Professor Tepfer's courses - ProfessorTepfer

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Manhattan Institute of ManagementEntrepreneurshipMidterm reviewProfessor Jerry TepferMay, 20111.?Major parts of the business plan include all of the following except:?A.?Risk and Return AssessmentB.?Marketing PlanC.?Financial PlanD.?Description of Business?2.?Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:?A.?Strategic questionsB.?Connection tasksC.?Reflection tasksD.?Comprehension questions?3.?New products with significant technological advancement are known as:?A.?technological innovationsB.?ordinary innovationsC.?breakthrough innovationsD.?scientific innovations?4.?Motivation to launch a new venture can arise from all of the following except:?A.?lack of prior experience.B.?boredom.C.?a lack of challenge.D.?frustration.?5.?As the venture becomes established and starts growing, which of the following types of experience becomes increasingly important??A.?TechnicalB.?FinancingC.?ManagerialD.?Marketing?6.?Entrepreneurial culture and growth orientation consists of all of the following except:?A.?encouraging employees to generate ideas.B.?focusing on opportunities.C.?the desire to grow at a slow and controlled pace.D.?being creative.?7.?A new entry includes all of the following except:?A.?Offering a new product to a new marketB.?Offering an established product to an new marketC.?Creating a new product development process for your companyD.?Creating a new organization?8.?Regarding entry into a new market, which of the following is(are) true??A.?First movers gain expertise through participation.B.?First movers are not able to detect changes in the market.C.?First movers suffer a cost disadvantage.D.?First movers face more competitive rivalry.?9.?First movers face:?A.?market rigidities.B.?high entry barriers.C.?cost disadvantages.D.?demand uncertainty.?10.?By being first to market a product, the venture:?A.?can tends to lose customer loyalties to late entrants.B.?loses out to switching costs.C.?secures access to important sources of supply.D.?can sell its products and services at a higher price.?11.?_____ refers to the probability, and magnitude, of downside loss.?A.?RewardB.?RiskC.?Liability of newnessD.?Technology error?12.?A ______ strategy that copies products that already exist and attempts to build an advantage through minor variations.?A.?technologicalB.?narrow scopeC.?me-tooD.?broad scope?13.?The stage in the product planning and development process in which actual sales results are available is the:?A.?idea stage.B.?concept stage.C.?product development stage.D.?test marketing stage.?14.?What term describes the practice of paying for goods indirectly through another source??A.?LicensingB.?BarterC.?PromotionD.?Exporting?15.?Which among the following influences whether customers are able to use the good or service properly and whether they are able to understand the firm's advertising or other promotional messages??A.?Political philosophyB.?ReligionC.?Manners and customsD.?Education?16.?A _________ is a contract between the government and an inventor.?A.?patentB.?franchiseC.?trademarkD.?trade secret?17.?Which of the following statements is (are) not true??A.?A trademark may be a word, slogan, symbol, design or particular sound.B.?Unlike a patent, trademark does not last indefinitely.C.?It is possible to file for a trademark if you intend to use this mark in the future.D.?There are four categories of trademarks.?18.?Which government office is responsible for the federal registration of trademarks??A.?U.S. Trademark ServicesB.?Local Chambers of CommerceC.?Patent and Trademark OfficeD.?Internal Revenue Service?19.?Entrepreneurs should purchase insurance?A.?to prevent problems.B.?before problems occur.C.?after problems occur.D.?only if they engage in international trade.?20.?What type of insurance would cover fire or burglary damage??A.?PropertyB.?BondingC.?LifeD.?Workers' Compensation?21.?Which of the following interested parties should not have access to the venture's business plan??A.?CompetitorsB.?LendersC.?InvestorsD.?Suppliers?22.?The executive summary section should:?A.?be prepared before the total plan is written.B.?be about two to three pages in length.C.?highlight key financial milestones that have been achieved.D.?try to summarize every section of the plan.?23.?If the new venture is a manufacturing operation a(n) __________ in the business plan is necessary.?A.?ownership planB.?quality control planC.?production planD.?partnership agreement?24.?Which of the following documents is not usually included in the Financial Plan??A.?Statement of cash flowsB.?Income statementC.?Price lists from suppliersD.?Projected balance sheet?25.?The market size and the length of the window of opportunity are the primary bases for determining risks and rewards.?True????False?26.?Entrepreneurs must often make decisions in highly uncertain environments where there is considerable emotional investment.?True????False?27.?An entrepreneur typically learns more from failures than from successes.?True????False?28.?The process for developing and commercializing an innovation is known as the product-evolution process.?True????False?29.?Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky.?True????False?30.?Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.?True????False?31.?Clients and buyers are particularly important to include in your network because they can provide word-of-mouth advertising.?True????False?32.?Most managers in a corporation are capable of being successful corporate entrepreneurs with the correct training.?True????False?33.?An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.?True????False?34.?The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity.?True????False?35.?First movers can monitor changes in the market that might be difficult or impossible to detect for those firms not participating in the market.?True????False?36.?Customers always embrace change in products and services.?True????False?37.?A "me-too" strategy consists of copying products that already exist and attempting to build an advantage through minor variations.?True????False?38.?Brainstorming is an unstructured process used for generating possible ideas about a problem within a limited time frame through the spontaneous contributions of participants.?True????False?39.?Nanotechnology would be classified as a breakthrough technology.?True????False?40.?The U.S. Chamber of Commerce and Small Business Development Centers are good places to get information and assistance in starting a new business.?True????False?41.?International entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries.?True????False?42.?A provisional patent application can be used to establish the date of conception of the invention.?True????False?43.?Licensing a trademark generally involves a franchising agreement.?True????False?44.?The business plan addresses only short term decision making.?True????False?45.?The business plan does not help an entrepreneur to obtain financing.?True????False?46.?A new entry can be either offering a new product to a new market or creating a new organization.?True????False?47.?When the window of opportunity is open, the environment is unfavorable for entrepreneurs to exploit a new product or enter a new market with an existing product.?True????False?48.?The assessment of a new entry attractiveness is less about whether this opportunity "really" exists or not and more about whether the entrepreneur believes he or she can make it work.?True????False?49.?If the total fixed costs are $850,000, the sale price is $110 and the variable cost per unit is 25, what is the breakeven volume??A.?17,000B.?10,000C.?7,000D.?1,000?50.? An entrepreneur is trying to conduct a break-even analysis. Each product will sell for a price of $19.95. The entrepreneur has estimated the following costs: A. Rent $1000 per month B. Direct labor per unit will be $3 per unit C. Salaries will be $500 per week D. Raw materials will cost $1 per unit Calculate the monthly breakeven point ................
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