1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
,1. Which of the following is a primary characteristic of an
entrepreneurial mindset?
a) Risk aversion
b) Fixed thinking
c) Opportunity recognition
d) Dependency on traditional methods
Correct ANS: c) Opportunity recognition
Rationale: Entrepreneurs possess an ability to identify and
evaluate opportunities that others may overlook.
2. What is the primary purpose of a business model canvas?
a) To track employee productivity
b) To outline a firm’s investment strategy
c) To visualize the business model's components
d) To create a marketing budget
Correct ANS: c) To visualize the business model's
components
Rationale: The business model canvas provides a visual
framework to categorize and understand the components of a
business model.
,3. In the context of entrepreneurial financing, what does
"bootstrapping" refer to?
a) Obtaining a government grant
b) Using personal savings to fund a business
c) Leveraging debt from financial institutions
d) Selling equity to investors
Correct ANS: b) Using personal savings to fund a business
Rationale: Bootstrapping entails using limited resources
without the need for external capital, thus involving personal
funding.
4. Which type of innovation involves the creation of new
markets and significantly altering the competitive landscape?
a) Incremental innovation
b) Disruptive innovation
c) Architectural innovation
d) Sustaining innovation
Correct ANS: b) Disruptive innovation
Rationale: Disruptive innovation introduces new products or
services that may initially serve a niche market but eventually
disrupt existing markets.
, 5. What does the term "minimum viable product" (MVP) mean
in entrepreneurship?
a) The most basic version of a product
b) A product with the highest-quality features
c) A product not intended for market testing
d) A prototype that requires massive investment
Correct ANS: a) The most basic version of a product
Rationale: An MVP is designed to test a business idea with
the least effort, allowing for feedback and iteration.
### Fill-in-the-Blank Questions
6. The process of evaluating a business idea for feasibility
primarily includes analyzing the ______ and ______.
Correct ANS: market, competition
Rationale: Entrepreneurs must understand the market demand
and competitive landscape when assessing a business idea.
7. In entrepreneurship, the acronym ‘SMART’ refers to
objectives that are ______, ______, ______, ______, and ______.
Correct ANS: Specific, Measurable, Achievable, Relevant,
Time-bound
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