WEEK 4 KNOWLEDGE CHECK
1.
Which of the following best defines the entrepreneurship process?
A. Providing both direct and indirect services
to customers
B. Using IT to assemble materials into the
final product
C. Acquiring and combining resources to
create goods or services for customers to
buy.
D. Exchanging or selling services to other
companies
Correct!
The correct answer is: C. The main role of the entrepreneur
is to provide the vision and resources to create goods. The
other activities listed are typically the role of employees.
2.
How do managers help the company’s stakeholders?
A. Assisting customers with their purchases
B. Assembling materials into finished
products
C. Providing financing to grow the business
D. Creating profitable goods and services
, Correct!
The correct answer is: D. Managers are employees hired by
business owners to “use their resources to create profitable
goods and services” (Jones, 2007, p. 74).
3.
What is a difference between an employee and a manager?
A. Employees are responsible for providing
vision and leadership
B. Employees hold each other accountable
for success of the business
C. Employees have decision making
authority over the organization’s
resources
D. Employees perform the many jobs to
make, facilitate, and sell a product
Correct!
The correct answer is: D. Employees perform “the many jobs
necessary to make and sell a product” (Jones, 2007, p.
82).The main difference between managers and employees
is that employees provide direct work for the business,
rather than the leadership and oversight of resources.
4.
Jones (2007) describes a three-stage business plan used by
managers. Which of the following is one of the stages?
A. Assembling raw materials into finished
products
B. Calling customers to sell products
C. Answering questions about products from
customers
, D. Selecting goals and targets for team
members
Correct!
The correct answer is: D. The stages in the planning
process are: choosing which business model to pursue,
deciding how to allocate resources, and selecting goals and
targets that measure efficiency (Jones, 2007 p. 79).
Concept: Three Forms of Opportunity
Concepts Mastery Questions
5 6 7
Three Forms of 100%
Opportunity
5.
When an entrepreneur uses advancing technology to find a new way
to make or supply a product, the entrepreneur utilizes which of the
following opportunities?
A. Capitalistic
B. Occupational
C. Organizational
D. Commercial
Correct!
The correct answer is: D. Finding a new way to make or
supply a product is an example of a commercial opportunity.
“Another form of commercial opportunity is when
1.
Which of the following best defines the entrepreneurship process?
A. Providing both direct and indirect services
to customers
B. Using IT to assemble materials into the
final product
C. Acquiring and combining resources to
create goods or services for customers to
buy.
D. Exchanging or selling services to other
companies
Correct!
The correct answer is: C. The main role of the entrepreneur
is to provide the vision and resources to create goods. The
other activities listed are typically the role of employees.
2.
How do managers help the company’s stakeholders?
A. Assisting customers with their purchases
B. Assembling materials into finished
products
C. Providing financing to grow the business
D. Creating profitable goods and services
, Correct!
The correct answer is: D. Managers are employees hired by
business owners to “use their resources to create profitable
goods and services” (Jones, 2007, p. 74).
3.
What is a difference between an employee and a manager?
A. Employees are responsible for providing
vision and leadership
B. Employees hold each other accountable
for success of the business
C. Employees have decision making
authority over the organization’s
resources
D. Employees perform the many jobs to
make, facilitate, and sell a product
Correct!
The correct answer is: D. Employees perform “the many jobs
necessary to make and sell a product” (Jones, 2007, p.
82).The main difference between managers and employees
is that employees provide direct work for the business,
rather than the leadership and oversight of resources.
4.
Jones (2007) describes a three-stage business plan used by
managers. Which of the following is one of the stages?
A. Assembling raw materials into finished
products
B. Calling customers to sell products
C. Answering questions about products from
customers
, D. Selecting goals and targets for team
members
Correct!
The correct answer is: D. The stages in the planning
process are: choosing which business model to pursue,
deciding how to allocate resources, and selecting goals and
targets that measure efficiency (Jones, 2007 p. 79).
Concept: Three Forms of Opportunity
Concepts Mastery Questions
5 6 7
Three Forms of 100%
Opportunity
5.
When an entrepreneur uses advancing technology to find a new way
to make or supply a product, the entrepreneur utilizes which of the
following opportunities?
A. Capitalistic
B. Occupational
C. Organizational
D. Commercial
Correct!
The correct answer is: D. Finding a new way to make or
supply a product is an example of a commercial opportunity.
“Another form of commercial opportunity is when
