MGT602 Midterm Solved Papers with References

MGT602 8 Midterm Papers Solved With Reference · Solved By Honey G · Paper No. 01 · Mid Term Paper 2010 · MGT602 Entrepreneurship · Solved By Honey G <abdulhaiee2004 >

Q1. ( Marks: 1 )

Individuals who help the entrepreneur in business activities are called:

1. Role models
2. Moral support networks
3. Professional support networks
4. Business support networks

Correct answer: Professional support networks

Ref: Professional-support network

Individuals who help the entrepreneur in business activities (Handouts Page No. 25)

Q2. ( Marks: 1 )

Following are the problems in developing the economies EXCEPT:

1. Gap of knowledge
2. Variable rate of return
3. Same communication style
4. Different accounting system

Correct answer: Same communication style

Ref: There are still many Difficulties in doing business in developing and transition economies due to: a. Gaps in the knowledge of the Western system regarding business plans, marketing and profits b. Widely variable rates of return. c. Non-convertibility of the ruble. d. Differences in the accounting system. e. Nightmarish communications.

Q3. ( Marks: 1 )

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

1. Avoid negligence
2. Warn consumers of any potential hazards
3. Give warranty
4. Avoid misrepresentation

Correct answer: Warn consumers of any potential hazards

Ref: The best protection against product liability is to produce safe products and to warn consumers of any potential hazards. (Handouts Page No. 52)

Q4. ( Marks: 1 )

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

1. Environmental analysis
2. Product forecast
3. Contingency plan
4. Industry analysis

Correct answer: Environmental analysis

Ref: The entrepreneur should first conduct an environmental analysis to identify trends and changes occurring on a national and international level that may impact the new venture (Handouts Page No. 57)

Q5. ( Marks: 1 )

A utility patent has a term of:

1. 10 years
2. 40 years
3. 20 years
4. 80 years

Correct answer: 20 years

Ref: NAFTA (North American Free Trade Agreement) establishes a minimum period of 20 years from the date of filing or 17 years from the date of the grant

Q6. (Marks: 1)

Which of the following body issues patents?

1. GATT
2. NAFTA
3. FTA
4. PTO

Correct answer: PTO

Ref: Patents are issued by the Patent and Trademark Office (PTO.) (Handouts Page No.

47)

Q7. (Marks: 1)

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
2. Heuristics
3. Attribute listing
4. Value analysis

Correct answer: Scientific method

Ref: Scientific method

This is a more structured method of problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis. (Handouts page No. 41)

Q8. (Marks: 1 )

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

1. Existing products and services
2. Distribution channels
3. Federal government
4. Consumers

Correct answer: Distribution channels

Ref: Because they are familiar with the needs of the market, channel members often have suggestions for new products. (Handouts Page No. 38)

Q9. (Marks: 1)

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

Ref:

+Agreement+on+Tariffs+and+Trade+(GATT)+was+established+in+1947+under+which +leadership&source=bl&ots=7LNJTQWoca&sig=FDevIuxy1BUcsV0NudSCl9u_uHY& hl=en&ei=ksvqTMHOEMPKswbmpqmQCQ&sa=X&oi=book_result&ct=result&resnum =3&ved=0CCMQ6AEwAg#v=onepage&q=General%20Agreement%20on%20Tariffs%2 0and%20Trade%20(GATT)%20was%20established%20in%201947%20under%20which %20leadership&f=false

Q10. (Marks: 1)

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. (Marks: 1)

A foundation company is formed through which of the following?

1. Fashion
2. Most popular business