UTD ENTP 3301 Exam 1 questions and
correct answers (verified answers) q & a
2026 |instant download pdf
Q1: Which of the following best describes an entrepreneur?
A) Someone who avoids risk and works for a company
B) Someone who creates a new business and assumes financial
risk
C) A manager in a corporation with no ownership
D) Someone who invests only in real estate
Answer: B) Someone who creates a new business and assumes
financial risk
Q2: What is the primary purpose of a business plan?
A) To apply for college
B) To outline business strategy and secure funding
C) To list competitors only
D) To hire employees
Answer: B) To outline business strategy and secure funding
Q3: Which legal structure offers personal liability protection for
owners?
A) Sole Proprietorship
B) Partnership
,C) LLC
D) None of the above
Answer: C) LLC
Q4: The 4 P’s of marketing include:
A) Product, Price, Place, Promotion
B) Plan, People, Profit, Process
C) Production, Pricing, People, Promotion
D) Product, Place, People, Profit
Answer: A) Product, Price, Place, Promotion
Q5: What is the Lean Startup approach mainly focused on?
A) High-cost advertising
B) Developing a minimal viable product (MVP) and iterating
quickly
C) Expanding operations before testing ideas
D) Avoiding customer feedback
Answer: B) Developing a minimal viable product (MVP) and
iterating quickly
Q6: Which of the following is a characteristic of a successful
entrepreneur?
A) Risk avoidance
B) Creativity and innovation
, C) Resistance to change
D) Passive management
Answer: B) Creativity and innovation
Q7: An intrapreneur is:
A) A person who invests in startups
B) An entrepreneur who innovates within an existing
organization
C) A small business owner
D) A government official
Answer: B) An entrepreneur who innovates within an existing
organization
Q8: The first step in the Lean Startup methodology is:
A) Measure
B) Build
C) Learn
D) Scale
Answer: B) Build
Q9: Which funding source involves raising small amounts from
a large number of people online?
A) Venture capital
B) Angel investment
correct answers (verified answers) q & a
2026 |instant download pdf
Q1: Which of the following best describes an entrepreneur?
A) Someone who avoids risk and works for a company
B) Someone who creates a new business and assumes financial
risk
C) A manager in a corporation with no ownership
D) Someone who invests only in real estate
Answer: B) Someone who creates a new business and assumes
financial risk
Q2: What is the primary purpose of a business plan?
A) To apply for college
B) To outline business strategy and secure funding
C) To list competitors only
D) To hire employees
Answer: B) To outline business strategy and secure funding
Q3: Which legal structure offers personal liability protection for
owners?
A) Sole Proprietorship
B) Partnership
,C) LLC
D) None of the above
Answer: C) LLC
Q4: The 4 P’s of marketing include:
A) Product, Price, Place, Promotion
B) Plan, People, Profit, Process
C) Production, Pricing, People, Promotion
D) Product, Place, People, Profit
Answer: A) Product, Price, Place, Promotion
Q5: What is the Lean Startup approach mainly focused on?
A) High-cost advertising
B) Developing a minimal viable product (MVP) and iterating
quickly
C) Expanding operations before testing ideas
D) Avoiding customer feedback
Answer: B) Developing a minimal viable product (MVP) and
iterating quickly
Q6: Which of the following is a characteristic of a successful
entrepreneur?
A) Risk avoidance
B) Creativity and innovation
, C) Resistance to change
D) Passive management
Answer: B) Creativity and innovation
Q7: An intrapreneur is:
A) A person who invests in startups
B) An entrepreneur who innovates within an existing
organization
C) A small business owner
D) A government official
Answer: B) An entrepreneur who innovates within an existing
organization
Q8: The first step in the Lean Startup methodology is:
A) Measure
B) Build
C) Learn
D) Scale
Answer: B) Build
Q9: Which funding source involves raising small amounts from
a large number of people online?
A) Venture capital
B) Angel investment
