EEE Exam 1 Questions with All
Correct Answers
According to the American Express OPEN study in 2016, women-owned businesses
employed nearly ____ people. - Answer-9 million
Women-owned business made up more than 60 percent of the total in the _____ sector.
- Answer-health care and social assistance
According to the Minority Business Development Agency, in 2012 the average gross
receipts for minority-owned firms was $ ______. - Answer-58,119
The process of developing new products and technologies that over time make current
products and technologies obsolete is called ______. - Answer-creative destruction
IKEA launched a new retail format in the furniture industry. This is an example of
________. - Answer-creative destruction
Bar-code scanner technology and the Internet have made it easier for companies to
track the purchasing behavior of their customers, a fact that raises _______ concerns. -
Answer-privacy
The process of creative destruction can include ____. - Answer-new pricing
_____ is the process of creating something new, which is central to the entrepreneurial
process. - Answer-innovation
Value creation and value capture are parts of a firm's ________. - Answer-business
model
It is usually necessary to have a written _____ to raise money and attract high-quality
business partners. - Answer-business plan
Losing a job is an example of a(n) ______ event. - Answer-triggering
Usually, a(n) _____ prompts an individual to become an entrepreneur. - Answer-
triggering event
A firm's ____ is its plan or recipe for how it creates, delivers, and captures value for its
stakeholders. - Answer-business model
, In a class project, Leah Jones, showed her group her ability to evaluate various
potential opportunities to determine if any of them could become viable businesses. The
skill that Leah has is ________. - Answer-critical thinking
Which of the following is not an "employability skill" that is critical to personal success
within organizational settings? - Answer-creative obstruction
A(n) _____ is a favorable set of circumstances that creates a need for a new product,
service, or business. - Answer-opportunity
Entrepreneurship is defined as the process by which individuals pursue opportunities
without regard to _____ they currently control for the purpose of exploiting future goods
and services. - Answer-resources
The word "entrepreneur" was originally used to describe people who "_______"
between buyers and sellers. - Answer-take on risks
Established firms with an orientation toward acting entrepreneurially practice _______. -
Answer-corporate entrepreneurship
a ______ creates something new - Answer-inventor
An entrepreneur assembles and then integrates all the resources needed to transform
an invention into a viable business. Which of the following is NOT a resource
assembled by an entrepreneur? - Answer-confidence
3M, a company with more than $30 billion in revenues in 2016, encourages its
employees to constantly look for business opportunities in terms of future goods and
services. What 3M is doing is called _____. - Answer-corporate entrepreneurship
________ firms often resist innovation - Answer-established
The most common reason why people become entrepreneurs is to: - Answer-be their
own boss
Entrepreneurial firms are typically ____ innovators. - Answer-proactive
Some entrepreneurs transition from a traditional job to owning their own business more
gradually by starting their business ___ to begin with. - Answer-part-time
The litmus test for entrepreneurs is their ability to persevere through _______. -
Answer-setbacks and failures
The two most important elements in any business are ________. - Answer-products
and customers
Correct Answers
According to the American Express OPEN study in 2016, women-owned businesses
employed nearly ____ people. - Answer-9 million
Women-owned business made up more than 60 percent of the total in the _____ sector.
- Answer-health care and social assistance
According to the Minority Business Development Agency, in 2012 the average gross
receipts for minority-owned firms was $ ______. - Answer-58,119
The process of developing new products and technologies that over time make current
products and technologies obsolete is called ______. - Answer-creative destruction
IKEA launched a new retail format in the furniture industry. This is an example of
________. - Answer-creative destruction
Bar-code scanner technology and the Internet have made it easier for companies to
track the purchasing behavior of their customers, a fact that raises _______ concerns. -
Answer-privacy
The process of creative destruction can include ____. - Answer-new pricing
_____ is the process of creating something new, which is central to the entrepreneurial
process. - Answer-innovation
Value creation and value capture are parts of a firm's ________. - Answer-business
model
It is usually necessary to have a written _____ to raise money and attract high-quality
business partners. - Answer-business plan
Losing a job is an example of a(n) ______ event. - Answer-triggering
Usually, a(n) _____ prompts an individual to become an entrepreneur. - Answer-
triggering event
A firm's ____ is its plan or recipe for how it creates, delivers, and captures value for its
stakeholders. - Answer-business model
, In a class project, Leah Jones, showed her group her ability to evaluate various
potential opportunities to determine if any of them could become viable businesses. The
skill that Leah has is ________. - Answer-critical thinking
Which of the following is not an "employability skill" that is critical to personal success
within organizational settings? - Answer-creative obstruction
A(n) _____ is a favorable set of circumstances that creates a need for a new product,
service, or business. - Answer-opportunity
Entrepreneurship is defined as the process by which individuals pursue opportunities
without regard to _____ they currently control for the purpose of exploiting future goods
and services. - Answer-resources
The word "entrepreneur" was originally used to describe people who "_______"
between buyers and sellers. - Answer-take on risks
Established firms with an orientation toward acting entrepreneurially practice _______. -
Answer-corporate entrepreneurship
a ______ creates something new - Answer-inventor
An entrepreneur assembles and then integrates all the resources needed to transform
an invention into a viable business. Which of the following is NOT a resource
assembled by an entrepreneur? - Answer-confidence
3M, a company with more than $30 billion in revenues in 2016, encourages its
employees to constantly look for business opportunities in terms of future goods and
services. What 3M is doing is called _____. - Answer-corporate entrepreneurship
________ firms often resist innovation - Answer-established
The most common reason why people become entrepreneurs is to: - Answer-be their
own boss
Entrepreneurial firms are typically ____ innovators. - Answer-proactive
Some entrepreneurs transition from a traditional job to owning their own business more
gradually by starting their business ___ to begin with. - Answer-part-time
The litmus test for entrepreneurs is their ability to persevere through _______. -
Answer-setbacks and failures
The two most important elements in any business are ________. - Answer-products
and customers
