EEE 2023 Midterm UPDATED Exam
Questions and CORRECT Answers
Which one of the following is NOT an essential quality of an opportunity? - CORRECT
ANSWER It is Profitable
**essential qualities:
-Attrctive
-Timely
-Anchored in a product/service/business that creates or adds value to buyer or end user
-Durable
Which of the following is NOT a social trend that is currently affecting how individuals behave
and set up priorities? - CORRECT ANSWER Passage of the Affordable Care Act
(Obamacare)
**social trend:
-Increased participation in social networks
-Growth in the use of mobile devices
-The increasing diversity of the workforce
-Aging of the population
_________ in the marketplace are a source of business opportunities - CORRECT
ANSWER Gaps
Elon Musk, the founder of the electric car company, Tesla and co-founder of the solar panel
company SolarCity is credited with having a "sixth sense" that allows him to see opportunities
that others miss. This six sense is called ________________ - CORRECT
ANSWER Entrepreneurial alertness
,John and Amy both work in the billings department of Acme Corp. The nature of their job
involves frequent interaction with each other every working day. The tie between John and Amy
is an example of a ______ relevance - CORRECT ANSWER strong-tie
The number one rule for a brainstorming session is that _____________ - CORRECT
ANSWER no criticism is allowed
A popular technique used in classrooms to teach brainstorming is called the __________ report -
CORRECT ANSWER bug
Intuit (which makes Quicken and TurboTac products) routinely sends teams of testers to the
homes and businesses of its users to see how it products are working and to see insight for new
product ideas . Intuit uses _____________- - CORRECT ANSWER day-in-the-life
The term window of opportunity is a metaphor describing the __________ in which a firm can
realistically enter a new market - CORRECT ANSWER time period
Which of the following relationships is more likely to spark a new idea? - CORRECT
ANSWER Weak-time
**NOT:
-strong tie
-network
-frequent
-solo
Which of the following is NOT a key area in feasibility analysis? - CORRECT
ANSWER Entrepreneurial feasibility
**NOT:
,-industry/target market feasibility
-product/service feasibility
-organizational feasibility
-financial feasibility
When you do research by conducting focus groups, you are conducting ____________ research.
A. Archival
B. Secondary
C. Exploitative
D. Tertiary
E. Primary - CORRECT ANSWER E. Primary
A preliminary description of a product or service idea is called a(n) ____________ - CORRECT
ANSWER concept statement
"Click here to buy a Maui vacation" is an example a(n) ___________ - CORRECT
ANSWER landing
Which of the following is NOT a characteristic of an attractive industry? - CORRECT
ANSWER Is concentrated rather than fragmented
**NOT:
-is not crowded
-has high rather than low operating margins
-is young rather than old
-is early rather than fragmented
, Jenny Smith is examining the feasibility of launching a start-up to make an online game for pre-
teen girls. Jenny's __________ market is the limited portion of the industry that it goes after or to
which it wants to appeal. - CORRECT ANSWER target
Delta, United, American, and Southwest are all in the business providing airlines services to
passengers. Together, these firms constitute a(n) ______________- - CORRECT
ANSWER industry
Daisy and aerial, two budding entrepreneurs, are examining the skilled labor pool in the
community where their start-up is to be launched. Daisy and April are determining their venture's
__________ - CORRECT ANSWER resource sufficiency
Micah Johnson, age 22, and Dawn Faircloth, age 21, are assessing the resources of their
educational toys start-up. Which of the following is NOT a typical critical nonfinancial resource
for EduVenture? - CORRECT ANSWER The age of founders
**NOT:
-key support personal
-affordable office space
-manufactuing space
-contract manufacture
If a proposed new venture moves beyond the feasibility analysis stage, it will need to complete
____ financial statements that demonstrate the firm's financial viability for the first 1-3 years of
its existence. - CORRECT ANSWER pro forma
Feasibility Analysis - CORRECT ANSWER the process of determining if a business idea
is viable
___________ research is collected by the person completing the analysis - CORRECT
ANSWER Primary
Questions and CORRECT Answers
Which one of the following is NOT an essential quality of an opportunity? - CORRECT
ANSWER It is Profitable
**essential qualities:
-Attrctive
-Timely
-Anchored in a product/service/business that creates or adds value to buyer or end user
-Durable
Which of the following is NOT a social trend that is currently affecting how individuals behave
and set up priorities? - CORRECT ANSWER Passage of the Affordable Care Act
(Obamacare)
**social trend:
-Increased participation in social networks
-Growth in the use of mobile devices
-The increasing diversity of the workforce
-Aging of the population
_________ in the marketplace are a source of business opportunities - CORRECT
ANSWER Gaps
Elon Musk, the founder of the electric car company, Tesla and co-founder of the solar panel
company SolarCity is credited with having a "sixth sense" that allows him to see opportunities
that others miss. This six sense is called ________________ - CORRECT
ANSWER Entrepreneurial alertness
,John and Amy both work in the billings department of Acme Corp. The nature of their job
involves frequent interaction with each other every working day. The tie between John and Amy
is an example of a ______ relevance - CORRECT ANSWER strong-tie
The number one rule for a brainstorming session is that _____________ - CORRECT
ANSWER no criticism is allowed
A popular technique used in classrooms to teach brainstorming is called the __________ report -
CORRECT ANSWER bug
Intuit (which makes Quicken and TurboTac products) routinely sends teams of testers to the
homes and businesses of its users to see how it products are working and to see insight for new
product ideas . Intuit uses _____________- - CORRECT ANSWER day-in-the-life
The term window of opportunity is a metaphor describing the __________ in which a firm can
realistically enter a new market - CORRECT ANSWER time period
Which of the following relationships is more likely to spark a new idea? - CORRECT
ANSWER Weak-time
**NOT:
-strong tie
-network
-frequent
-solo
Which of the following is NOT a key area in feasibility analysis? - CORRECT
ANSWER Entrepreneurial feasibility
**NOT:
,-industry/target market feasibility
-product/service feasibility
-organizational feasibility
-financial feasibility
When you do research by conducting focus groups, you are conducting ____________ research.
A. Archival
B. Secondary
C. Exploitative
D. Tertiary
E. Primary - CORRECT ANSWER E. Primary
A preliminary description of a product or service idea is called a(n) ____________ - CORRECT
ANSWER concept statement
"Click here to buy a Maui vacation" is an example a(n) ___________ - CORRECT
ANSWER landing
Which of the following is NOT a characteristic of an attractive industry? - CORRECT
ANSWER Is concentrated rather than fragmented
**NOT:
-is not crowded
-has high rather than low operating margins
-is young rather than old
-is early rather than fragmented
, Jenny Smith is examining the feasibility of launching a start-up to make an online game for pre-
teen girls. Jenny's __________ market is the limited portion of the industry that it goes after or to
which it wants to appeal. - CORRECT ANSWER target
Delta, United, American, and Southwest are all in the business providing airlines services to
passengers. Together, these firms constitute a(n) ______________- - CORRECT
ANSWER industry
Daisy and aerial, two budding entrepreneurs, are examining the skilled labor pool in the
community where their start-up is to be launched. Daisy and April are determining their venture's
__________ - CORRECT ANSWER resource sufficiency
Micah Johnson, age 22, and Dawn Faircloth, age 21, are assessing the resources of their
educational toys start-up. Which of the following is NOT a typical critical nonfinancial resource
for EduVenture? - CORRECT ANSWER The age of founders
**NOT:
-key support personal
-affordable office space
-manufactuing space
-contract manufacture
If a proposed new venture moves beyond the feasibility analysis stage, it will need to complete
____ financial statements that demonstrate the firm's financial viability for the first 1-3 years of
its existence. - CORRECT ANSWER pro forma
Feasibility Analysis - CORRECT ANSWER the process of determining if a business idea
is viable
___________ research is collected by the person completing the analysis - CORRECT
ANSWER Primary
