1. The importance of intellectual property should be understood by entrepreneur even

before _________.

a. Hiring a manager

b. Engaging an attorney

c. Developing a product

d. Establishing new venture

2. Which of the following is not followed in brainstorming?

a. Criticism is done by the group members

b. The wilder idea is batter

c. Quantity of ideas is required

d. The session should be fun, with no on dominating the discussion

3. The former USSR received technology and syrup from Pepsi and provided it with

Soviet vodka and rights to distribute it in the US. This is an example of:

a. Economic development

b. Barter system

c. Balance of payment

d. International trade

4. A patent is granted for a specified amount of time because of the assumption:

a. During this time firm will cover its development costs

b. Firm will earn a sufficient profit during this period

c. To limit the monopoly of the firm

d. It will stimulate idea and development of a batter product

5. Developing a new idea through inquiry and testing is called _________.

a. Heuristics

b. Scientific method

c. Forced relationship

d. Value analysis

6. In an international perspective, which of the following decisions are not covered

under 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 product

d. What are the company’s major strengths and weaknesses?

7. Which of the following grants the owner protection from anyone else making, using

and selling the identified innovation?

a. Utility patent

b. Design patent

c. Plant patent

d. International patent

8. The problem inventory analysis should b used primarily to:

a. Reflect a new business opportunity

b. Identify product idea for further evaluation

c. Solve unknown problems

d. Develop a list of problems

9. Selling goods to another country through a person in the entrepreneur’s home

country is known as _________.

a. Export

b. Direct export

c. Indirect export

d. Domestic sales

10. Which of the following statements is not true about trademarks?

a. A trademark could be a slogan or a particular sound

b. Some trademarks have no relationship with the product

c. The filing date for the trademark becomes the first date use of the mark

d. The entrepreneur cannot file after the mark already been in use

11. The product life cycle is included in which stage of product planning and

development process?

a. Test marketing stage

b. Product development stage

c. Commercialization stage

d. Product planning and development process is a part of product life cycle

12. Which of the following cannot be covered under the copyright protection?

a. Computer software

b. Computer hardware

c. Poems and songs

d. Models and sculpture

13. Idea of new product is tested in potential consumers to determine consumer

acceptance at _________ stage.

a. Concept

b. Product development

c. Test marketing

d. Commercialization

14. According to the governing bodies of common laws, the life of trade secret is:

a. 12 years

b. 17 years

c. 20 years

d. As long as it remains confidential

15. Which of the following is used by entrepreneurs to acquire experience in an

international market before making a major commitment?

a. Merger

b. Joint venture

c. Minority interest

d. Majority interest

16. The evaluation criteria for the new product should include all of the following


a. Determination of market demand

b. Determination of the suppliers

c. Pricing and marketing policies of other competing firms

d. Product should be profitable

17. Licensing is a significant marketing strategy to:

a. Use intellectual property of others

b. Pirate others’ patents

c. Grow the business in new markets

d. Control the costs

18. Automated stock replenishment, electronic selling and processing of customers

orders and payments are examples of:

a. E-business

b. E-commerce

c. E-trading

d. E-transaction

19. The longest lasting trade agreement with the objective of liberalizing trade by

eliminating or reducing tariffs, subsidies and quotas is _________.

a. Free trade area – FTA

b. European community – EC

c. General agreement on tariffs and trade – GATT

d. The north American free trade agreement – NAFTA

20. The most important characteristic of a successful business website is

a. Speed

b. Innovation

c. Graphics

d. Products

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