MGT602 Midterm Past Papers by Asif Rasool

Q1. Individuals who help the entrepreneur in business activities are called:

1. Role models
2. Moral support networks
3. Professional support networks (page 25)
4. Business support networks

Correct answer: Professional support networks (page 25)

Q2. Following are the problems in developing the economies EXCEPT:

1. Gap of knowledge
2. Variable rate of return
3. Same communication style( Page No. 29)
4. Different accounting system

Correct answer: Same communication style( Page No. 29)

Q3. Which one the following is the best protection against product liability?

1. Avoid negligence
2. Warn consumers of any potential hazards (Page No. 52)
3. Give warranty
4. Avoid misrepresentation

Correct answer: Warn consumers of any potential hazards (Page No. 52)

Q4. Which one of the following reviews the trends and competitive strategies?

1. Environmental analysis Page No. 57
2. Product forecast
3. Contingency plan
4. Industry analysis

Correct answer: Environmental analysis Page No. 57

Q5. A utility patent has a term of:

1. 10 years
2. 40 years
3. 20 years Page No. 46
4. 80 years

Correct answer: 20 years Page No. 46

Q6. Which of the following body issues patents?

1. Distribution channels (Page No. 38)
2. GATT
3. NAFTA
4. FTA
5. PTO Page No. 46

Q7. Which of the following is a more structured method of problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?

1. Scientific method (Page No. 41)
2. Heuristics
3. Attribute listing
4. Value analysis

Correct answer: Scientific method (Page No. 41)

Q8. Which one of the following gives suggestions for new product and also help to market new products?

1. Existing products and services
2. Federal government
3. Consumers

Q9. GATT is established in 1947, under:

1. German leadership
2. French leadership
3. U.S. leadership
4. U.K. leadership

Correct answer: U.S. leadership

Q10. Factors contribute to the creation of new venture EXCEPT:

1. Government
2. Finance
3. High interest rates
4. Role models

Correct answer: High interest rates

Q11. A foundation company is formed through which of the following?

1. Fashion
2. Most popular business
3. A winding up company
4. Research and development (Page No. 7)

Correct answer: Research and development (Page No. 7)

Q12. Which one of the following is the primary cause of failure in small businesses?

1. Poor financial control
2. Poor location
3. Management mistakes
4. Improper inventory control

Correct answer: Management mistakes

Q13. Which of the following is a fourth step in the entrepreneurial process?

1. Developing successful business ideas
2. Deciding to become an entrepreneur
3. Growing the entrepreneurial firm
4. Moving from an idea to an entrepreneurial firm

Correct answer: Growing the entrepreneurial firm

Q14. Which one of the following is NOT a phase of entrepreneurial process?

1. Identification and evaluation of opportunity
2. Development of business plan
3. Deciding to become an entrepreneur (page 13 and 14)
4. Determination of required resources

Correct answer: Deciding to become an entrepreneur (page 13 and 14)

Q15. Which one of the following is not the entrepreneurial leadership characteristic?

1. Understands environment
2. Encourage the team work
3. Not flexible (page 20)
4. Persistent

Correct answer: Not flexible (page 20)

Q16. Which of the following system is necessary for expansion or elimination of intrapreneurial units?

1. Management (page 19 and 20)
2. Evaluation
3. Reward
4. Training

Correct answer: Management (page 19 and 20)