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Intro to Entreprenuarship

by: Megan Angelo

Intro to Entreprenuarship ENTR-27056-003

Megan Angelo

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About this Document

Exam Questions
Intro to Entrepreneurship
Kipp A. Krukowski (P)
Entrepreneurship, exam, questions
75 ?




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This 2 page Bundle was uploaded by Megan Angelo on Wednesday April 20, 2016. The Bundle belongs to ENTR-27056-003 at Kent State University taught by Kipp A. Krukowski (P) in Spring 2016. Since its upload, it has received 80 views. For similar materials see Intro to Entrepreneurship in Entrepreneurship at Kent State University.

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Date Created: 04/20/16
Exam- A 1.) The advantage of an LCC ad a legal form of bus org is they are less complex to start than a Corp- True 2.) An advantage of partnership as a legal form of bus org is that an indiv can be sued for the full amount- False 3.) An advantage of sole proprietorship of legal form of bus org is that the survival of the bus depends on the survival of the business- False 4.) Choosing the right legal form for your business depends on the legal tax and liability issues – true 5.) Choosing the right legal form for your business depends on an entrep short term intent regarding you decision- False 6.) An advantage of partnership of a legal form of business is that they are almost as easy to start as a sole proprietorship – true 7.) One way to avoid the double layer of taxation associated with corporations is forming the LLC- true 8.) A sole proprietorship can provide the owner with some protection from legal liability – False don’t provide security that the corp gives you 9.) Advantage of corporation is a legal form of business is they provide they shareholders for maximum protection for legal liability – True 10.) All stock owned by a corporation must include voting rights- False 11.) Once an entrep chooses a legal form they cannot change it- False 12.) Non-profit are automatically granted tax exemption- False 13.) The moral code by which we live by and conduct business with is derived by the political and ethical is the definition of - ethics 14.) What creates an S corp by first forming a C corp and file with the IRs- True 15.) For a non- profit- profits cannot be distributed as dividends- true 16.) Non-profit the entrep gives up proprietary interest in the corporation when it is formed – true 17.) A virtual organization is a business without walls – true 18.) A virtual org usually focuses on one core competency- true 19.) It is general advantageous for an entrep to warranty a product to show they are standing behind their product- true 20.) A good warranty protects the company by expressing the claims will be handled and what they will do- true 21.) Company best protection. The customer must sign that they understand the rules of warranty at the time of purchase- true 22.) Code of ethics is written down it is taken more seriously- true 23.) When choosing a cite for manufacture you should consider convenient access to suppliers and distributors –true 24.) A viable alternative to start up entities include incubators- true 25.) Viable alternative for start-up include shared space- true 26.) Viable alternative for start-up include Temporary tenant agreements – true 27.) It is better to have more than one vendor for each resource needed by the company- true 28.) Testing product quality- execute standardize inspections on a surprise bases- true 29.) When considering to manufacture in another country you should consider the weight of the product- true 30.) A critical lesson that entrep have learned about outsourcing overseas is to gradually increase because there will be problems- true 31.) Common leadership trap that entrp experience is isolated themselves from the rest of the start-up team by not keeping the lines open- true 32.) Common leadership – always having the one right answer rather than looking for the best solution- true 33.) Common- includes taking on too much too soon- true 34.) Common- keep the people on board who are not up to the needs of the company- true 35.) Common- setting unrealistic expectations based on not good information- true 36.) Common- not building a support system- true 37.) A good marketing plan creates a good opportunity for entrep to make a sale- true 38.) A key item in a marketing plan includes launch objectives and milestones – true 39.) A key item in a marketing plan – brand strategy- true 40.) A key- strategic alignment of the marketing message with reality – true 41.) A key- way to access the plans effectiveness- true 42.) Dissatisfied customer will tell at least 9 other people true 43.) Complaints – opportune=its for cont. improvement- true 44.) Marketing plan- details – customer awareness- true 45.) Marketing plan- how quick a product can be developed- false- operations 46.) Giving away product to a customer is good when they will be likely to return for a product- true 47.) A break even calculation should be included in the marketing plan- false 48.) Giving away product – makes sense when a customer needs to try it before risking money- true


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