MULTIMEDIA COLLEGE JALAN GURNEY KIRI KUALA LUMPUR

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1 STUDENT IDENTIFICATION NO MULTIMEDIA COLLEGE JALAN GURNEY KIRI KUALA LUMPUR THIRD, FOURTH, FIFTH, SIXTH SEMESTER FINAL EXAMINATION, 2014/2015 SESSION BUS2043/BUS2073 INTRODUCTION TO CYBERPRENEURSHIP/ ENTREPRENEURSHIP DMGT-E-F-2/14, DMGW-E-F-2/14, DMGW-E-F-1/13, DMGA-E-F-2/14, DMGS-E-F-2/14, DMGQ-E-F-1/14, DMGQ-E-F-2/14, DTET-E-F-2/13, DTET-E-F-3/13, DTET-E-F-1/14, DTEW-E-F-1/14, DTEQ-E-F-1/14 INSTRUCTION TO STUDENT 25 MAY AM AM (2 HOURS) 1. This Examination paper has TWELVE (12) printed pages. 2. This question paper consists of TWO (2) sections. Section A : Answer ALL questions. Section B : Answer ALL questions. Section C : Answer FOUR (4) questions ONLY. 3. Please write all your answers in the Answer Booklet provided.

2 SECTION A : MULTIPLE CHOICE QUESTIONS (40 MARKS) INSTRUCTIONS : ANSWER ALL QUESTIONS. 1. The environment represents the outer layer of the environment and affects organizations. A. external; directly B. internal; directly C. internal; indirectly D. external; indirectly 2. If someone starts a convenience food store, this is an example of a(n). A. new concept/existing business. B. existing concept/new business. C. existing concept/existing business. D. new concept/new business. 3. Most successful entrepreneurs have a tolerance for ambiguity. This means that they. A. minimize risk. B. see changes as opportunities. C. believe that success or failure depends on his/her own actions. D. feel comfortable with uncertainty. 4. Advantages of entrepreneurship include autonomy. Which of the following describe autonomy? A. Process of starting a business. B. Need for achievement. C. Need to be a jack of all trades. D. Freedom and independence to make decisions WSN/SSAM/SAS/KNA/QAI Page 2 of 13

3 5. Which of the following is not one of the primary ways by which people go into business for themselves? A. Buying an existing business B. Buying a franchise C. Starting an independent business D. Taking over part a business spun off by a large company as its downsizes 6. Which of the following is NOT the advantage of E-Commerce? A. Remains open all the time B. No need of physical company set-ups C. No guarantee of product quality D. Removes barriers of global trading 7. What is the importance of information and communication technology in a company? A. The company can be visited without time restrictions B. Gives an image of a well-established company C. Minimizes management costs D. All of the above 8. Below are THREE (3) types of capital needed in the business EXCEPT: A. Permanent Capital B. Plantation Capital C. Building Capital D. Working Capital 9. Which one is NOT the importance of assessing the business environment? A. Managing with rapid changes B. Invent new product and service C. Foreseeing threats and warning signals D. Managing with rapid changes WSN/SSAM/SAS/KNA/QAI Page 3 of 13

4 10. is the process of arranging and coordinating organizational resources (particularly human resources) to carry out the organizational plan. A. Organizing B. Planning C. Leading/Directing D. Controlling 11. The business plan s should summarize key points of the venture. A. executive summary B. table of contents C. introduction D. all of the above 12. Consumers favor products that offer the best quality, performance and innovative features is referring to A. product concept B. production concept C. innovation D. product planning 13. Which of the following statements about products is correct? A. A product is service, idea or place that is capable of offering tangible attributes. B. A product is a physical good, service, idea, person or place that is capable of offering tangible and intangible attributes. C. A product is a physical good, service, idea that is capable of offering tangible and intangible attributes. D. A product is a physical good that is capable of offering tangible and intangible attributes. WSN/SSAM/SAS/KNA/QAI Page 4 of 13

5 14. What is the pricing technique used to influence the customer to purchase a product? A. Low-cost pricing. B. Premium costing. C. Target costing. D. Loss leader price strategy 15. Successful organizations monitor customer service aggressively. Which of the following methods would be suitable for following up on the customers who have purchased a new car? A. Lost customer analysis. B. Customer satisfaction survey. C. Complaint and suggestion system. D. Ghost shopping. 16. Personal selling can be defined as which of the following? A. People communication. B. Inter-connective communication. C. Direct communication. D. Interpersonal communication. 17. Which the name below is NOT a successful entrepreneur in Malaysia? A. Tony Fernandes B. Robert Kuok C. Maznah Hamid D. Mukesh Ambani 18. Which of the following is internal user of accounting information? A. Shareholders B. Creditors C. Managers D. Government WSN/SSAM/SAS/KNA/QAI Page 5 of 13

6 19. A business is assumed to continue its operation for an unlimited time in future. This accounting concept refers to A. business entity B. money measurement C. going concern D. consistency 20. Which of the following equations properly represents a derivation of the fundamental accounting equation? A. Assets + liabilities = owner s equity B. Assets = Owner s equity + debtors C. Cash + creditors = Assets D. Assets - liabilities = owner s equity 21. X are resources supplied by the owner to the business, such as money, motor vehicle and building. X refers to A. capital B. drawings C. liabilities D. revenues 22. The financial statement that presents a summary of the assets, liabilities and owner s equity as of a specific date is called a(an) A. income statement B. statement of owner s equity C. statement of cash flow D. balance sheet WSN/SSAM/SAS/KNA/QAI Page 6 of 13

7 23. Which of the accounting concept below considered every business transaction will affect two items and should be entered twice. A. Materiality B. Realization C. Dual Aspect D. Accrual 24. Discount allowed is considered as A. expenses B. revenue C. asset D. owner s equity 25. Opening stock + Purchase -Return Outward - Closing Stock = X X refers to A. net Sales B. cost of Goods Sold C. revenue D. gross Profit 26. Which of the following would not be included on a balance sheet? A. Accounts receivable B. Accounts payable C. Sales D. Cash 27. Which of the following is referring to the ability to produce work that is new or novel, original and unexpected, high in quality, and appropriate, that is, useful and meets the task constraints? A. Innovation B. Production C. Creativity D. Duplication WSN/SSAM/SAS/KNA/QAI Page 7 of 13

8 28. Below are the importance of creativity and innovation to a business organization, EXCEPT: A. Ensure an organization s survival B. Explore new markets C. Exploit natural resources D. Human manipulation 29. Which of the following are types of innovation? A. Invention, extension, duplication and synthesis B. Invention, exploration, duplication and synthesis C. Intention, extension, exploration and synthesis D. Invention, extension, imitation and synthesis 30. Which of the following is the source of innovation, EXCEPT A. Demographic changes B. Changes in perception, mood and meaning C. New knowledge D. Negative perception 31. The best characteristic of creative individual is A. very passionate about their work, yet they can be extremely objective about it as well B. open-minded and willing to accept criticisms from others. C. have a high level of confidence and is free to defend his own ideas. D. all of the above 32. Entrepreneurship has been defined as a process activity that includes. A. an opportunity. B. an organizational context. C. innovation. D. all of the above. WSN/SSAM/SAS/KNA/QAI Page 8 of 13

9 33. The cover page of a business plan should contain. A. key financial highlights. B. contact information. C. the funding request. D. mission and vision. 34. Which of these is NOT a part of an organization s micro environment? A. Customers B. Competitors C. Employers D. Suppliers 35. Which of these is NOT a part of an organization's general environment? A. Technological B. Economic C. Labor market D. Legal-political 36. The dimension of the general environment representing the demographic characteristics, norms, customs, and values of the population within which the organization operates is referred to as a (n) A. legal-political dimension. B. technological dimension. C. corporate culture dimension. D. socio- cultural dimension. 37. The general environment dimension that includes consumer purchasing power, the unemployment rate, and interest rates is called the A. legal-political dimension. B. socio- cultural dimension. C. technological dimension. D. economic dimension. WSN/SSAM/SAS/KNA/QAI Page 9 of 13

10 38. Traditionally, many manufacturer and relationships have been adversarial, but recently, companies are finding that cooperation is the key to saving money, maintaining quality, and speeding products to market. A. government B. employee C. supplier D. customer 39. Which of the following are not the four main steps in recognizing, analyzing, and choosing a business opportunity? A. Assessing the internal and external environment. B. Recognizing customer needs and wants C. Choosing a business opportunity and constructing a business plan. D. Analyzing the environment, performing self-evaluation, and assessing societal value. 40. Suppose you are completing a business plan for a convenience store near the site where a new school will be built. The dependence on the new school opening would be listed in. A. suppliers. B. conclusions. C. assumptions. D. controllable risks WSN/SSAM/SAS/KNA/QAI Page 10 of 13

11 SECTION B : TRUE/FALSE QUESTIONS (20 MARKS) INSTRUCTIONS : ANSWER ALL QUESTIONS 1. The cover letter is often enclosed with the completed business plan as an introduction to the purpose and contents of the attached plan 2. One of the purpose of preparing business plan is to convince relevant parties of the investment potential of the project 3. Business mission is a statement of purpose or reason for the company's existence, the company's products or services, the clients or customers of the company, the marketing aspects, the geographical area, and the advantages of offering competitive products or services. 4. Business plan serves as a blueprint to guide the firm's policies and strategies, and is continually modified as conditions change and new opportunities and/or threats emerge. 5. Financing a business using family s fund is considered as equity financing 6. Financial institutions are one of the sources for external funding to initiate a new business venture or expanding an existing business. 7. Majlis Amanah Rakyat (MARA) provides assistance in the form of loans and equipment to SME entrepreneurs. 8. Entrepreneurial culture is a commitment to experimentation, innovation & being on the leading edge. 9. The entrepreneur is responsible for scanning the business landscape for unexploited opportunities or possibilities that something important might be done both differently and better. WSN/SSAM/SAS/KNA/QAI Page 11 of 13

12 10. Debt financing is not a method to finance a business. 11. An entrepreneur s financial ability determines the growth of the business 12. New technological breakthrough can create new markets and opportunities. 13. Two categories of risks most faced by businesses are controllable and uncontrollable risks. 14. Experience alone is enough to run a business. 15. Fulfilling needs and interests is one of the way of approaches to seeking business ideas. 16. Micro environment refer to the spirit, attitude, the behavior of the organization. 17. Bank s have the right to withdraw facility by giving short notice is NOT a disadvantage of using bank overdraft. 18. The economy influences on business vary from country to country. 19. Market share is the number of individuals in a certain market who are potential buyers and/or sellers of a product or service. 20. Only long-term financing are provided by financial institutions to finance a new venture. WSN/SSAM/SAS/KNA/QAI Page 12 of 13

13 SECTION C : SHORT ESSAY (40 MARKS) INSTRUCTIONS : ANSWER FOUR (4) QUESTIONS ONLY. Question 1 a) What is the meaning of entrepreneur and entrepreneurship? (4 Marks) b) There are FIVE (5) types of entrepreneur, briefly describe THREE (3) of them. (6 Marks) Question 2 a) What is Business Plan? (3 Marks) b) What is an executive summary? (2 Marks) c) Why is executive summary often called the most important part of a business plan? (5 Marks) Question 3 a) What is franchise business? b) Describe the advantages and disadvantages of franchise business. (2 Marks) (8 Marks) Question 4 a) One of the management processes is Organizing. Briefly explain. a) List down FOUR (4) types of organizational structure. (6 Marks) (4 Marks) Question 5 a) Define what is creativity? b) Describe FOUR (4) characteristic of creative individual. (2 Marks) (8 Marks) End of Page. WSN/SSAM/SAS/KNA/QAI Page 13 of 13