MGT 420 Post-Assessment Exam | Verified Exam Questions and Answers
| Latest Updated Study Material 2026
Question:
Which of the following is not one of the five common myths about entrepreneurs? A)
Entrepreneurs are tenacious. B) Entrepreneurs are moderate risk takers. C) Entrepreneurs should
be young and energetic. D) Entrepreneurs love the spotlight. E) Entrepreneurs are born not made.
Answer:
B
Question:
The number one characteristic shared by successful entrepreneurs is . A) a desire to
achieve financial rewards B) a passion for the business C) a desire to employ other people D) a
desire to fulfill a lifetime dream E) a desire to bring a revolutionary new product or service to
market
Answer:
A
Question:
A B-Corp is a company, which has earned a certification for socially responsible firms.
True
False
Answer:
True
Question:
There are three primary reasons that people become entrepreneurs and start their own firms.
Which of the following is NOT one of those reasons?
a. To be their own boss
b. To pursue their own ideas
c. To realize financial rewards
d. Because they have an propensity to take risks
Answer:
D
,Question:
Entrepreneurs inside is a form of entrepreneurship which can only exist in for-profit businesses.
True
Falsee
Answer:
False
Question:
Which of the following is an accurate characterization of interest in entrepreneurship? A) There
is minimal interest in entrepreneurship across the world. B) There is minimal interest in
entrepreneurship in North America and Europe, but significant interest in Asia and Australia. C)
There is significant interest in entrepreneurship in North America and Europe, but minimal
interest in Asia and Australia. D) While interest in entrepreneurship was once high, it is waning
in popularity across the world. E) There is tremendous interest in entrepreneurship across the
world.
Answer:
E
Question:
According to a Global Entrepreneurship Monitor (GEM) study within the past 7 years, the
majority of people in high-income countries are drawn to entrepreneurship
a. To take advantage of an attractive opportunity
b. Due to lack of career prospects
c. As a result of government incentives
d. Because an important role model was an entrepreneur
e. To gain prestige
Answer:
A
Question:
an individual who indentifies a business idea on his or her own is referred to as a(n)
entrepreneur
a. separate
b. functional
, c. lone
d. solo
Answer:
D
Question:
There are three types of startup firms: . A) lifestyle firms, general firms, and
entrepreneurial firms B) standard-of-living firms, statutory firms, and general firms C)
entrepreneurial firms, standard-of-living firms, and statutory firms D) lifestyle firms, salary-
substitute firms, and entrepreneurial firms E) innovative firms, entrepreneurial firms, and
standard firms
Answer:
D
Question:
The process of creating new products, ventures, processes, or renewal within large organizations
yet carried out by employees working in units separate from organizations who create and test
innovations that are then assimilated back inside the broader organization is considered what
type of entrepreneurship?
a. Family enterprising
b. Corporate entrepreneurship
c. Serial entrepreneurs
d. Social Entrepreneurship
Answer:
B
Question:
If a new firm was launched to help businesses comply with the affordable care act, that
opportunity was created by
a. Changes in economic forces
b. Demographic changes
c. Changes in social forces
d. Changes in technological forces
e. Political actions and regulatory changes
| Latest Updated Study Material 2026
Question:
Which of the following is not one of the five common myths about entrepreneurs? A)
Entrepreneurs are tenacious. B) Entrepreneurs are moderate risk takers. C) Entrepreneurs should
be young and energetic. D) Entrepreneurs love the spotlight. E) Entrepreneurs are born not made.
Answer:
B
Question:
The number one characteristic shared by successful entrepreneurs is . A) a desire to
achieve financial rewards B) a passion for the business C) a desire to employ other people D) a
desire to fulfill a lifetime dream E) a desire to bring a revolutionary new product or service to
market
Answer:
A
Question:
A B-Corp is a company, which has earned a certification for socially responsible firms.
True
False
Answer:
True
Question:
There are three primary reasons that people become entrepreneurs and start their own firms.
Which of the following is NOT one of those reasons?
a. To be their own boss
b. To pursue their own ideas
c. To realize financial rewards
d. Because they have an propensity to take risks
Answer:
D
,Question:
Entrepreneurs inside is a form of entrepreneurship which can only exist in for-profit businesses.
True
Falsee
Answer:
False
Question:
Which of the following is an accurate characterization of interest in entrepreneurship? A) There
is minimal interest in entrepreneurship across the world. B) There is minimal interest in
entrepreneurship in North America and Europe, but significant interest in Asia and Australia. C)
There is significant interest in entrepreneurship in North America and Europe, but minimal
interest in Asia and Australia. D) While interest in entrepreneurship was once high, it is waning
in popularity across the world. E) There is tremendous interest in entrepreneurship across the
world.
Answer:
E
Question:
According to a Global Entrepreneurship Monitor (GEM) study within the past 7 years, the
majority of people in high-income countries are drawn to entrepreneurship
a. To take advantage of an attractive opportunity
b. Due to lack of career prospects
c. As a result of government incentives
d. Because an important role model was an entrepreneur
e. To gain prestige
Answer:
A
Question:
an individual who indentifies a business idea on his or her own is referred to as a(n)
entrepreneur
a. separate
b. functional
, c. lone
d. solo
Answer:
D
Question:
There are three types of startup firms: . A) lifestyle firms, general firms, and
entrepreneurial firms B) standard-of-living firms, statutory firms, and general firms C)
entrepreneurial firms, standard-of-living firms, and statutory firms D) lifestyle firms, salary-
substitute firms, and entrepreneurial firms E) innovative firms, entrepreneurial firms, and
standard firms
Answer:
D
Question:
The process of creating new products, ventures, processes, or renewal within large organizations
yet carried out by employees working in units separate from organizations who create and test
innovations that are then assimilated back inside the broader organization is considered what
type of entrepreneurship?
a. Family enterprising
b. Corporate entrepreneurship
c. Serial entrepreneurs
d. Social Entrepreneurship
Answer:
B
Question:
If a new firm was launched to help businesses comply with the affordable care act, that
opportunity was created by
a. Changes in economic forces
b. Demographic changes
c. Changes in social forces
d. Changes in technological forces
e. Political actions and regulatory changes
