Entrepreneurship (MGT 602)
Quiz # 2
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1. Which of the following is NOT recognized an important
component to organizational vision?
a. The vision should be built on a foundation of the organization's
core values and beliefs.
b. The vision should elaborate a purpose for the organization.
c. The vision should include a brief summary of what the
organization does.
d. The vision should specify detailed and short-term goals.
2. Which of the following components of organizational vision
and mission statements tells how the organizational unit is
responsive to societal, community, and environmental issues?
a. Customer
b. Market
c. Self-Concept
d. Concern for public image
3. Which of the following dimensions of organizational culture
describes the degree to which employees are expected to do
their jobs with precision, thorough analysis, and attention to
detail?
a. Innovation and risk-taking
b. Team orientation
c. Aggressiveness
d. Attention to detail
4. Which of the following does NOT represent a method through
which organizational culture is learned?
a. Stories
b. Conflict
c. Rituals
d. Material symbols
5. Which of the following is NOT recognized as an important purpose
of a business plan?
a. Development tool for organizational founders
b. Vision and mission clarification
c. Planning and evaluation guidelines
d. All of the selections are recognized as important purposes of a
business plan.
6. All of the following are recognized as criticisms of planning
EXCEPT:
a. Planning may create rigidity
b. Planning focuses entrepreneurs' attention on tomorrow's
survival but not today's competition
c. Plans can't be developed for a dynamic environment
d. Formal planning reinforces success, which may lead to failure
7. Which of the following is NOT recognized as a major area that
should be included in a business plan?
a. Executive summary
b. Corporate culture differences
c. Analysis of the opportunity
d. Analysis of the context
8. Which of the following does NOT relate to the analysis of
opportunity section of a business plan?
a. Sizing up the market by describing the demographics of the
target market
b. Analyzing current and proposed and governmental rules and
regulations that might potentially have an impact on the
entrepreneurial venture.
c. Describing and evaluating industry trends
d. Identifying and evaluating competitors
9. All of the following are important elements of the financial data
and projections section of a business plan EXCEPT:
a. SWOT analysis
b. Projected income statements
c. Break-even analysis
d. Cost controls
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writing a business plan?
a. Clear, realistic financial projections
b. Detailed market research
c. Brief summary since the investor is more interested in the
details in the business plan.
d. Proof of vision
11. A(n) ___________ is a form of organization in which the owner
maintains complete control over the business and is personally
liable for business debts.
a. Sole proprietorship
b. General partnership
c. corporation 5
d. Limited liability company
12. A(n) _____________ is a form of business organization in which two
or more business owners share the management and risk of the
business
a. Limited liability company
b. General partnership
c. Corporation
d. Sole proprietorship
13. A(n) ____________ is a form of business organization in which
there are general partners and limited liability partners.
a. Sole proprietorship
b. General partnership
c. Limited liability partnership
d. Corporation
14. A(n) ___________ is a legal business entity that is separate from
its owners and managers.
a. Sole proprietorship
b. General partnership
c. Corporation
d. Limited liability company
15. A(n) ____________ is a form of legal protection for a distinctive
word, name, phrase, logo, symbol, design, slogan, or any
combination of these elements.
a. Trademark
b. Patent
c. Contract
d. Procedure
16. Which of the following is NOT one of the three different types of
patents?
a. Utility patent
b. Design patent
c. Plant patent
d. All of the selections if a valid type of patent.
17. Which of the following is recognized as the most common type
of patent?
a. Utility patent
b. Design patent
c. Plant patent
d. Cultural patent
18. All of the following are signals of potential decline in
organizational performance EXCEPT:
a. Poor communication within the organization
b. Intolerance of work incompetence
c. Fear of conflict and taking risks
d. Negative cash flow
19. All of the following are recognized as important people practices
of successful organizations EXCEPT:
a. Employment security
b. Selective hiring
c. Increased status differences
d. Training
20. Which of the following is NOT a characteristic of an effective
team?
a. External support
b. Clear goals
c. Irrelevant skills
d. Mutual trust
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