MGT602 Entrepreneurship Idea Solution Quiz No. 4 Fall Semester 2013

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MGT602 Entrepreneurship Idea Solution Quiz No. 4 Fall Semester 2013


MGT602 – Entrepreneurship

Quiz No.4 FEB 02, 2013



Idea of new product is tested in potential consumers to determine consumer acceptance at _________ stage.

Select correct option:

Concept (Right Answer)

Product development

Test marketing

Commercialization



Which of the following is NOT followed in brainstorming?

Select correct option:

Criticism is done by the group members (Right Answer)

The wilder idea is better

Quantity of ideas is required

The session should be fun, with no on dominating the discussion



According to the governing bodies of common laws, the life of trade secret is:

Select correct option:

12 years

17 years

20 years

As long as it remains confidential (Right Answer)



Which one of the following depends on the type of production system but is designed to make sure that the product performs satisfactorily?

Select correct option:

Inventory control

Quality control

Sales control

Production control (Right Answer)



The most important characteristic of a successful business website is::

Select correct option:

Speed (Right Answer)

Innovation

Graphics

Products



Which of the following is used as most common approach to gather market information?

Select correct option:

Interviewing

Focus group (Right Answer)

Questionnaire

Observation


Which one of the following has the critical decisions of materials, style, features, options, brand name, packaging, sizes and warranties?

Select correct option:

Product

Price

Channel of distribution (Right Answer)

Promotion



Which one of the following contracts should be in written?

Select correct option:

Real estates

Lease

Rentals

All of the given options (Right Answer)



Which one of the following best describes the flow of goods and services from production to the customer?

Organizational plan

Marketing plan

Operations plan (Right Answer)

Financial plan



Customers may sometimes prefer to do business with a corporation because of its:

Long time Continuity (Right Answer)

Double taxation

Centralized Management

Distribution of profits and losses



Which of the following should consider in economy while conducting environmental analysis?

GNP (Right Answer)

Disposable income

Unemployment

All of the given options



The marketing perspective of business plan considers the venture through the eyes of:

Investor

Customer(Right Answer)

Entrepreneur

Marketing manager


Which one of the following is the method of developing new idea through a thought process progression?

Synetics (Right Answer)

Heuristics

Forced relationships

Value analysis



Which one of the following plans should contain control points to ascertain progress and to initiate contingency plans if necessary?

Financial plan(Right Answer)

Marketing plan

Business plan

Operational plan


Which of the following includes duties, purpose, responsibilities, scope and working conditions of a job along with the job’s title and the designation of the person to whom the employee reports?

Job design

Job specification

Job description(Right Answer)

Job analysis



The importance of intellectual property should be understood by entrepreneur even before:

Hiring a manager

Engaging an attorney (Right Answer)

Developing a product

Establishing new venture



Which of the following form of business has no double taxation system?

Proprietorship

Partnership

S corporation

All the given options (Right Answer)


Which of the following is not considered a mode of conducting interviews?

By telephone

Face to face

Online

Newspaper (Right Answer)



Which one of the following is the systematic assembly of all the facts about a job?

Select correct option:

Job Specification

Job Description

Job Identification

Job Analysis




Which of the following is/are used by successful ventures to focus on information about competitors, the customers and the industry

Networking

Trade associations

Recent publication

All of the above


In USA Public Limited Companies may have ______ Director/s

1

2

3

4


Which one of the following is NOT an external factor?

Select correct option:

New regulations

Competition

Social changes

Manufacturing

Which of the following should be considered in economy while conducting environmental analysis?

GNP\

Disposable income


Which one of the following is an important source of idea generation due to their

familiarity with the needs of market?

Select correct option:

Existing products and services

Distribution channels

Federal government

Consumers


A marketing Plan answers the _______ types of questions

Select correct option:

1

2

3

4


Which one of the following plans should contain control points to ascertain progress and to initiate contingency plans if necessary?

Financial plan

Marketing plan

Business plan

Operational plan


Which one of the following contracts should be in written?

Real estates

Lease

Rentals

All of the given options


The members of the board should be carefully selected by considering which of the following criteria?

Select individuals who can work with a diverse group and will commit to the venture’s mission

Select candidates who understand the market environment

Select candidates who will show good judgment in business decision making

All of the given options


A short-term, internal source of funds can be obtained by reducing all of following EXCEPT

Short-term assets

Cash

Fixed assets

Inventory


SBA provides:

Finance without interest

Finance with interest

Guarantees for getting loans

Financing up to 90 % of principal amount


In USA Public Limited Companies may have ______ Director/s

1

2

3

4


On the part of entrepreneur which of the following has/ have a great concern to the Investors

Experience

Commitment

Knowledge

All of the above



Before leaving his job as a brand manager for a leading toy manufacturer in France, John smith was

SBIR grant program is controlled by:

10 Agencies

11 Agencies

12 Agencies

13 Agencies



Targeting the market consists of ______ Procedures

1

2

3

4

Before setting the product price, which of the following elements the entrepreneur needs to consider?

Costs

Markups

Competition

All of the above

Which of the following is the most important for the entrepreneur, while starting a new venture, to make an assessment of?

Risk

Profit

Market

Competitors



Why should an entrepreneur do a feasibility study?

Select correct option:

To see if there are possible barriers to success

To identify possible sources of funds

To estimate the expected sales

To explore potential customers



Which of the following is used for calculating the financial projections to assess the impact of different scenarios?

Inventory management program.

The Internet.

Spreadsheet program.

Graphics program.



Which of the following information is included in industry analysis?

Market size

Suppliers

Economic conditions

All the given options



The creative process for problem solving that involves making the strange familiar in first

step and then making the familiar strange through personal, direct or symbolic analogy is

called:

Synectics

Gordon method

Checklist method

Scientific method



The business plan should be prepared by:

Select correct option:

Entrepreneurs

Consultants

Engineers

Small business administration services


Which of the following is the most frequently used source of short term funds when collateral is available?

SBA loans

Commercial bank loans

R & D limited partnership

SBA microloans



Which type of business form has least perpetual life?

Partnership

Sole proprietorship

Limited liability Company

Corporation


Which type of Job analysis enlists the qualification of individual?

Select correct option:

Job Description

Job Specification

Job identification

All of the above options


Which of the following is NOT a characteristic of a marketing plan?

Select correct option:

It should be flexible

It should be long and detailed

It should be based on facts and valid assumptions

It should provide a strategy


Which of the following plans help to provide an organization chart indicating the lines of

authority?

Select correct option:

Physical

Business

Organizational

Marketing


On the part of entrepreneur which of the following has/ have a great concern to the

Investors

Select correct option:

Experience

Commitment

Knowledge

All of the above



Which of the following techniques is an excellent method for initially screening ideas and

concepts in addition to generating new ideas?

Select correct option:

Focus group

Problem inventory analysis

Brain storming

Reverse brainstorming


Which of the following is the previous name of SME?

Select correct option:

SPCC

SMEDA

SBFC

FMBC


Developing a new idea through inquiry and testing is called:

Select correct option:

Heuristics

Forced relationship

Scientific method

Value analysis