Name
: _____________________________
Student ID : _____________________________
1. What is an Entrepreneur
A. Someone who wants to make lots of money
B. A person who carefully invests time and money into setting up a
business
C. Someone who has no leadership or management skills
D. Someone who likes taking high levels of risk
E. All of the above
2. Define a sole trader
A. Someone who is a director of a business
B. An individual who is responsible for all aspects of a business they
own
C. Two or more people who own and run a business together
D. A member of a team of people who are equally responsible for the
running of a business
3. Define a partnership
A.
B.
C.
D.
Where two or more people share responsibility for a business
Where only one of the partners is responsible for any financial debt
A business that has to publish accounts at company house
Where the law requires a written partnership agreement
4. Market research is important because
A.
B.
C.
D.
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It informs you of the need for your business
It informs you of the price to charge for your product or service
Tells you what type of people are buying your product or service
All of the above
ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL
5. Which statement best describes a business plan?
A. A brief document written just in case someone asks for it
B. A written document that carefully explains every aspect of a business
venture
C. Ideas that you have in your head
D. Information about the business on a website
E. All the above
6. Capital is:
A.
B.
C.
D.
A guarantee that your business will be successful
The amount of profit made from a sale
Money available to invest
The amount it will cost to start a business
7. What is gross profit?
A. The amount you have available to spend
B. The amount you take out as a wage
C. The amount left after the cost of the product has been deducted from
the sale price
D. The amount that is shared between directors
8. What are the advantages of being a sole trader?
A. Simplicity
B. Fewer legal restrictions
C. Full profits
D. All of the above
9. What are the advantages of being a Liability Company?
A.
B.
C.
D.
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Size no barrier
Limited liability
Ease of ownership transfer
All of the above
ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL
10.What has been identified as the primary reasons for a new business
failing within the first year? (choose two correct answers)
A.
B.
C.
D.
Poor cash flow
Higher than expected demand for product or service
Not being able to pay bills
Selling products at a low selling price
11.Why is it important to establish a brand?
A. It provides an identity for your product or service
B. It makes it easier to distinguish your product or service from those of
others
C. It allows you to control how others see your business
D. All of the above
12.What is a mission statement?
A.
B.
C.
D.
A statement about your financial situation
A method of being able to test a product or service
The ability to know when to start your business
A statement of the purpose of a business and its reason(s) for existing
13.What is a sales forecasting?
A. A prediction on what your profit will be on your sales
B. A forecast of what your employee expenditure will be
C. A forecast of sales for a given period based on market research and
previous sales
D. A computer programme to enable you to keep sales records
14.What is the maximum number of employees a Sole Trader can employ?
A.
B.
C.
D.
3
One
Four
124
Unlimited
ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL
15.What is a venture capitalist?
A. A person who provides free advice to a business as an adventure
B. A group of people who can not venture outside, so order their products
online
C. A person who invests in a business, providing capital for a high rate of
return
D. A person who believes that businesses should be non-profit making
E. All of the above
16. According to Barringer (2012), which of these four are environmental
trends are most instrumental in creating a business opportunity?
A.
B.
C.
D.
E.
Economic forces
Social forces
Technological advances
Political and regulatory Changes
All of the above
17.Which of these according to Scarborough (2012) describes a Limited
partnership
A. A for-profit business jointly owned and operated by two or more
people
B. A non-profit making business
C. One general partner and one or more partners with limited liability and
no right of management
D. An artificial legal entity
18.According to Barringer and Ireland (2012), what are the characteristics of
an entrepreneur?
A. A person who has money to invest and time on available to them
B. Someone who has been made redundant and has nothing better to do
C. Someone with prior experience, cognitive factors, creativity, and
social networks
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ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL
D. Someone who is willing to take high levels of risk and prepared to
lose everything
19.According to Barringer and Ireland (2012), identify two of the steps in
generating creative ideas (choose two correct answers)
A.
B.
C.
D.
Ability to be a good leader
Insight, recognition to a problem or situation
Incubation, where consideration is given to an idea
Ability to be a good leader and manager
20.According to Wickham (2006), what is a pricing strategy?
A. The route to which the product will be delivered to the customer
B. The approaches to informing the customer of the price of the product
C. How the product will be priced relative to competitors and the means
of establishing the price
D. All of the above
21.What according to Reeves (1961) defines a Unique Selling Point
A.
B.
C.
D.
E.
Buy this product and you will get this special benefit
Buy this product you know you need it
Unusual and Strict Payment
Undersold, short supply and profitable
All of the above
22.Stakeholders for a business can be defined as
A. Any individual(s) or group(s) having an interest in the activities or
performance of a business
B. An individual(s) who have only invested money into the business for a
return of the profits
C. Customer(s) who are complaining that the cost of the products are too
high
D. Employees who believe they should receive a percentage of the profits
at the end of the year
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ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL
E. All of the above
23.Gibb (2010) identified which of the following skills as those of an
entrepreneur.
A. Being able to add value
B. Negotiating
C. When to listen
D. Problem solving
E. All of the above
24. According to Arthur Koestler, _______ can be defined as acting that
placed two unrelated items together …something that disrupts the
conventional view.
A.
B.
C.
D.
Curiosity
Tradition
Creativity
Self reliance
25.All the following are alternatives to foster a culture of creativity,
EXCEPT:
A. Empowerment
B. Penalties for failure
C. Freedom to fail
D. Delegated responsibility
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ROSLIANA BINTI AHMAD RAZILAN| FTMS BUKIT JALIL