MCQOPTIONS
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MCQOPTIONS
This section includes 46 Mcqs, each offering curated multiple-choice questions to sharpen your Master of Business Administration (MBA) knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
What are the two key issues that arise when you create an effective entrepreneurial team from scratch? |
| A. | Team mentality and team synergy |
| B. | Team numbers and team quality |
| C. | Team composition and team roles |
| D. | Team experience and team experience |
| Answer» D. Team experience and team experience | |
| 2. |
Which of the following is presented as evidence of social factors influencing whether someone becomes an owner-manager? |
| A. | Although people believe self-employment runs in families, there is little evidence to support this view. |
| B. | There seems to be little relationship between self-employment and age. |
| C. | Self-employment is more common among some ethnic groups. |
| D. | Self-employment is more common among single people than among the married. |
| Answer» D. Self-employment is more common among single people than among the married. | |
| 3. |
In regards to the differences between the entrepreneurial and administrative focuses which of the following is correct? |
| A. | Entrepreneurs focus on slow steady growth and managers focus on rapid growth |
| B. | Entrepreneurs rent or sporadically use resources; managers like to own resources |
| C. | Entrepreneurs are driven by controlled resources; managers by opportunity |
| D. | Entrepreneurs tend to use a hierarchical management structure; managers use a more fluid, flat approach |
| Answer» E. | |
| 4. |
Which stage of marketing research is considered to be the most difficult for an entrepreneur due to lack of knowledge or experience in marketing? |
| A. | Analyzing and interpreting the results |
| B. | Gathering data from primary sources |
| C. | Gathering data from secondary sources |
| D. | Defining the purpose or objectives |
| Answer» C. Gathering data from secondary sources | |
| 5. |
The ___________ of a marketing plan is sometimes dependent on the solvency of the organization. |
| A. | length |
| B. | success |
| C. | failure |
| D. | all of the above |
| Answer» D. all of the above | |
| 6. |
To provide financial assistance to entrepreneurs the government has set up a number of___________. |
| A. | financial advisors. |
| B. | financial intermediaries. |
| C. | Industrial estates. |
| D. | financial institutions. |
| Answer» C. Industrial estates. | |
| 7. |
Management tactics purported to maximize innovation for an entrepreneurship include all but which of the following items? |
| A. | Cutting of losses |
| B. | Culture |
| C. | Benchmarking |
| D. | Customer orientation |
| Answer» C. Benchmarking | |
| 8. |
Entrepreneurial Opportunities are defined as: 128 |
| A. | situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. |
| B. | New market entry through entrepreneur action. |
| C. | The entrepreneur's mental processes in deciding whether or not to act on a potential opportunity. |
| D. | A feasibility assessment. |
| Answer» E. | |
| 9. |
In the creativity and innovation matrix, what is a 'medium level of creativity' and a 'medium level of innovation' referred to as? |
| A. | Winner |
| B. | Loser |
| C. | Mediocre |
| D. | Average |
| Answer» E. | |
| 10. |
The location decision should address all of the _________ points required for your industry and should enhance the _________ points. |
| A. | Orthodox / unorthodox |
| B. | Unorthodox / orthodox |
| C. | Ordinary / unordinary |
| D. | Unordinary / ordinary |
| Answer» B. Unorthodox / orthodox | |
| 11. |
When interviewing candidates, the questions asked should be seeking all of these EXCEPT ______. |
| A. | Specific and measurable responses |
| B. | Analytical answers |
| C. | Personal information |
| D. | Descriptive responses |
| Answer» D. Descriptive responses | |
| 12. |
Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process? |
| A. | Idea Stage |
| B. | Product Planning Stage |
| C. | Product Development Stage |
| D. | Test Marketing Stage |
| Answer» D. Test Marketing Stage | |
| 13. |
______ is a product or service that is kept as a trade secret or is protected legally using patients, trademarks, copyright, or service mark. |
| A. | Tagline |
| B. | Pioneering business |
| C. | Test marketing |
| D. | Proprietary technology |
| Answer» D. Proprietary technology | |
| 14. |
Which one of the following is the most important characteristic of a successful business website? |
| A. | Innovation |
| B. | Speed |
| C. | Graphics |
| D. | Products |
| Answer» C. Graphics | |
| 15. |
Which one of the following is an important source of idea generation due to their familiarity with the needs of market? |
| A. | Existing products and services |
| B. | Distribution channels |
| C. | Federal government |
| D. | Consumers |
| Answer» C. Federal government | |
| 16. |
In which of the following domain; individuals take decision to help others for achieving their dreams? |
| A. | Traditional managers |
| B. | Entrepreneurs |
| C. | Intrapreneurs |
| D. | Administrative managers |
| Answer» D. Administrative managers | |
| 17. |
Porter also argues that much of innovation is 'dependent on a single, major technological breakthrough rather than mundane and incremental' |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» C. all | |
| 18. |
Of the following, which is best identified as an independent entrepreneurship that produces a product or service that originated in a large company? |
| A. | Diversification |
| B. | Intrapreneurship |
| C. | Trade-off |
| D. | Franchise |
| Answer» B. Intrapreneurship | |
| 19. |
Which of the following restructuring actions involves laying off employees from their jobs? |
| A. | Reengineering |
| B. | Downsizing |
| C. | Bankruptcy |
| D. | Expanding |
| Answer» C. Bankruptcy | |
| 20. |
When evaluating business plans _________ are primarily concerned with the general guidelines of credit. |
| A. | investors |
| B. | employees |
| C. | vendors |
| D. | lenders |
| Answer» E. | |
| 21. |
Of the following, which one would not be considered an alternative to independent entrepreneurship? |
| A. | Franchise |
| B. | Spin-off |
| C. | Intrapreneurship |
| D. | Extrapreneurship |
| Answer» C. Intrapreneurship | |
| 22. |
______ involves dissolving or reorganizing a business under the protection of bankruptcy legislations. |
| A. | Reengineering |
| B. | Downsizing |
| C. | Bankruptcy |
| D. | Expansion |
| Answer» B. Downsizing | |
| 23. |
Which of the following agencies was created specifically to foster the creation, growth, and expansion of minority-owned businesses in the United States? |
| A. | SCORE |
| B. | Minority Business Development Agency |
| C. | The World Trade Organization |
| D. | The Federal Reserve |
| Answer» E. | |
| 24. |
The difference between the buying and selling price is called _____ and it should be enough to cover all fixed costs. |
| A. | psychological price |
| B. | breakeven |
| C. | mark-up |
| D. | elasticity |
| Answer» D. elasticity | |
| 25. |
A product for which there are few substitutes and for which a change in price has little effect on quantity purchased is considered __________. |
| A. | elastic |
| B. | inelastic |
| C. | marked-up |
| D. | elasticity |
| Answer» C. marked-up | |
| 26. |
_______ identifies potential hazards and alternative strategies to meet business plan goals and objectives. |
| A. | Assessment of risk |
| B. | Financial planning |
| C. | Alternative planning analysis |
| D. | The financial plan |
| Answer» B. Financial planning | |
| 27. |
A management philosophy of selecting and promoting people based on their being the most capable person for the job is considered which of the following? |
| A. | Nepotism |
| B. | Meritocracy |
| C. | Merit privilege |
| D. | Family practice |
| Answer» C. Merit privilege | |
| 28. |
______ provides information on the company and critical risks to prospective business partners. |
| A. | Partner plan |
| B. | Invention plan |
| C. | Operational plan |
| D. | Concept plan |
| Answer» B. Invention plan | |
| 29. |
Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance? |
| A. | Need for independence |
| B. | Need for achievement |
| C. | Need for affiliation |
| D. | Need for authority |
| Answer» C. Need for affiliation | |
| 30. |
______ refers to setting the price for an item relatively low and then charging much higher prices for the expendables it uses. |
| A. | Prestige pricing |
| B. | Odd-even pricing |
| C. | Partitioned pricing |
| D. | Captive pricing |
| Answer» E. | |
| 31. |
Out of the total population of people you approach, __________ is the percentage of people who buy. |
| A. | Mini plan |
| B. | Test marketing |
| C. | Hit rate |
| D. | Proof-of-concept |
| Answer» D. Proof-of-concept | |
| 32. |
______ refers to a quality of a service in which each time it is provided it will be slightly different from the previous time. |
| A. | Perishability |
| B. | Tangibility |
| C. | Heterogeneity |
| D. | Inseparability |
| Answer» D. Inseparability | |
| 33. |
In franchising, the entrepreneur assumes fewer risks because the franchise provides all but which one of the following? |
| A. | Established market for the product |
| B. | Management assistance in operating the business |
| C. | Economies of scale for purchasing |
| D. | Oversale of rights |
| Answer» E. | |
| 34. |
The major interacting components that enable a firm to successfully provide products to the marketplace are called the: |
| A. | Marketing plan. |
| B. | Marketing mix. |
| C. | Marketing system. |
| D. | Marketing structure |
| Answer» C. Marketing system. | |
| 35. |
______ is best described as doing something differently and has been described as discontinuous or complementary change. |
| A. | Entrepreneurship |
| B. | Innovation |
| C. | Spin-off |
| D. | Variance |
| Answer» C. Spin-off | |
| 36. |
Individuals influencing an entrepreneur s career choice and style are known as which of the following? |
| A. | Moral-support network |
| B. | Role model |
| C. | Professional support network |
| D. | Support system |
| Answer» C. Professional support network | |
| 37. |
A(n) ________ is defined as a form of business that is an association of two or more people acting as co-owners of a business. |
| A. | proprietorship |
| B. | partnership |
| C. | INC |
| D. | corporation |
| Answer» C. INC | |
| 38. |
_______ is a one- to two-page overview of the business, its business model, market, expectations, and immediate goals. |
| A. | Vision statement |
| B. | Executive summary |
| C. | Mission statement |
| D. | Elevator pitch |
| Answer» C. Mission statement | |
| 39. |
________ is a common short-run strategy designed to address organizational weaknesses that are leading to performance declines. |
| A. | Retrenchment |
| B. | Turnaround |
| C. | Expansion |
| D. | Diversification |
| Answer» C. Expansion | |
| 40. |
Which of the following factors is the most important in forcing U.S companies to focus on new product development and increased productivity? |
| A. | Entrepreneurship |
| B. | Hyper competition |
| C. | Governmental laws |
| D. | Organizational culture |
| Answer» C. Governmental laws | |
| 41. |
Which of the following interested parties should not have access to the venture's business plan? |
| A. | Competitors |
| B. | Lenders |
| C. | Investors |
| D. | Suppliers |
| Answer» B. Lenders | |
| 42. |
The _____________ describes attempts to sell current products to new customers. Product-customer exploitation strategy |
| A. | Product development strategy |
| B. | Customer development strategy |
| C. | Product-customer expansion |
| D. | none |
| Answer» B. Customer development strategy | |
| 43. |
All of the following are questions that should be considered in the environmental and industry analysis section of the business plan except: |
| A. | what are total industry sales over the past five years? |
| B. | Who are the nearest competitors? |
| C. | What is my promotional strategy? |
| D. | What is anticipated growth in this industry? |
| Answer» D. What is anticipated growth in this industry? | |
| 44. |
The technical characteristics of the small business would include all of the following except: |
| A. | independently managed |
| B. | owned by an individual or a small group of investors |
| C. | based locally, even though the market might be widespread |
| D. | significant influence in its industry |
| Answer» C. based locally, even though the market might be widespread | |
| 45. |
The ideas for new businesses that are obtained by entrepreneurs are derived from many sources. These various sources include all but _______. |
| A. | replication of an existing business |
| B. | trade journals |
| C. | trade shows |
| D. | family members |
| Answer» B. trade journals | |
| 46. |
Which of the following was NOT one of the classifications of entrepreneurs presented in our text? |
| A. | Franchise entrepreneur |
| B. | Classic entrepreneur |
| C. | Multipreneur |
| D. | Intrapreneur |
| Answer» B. Classic entrepreneur | |