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Practice Test Chapter 3

Practice Test Chapter 3 - Business 3215 Principles of...

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Business 3215 – Principles of Entrepreneurship Practice Test CHAPTER 3 - Feasibility Analysis MULTIPLE-CHOICE QUESTIONS Feasibility Analysis Answer: E Easy Page: 52 1. __________ is the process of determining if a business idea is viable. A. Industry analysis B. Opportunity recognition C. Probability analysis D. Possibility breakdown E. Feasibility analysis Answer: C Easy Page: 52 2. A(n) __________ analysis is completed to determine if an idea is worth pursuing and to screen ideas before spending resources on them. A. possibility B. achievability C. feasibility D. probability E. opportunity Answer: A Medium Page: 52 3. According to the textbook, which is the proper sequence of events in developing a young, entrepreneurial firm? A. opportunity recognition, feasibility analysis, development of a business plan B. feasibility analysis, opportunity recognition, development of a business plan C. development of a business plan, opportunity recognition, feasibility analysis D. feasibility analysis, development of a business plan, opportunity recognition E. development of a business plan, feasibility analysis, opportunity recognition
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Chapter 3: Feasibility Analysis Answer: D Hard Page: 53 4. One of the “What Went Wrong” features in the book focuses on the development of the satellite phone. Regrettably, Iridium, the company that developed the first satellite phone, filed for bankruptcy in 1999. According to the case, what step in the development of a young entrepreneurial firm did Iridium most likely fall short on? 5. The initial investment made in a firm is referred to as: 6. Meredith Williams is planning to launch a new firm in the fitness industry. She just met an investor, who has agreed to invest $20,000 in her firm. This initial investment in Meredith’s firm is referred to as: 7. A(n) __________ is a resource or capability that serves as a source of a firm’s competitive advantage over its rivals. A. core competency B. seed competency C. fundamental proficiency D. central aptitude E. fundamental talent 2
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Chapter 3: Feasibility Analysis Answer: E Medium Page: 55
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