Entrepreneurship Exams Ucc CoDE 2019/2020 Past Question & Answers

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Instruction:
1. First try your hands on by answering ALL questions for the objectives
2. Click the Submit Button to see how you performed and the correct answers.

1. In franchising, the entrepreneur assumes fewer risks because the franchise provides all the following expect

2. Which of the following is an excellent method for initially screening ideas and concepts in addition to generating new ideas?

3. The approach of pricing which involves deciding prices by calculating costs and adding what is assumed to be an adequate element of profit is known as

4. The personal method of promotion includes the following except

5. The act of raising short term funds on the security of a firms trade creditors is termed

6. The marginalization of individuals or groups of individuals from the core of society is termed as

7. Resources are rare in the sense that there are not enough for all competitors. Valuable resources shared by a large number of firms can be a source of competitive advantage.

8. Purchase orders are normally accompanied by terms and conditions which form the contractual agreement of the transaction.

9. Information sources can either be primary; gathered from existing sources or secondary, gathered as a result of research

10. Human resource management is the strategic and garbled approach to the management of an organization’s most valued assets

11. Which type of entrepreneur stars a new business after having already started and exited a previous business venture?

12. The components of the entrepreneurial process are

13. Which of the elements in the entrepreneurial environment covers factors such as population, interest rates and inflation that influence business activities?

14. The ……….. is a written outline of the entrepreneur’s proposed venture, its operational and financial details, its marketing opportunities and strategy, and its manager’s skills and abilities.

15. Every organization has to be resourceful. Resources of an organization are made up of ………….. and …………. Assets.

16. Which of the following financial ratios will be of key importance when assessing a potential supplier of raw materials?

17. Which category of ratios measure a firm’s ability to meet its long term obligations?

18. The following are some reasons why small businesses fail at start up except

19. Which of the following is not an approach for evaluating new ventures?

20. Kwame Gyan, a successful entrepreneur believes that what he has achieved is a result of his hard work, perseverance and dedication. Kwame is said to have …………. locus of control.

Question 1. 
Use this mini case to answer the questions that follow.


Rex Athletes Shop
Rex wants to open a store that caters to athletes, but due to space and budgetary constrains, he recognizes that he will not be able to offer the same variety and selection of products as does the local athletic mega-store, so he has decided to focus specifically on runners. He stocks shoes and related gear for runners, and maintains a staff that is knowledgeable and enthusiastic about running. Rex’s advertising campaign emphasizes his store’s high standard of customer service and selection of products specifically tailored to meet the needs of the runner.

(a) Outline and explain the three (3) main steps involved in target marketing for Rex’s products.
[6 Marks]

(b) Describe any two (2) types of market segmentation available to Rex.
[4 Marks]

(c) Distinguish between market targeting and market positioning.
[4 Marks]

(d) Explain three (3) channels of distribution Rex can utilize for his products.
[6 Marks]

 

Question 2

(a) With the aid of examples, explain three (3) investment ratios available to a firm.
[6 Marks]

(b) Discuss three (3) institutional support to small businesses in Ghana.
[6 Marks]

(c) Identify and explain four (4) sources of long term finance to small firms.
[8 Marks]

 

Question 3

(a) Identify and explain the different states involved in the marketing research process.
[8 Marks]
(b) Explain any four (4) types of business informational resources that can be utilized by entrepreneurs.
[8 Marks]
(c) Evaluate two (2) strategies firms can use in utilizing resources.
[4 Marks]

 

Question 4
(a) Examine the possible disadvantages of buying existing business.
[6 Marks]

(b) Describe the different types of franchising available to a would be entrepreneur.
[6 Marks]

(c) Discuss two (2) advantages and disadvantages each of franchising to the Franchisee.
[8 Marks]

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