ENTREPRENEURSHIP (MGT 602) ASSIGNMENT NO. 3 (QUIZ)

Questions:1. The importance of intellectual property should be understood by entrepreneur evenbefore _________.a. Hiring a managerb. Engaging an attorneyc. Developing a productd. Establishing new venture2. Which of the following is not followed in brainstorming?a. Criticism is done by the group membersb. The wilder idea is batterc. Quantity of ideas is requiredd. The session should be fun, with no on dominating the discussion3. The former USSR received technology and syrup from Pepsi and provided it withSoviet vodka and rights to distribute it in the US. This is an example of:a. Economic developmentb. Barter systemc. Balance of paymentd. International trade4. A patent is granted for a specified amount of time because of the assumption:a. During this time firm will cover its development costsb. Firm will earn a sufficient profit during this periodc. To limit the monopoly of the firmd. It will stimulate idea and development of a batter product5. Developing a new idea through inquiry and testing is called _________.a. Heuristicsb. Scientific methodc. Forced relationshipd. Value analysis6. In an international perspective, which of the following decisions are not coveredunder strategic planning of an entrepreneur?a. What are unique characteristics of each market?b. Who should be involved in marketing decisions?c. What customer benefits are provided by the productd. What are the company’s major strengths and weaknesses?7. Which of the following grants the owner protection from anyone else making, usingand selling the identified innovation?a. Utility patentb. Design patentc. Plant patentd. International patent8. The problem inventory analysis should b used primarily to:a. Reflect a new business opportunityb. Identify product idea for further evaluationc. Solve unknown problemsd. Develop a list of problems9. Selling goods to another country through a person in the entrepreneur’s homecountry is known as _________.a. Exportb. Direct exportc. Indirect exportd. Domestic sales10. Which of the following statements is not true about trademarks?a. A trademark could be a slogan or a particular soundb. Some trademarks have no relationship with the productc. The filing date for the trademark becomes the first date use of the markd. The entrepreneur cannot file after the mark already been in use11. The product life cycle is included in which stage of product planning anddevelopment process?a. Test marketing stageb. Product development stagec. Commercialization staged. Product planning and development process is a part of product life cycle12. Which of the following cannot be covered under the copyright protection?a. Computer softwareb. Computer hardwarec. Poems and songsd. Models and sculpture13. Idea of new product is tested in potential consumers to determine consumeracceptance at _________ stage.a. Conceptb. Product developmentc. Test marketingd. Commercialization14. According to the governing bodies of common laws, the life of trade secret is:a. 12 yearsb. 17 yearsc. 20 yearsd. As long as it remains confidential15. Which of the following is used by entrepreneurs to acquire experience in aninternational market before making a major commitment?a. Mergerb. Joint venturec. Minority interestd. Majority interest16. The evaluation criteria for the new product should include all of the followingexcept:a. Determination of market demandb. Determination of the suppliersc. Pricing and marketing policies of other competing firmsd. Product should be profitable17. Licensing is a significant marketing strategy to:a. Use intellectual property of othersb. Pirate others’ patentsc. Grow the business in new marketsd. Control the costs18. Automated stock replenishment, electronic selling and processing of customersorders and payments are examples of:a. E-businessb. E-commercec. E-tradingd. E-transaction19. The longest lasting trade agreement with the objective of liberalizing trade byeliminating or reducing tariffs, subsidies and quotas is _________.a. Free trade area – FTAb. European community – ECc. General agreement on tariffs and trade – GATTd. The north American free trade agreement – NAFTA20. The most important characteristic of a successful business website isa. Speedb. Innovationc. Graphicsd. Products