ICT3642 - Assignment 1 exam test
with correct answers
A novice entrepreneur can become a habitual entrepreneur after owning a
business for three years. (T/F) - ----------correct answer---------True Brain
sketching is a spontaneous group discussion to produce ideas and find ways
of solving problems. (T/F) - ----------correct answer---------False Entrepreneurs
are change agents who work to make life easier for the people they cater for.
(T/F) - ----------correct answer---------True Entrepreneurship is the capacity and
willingness to create, develop and manage a business venture in order to
make a loss. (T/F) - ----------correct answer---------False Information problems
are about obtaining information, and making information available to others in
a concise and understandable format. (T/F) - ----------correct answer---------
True Necessity entrepreneurs have relative low levels of business risks. (T/F)
- ----------correct answer---------True Self-interest was, and still is, a defining
force in economic prosperity. (T/F) - ----------correct answer---------True
Solving specific problems is the key component of entrepreneurship (T/F)
(pg109) - ----------correct answer---------True SWOT analysis is best
understood through not only listing, but also interpreting the? (pg139) - ---------
-correct answer---------Internal focus on strengths and weaknesses and
external focus on opportunities and threats. The ability to solve problems
creatively is a key characteristic of an effective entrepreneur. (T/F) - ----------
correct answer---------True The elevator pitch is a generic term for making a
long presentation (a complete business plan) to potential buyers. (T/F) (pg147)
- ----------correct answer---------False The main reasons for changing from one
form of business ownership to another is? (pg223) - ----------correct answer----
-----Tax, growth and record-keeping Change in management and ownership
Operational reasons Economic downturn or downsizing (All of the above. is
the correct answer) Trusts are typically established for which individuals? - ----
------correct answer---------Minors, People who cannot take care of their own
affairs, People with indivisible assets, People who want to save on tax, People
whose assets grow faster than inflation, People with a complex family
composition, People who want to protect their assets (All of the above) What
should be added to a company's name that is registered as a personal liability
company? - ----------correct answer---------Inc or Incorporated Which
entrepreneurial traits is considered the most important for entrepreneurs to
possess? - ----------correct answer---------Enthusiastic, daring, effective worker,
dynamic, savvy, economical, strategic, personable, realistic and reflective.
Which of the statements below best describe a serial entrepreneur? - ----------
correct answer---------The entrepreneur sold or closed their original business
and bought or created a new business. Which statement best describe the
two types of legal personalities in SA? (pg196) - ----------correct answer---------
Natural being (human being) and juristic person (company) Why are business
plans important? - ----------correct answer---------Planning tool used to assist
with focus on correct areas and measurement of expected performance.
Workpiece problems refer to the creation and use of rules to achieve specific
results. (T/F) (pg115) - ----------correct answer---------FALSE, refer to the
with correct answers
A novice entrepreneur can become a habitual entrepreneur after owning a
business for three years. (T/F) - ----------correct answer---------True Brain
sketching is a spontaneous group discussion to produce ideas and find ways
of solving problems. (T/F) - ----------correct answer---------False Entrepreneurs
are change agents who work to make life easier for the people they cater for.
(T/F) - ----------correct answer---------True Entrepreneurship is the capacity and
willingness to create, develop and manage a business venture in order to
make a loss. (T/F) - ----------correct answer---------False Information problems
are about obtaining information, and making information available to others in
a concise and understandable format. (T/F) - ----------correct answer---------
True Necessity entrepreneurs have relative low levels of business risks. (T/F)
- ----------correct answer---------True Self-interest was, and still is, a defining
force in economic prosperity. (T/F) - ----------correct answer---------True
Solving specific problems is the key component of entrepreneurship (T/F)
(pg109) - ----------correct answer---------True SWOT analysis is best
understood through not only listing, but also interpreting the? (pg139) - ---------
-correct answer---------Internal focus on strengths and weaknesses and
external focus on opportunities and threats. The ability to solve problems
creatively is a key characteristic of an effective entrepreneur. (T/F) - ----------
correct answer---------True The elevator pitch is a generic term for making a
long presentation (a complete business plan) to potential buyers. (T/F) (pg147)
- ----------correct answer---------False The main reasons for changing from one
form of business ownership to another is? (pg223) - ----------correct answer----
-----Tax, growth and record-keeping Change in management and ownership
Operational reasons Economic downturn or downsizing (All of the above. is
the correct answer) Trusts are typically established for which individuals? - ----
------correct answer---------Minors, People who cannot take care of their own
affairs, People with indivisible assets, People who want to save on tax, People
whose assets grow faster than inflation, People with a complex family
composition, People who want to protect their assets (All of the above) What
should be added to a company's name that is registered as a personal liability
company? - ----------correct answer---------Inc or Incorporated Which
entrepreneurial traits is considered the most important for entrepreneurs to
possess? - ----------correct answer---------Enthusiastic, daring, effective worker,
dynamic, savvy, economical, strategic, personable, realistic and reflective.
Which of the statements below best describe a serial entrepreneur? - ----------
correct answer---------The entrepreneur sold or closed their original business
and bought or created a new business. Which statement best describe the
two types of legal personalities in SA? (pg196) - ----------correct answer---------
Natural being (human being) and juristic person (company) Why are business
plans important? - ----------correct answer---------Planning tool used to assist
with focus on correct areas and measurement of expected performance.
Workpiece problems refer to the creation and use of rules to achieve specific
results. (T/F) (pg115) - ----------correct answer---------FALSE, refer to the
