MGT602 Midterm Solved Papers 2 by ZS Team

MIDTERM EXAMINATION · Spring 2010 · MGT602- Entrepreneurship

Solved by vuZs Team Mehreen Humayun

Time: 60 min Marks: 47

Q1. A typical inventor is usually ________________________. (1 marks)

 Highly creative & in love with the invention

 Does not encourage change  Willing to modify the invention in order to augment commercial benefit

Inventor: An individual who creates something new

Q2. Being one’s own boss is a need of: (1 marks)

 Independence

 Achievement  Affiliation  Authority Need for independence: Being one’s own boss-one of the strongest needs of an entrepreneur.

Q3. The difference between the value of a country’s imports and exports over time is called: (1 marks)

 Deficit exports  Deficit imports

 Balance of debt A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world. These transactions include payments for the country's exports and imports of goods, services, and financial capital, as well as financial transfers.

Q4. A/an ______ is an online connection between the company and its customers. (1 marks)

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 E-Commerce  World Wide Web Website: A website is an online connection between the company and its customers and can be developed in-house or outsourced. There are several important features of every website.

Q5. Which of the following grants protection to owner from anyone else making, using and selling the identified innovation? (1 marks)

 Utility patent

 Design patent  Plant patent  International patent Utility Patents: A utility patent has a term of 17 years, beginning on the date the Patent and Trademark Office (PTO) issues it. The patent grants the owner protection from anyone making, using, and/or selling the invention.

Q6. All of the following are essentials to maintain secrecy, EXCEPT: (1 marks)

 Train employees to refer sensitive questions to one person

 Discuss business in public places

 Provide escorts for all office visitors  Use simple security such as locked file cabinets To maintain secrecy

1. Train employees to refer sensitive questions to one person.
2. Provide escorts for all office visitors.
3. Avoid discussing business in public places.
4. Use simple security such as locked file cabinets and shredders.

Q7. Who should prepare the business plan? (1 marks)

 Entrepreneurs

 Consultants  Engineers  Small business administration services A business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture.

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 PTO

Patents are issued by the Patent and Trademark Office (PTO.)

Q9. The product life cycle starts with which stage of product planning and development process? (1 marks)

 Test marketing stage Product development stage  Commercialization stage

 Product planning and development process is a part of product life cycle

Q10. Developing a new idea through inquiry and testing is called: (1 marks)

 Heuristics  Forced relationship

 Scientific method

 Value analysis

Q11. Which one of the following gives suggestions for new product and also help to market new products? (1 marks)

 Existing products and services

 Distribution channels

 Federal government  Consumers Distribution Channels Because they are familiar with the needs of the market, channel members often have suggestions for new products. These channel members can also help in marketing the new product.

Q12. Trade barriers cause: (1 marks)

 Increase in cost

 Decrease in cost  Increase in profit

Trade barriers increase the costs of exporting projects to a country.

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