadvantages of the Partnership Include: Select one: a. Risk of conflict between partners and shared decision making. b. Risk of friendship between partners and shared decision making. c. Risk of frequent problem-solving between partners and shared decision making. d. Risk of conflict between partners and too quick decision making. Feedback The correct answer is: Risk of conflict between partners and shared decision making. Question 17 Correct Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having no net assets-with no liabilities that exceed assets. Select one: True False Feedback The correct answer is 'False'. Question 18 Correct Mark 1.00 out of 1.00 Question text Entrepreneurs bring ______________ to a community. Select one: a. Opportunity and Prosperity b. Job Growth c. Promising identity Entrepreneurship 2 – Review Quiz 9 d. All of the above Feedback The correct answer is: All of the above Question 19 Correct Mark 1.00 out of 1.00 Question text The modern definition of entrepreneurship according to Hoffman must consider the following three components: Select one: a. Entrepreneurs, Entrepreneurial Activity and Entrepreneurship b. Entrepreneurs, Entrepreneurial Background and Entrepreneurship c. Economy, Entrepreneurial Activity and Entrepreneurship d. Entrepreneurs and their activities and business gains. Feedback The correct answer is: Entrepreneurs, Entrepreneurial Activity and Entrepreneurship Question 20 Correct Mark 1.00 out of 1.00 Question text Seller's Value Chain include: Select one: a. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people Sell b. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Sell - Collect lessons learned for future training c. Identify demand - Contact Vendors - Negotiate terms - Acquire Stocks - Train sales people - Sell d. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Buy e. Invent the best product and sell it at the best possible price-continue selling until no demand exists-move to other markets Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Sell Question 21 Correct Mark 1.00 out of 1.00 Question text According to Rogers notional percentage for Laggards within any given change project is: Select one: a. 26% b. 16% c. 25% d. 13.5% Feedback The correct answer is: 16% Question 22 Correct Mark 1.00 out of 1.00 Question text Lao Tzu's metaphor about water is relevant to entrepreneurship because of these two characteristics: Select one: a. flexibility and yielding b. flexibility and force c. strength and force d. all of the above Feedback The correct answer is: flexibility and yielding Question 23 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 True or false: Effectuators put a lot of strategic thinking into their business. This is why they are not interested in getting customers and income early. They know, that later their business might have to pay a hefty price for that. Select one: True False Feedback The correct answer is 'False'. Question 24 Correct Mark 1.00 out of 1.00 Question text You should ignore all innovation opportunities that have the following hurdles: Select one: a. Economic and Environmental b. Ethical. Religious and Ethnic c. Moral, Social and Political d. all of the above Feedback The correct answer is: all of the above Question 25 Correct Mark 1.00 out of 1.00 Question text According to Rogers notional percentage for Innovators within any given change project is: Select one: a. 2.5% b. 13.5% c. 34% d. 26% Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: 2.5% Question 26 Correct Mark 1.00 out of 1.00 Question text According to a Forbes author, an intrapreneur is: Select one: a. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own. b. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a small business in place of creating his or her own because it is easier. c. Someone who lacks entrepreneurial skills and stays in a large organization out of fear of failure and financial limitations. d. someone who might not have enough entrepreneurial streaks in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own because that is true, learning entrepreneurship. Feedback The correct answer is: someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own. Question 27 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Corporation Include: Select one: a. Most expensive form of business to set up that involves a lot of ongoing paperwork. b. Least expensive form of business because cost and ongoing paperwork are shared c. Most expensive form of business to set up that involves sharing by all Members a lot of ongoing paperwork. d. Moderately expensive form of business to set up that involves a lot of ongoing paperwork. Feedback The correct answer is: Most expensive form of business to set up that involves a lot of ongoing paperwork. Question 28 Correct Entrepreneurship 2 – Review Quiz 9 Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having negative net assets-where liabilities exceed assets. Select one: True False Feedback The correct answer is 'True'. Question 29 Incorrect Mark 0.00 out of 1.00 Question text Early majorities are: Select one: a. Cost sensitive and risk adverse pragmatists, comfortable with moderately progressive ideas b. The ones who won't act without solid proof of benefits c. Followers who are influenced by mainstream fashions and wary of fads d. All of the above Feedback The correct answer is: All of the above Question 30 Correct Mark 1.00 out of 1.00 Question text The OECD/EUROSTAT framework for Entrepreneurship indicators include the following: Select one: a. determinants, performance and impact that includes: job creation, economic growth and poverty reduction b. determinants, performance and impact that includes: economic growth and poverty reduction c. determinants, performance and impact that includes: economic growth Entrepreneurship 2 – Review Quiz 9 d. entrepreneurial performance that includes: job creation and economic impact Feedback The correct answer is: determinants, performance and impact that includes: job creation, economic growth and poverty reduction Question 31 Correct Mark 1.00 out of 1.00 Question text Affordable Loss Effectuation Principle: Select one: a. Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside. b. Set affordable loss, evaluate opportunities based on the attractiveness of the predicted upside. c. Do not set affordable loss. Just go for it. d. Do not evaluate or even look into the downside. Just abandon the idea if the predicted upside is not attractive. Feedback The correct answer is: Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside. Question 32 Correct Mark 1.00 out of 1.00 Question text Businesses that form Joint Ventures can operate as separate entities. Select one: a. TRUE b. FALSE Feedback The correct answer is: TRUE Question 33 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 If you were to describe branding in one word, what word would you choose? Select one: a. selling b. association c. design d. production Feedback The correct answer is: association Question 34 Correct Mark 1.00 out of 1.00 Question text Some large successful companies hold long term debt permanently. Select one: True False Feedback The correct answer is 'True'. Question 35 Correct Mark 1.00 out of 1.00 Question text Advantages of the Corporation Include: Select one: a. Limited liability and easier to raise capital. b. Unlimited liability and easier to raise capital. c. Limited liability and easy to raise capital. d. Limited ability and easier to raise capital. Feedback The correct answer is: Limited liability and easier to raise capital. Entrepreneurship 2 – Review Quiz 9 Question 36 Correct Mark 1.00 out of 1.00 Question text Value Chain Analysis is: Select one: a. a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy b. a specific version of the Business Utility Matrix defined in the Blue Ocean Strategy c. a quick version to identify incremental product and service innovations d. an analysis used in ethical considerations pertaining to entrepreneurship all over the world Feedback The correct answer is: a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy Question 37 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurship is: Select one: a. the phenomenon associated with entrepreneurial activity. b. the business process associated with entrepreneurial economy c. the financial process associated with entrepreneurial activities d. the creative process associated with entrepreneurs. Feedback The correct answer is: the phenomenon associated with entrepreneurial activity. Question 38 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Sole proprietorship Include: Select one: Entrepreneurship 2 – Review Quiz 9 a. Unlimited liability and can be hard to raise capital. b. Limited liability and can be hard to raise capital. c. Unlimited liability and relatively easy to raise capital. d. Limited liability and relatively hard to grow capital. Feedback The correct answer is: Unlimited liability and can be hard to raise capital. Question 39 Correct Mark 1.00 out of 1.00 Question text According to the International Franchise Association, the estimated number of franchised locations in the U.S. is almost: Select one: a. 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. b. 150,000 in 25 industries, employing almost 0.5 million workers, in more than 500 companies. c. 800,000 in 175 industries, employing almost 100 million workers, in more than 200,500 companies. d. 200,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. Feedback The correct answer is: 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. Question 40 Incorrect Mark 0.00 out of 1.00 Question text Examples of branding include the following EXCEPT: Select one: a. a poor press review for a new product b. a corporate image designed by a professional designer c. a marketed image Entrepreneurship 2 – Review Quiz 9 d. the product itself Feedback The correct answer is: the product itself Question 41 Correct Mark 1.00 out of 1.00 Question text There are essentially four traditional forms of business ownership in North America: Select one: a. the sole proprietorship, the partnership, the corporation, and the cooperative. b. the sole proprietorship, the social partnership, the corporation, and the cooperative. c. the collective proprietorship, the partnership, the corporation, and the cooperative. d. the sole propertyship, the partnership, the corporation, and the cooperative. Feedback The correct answer is: the sole proprietorship, the partnership, the corporation, and the cooperative. Question 42 Correct Mark 1.00 out of 1.00 Question text According to the Effectuation Society Effectutors are guided by the following four principles: Select one: a. Bird in Hand Principle, Non-affordable Loss Principle, Lemonade Principle and Crazy-Quilt Principle b. Lemonade Principle, Crazy-Quilt Principle, Crazy Inventors Principle and Effectuators Growth Principle c. Lemonade Principle, Crazy-Quilt Principle, Bird in Hand Principle. Crocodile in the River Principle d. Bird in Hand Principle, Affordable Loss Principle, Lemonade Principle, Crazy-Quilt Principle Feedback The correct answer is: Bird in Hand Principle, Affordable Loss Principle, Lemonade Principle, CrazyQuilt Principle Question 43 Correct Mark 1.00 out of 1.00 Entrepreneurship 2 – Review Quiz 9 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Dealing with Construction Permits b. Getting Electricity c. Registering Property d. none of the above Feedback The correct answer is: none of the above Question 44 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Cooperative Include: Select one: a. Decision making can be slow and there is a high risk of conflict between members. b. Decision making can be thorough and there is a moderate risk of conflict between members. c. Decision making can be slow and there is a low risk of conflict between members. d. Decision making can be slow and there is a low-to-moderate risk of conflict between members. Feedback The correct answer is: Decision making can be slow and there is a high risk of conflict between members. Question 45 Correct Mark 1.00 out of 1.00 Question text According to H. Ford when working on developing a horseless carriage, he had to work: Select one: a. From the ground up b. Simultaneously on everything Entrepreneurship 2 – Review Quiz 9 c. From the top down d. In collaboration with other entrepreneurs working on the same invention Feedback The correct answer is: From the ground up Question 46 Correct Mark 1.00 out of 1.00 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Trading Across Borders b. Enforcing Contracts c. Resolving Insolvency d. None of the above Feedback The correct answer is: None of the above Question 47 Correct Mark 1.00 out of 1.00 Question text MARKET TRIGGERED INNOVATIONS include: Select one: a. New regulations and Deregulations b. User maturity and user familiarity with new technologies c. New residential and commercial geographies - Evolution of towns into cities and new user preferences d. all of the above Feedback The correct answer is: all of the above Question 48 Correct Entrepreneurship 2 – Review Quiz 9 Mark 1.00 out of 1.00 Question text Insolvency is the inability of a debtor to pay their debt. Select one: True False Feedback The correct answer is 'True'. Question 49 Correct Mark 1.00 out of 1.00 Question text When working with late majority one needs to emphasize that plenty of other conservative folks like themselves think that the product or service is normal or indispensable. Select one: True False Feedback The correct answer is 'True'. Question 50 Correct Mark 1.00 out of 1.00 Question text According to Henry Ford: Select one: a. Power and machinery, money and goods, are useful only as they set us free to live. b. Power and machinery, money and goods, are not only useful, but necessary. c. Power and machinery, money and goods, are unfortunate additions to entrepreneurship. d. Power and machinery, money and goods always set us free to live. Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Power and machinery, money and goods, are useful only as they set us free to live. Question 1 Correct Mark 1.00 out of 1.00 Question text John Muir (U.S.): Select one: a. Naturalist and conservationist, he established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. b. Developed the Muir approach to social entrepreneurship. c. Founder of the Planned Parenthood Federation of America, he led the movement for family planning efforts around the world. d. Responsible for the reconstruction of the French and American economy following World War II, including the establishment of the European-American Coal and Steel Community (EACSC). The ECSC and the European Common Market were direct precursors of the European Union. Feedback The correct answer is: Naturalist and conservationist, he established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. Question 2 Correct Mark 1.00 out of 1.00 Question text True or false: Having a stated goal and finding means to reach it is a solid base that every expert entrepreneur uses at all times. What it means is that the new means and new goals to drive the creation of the venture are not necessary, are not expected and would not leverage costly business surprises. Select one: True False Feedback The correct answer is 'False'. Question 3 Correct Entrepreneurship 2 – Review Quiz 9 Mark 1.00 out of 1.00 Question text A business may be cash-flow insolvent but balance-sheet solvent. Select one: True False Feedback The correct answer is 'True'. Question 4 Correct Mark 1.00 out of 1.00 Question text A Joint Venture can only be short-term. Select one: a. TRUE b. FALSE Feedback The correct answer is: FALSE Question 5 Correct Mark 1.00 out of 1.00 Question text Margaret Sanger (U.S.): Select one: a. Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. b. Naturalist and conservationist, she established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. d. Developed the Sanger approach to social entrepreneurship. Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. Question 6 Incorrect Mark 0.00 out of 1.00 Question text The Pareto principle states that 80% of the results come from 20% of the causes - or doers. Select one: True False Feedback The correct answer is 'True'. Question 7 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurship is: Select one: a. the phenomenon associated with entrepreneurial activity. b. the business process associated with entrepreneurial economy c. the financial process associated with entrepreneurial activities d. the creative process associated with entrepreneurs. Feedback The correct answer is: the phenomenon associated with entrepreneurial activity. Question 8 Incorrect Mark 0.00 out of 1.00 Question text The following is the most accurate reflection on what H. Ford's believed about money: Select one: a. Money comes naturally as the result of service Entrepreneurship 2 – Review Quiz 9 b. It is absolutely necessary to have money c. Money is not about ease but about the opportunity to perform more service d. all of the above Feedback The correct answer is: all of the above Question 9 Correct Mark 1.00 out of 1.00 Question text Weight Watchers has a "points value" method that suits early majorities. Select one: True False Feedback The correct answer is 'True'. Question 10 Correct Mark 1.00 out of 1.00 Question text Emphasizing the risks of being left behind is most important for: Select one: a. Early Adopters b. Late majority c. Early majorities d. All of the above Feedback The correct answer is: Late majority Question 11 Correct Mark 1.00 out of 1.00 Entrepreneurship 2 – Review Quiz 9 Question text The modern definition of entrepreneurship according to Hoffman must consider the following three components: Select one: a. Entrepreneurs, Entrepreneurial Activity and Entrepreneurship b. Entrepreneurs, Entrepreneurial Background and Entrepreneurship c. Economy, Entrepreneurial Activity and Entrepreneurship d. Entrepreneurs and their activities and business gains. Feedback The correct answer is: Entrepreneurs, Entrepreneurial Activity and Entrepreneurship Question 12 Correct Mark 1.00 out of 1.00 Question text Lao Tzu's metaphor about water is relevant to entrepreneurship because of these two characteristics: Select one: a. flexibility and yielding b. flexibility and force c. strength and force d. all of the above Feedback The correct answer is: flexibility and yielding Question 13 Correct Mark 1.00 out of 1.00 Question text Cash flow insolvency involves a lack of liquidity to pay debts as they fall due. Select one: True False Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is 'True'. Question 14 Correct Mark 1.00 out of 1.00 Question text According to H. Ford when working on developing a horseless carriage, he had to work: Select one: a. From the ground up b. Simultaneously on everything c. From the top down d. In collaboration with other entrepreneurs working on the same invention Feedback The correct answer is: From the ground up Question 15 Correct Mark 1.00 out of 1.00 Question text Buyer's Value Chain include (in sequence): Select one: a. Search for product - Buy Product - Take Delivery - Use - Buy consumables - repair - dispose b. Research the product - Buy Product - Take Delivery - Use - Buy consumables - repair - dispose c. Search for product - Research the best buy Product - Take Delivery - Use - Buy consumables repair - dispose d. Search for product - Buy Product - Take Delivery - Use - Buy consumables - buy a better product dispose of the old one Feedback The correct answer is: Search for product - Buy Product - Take Delivery - Use - Buy consumables repair - dispose Question 16 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 Lemonade Effectuation Principle: Select one: a. Leverage contingencies. Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals. b. Avoid uncertainty and remain well-established on existing goals. c. Avoid surprises as they do not belong in the business world. d. Leverage solid establishment. Embrace what will work based on existing goals that were established via due business process. Feedback The correct answer is: Leverage contingencies. Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals. Question 17 Correct Mark 1.00 out of 1.00 Question text According to Harvard Business School what is the best definition of entrepreneurship? Select one: a. Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. b. Entrepreneurship is the pursuit of opportunity with regard to resources currently controlled. c. Entrepreneurship is the pursuit of opportunity based on resources currently controlled. d. Entrepreneurship is the pursuit of business opportunity that is directly linked with regard to resources currently controlled. Feedback The correct answer is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. Question 18 Correct Mark 1.00 out of 1.00 Question text Jean Monnet (France): Select one: Entrepreneurship 2 – Review Quiz 9 a. Responsible for the reconstruction of the French economy following World War II, including the establishment of the European Coal and Steel Community (ECSC). The ECSC and the European Common Market were direct precursors of the European Union. b. Responsible for the reconstruction of the French and American economy following World War II, including the establishment of the European-American Coal and Steel Community (EACSC). The ECSC and the European Common Market were direct precursors of the European Union. c. Founder of the Planned Parenthood Federation of France, he led the movement for family planning efforts around the world. d. Founder of the Planned Parenthood Federation of America, he led the movement for family planning efforts around the world, including America-France partnership. Feedback The correct answer is: Responsible for the reconstruction of the French economy following World War II, including the establishment of the European Coal and Steel Community (ECSC). The ECSC and the European Common Market were direct precursors of the European Union. Question 19 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurs are: Select one: a. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by exploiting new products, processes or markets. c. those business entities who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. d. those persons (business owners) who purchase value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Feedback The correct answer is: those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Question 20 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 A business arrangement of 2 or more parties that pool their resources to accomplish a task is: Select one: a. An Association b. Corporation c. Joint Venture d. Partnership Feedback The correct answer is: Joint Venture Question 21 Incorrect Mark 0.00 out of 1.00 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Getting Credit b. Protecting investors c. Paying Taxes d. None of the above Feedback The correct answer is: None of the above Question 22 Correct Mark 1.00 out of 1.00 Question text Once a Joint Venture reaches its goal, it can be liquidated like any other business or sold. Select one: a. TRUE b. FALSE Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: TRUE Question 23 Correct Mark 1.00 out of 1.00 Question text Innovation Rules is based on: Select one: a. Leveraging both market and societal standards to identify innovation opportunities b. Leveraging technology to identify innovation opportunities c. Using market knowledge to identify innovation opportunities d. leveraging both market and technology changes to identify innovation opportunities. Feedback The correct answer is: leveraging both market and technology changes to identify innovation opportunities. Question 24 Correct Mark 1.00 out of 1.00 Question text Maria Montessori (Italy): Select one: a. Developed the Montessori approach to early childhood education. b. Fought for Women's Rights in the Italy, including the right to control property and helped spearhead adoption of the 19th amendment. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions in Italy. d. Developed the Montessori approach to social entrepreneurship. Feedback The correct answer is: Developed the Montessori approach to early childhood education. Question 25 Correct Mark 1.00 out of 1.00 Question text Florence Nightingale (U.K.): Entrepreneurship 2 – Review Quiz 9 Select one: a. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. b. Developed the Florence Nightingale approach to early childhood education. c. Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. d. Naturalist and conservationist, she established the National Park System in the U.K. and helped found the oldest, largest, and most influential grassroots environmental organization in the U.K. Feedback The correct answer is: Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. Question 26 Correct Mark 1.00 out of 1.00 Question text Advantages of the Cooperative Include: Select one: a. Owned and controlled by its members and limited liability. b. Owned and controlled by its members and unlimited liability. c. Owned by its controlling members and their limited liability. d. Owned by its controlling members who provide limited liability. Feedback The correct answer is: Owned and controlled by its members and limited liability. Question 27 Incorrect Mark 0.00 out of 1.00 Question text Weight Watchers has a "no count" system that suits everyone. Select one: True False Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is 'True'. Question 28 Correct Mark 1.00 out of 1.00 Question text A business is balance-sheet solvent when it holds market liquidity assets, particularly against short term debt. Select one: True False Feedback The correct answer is 'True'. Question 29 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurial activity is: Select one: a. the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. the enterprising business action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. c. the enterprising action in pursuit of the purchasing of value, through the creation or expansion of business activity, by buying new products, processes or markets. d. the enterprising human action in pursuit of the generation of monetary gains, through the creation or expansion of creative activity, by exploiting new processes and markets. Feedback The correct answer is: the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Question 30 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 What is a franchise? Select one: a. It's a legal and commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee ) wishing to use that identification in a business. b. It's a legal and friendly relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. c. It's an almost legal and fully commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. d. It's a legal and commercial relationship between the owner of a society, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. Feedback The correct answer is: It's a legal and commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. Question 31 Correct Mark 1.00 out of 1.00 Question text When working with late majority one needs to focus on promoting social norms rather than just product. Select one: True False Feedback The correct answer is 'True'. Question 32 Correct Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having positive net assets-where liabilities exceed assets. Select one: Entrepreneurship 2 – Review Quiz 9 True False Feedback The correct answer is 'False'. Question 33 Correct Mark 1.00 out of 1.00 Question text Vinoba Bhave (India): Select one: a. Founder and leader of the Land Gift Movement, he caused the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless. b. Fought for Women's Rights in the India, including the right to control property and helped spearhead adoption of the 19th amendment. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions in India. d. Developed the Vinoba Bhave approach to early childhood education in India. Feedback The correct answer is: Founder and leader of the Land Gift Movement, he caused the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless. Question 34 Incorrect Mark 0.00 out of 1.00 Question text According to Les Robinson, diffusion of Innovations offers the following three valuable insights into the process of social change EXCEPT: Select one: a. Qualities that make an innovation spread successfully b. The importance of peer to peer conversations and peer networks c. Understanding the needs of different user segments d. Strong financial markets combined with a vibrant economy Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Strong financial markets combined with a vibrant economy Question 35 Correct Mark 1.00 out of 1.00 Question text Cash flow insolvency involves liquidity to pay debts as they fall due. Select one: True False Feedback The correct answer is 'False'. Question 36 Correct Mark 1.00 out of 1.00 Question text Ford's realizations about business were: Select one: a. That finance is given a place ahead of work and therefore tends to kill the work and destroy the fundamental of service. b. That thinking first of money instead of work brings on fear of failure and this fear blocks every avenue of business-it makes a man afraid of competition, of changing his methods, or of doing anything which might change his condition. c. That the way is clear for anyone who thinks first of service-of doing the work in the best possible way. d. all of the above Feedback The correct answer is: all of the above Question 37 Correct Mark 1.00 out of 1.00 Question text Successful companies never hold long term debt permanently. Select one: True Entrepreneurship 2 – Review Quiz 9 False Feedback The correct answer is 'False'. Question 38 Incorrect Mark 0.00 out of 1.00 Question text According to Rogers notional percentage for Early Adopters within any given change project is: Select one: a. 13.5% b. 16% c. 2.5% d. 5% Feedback The correct answer is: 13.5% Question 39 Incorrect Mark 0.00 out of 1.00 Question text According to Henry Ford: Select one: a. Power and machinery, money and goods, are useful only as they set us free to live. b. Power and machinery, money and goods, are not only useful, but necessary. c. Power and machinery, money and goods, are unfortunate additions to entrepreneurship. d. Power and machinery, money and goods always set us free to live. Feedback The correct answer is: Power and machinery, money and goods, are useful only as they set us free to live. Question 40 Correct Entrepreneurship 2 – Review Quiz 9 Mark 1.00 out of 1.00 Question text True or false: Instead of having a stated goal and finding means to reach it, expert entrepreneurs use the new means and new goals to drive the creation of the venture in ways they hadn't expected, leveraging surprises as they present themselves. Select one: True False Feedback The correct answer is 'True'. Question 41 Correct Mark 1.00 out of 1.00 Question text Susan B. Anthony (U.S.): Select one: a. Fought for Women's Rights in the United States, including the right to control property and helped spearhead adoption of the 19th amendment. b. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. c. Naturalist and conservationist, she established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. d. Fought for Men's Rights in the United States, including the right to partition property to all, regardless of gender, and helped spearhead adoption of the 19th amendment. Feedback The correct answer is: Fought for Women's Rights in the United States, including the right to control property and helped spearhead adoption of the 19th amendment. Question 42 Correct Mark 1.00 out of 1.00 Question text Early majorities are looking for simple, proven, better ways of doing what they already do. Select one: Entrepreneurship 2 – Review Quiz 9 True False Feedback The correct answer is 'True'. Question 43 Correct Mark 1.00 out of 1.00 Question text Insolvency is not a synonym for bankruptcy. Select one: True False Feedback The correct answer is 'True'. Question 44 Correct Mark 1.00 out of 1.00 Question text Insolvency is a synonym for bankruptcy. Select one: True False Feedback The correct answer is 'False'. Question 45 Correct Mark 1.00 out of 1.00 Question text A business can have negative net assets showing on its balance sheet but still be cash-flow solvent if ongoing revenue is able to meet debt obligations. Select one: Entrepreneurship 2 – Review Quiz 9 True False Feedback The correct answer is 'True'. Question 46 Correct Mark 1.00 out of 1.00 Question text The Pareto principle states that 20% of the results come from 80% of the causes - or doers. Select one: True False Feedback The correct answer is 'False'. Question 47 Correct Mark 1.00 out of 1.00Question text According to University of Miami the following components need to be present when describing any position: Select one: a. General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) b. General Description (Purpose and Function) Secondary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) c. General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Non-Essential Requirements) Work Experience Requirements (Essential Requirements) Entrepreneurship 2 – Review Quiz 9 d. General Description (An invitation) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) Feedback The correct answer is: General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) Question 48 Correct Mark 1.00 out of 1.00 Question text Laggards often influence the opinion of: Select one: a. Early majorities b. Late majority c. Early Adopters d. All of the above Feedback The correct answer is: Late majority Question 49 Incorrect Mark 0.00 out of 1.00 Question text What is the effectual cycle? Select one: a. Efselffectuation isn't a static, one-time exercise. b. It is a logic and process that can be used as the firm develops in the "0-60mph" (early startup) phase of growth. c. Expert entrepreneurs follow the process to gain early customers and committed partners who then create new means and new goals as resources and viewpoints are added to the mix. d. All of the above Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: All of the above Question 50 Correct Mark 1.00 out of 1.00 Question text Advantages of the Sole Proprietorship Include: Select one: a. Easiest form to set up, owner solely controls the business. b. Most difficult to set up, owner solely controls the business c. Moderately easy to set up, co-owners control the business d. Easiest form to set up, owner and government control the business Feedback The correct answer is: Easiest form to set up, owner solely controls the business. Question 1 Correct Mark 1.00 out of 1.00 Question text The modern definition of entrepreneurship according to Hoffman must consider the following three components: Select one: a. Entrepreneurs, Entrepreneurial Activity and Entrepreneurship b. Entrepreneurs, Entrepreneurial Background and Entrepreneurship c. Economy, Entrepreneurial Activity and Entrepreneurship d. Entrepreneurs and their activities and business gains. Feedback The correct answer is: Entrepreneurs, Entrepreneurial Activity and Entrepreneurship Question 2 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 A business is balance-sheet solvent when it holds market liquidity assets, particularly against short term debt. Select one: True False Feedback The correct answer is 'True'. Question 3 Correct Mark 1.00 out of 1.00 Question text What is a brand? Select one: a. a set of associations that a person (or group of people) makes with a company, product, service, individual or organisation. b. signs and visuals c. a narrative that is being concocted to sell more d. a marketing trick Feedback The correct answer is: a set of associations that a person (or group of people) makes with a company, product, service, individual or organisation. Question 4 Correct Mark 1.00 out of 1.00 Question text Weight Watchers has a "no count" system that suits everyone. Select one: True False Feedback The correct answer is 'True'. Entrepreneurship 2 – Review Quiz 9 Question 5 Correct Mark 1.00 out of 1.00 Question text Crazy-Quilt Effectuation Principle: Select one: a. Form partnerships with people and organizations willing to make a real commitment to jointly creating the future--product, firm, market--with you. Don't worry so much about competitive analyses and strategic planning. b. Start with the competitive analysis and strategic planning. Be careful with forming partnerships. c. Concentrate on competitive analyses and strategic planning knowing that everything else will fall into places next and on its own. d. Form partnerships with anyone. Feedback The correct answer is: Form partnerships with people and organizations willing to make a real commitment to jointly creating the future--product, firm, market--with you. Don't worry so much about competitive analyses and strategic planning. Question 6 Correct Mark 1.00 out of 1.00 Question text There are essentially four traditional forms of business ownership in North America: Select one: a. the sole proprietorship, the partnership, the corporation, and the cooperative. b. the sole proprietorship, the social partnership, the corporation, and the cooperative. c. the collective proprietorship, the partnership, the corporation, and the cooperative. d. the sole propertyship, the partnership, the corporation, and the cooperative. Feedback The correct answer is: the sole proprietorship, the partnership, the corporation, and the cooperative. Question 7 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 According to the OECD/EUROSTAT framework for Entrepreneurship a new market could be: Select one: a. at the global level b. at the national level c. at local and even at street level d. all of the above Feedback The correct answer is: all of the above Question 8 Incorrect Mark 0.00 out of 1.00 Question text Insolvency is the ability of a debtor to pay their debt. Select one: True False Feedback The correct answer is 'False'. Question 9 Correct Mark 1.00 out of 1.00 Question text Advantages of the Cooperative Include: Select one: a. Owned and controlled by its members and limited liability. b. Owned and controlled by its members and unlimited liability. c. Owned by its controlling members and their limited liability. d. Owned by its controlling members who provide limited liability. Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Owned and controlled by its members and limited liability. Question 10 Correct Mark 1.00 out of 1.00 Question text A Joint Venture allows foreigners to enter a market that was restricted to them. Select one: a. TRUE b. FALSE Feedback The correct answer is: TRUE Question 11 Correct Mark 1.00 out of 1.00 Question text Ford's realizations about business were: Select one: a. That finance is given a place ahead of work and therefore tends to kill the work and destroy the fundamental of service. b. That thinking first of money instead of work brings on fear of failure and this fear blocks every avenue of business-it makes a man afraid of competition, of changing his methods, or of doing anything which might change his condition. c. That the way is clear for anyone who thinks first of service-of doing the work in the best possible way. d. all of the above Feedback The correct answer is: all of the above Question 12 Correct Mark 1.00 out of 1.00 Question text Economic gardening can be a successful method to serve communities. Select one: Entrepreneurship 2 – Review Quiz 9 a. TRUE b. FALSE Feedback The correct answer is: TRUE Question 13 Correct Mark 1.00 out of 1.00 Question text A business may be cash-flow insolvent but balance-sheet solvent. Select one: True False Feedback The correct answer is 'True'. Question 14 Correct Mark 1.00 out of 1.00 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Trading Across Borders b. Enforcing Contracts c. Resolving Insolvency d. None of the above Feedback The correct answer is: None of the above Question 15 Correct Mark 1.00 out of 1.00 Question text Entrepreneurship 2 – Review Quiz 9 Lao Tzu's metaphor about water is relevant to entrepreneurship because of these two characteristics: Select one: a. flexibility and yielding b. flexibility and force c. strength and force d. all of the above Feedback The correct answer is: flexibility and yielding Question 16 Correct Mark 1.00 out of 1.00 Question text Margaret Sanger (U.S.): Select one: a. Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. b. Naturalist and conservationist, she established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. d. Developed the Sanger approach to social entrepreneurship. Feedback The correct answer is: Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. Question 17 Correct Mark 1.00 out of 1.00 Question text According to H. Ford when working on developing a horseless carriage, he had to work: Select one: Entrepreneurship 2 – Review Quiz 9 a. From the ground up b. Simultaneously on everything c. From the top down d. In collaboration with other entrepreneurs working on the same invention Feedback The correct answer is: From the ground up Question 18 Correct Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having negative net assets-where liabilities exceed assets. Select one: True False Feedback The correct answer is 'True'. Question 19 Correct Mark 1.00 out of 1.00 Question text Advantages of the Corporation Include: Select one: a. Limited liability and easier to raise capital. b. Unlimited liability and easier to raise capital. c. Limited liability and easy to raise capital. d. Limited ability and easier to raise capital. Feedback The correct answer is: Limited liability and easier to raise capital. Question 20 Entrepreneurship 2 – Review Quiz 9 Correct Mark 1.00 out of 1.00 Question text The OECD/EUROSTAT framework for Entrepreneurship indicators include the following: Select one: a. determinants, performance and impact that includes: job creation, economic growth and poverty reduction b. determinants, performance and impact that includes: economic growth and poverty reduction c. determinants, performance and impact that includes: economic growth d. entrepreneurial performance that includes: job creation and economic impact Feedback The correct answer is: determinants, performance and impact that includes: job creation, economic growth and poverty reduction Question 21 Correct Mark 1.00 out of 1.00 Question text The following is the most accurate reflection on what H. Ford's believed about money: Select one: a. Money comes naturally as the result of service b. It is absolutely necessary to have money c. Money is not about ease but about the opportunity to perform more service d. all of the above Feedback The correct answer is: all of the above Question 22 Correct Mark 1.00 out of 1.00 Question text Balance sheet solvency involves having negative net assets-where liabilities exceed assets. Select one: True Entrepreneurship 2 – Review Quiz 9 False Feedback The correct answer is 'False'. Question 23 Correct Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having positive net assets-where liabilities exceed assets. Select one: True False Feedback The correct answer is 'False'. Question 24 Correct Mark 1.00 out of 1.00 Question text A determination of insolvency is made by a court of law. Select one: True False Feedback The correct answer is 'True'. Question 25 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Sole proprietorship Include: Select one: Entrepreneurship 2 – Review Quiz 9 a. Unlimited liability and can be hard to raise capital. b. Limited liability and can be hard to raise capital. c. Unlimited liability and relatively easy to raise capital. d. Limited liability and relatively hard to grow capital. Feedback The correct answer is: Unlimited liability and can be hard to raise capital. Question 26 Correct Mark 1.00 out of 1.00 Question text Vinoba Bhave (India): Select one: a. Founder and leader of the Land Gift Movement, he caused the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless. b. Fought for Women's Rights in the India, including the right to control property and helped spearhead adoption of the 19th amendment. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions in India. d. Developed the Vinoba Bhave approach to early childhood education in India. Feedback The correct answer is: Founder and leader of the Land Gift Movement, he caused the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless. Question 27 Correct Mark 1.00 out of 1.00 Question text In Innovation Lines you can apply the following four operators: Select one: a. 1. Create Varieties - Shape, Colour, etc. 2. Create a lower cost product 3. Create a higher quality product 4. Create a service innovation using the product. Entrepreneurship 2 – Review Quiz 9 b. 1. Create Varieties - Shape, Colour, etc. 2. Create a better product 3. Create a higher quality product 4. Create a service innovation using the product. c. 1. Create a solid value. 2. Create a lower cost product 3. Create a higher quality product 4. Create a service innovation using the product. d. 1. Create Varieties - Shape, Colour, etc. 2. Create an internationally accepted lower product 3. Create a higher quality product 4. Create a service innovation using the product. Feedback The correct answer is: 1. Create Varieties - Shape, Colour, etc. 2. Create a lower cost product 3. Create a higher quality product 4. Create a service innovation using the product. Question 28 Correct Mark 1.00 out of 1.00 Question text Bird in Hand Effectuation Principle states the following: Select one: a. Start with your means. Don't wait for the perfect opportunity. Start taking action, based on what you have readily available: who you are, what you know, and who you know. b. Start planning to expand your means. Wait for the perfect opportunity. Do not start taking action, based on what you have readily available: who you are, what you know, and who you know, but rather develop all the necessary knowledge and start afterwards. c. Prepare for the perfect opportunity. When it arrives, start taking action based on what you have available then. d. Wait for the perfect opportunity while learning and preparing. Once you are ready, start immediately. Feedback The correct answer is: Start with your means. Don't wait for the perfect opportunity. Start taking action, based on what you have readily available: who you are, what you know, and who you know. Question 29 Entrepreneurship 2 – Review Quiz 9 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurs are: Select one: a. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by exploiting new products, processes or markets. c. those business entities who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. d. those persons (business owners) who purchase value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Feedback The correct answer is: those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Question 30 Correct Mark 1.00 out of 1.00 Question text According to Henry Ford: Select one: a. Power and machinery, money and goods, are useful only as they set us free to live. b. Power and machinery, money and goods, are not only useful, but necessary. c. Power and machinery, money and goods, are unfortunate additions to entrepreneurship. d. Power and machinery, money and goods always set us free to live. Feedback The correct answer is: Power and machinery, money and goods, are useful only as they set us free to live. Question 31 Correct Mark 1.00 out of 1.00 Question text Seller's Value Chain include: Entrepreneurship 2 – Review Quiz 9 Select one: a. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people Sell b. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Sell - Collect lessons learned for future training c. Identify demand - Contact Vendors - Negotiate terms - Acquire Stocks - Train sales people - Sell d. Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Buy e. Invent the best product and sell it at the best possible price-continue selling until no demand exists-move to other markets Feedback The correct answer is: Identify demand - Source Vendor - Negotiate terms - Acquire Stocks - Train sales people - Sell Question 32 Correct Mark 1.00 out of 1.00 Question text Some examples of how Effectuators work include: Select one: a. using the process to lower the risk of the venture b. getting customers and income early c. setting affordable loss, and spreading risk to others d. all of the above Feedback The correct answer is: all of the above Question 33 Correct Mark 1.00 out of 1.00 Question text Maria Montessori (Italy): Select one: a. Developed the Montessori approach to early childhood education. Entrepreneurship 2 – Review Quiz 9 b. Fought for Women's Rights in the Italy, including the right to control property and helped spearhead adoption of the 19th amendment. c. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions in Italy. d. Developed the Montessori approach to social entrepreneurship. Feedback The correct answer is: Developed the Montessori approach to early childhood education. Question 34 Correct Mark 1.00 out of 1.00 Question text According to Harvard Business School what is the best definition of entrepreneurship? Select one: a. Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. b. Entrepreneurship is the pursuit of opportunity with regard to resources currently controlled. c. Entrepreneurship is the pursuit of opportunity based on resources currently controlled. d. Entrepreneurship is the pursuit of business opportunity that is directly linked with regard to resources currently controlled. Feedback The correct answer is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. Question 35 Correct Mark 1.00 out of 1.00 Question text When working with Innovators one needs to emphasize that plenty of other conservative folks like themselves think that the product or service is normal or indispensable. Select one: True False Feedback The correct answer is 'False'. Entrepreneurship 2 – Review Quiz 9 Question 36 Incorrect Mark 0.00 out of 1.00 Question text Late majority: are conservative pragmatists who embrace risk and are comfortable your new idea. Select one: True False Feedback The correct answer is 'False'. Question 37 Correct Mark 1.00 out of 1.00 Question text According to the International Franchise Association, the estimated number of franchised locations in the U.S. is almost: Select one: a. 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. b. 150,000 in 25 industries, employing almost 0.5 million workers, in more than 500 companies. c. 800,000 in 175 industries, employing almost 100 million workers, in more than 200,500 companies. d. 200,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. Feedback The correct answer is: 400,000 in 75 industries, employing almost 10 million workers, in more than 2,500 companies. Question 38 Correct Mark 1.00 out of 1.00 Question text True or False: A good job description emphasises what an employee has to achieve on a day-to-day basis and how success will be measured. Select one: Entrepreneurship 2 – Review Quiz 9 True False Feedback The correct answer is 'True'. Question 39 Correct Mark 1.00 out of 1.00 Question text True or false: Because Effectuators have excellent people skills and high ethical standards they would never spread risk to others. Select one: True False Feedback The correct answer is 'False'. Question 40 Correct Mark 1.00 out of 1.00 Question text A determination of insolvency is made by individual entrepreneurs. Select one: True False Feedback The correct answer is 'False'. Question 41 Correct Mark 1.00 out of 1.00 Question text The Eight QaDim operators are: Select one: Entrepreneurship 2 – Review Quiz 9 a. 1. Add a feature to the product 2. Remove an unnecessary or rarely used feature from the product 3. Either embed this product into another product or vice versa 4. Reduce the size of the product 5. Substitute the components in the product for products that are greener, lighter, etc. 6. Combine the product with another to deliver higher value 7. Separate the product into two different products 8. Develop complementary product e.g. adaptor for a computer b. 1. Embellish a feature to the product 2. Remove an unnecessary or rarely used feature from the product 3. Either embed this product into another product or vice versa 4. Reduce the size of the product 5. Substitute the components in the product for products that are greener, lighter, etc. 6. Combine the product with another to deliver higher value 7. Separate the product into two different products 8. Develop complementary product e.g. adaptor for a computer c. 1. Add a feature to the product 2. Remove an unnecessary or rarely used feature from the product 3. Either embed this product into another product or vice versa 4. Reduce the size of the product 5. Substitute the components in the product for products that are greener, lighter, etc. 6. Combine the business and marketing efforts with another entrepreneur to deliver higher value 7. Separate the product into two different products 8. Develop complementary product e.g. adaptor for a computer d. 1. Add a feature to the product 2. Remove an unnecessary or rarely used feature from the product 3. Either embed this product into another product or vice versa 4. Enlarge the size of the product 5. Substitute the components in the product for products that are greener, lighter, etc. 6. Combine the business and marketing efforts with another entrepreneur to deliver higher value 7. Separate the product into two different products 8. Develop complementary product e.g. adaptor for a computer Feedback The correct answer is: 1. Add a feature to the product 2. Remove an unnecessary or rarely used feature from the product 3. Either embed this product into another product or vice versa 4. Reduce the size of the product 5. Substitute the components in the product for products that are greener, lighter, etc. 6. Combine the product with another to deliver higher value 7. Separate the product into two different products 8. Develop complementary product e.g. adaptor for a computer Entrepreneurship 2 – Review Quiz 9 Question 42 Correct Mark 1.00 out of 1.00 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Getting Credit b. Protecting investors c. Paying Taxes d. None of the above Feedback The correct answer is: None of the above Question 43 Correct Mark 1.00 out of 1.00 Question text Product / Service Developer's Value Chain: Select one: a. Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service b. Identify Innovation - Develop - Build prototype - Test - Test Market - Build a Bill of Material Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service c. Identify Innovation - Design - Build prototype -Test Market - Build a Bill of Material - Supply Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service d. Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - ensure continuous salesdevelop international markets Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers provide after sales service Question 44 Correct Mark 1.00 out of 1.00 Question text A Consortium is a formal agreement between many businesses. Select one: a. TRUE b. FALSE Feedback The correct answer is: FALSE Question 45 Correct Mark 1.00 out of 1.00 Question text According to Peter F. Drucker in Innovation and Entrepreneurship, Practice and Principles, the major sources for innovative opportunity include the following sources EXCEPT: Select one: a. Innovation as something fully unexpected, Innovation that reflects the incongruity between the reality and ideal expectations, Innovation linked with process need, changes in industry, market and demographics, changes in culture, New Knowledge b. Innovation as something fully unexpected, Innovation linked with process need, changes in industry, market and demographics, changes in culture, New Knowledge c. A belief that money is the most important component of innovation d. New Knowledge Feedback The correct answer is: A belief that money is the most important component of innovation Question 46 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Partnership Include: Entrepreneurship 2 – Review Quiz 9 Select one: a. Risk of conflict between partners and shared decision making. b. Risk of friendship between partners and shared decision making. c. Risk of frequent problem-solving between partners and shared decision making. d. Risk of conflict between partners and too quick decision making. Feedback The correct answer is: Risk of conflict between partners and shared decision making. Question 47 Correct Mark 1.00 out of 1.00 Question text Advantages of the Partnership Include: Select one: a. Shared risk and shared management. b. Shared risk and individual management. c. Individual risk and shared management. d. Both risk and management are irrelevant to the overall success. Feedback The correct answer is: Shared risk and shared management. Question 48 Correct Mark 1.00 out of 1.00 Question text According to Rogers notional percentage for Innovators within any given change project is: Select one: a. 2.5% b. 13.5% c. 34% d. 26% Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: 2.5% Question 49 Correct Mark 1.00 out of 1.00 Question text Buyer's Value Chain include (in sequence): Select one: a. Search for product - Buy Product - Take Delivery - Use - Buy consumables - repair - dispose b. Research the product - Buy Product - Take Delivery - Use - Buy consumables - repair - dispose c. Search for product - Research the best buy Product - Take Delivery - Use - Buy consumables repair - dispose d. Search for product - Buy Product - Take Delivery - Use - Buy consumables - buy a better product dispose of the old one Feedback The correct answer is: Search for product - Buy Product - Take Delivery - Use - Buy consumables repair - dispose Question 50 Correct Mark 1.00 out of 1.00 Question text True or False: A good job advertisement emphasises why a qualified individual should apply for the job. Select one: True False Feedback The correct answer is 'True'. Question 1 Correct Mark 1.00 out of 1.00 Question text Balance sheet insolvency involves having no net assets-with no liabilities that exceed assets. Entrepreneurship 2 – Review Quiz 9 Select one: True False Feedback The correct answer is 'False'. Question 2 Correct Mark 1.00 out of 1.00 Question text According to the OECD/EUROSTAT framework for Entrepreneurship a new market could be: Select one: a. at the global level b. at the national level c. at local and even at street level d. all of the above Feedback The correct answer is: all of the above Question 3 Correct Mark 1.00 out of 1.00 Question text When working with late majority one needs to focus on promoting social norms rather than just product. Select one: True False Feedback The correct answer is 'True'. Question 4 Correct Mark 1.00 out of 1.00 Entrepreneurship 2 – Review Quiz 9 Question text According to the Effectuation Society Effectutors are guided by the following four principles: Select one: a. Bird in Hand Principle, Non-affordable Loss Principle, Lemonade Principle and Crazy-Quilt Principle b. Lemonade Principle, Crazy-Quilt Principle, Crazy Inventors Principle and Effectuators Growth Principle c. Lemonade Principle, Crazy-Quilt Principle, Bird in Hand Principle. Crocodile in the River Principle d. Bird in Hand Principle, Affordable Loss Principle, Lemonade Principle, Crazy-Quilt Principle Feedback The correct answer is: Bird in Hand Principle, Affordable Loss Principle, Lemonade Principle, CrazyQuilt Principle Question 5 Correct Mark 1.00 out of 1.00 Question text Once a Joint Venture reaches its goal, it can be liquidated like any other business or sold. Select one: a. TRUE b. FALSE Feedback The correct answer is: TRUE Question 6 Correct Mark 1.00 out of 1.00 Question text Product / Service Developer's Value Chain: Select one: a. Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service Entrepreneurship 2 – Review Quiz 9 b. Identify Innovation - Develop - Build prototype - Test - Test Market - Build a Bill of Material Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service c. Identify Innovation - Design - Build prototype -Test Market - Build a Bill of Material - Supply Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - provide after sales service d. Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material - Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers - ensure continuous salesdevelop international markets Feedback The correct answer is: Identify Innovation - Design - Build prototype - Test - Test Market - Build a Bill of Material - Source Suppliers - Source contract manufacturers - Negotiate Terms - Acquire material Man-age Inventory - Assure Quality - Deliver to distributors and dealers - register customers provide after sales service Question 7 Correct Mark 1.00 out of 1.00 Question text Businesses that form Joint Ventures can operate as separate entities. Select one: a. TRUE b. FALSE Feedback The correct answer is: TRUE Question 8 Correct Mark 1.00 out of 1.00 Question text Affordable Loss Effectuation Principle: Select one: a. Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside. b. Set affordable loss, evaluate opportunities based on the attractiveness of the predicted upside. c. Do not set affordable loss. Just go for it. Entrepreneurship 2 – Review Quiz 9 d. Do not evaluate or even look into the downside. Just abandon the idea if the predicted upside is not attractive. Feedback The correct answer is: Set affordable loss--Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside. Question 9 Correct Mark 1.00 out of 1.00 Question text According to a Forbes author, an intrapreneur is: Select one: a. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own. b. someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a small business in place of creating his or her own because it is easier. c. Someone who lacks entrepreneurial skills and stays in a large organization out of fear of failure and financial limitations. d. someone who might not have enough entrepreneurial streaks in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own because that is true, learning entrepreneurship. Feedback The correct answer is: someone who has an entrepreneurial streak in his or her DNA, but chooses to align his or her talents with a large organization in place of creating his or her own. Question 10 Correct Mark 1.00 out of 1.00 Question text The following is the most accurate reflection on what H. Ford's believed about money: Select one: a. Money comes naturally as the result of service b. It is absolutely necessary to have money c. Money is not about ease but about the opportunity to perform more service d. all of the above Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: all of the above Question 11 Correct Mark 1.00 out of 1.00 Question text Cash flow insolvency involves liquidity to pay debts as they fall due. Select one: True False Feedback The correct answer is 'False'. Question 12 Incorrect Mark 0.00 out of 1.00 Question text Insolvency is a synonym for bankruptcy. Select one: True False Feedback The correct answer is 'False'. Question 13 Correct Mark 1.00 out of 1.00 Question text According to University of Miami the following components need to be present when describing any position: Select one: a. General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) Entrepreneurship 2 – Review Quiz 9 b. General Description (Purpose and Function) Secondary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) c. General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Non-Essential Requirements) Work Experience Requirements (Essential Requirements) d. General Description (An invitation) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) Feedback The correct answer is: General Description (Purpose and Function) Primary Duties and Responsibilities Knowledge, Skills, and Abilities Education Requirements (Essential Requirements) Work Experience Requirements (Essential Requirements) Question 14 Correct Mark 1.00 out of 1.00 Question text Advantages of the Sole Proprietorship Include: Select one: a. Easiest form to set up, owner solely controls the business. b. Most difficult to set up, owner solely controls the business c. Moderately easy to set up, co-owners control the business d. Easiest form to set up, owner and government control the business Feedback The correct answer is: Easiest form to set up, owner solely controls the business. Question 15 Correct Mark 1.00 out of 1.00 Question text Susan B. Anthony (U.S.): Entrepreneurship 2 – Review Quiz 9 Select one: a. Fought for Women's Rights in the United States, including the right to control property and helped spearhead adoption of the 19th amendment. b. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. c. Naturalist and conservationist, she established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. d. Fought for Men's Rights in the United States, including the right to partition property to all, regardless of gender, and helped spearhead adoption of the 19th amendment. Feedback The correct answer is: Fought for Women's Rights in the United States, including the right to control property and helped spearhead adoption of the 19th amendment. Question 16 Correct Mark 1.00 out of 1.00 Question text Insolvency is the inability of a debtor to pay their debt. Select one: True False Feedback The correct answer is 'True'. Question 17 Correct Mark 1.00 out of 1.00 Question text Value Chain Analysis is: Select one: a. a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy b. a specific version of the Business Utility Matrix defined in the Blue Ocean Strategy c. a quick version to identify incremental product and service innovations d. an analysis used in ethical considerations pertaining to entrepreneurship all over the world Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: a generalized version of the Business Utility Matrix defined in the Blue Ocean Strategy Question 18 Correct Mark 1.00 out of 1.00 Question text A business can have negative net assets showing on its balance sheet but still be cash-flow solvent if ongoing revenue is able to meet debt obligations. Select one: True False Feedback The correct answer is 'True'. Question 19 Correct Mark 1.00 out of 1.00 Question text What is a franchise? Select one: a. It's a legal and commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. b. It's a legal and friendly relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. c. It's an almost legal and fully commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. d. It's a legal and commercial relationship between the owner of a society, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. Feedback The correct answer is: It's a legal and commercial relationship between the owner of a trademark, service mark, brand name, or advertising symbol (the franchisor) and an individual or organization (the franchisee) wishing to use that identification in a business. Entrepreneurship 2 – Review Quiz 9 Question 20 Correct Mark 1.00 out of 1.00 Question text The following conditions need to be looked into (assessed) when choosing a place to start one's business EXCEPT: Select one: a. Dealing with Construction Permits b. Getting Electricity c. Registering Property d. none of the above Feedback The correct answer is: none of the above Question 21 Correct Mark 1.00 out of 1.00Question text Disadvantages of the Cooperative Include: Select one: a. Decision making can be slow and there is a high risk of conflict between members. b. Decision making can be thorough and there is a moderate risk of conflict between members. c. Decision making can be slow and there is a low risk of conflict between members. d. Decision making can be slow and there is a low-to-moderate risk of conflict between members. Feedback The correct answer is: Decision making can be slow and there is a high risk of conflict between members. Question 22 Correct Mark 1.00 out of 1.00 Question text According to Harvard Business School what is the best definition of entrepreneurship? Select one: Entrepreneurship 2 – Review Quiz 9 a. Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. b. Entrepreneurship is the pursuit of opportunity with regard to resources currently controlled. c. Entrepreneurship is the pursuit of opportunity based on resources currently controlled. d. Entrepreneurship is the pursuit of business opportunity that is directly linked with regard to resources currently controlled. Feedback The correct answer is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. Question 23 Correct Mark 1.00 out of 1.00 Question text John Muir (U.S.): Select one: a. Naturalist and conservationist, he established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. b. Developed the Muir approach to social entrepreneurship. c. Founder of the Planned Parenthood Federation of America, he led the movement for family planning efforts around the world. d. Responsible for the reconstruction of the French and American economy following World War II, including the establishment of the European-American Coal and Steel Community (EACSC). The ECSC and the European Common Market were direct precursors of the European Union. Feedback The correct answer is: Naturalist and conservationist, he established the National Park System in the United States and helped found The Sierra Club - the oldest, largest, and most influential grassroots environmental organization in the United States. Question 24 Correct Mark 1.00 out of 1.00 Question text When working with late majority one needs to emphasize that plenty of other conservative folks like themselves think that the product or service is normal or indispensable. Select one: Entrepreneurship 2 – Review Quiz 9 True False Feedback The correct answer is 'True'. Question 25 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurship is: Select one: a. the phenomenon associated with entrepreneurial activity. b. the business process associated with entrepreneurial economy c. the financial process associated with entrepreneurial activities d. the creative process associated with entrepreneurs. Feedback The correct answer is: the phenomenon associated with entrepreneurial activity. Question 26 Correct Mark 1.00 out of 1.00Question text Only Partnerships can form Joint Ventures. Select one: a. TRUE b. FALSE Feedback The correct answer is: FALSE Question 27 Correct Mark 1.00 out of 1.00 Question text Lao Tzu's metaphor about water is relevant to entrepreneurship because of these two characteristics: Entrepreneurship 2 – Review Quiz 9 Select one: a. flexibility and yielding b. flexibility and force c. strength and force d. all of the above Feedback The correct answer is: flexibility and yielding Question 28 Correct Mark 1.00 out of 1.00 Question text Some large successful companies hold long term debt permanently. Select one: True False Feedback The correct answer is 'True'. Question 29 Correct Mark 1.00 out of 1.00 Question text The franchise governs the method of conducting business between the two parties. Generally, a franchisee: Select one: a. sells goods or services supplied by the franchisor and meets the franchisor's quality standards. b. creates goods or services partially supplied by the franchisor and meets the franchisor's quality standards, when checked. c. sells goods or services supplied by the franchisor and does not need to meet franchisor's quality standards more than once per year (on yearly inspection). d. takes goods or services supplied by the franchisor so that the franchisee can meet the franchisor's quality standards. Entrepreneurship 2 – Review Quiz 9 Feedback The correct answer is: sells goods or services supplied by the franchisor and meets the franchisor's quality standards. Question 30 Correct Mark 1.00 out of 1.00 Question text Jean Monnet (France): Select one: a. Responsible for the reconstruction of the French economy following World War II, including the establishment of the European Coal and Steel Community (ECSC). The ECSC and the European Common Market were direct precursors of the European Union. b. Responsible for the reconstruction of the French and American economy following World War II, including the establishment of the European-American Coal and Steel Community (EACSC). The ECSC and the European Common Market were direct precursors of the European Union. c. Founder of the Planned Parenthood Federation of France, he led the movement for family planning efforts around the world. d. Founder of the Planned Parenthood Federation of America, he led the movement for family planning efforts around the world, including America-France partnership. Feedback The correct answer is: Responsible for the reconstruction of the French economy following World War II, including the establishment of the European Coal and Steel Community (ECSC). The ECSC and the European Common Market were direct precursors of the European Union. Question 31 Correct Mark 1.00 out of 1.00 Question text Insolvency is not a synonym for bankruptcy. Select one: True False Feedback The correct answer is 'True'. Question 32 Correct Mark 1.00 out of 1.00 Entrepreneurship 2 – Review Quiz 9 Question text The OECD/EUROSTAT framework for Entrepreneurship indicators include the following: Select one: a. determinants, performance and impact that includes: job creation, economic growth and poverty reduction b. determinants, performance and impact that includes: economic growth and poverty reduction c. determinants, performance and impact that includes: economic growth d. entrepreneurial performance that includes: job creation and economic impact Feedback The correct answer is: determinants, performance and impact that includes: job creation, economic growth and poverty reduction Question 33 Correct Mark 1.00 out of 1.00 Question text Successful companies never hold long term debt permanently. Select one: True False Feedback The correct answer is 'False'. Question 34 Correct Mark 1.00 out of 1.00 Question text According to Hoffman Entrepreneurial activity is: Select one: a. the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. b. the enterprising business action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurship 2 – Review Quiz 9 c. the enterprising action in pursuit of the purchasing of value, through the creation or expansion of business activity, by buying new products, processes or markets. d. the enterprising human action in pursuit of the generation of monetary gains, through the creation or expansion of creative activity, by exploiting new processes and markets. Feedback The correct answer is: the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Question 35 Correct Mark 1.00 out of 1.00 Question text According to Henry Ford: Select one: a. Power and machinery, money and goods, are useful only as they set us free to live. b. Power and machinery, money and goods, are not only useful, but necessary. c. Power and machinery, money and goods, are unfortunate additions to entrepreneurship. d. Power and machinery, money and goods always set us free to live. Feedback The correct answer is: Power and machinery, money and goods, are useful only as they set us free to live. Question 36 Correct Mark 1.00 out of 1.00 Question text True or false: Instead of having a stated goal and finding means to reach it, expert entrepreneurs use the new means and new goals to drive the creation of the venture in ways they hadn't expected, leveraging surprises as they present themselves. Select one: True False Feedback The correct answer is 'True'. Entrepreneurship 2 – Review Quiz 9 Question 37 Correct Mark 1.00 out of 1.00 Question text Cash flow insolvency involves a lack of liquidity to pay debts as they fall due. Select one: True False Feedback The correct answer is 'True'. Question 38 Correct Mark 1.00 out of 1.00 Question text Innovation Rules is based on: Select one: a. Leveraging both market and societal standards to identify innovation opportunities b. Leveraging technology to identify innovation opportunities c. Using market knowledge to identify innovation opportunities d. leveraging both market and technology changes to identify innovation opportunities. Feedback The correct answer is: leveraging both market and technology changes to identify innovation opportunities. Question 39 Correct Mark 1.00 out of 1.00 Question text Ford's realizations about business were: Select one: a. That finance is given a place ahead of work and therefore tends to kill the work and destroy the fundamental of service. b. That thinking first of money instead of work brings on fear of failure and this fear blocks every avenue of business-it makes a man afraid of competition, of changing his methods, or of doing anything which might change his condition. Entrepreneurship 2 – Review Quiz 9 c. That the way is clear for anyone who thinks first of service-of doing the work in the best possible way. d. all of the above Feedback The correct answer is: all of the above Question 40 Correct Mark 1.00 out of 1.00 Question text According to H. Ford when working on developing a horseless carriage, he had to work: Select one: a. From the ground up b. Simultaneously on everything c. From the top down d. In collaboration with other entrepreneurs working on the same invention Feedback The correct answer is: From the ground up Question 41 Correct Mark 1.00 out of 1.00 Question text Florence Nightingale (U.K.): Select one: a. Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. b. Developed the Florence Nightingale approach to early childhood education. c. Founder of the Planned Parenthood Federation of America, she led the movement for family planning efforts around the world. d. Naturalist and conservationist, she established the National Park System in the U.K. and helped found the oldest, largest, and most influential grassroots environmental organization in the U.K. Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: Founder of modern nursing, she established the first school for nurses and fought to improve hospital conditions. Question 42 Correct Mark 1.00 out of 1.00 Question text Weight Watchers has a "points value" method that suits early majorities. Select one: True False Feedback The correct answer is 'True'. Question 43 Correct Mark 1.00 out of 1.00 Question text The Pareto principle states that 80% of the results come from 20% of the causes - or doers. Select one: True False Feedback The correct answer is 'True'. Question 44 Correct Mark 1.00 out of 1.00 Question text Disadvantages of the Corporation Include: Select one: a. Most expensive form of business to set up that involves a lot of ongoing paperwork. b. Least expensive form of business because cost and ongoing paperwork are shared c. Most expensive form of business to set up that involves sharing by all Members a lot of ongoing paperwork. Entrepreneurship 2 – Review Quiz 9 d. Moderately expensive form of business to set up that involves a lot of ongoing paperwork. Feedback The correct answer is: Most expensive form of business to set up that involves a lot of ongoing paperwork. Question 45 Incorrect Mark 0.00 out of 1.00 Question text Examples of branding include the following EXCEPT: Select one: a. a poor press review for a new product b. a corporate image designed by a professional designer c. a marketed image d. the product itself Feedback The correct answer is: the product itself Question 46 Correct Mark 1.00 out of 1.00 Question text The Pareto principle states that 20% of the results come from 80% of the causes - or doers. Select one: True False Feedback The correct answer is 'False'. Question 47 Correct Mark 1.00 out of 1.00 Question text Laggards often influence the opinion of: Select one: Entrepreneurship 2 – Review Quiz 9 a. Early majorities b. Late majority c. Early Adopters d. All of the above Feedback The correct answer is: Late majority Question 48 Correct Mark 1.00 out of 1.00 Question text You should ignore all innovation opportunities that have the following hurdles: Select one: a. Economic and Environmental b. Ethical. Religious and Ethnic c. Moral, Social and Political d. all of the above Feedback The correct answer is: all of the above Question 49 Correct Mark 1.00 out of 1.00 Question text According to Rogers notional percentage for Early Adopters within any given change project is: Select one: a. 13.5% b. 16% c. 2.5% d. 5% Feedback Entrepreneurship 2 – Review Quiz 9 The correct answer is: 13.5% Question 50 Correct Mark 1.00 out of 1.00 Question text Early majorities are: Select one: a. Cost sensitive and risk adverse pragmatists, comfortable with moderately progressive ideas b. The ones who won't act without solid proof of benefits c. Followers who are influenced by mainstream fashions and wary of fads d. All of the above Feedback The correct answer is: All of the above