ENTP 3301 Exam 2 Questions With Correct
Answers
Importance |of |entrepreneurship |to |the |economy |- |CORRECT |ANSWER✔✔-Entrepreneurs |can |
change |the |way |we |live |and |work. |If |successful, |their |innovations |may |improve |our |standard |
of |living, |and |in |addition |to |creating |wealth |with |their |entrepreneurial |ventures, |they |also |
create |jobs |and |the |conditions |for |a |prosperous |society.
Entrepreneurial |characteristics |- |CORRECT |ANSWER✔✔-Motivation, |Creativity, |Persuasiveness, |
Vision, |Versatility, |Risk |tolerance, |Flexibility, |Decisiveness, |Collaboration
Sole |Proprietorship |- |CORRECT |ANSWER✔✔-A |business |owned |by |one |person
General |Partnership |- |CORRECT |ANSWER✔✔-partnership |in |which |partners |share |equally |in |
both |responsibility |and |liability
Franchise |- |CORRECT |ANSWER✔✔-A |business |established |or |operated |under |an |authorization |
to |sell |or |distribute |a |company's |goods |or |services |in |a |particular |area
Limited |partnerships |and |limited |liability |partnerships |(LLP) |- |CORRECT |ANSWER✔✔-Limited |
liability |partnerships, |are |partnerships |for |legal |and |income |tax |purposes, |liable |only |for |
commercial |debt |and |their |own |malpractice, |not |partners
Limited |Liability |Company |(LLC) |- |CORRECT |ANSWER✔✔-a |corporate |structure |whereby |the |
members |of |the |company |are |not |personally |liable |for |the |company's |debts |or |liabilities
C |corporation |- |CORRECT |ANSWER✔✔-The |most |common |type |of |corporation, |which |is |a |legal
|business |entity |that |offers |limited |liability |to |all |of |its |owners, |who |are |called |stockholders
, S |corporation |- |CORRECT |ANSWER✔✔-A |unique |government |creation |that |looks |like |a |
corporation |but |is |taxed |like |sole |proprietorship |and |partnerships
Creativity |and |creativity |techniques |- |CORRECT |ANSWER✔✔-methods |that |encourage |creative |
actions, |whether |in |the |arts |or |sciences. |They |focus |on |a |variety |of |aspects |of |creativity, |
including |techniques |for |idea |generation |and |divergent |thinking, |methods |of |re-framing |
problems, |changes |in |the |affective |environment |and |so |on. |They |can |be |used |as |part |of |
problem |solving, |artistic |expression, |or |therapy.
Some |techniques |require |groups |of |two |or |more |people |while |other |techniques |can |be |
accomplished |alone. |These |methods |include |word |games, |written |exercises |and |different |types
|of |improvisation, |or |algorithms |for |approaching |problems. |Aleatory |techniques |exploiting |
randomness |are |also |common.
Causal |and |effectual |thought |process |- |CORRECT |ANSWER✔✔-Causal |thinking |and |effectual |
thinking |are |two |different, |innate |styles |of |thought |that |are |particularly |applicable |to |business |
owners. |Causal |thinkers |start |with |a |goal, |and |they |take |stock |of |the |materials |and |means |
available |to |them, |and |then |develop |and |carry |out |a |step-by-step |plan |to |achieve |that |goal. |
Effectual |thinkers |work |more |fluidly, |beginning |with |what |they |have |at |present, |such |as |ideas, |
personal |strengths |and |materials |at |hand, |and |then |work |by |combining |the |elements |available
|to |them |and |adjusting |their |plans |as |they |progress. |Effectual |thinkers |don't |begin |with |clearly-
defined |goal; |rather, |they |allow |the |goal |to |emerge |organically |out |of |the |process. |Causal |
thinking, |which |is |taught |in |business |schools |and |other |disciplines, |is |familiar |to |most |of |us. |
Effectual |thinking, |on |the |other |hand, |defines |the |realm |of |the |entrepreneur.
Cognitive |Adaptability |- |CORRECT |ANSWER✔✔-describes |the |extent |to |which |entrepreneurs |
are |dynamic, |flexible, |self-regulating, |and |engaged |in |the |process |of |generating |multiple |
decision |frameworks |focused |on |sensing |and |processing |changes |in |their |environments |and |
then |acting |on |them
Intellectual |Property |(IP) |- |CORRECT |ANSWER✔✔-a |category |of |property |that |includes |
intangible |creations |of |the |human |intellect, |and |primarily |encompasses |copyrights, |patents, |
Answers
Importance |of |entrepreneurship |to |the |economy |- |CORRECT |ANSWER✔✔-Entrepreneurs |can |
change |the |way |we |live |and |work. |If |successful, |their |innovations |may |improve |our |standard |
of |living, |and |in |addition |to |creating |wealth |with |their |entrepreneurial |ventures, |they |also |
create |jobs |and |the |conditions |for |a |prosperous |society.
Entrepreneurial |characteristics |- |CORRECT |ANSWER✔✔-Motivation, |Creativity, |Persuasiveness, |
Vision, |Versatility, |Risk |tolerance, |Flexibility, |Decisiveness, |Collaboration
Sole |Proprietorship |- |CORRECT |ANSWER✔✔-A |business |owned |by |one |person
General |Partnership |- |CORRECT |ANSWER✔✔-partnership |in |which |partners |share |equally |in |
both |responsibility |and |liability
Franchise |- |CORRECT |ANSWER✔✔-A |business |established |or |operated |under |an |authorization |
to |sell |or |distribute |a |company's |goods |or |services |in |a |particular |area
Limited |partnerships |and |limited |liability |partnerships |(LLP) |- |CORRECT |ANSWER✔✔-Limited |
liability |partnerships, |are |partnerships |for |legal |and |income |tax |purposes, |liable |only |for |
commercial |debt |and |their |own |malpractice, |not |partners
Limited |Liability |Company |(LLC) |- |CORRECT |ANSWER✔✔-a |corporate |structure |whereby |the |
members |of |the |company |are |not |personally |liable |for |the |company's |debts |or |liabilities
C |corporation |- |CORRECT |ANSWER✔✔-The |most |common |type |of |corporation, |which |is |a |legal
|business |entity |that |offers |limited |liability |to |all |of |its |owners, |who |are |called |stockholders
, S |corporation |- |CORRECT |ANSWER✔✔-A |unique |government |creation |that |looks |like |a |
corporation |but |is |taxed |like |sole |proprietorship |and |partnerships
Creativity |and |creativity |techniques |- |CORRECT |ANSWER✔✔-methods |that |encourage |creative |
actions, |whether |in |the |arts |or |sciences. |They |focus |on |a |variety |of |aspects |of |creativity, |
including |techniques |for |idea |generation |and |divergent |thinking, |methods |of |re-framing |
problems, |changes |in |the |affective |environment |and |so |on. |They |can |be |used |as |part |of |
problem |solving, |artistic |expression, |or |therapy.
Some |techniques |require |groups |of |two |or |more |people |while |other |techniques |can |be |
accomplished |alone. |These |methods |include |word |games, |written |exercises |and |different |types
|of |improvisation, |or |algorithms |for |approaching |problems. |Aleatory |techniques |exploiting |
randomness |are |also |common.
Causal |and |effectual |thought |process |- |CORRECT |ANSWER✔✔-Causal |thinking |and |effectual |
thinking |are |two |different, |innate |styles |of |thought |that |are |particularly |applicable |to |business |
owners. |Causal |thinkers |start |with |a |goal, |and |they |take |stock |of |the |materials |and |means |
available |to |them, |and |then |develop |and |carry |out |a |step-by-step |plan |to |achieve |that |goal. |
Effectual |thinkers |work |more |fluidly, |beginning |with |what |they |have |at |present, |such |as |ideas, |
personal |strengths |and |materials |at |hand, |and |then |work |by |combining |the |elements |available
|to |them |and |adjusting |their |plans |as |they |progress. |Effectual |thinkers |don't |begin |with |clearly-
defined |goal; |rather, |they |allow |the |goal |to |emerge |organically |out |of |the |process. |Causal |
thinking, |which |is |taught |in |business |schools |and |other |disciplines, |is |familiar |to |most |of |us. |
Effectual |thinking, |on |the |other |hand, |defines |the |realm |of |the |entrepreneur.
Cognitive |Adaptability |- |CORRECT |ANSWER✔✔-describes |the |extent |to |which |entrepreneurs |
are |dynamic, |flexible, |self-regulating, |and |engaged |in |the |process |of |generating |multiple |
decision |frameworks |focused |on |sensing |and |processing |changes |in |their |environments |and |
then |acting |on |them
Intellectual |Property |(IP) |- |CORRECT |ANSWER✔✔-a |category |of |property |that |includes |
intangible |creations |of |the |human |intellect, |and |primarily |encompasses |copyrights, |patents, |
