1.Which industrial sector tends to naturally promote small-scale businesses and Entrepreneurship, and generally has lower barriers to market entry?
a.Agriculture
b.Manufacturing.
c.Distribution.
d.Service.
2. Innovative small firms are more likely in:
A) Knowledge-based sectors
B) Biotechnology
C) Automobile manufacture
D) Aerospace manufacture
3.Which one of the following is the step involved in setting up a new enterprises?
a) Creating a business plan
b) Making a product choice
c) Selecting the location
d) Setting up infrastructure
4. The development of a new venture based on an inventor's work often requires ________.
a) Expertise of an entrepreneur
b) Heavy investment from financers
c) Skilled human resources
d) Highly educated staff
5. A business where an individual is both the owner and conductor of the business affairs is called__________________.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) None of the above
6. In __________________, the entrepreneur has the right to sell any assets.
a) Proprietorship
b) Partnership
c) Limited Liability Company
d) None of the given options
7. The idea and actions that explain how a firm will make its profits refers to
a) Mission
b) Goal
c) Strategy
d) Objective
8. Entrepreneurs are best as ________________
a) Managers
b) Venture capitalists
c) Planners
d) Doers
9. Entrepreneurs and ventures capitalists:
a) Get along well
b) Are the best friends
c) Are cordial friends
d) Are in conflict
10. _________________ is one method of stimulating, and then capitalizing on, individuals in an organization who think that something can be done differently and better.
a) Strategic Orientation
b) Capitalization
c) Intrapreneurship
d) Management
11. The _______ plan shows whether the business is economically feasible or not.
a. Financial
b. Business c. Economic
d. Marketing
12. In which of the following, the ownership of venture is reflected by ownership of shares of stock?
a) Partnership
b) Limited partnership
c) Corporation
d) Proprietorship
13. Entrepreneurship can best be described as:
a) a process that requires setting up a business
b) taking a significant risk in a business context
c) having a strong vision
d) a process involving innovation, new products or services, and value creation