Business Development Exam
Bank
Course Introduction
Business Development is a comprehensive course designed to introduce students to the strategies, tools, and techniques essential for driving growth and creating value within organizations. The course explores key topics such as market research, opportunity identification, partnership building, sales strategies, relationship management, and resource allocation. Students will learn how to evaluate business environments, develop sustainable business models, and implement practical solutions to increase performance and profitability. Through real-world case studies, group projects, and interactive discussions, students will gain hands-on experience in crafting and executing business development plans within various industries.
Recommended Textbook
Entrepreneurship 11th Edition by Robert
D Hisrich
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15 Chapters
1225 Verified Questions
1225 Flashcards
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Page 2
Chapter 1: The Entrepreneurial Mind-Set
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) Identify and define the four types of questions/tasks related to increasing cognitive ability.
Answer: 1.Comprehension questions are designed to increase entrepreneurs' understanding of the nature of the environment
2.Connection tasks are designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved
3.Strategic Tasks are designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem (and why)or pursuing the opportunity (and how)
4.Reflection tasks are designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process.
Q2) Research indicates that male entrepreneurs tend to start their first significant venture in their middle 30s,while women entrepreneurs tend to do so in their early 30s.
A)True
B)False
Answer: False
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3
Chapter 2: Corporate Entrepreneurship
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54 Flashcards
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Sample Questions
Q1) An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.
A)True
B)False
Answer: True
Q2) Internal corporate venturing consists of creating something new of value either by redefining the company's current products or services,developing new markets,or forming more formally autonomous or semiautonomous units or firms.
A)True
B)False Answer: True
Q3) An entrepreneur's recovery from grief is detrimental to society.
A)True
B)False
Answer: False
Q4) In corporate entrepreneurship,trial and error are encouraged.
A)True
B)False Answer: True
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Chapter 3: Generating and Exploiting New Entries
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Sample Questions
Q1) The long-run performance of a firm is dependent upon the ability to generate and exploit numerous new entries.
A)True
B)False
Answer: True
Q2) Franchising:
A) is the only imitation strategy discussed in the text.
B) reduces risk of downside loss.
C) is the same as the me-too strategy.
D) reduces the amount of competition an entrepreneur will face.
Answer: B
Q3) The late mover is able to operate in the industry for a grace period under conditions of limited competition.
A)True
B)False
Answer: False
Q4) Using a broad scope strategy helps to reduce the risk of market uncertainty.
A)True
B)False
Answer: True
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Chapter 4: Creativity and the Business Idea
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Sample Questions
Q1) Using the big-dream approach,a new idea is developed through a list of related issues or suggestions.
A)True
B)False
Q2) Discontinuous innovations have the least disrupting influence on established consumption patterns.
A)True
B)False
Q3) The largest source of new product ideas is:
A) the U.S. Patent Office.
B) the entrepreneur's research and development.
C) customers.
D) the federal government.
Q4) Members of the distribution channel are usually good sources of ideas for new products.
A)True
B)False
Q5) Nanotechnology would be classified as a breakthrough technology.
A)True
B)False
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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Sample Questions
Q1) Exporting:
A) is the least popular method for going global.
B) results in a lack of control over quality.
C) results in an inability to realize location economies.
D) can be direct or indirect.
Q2) Three major types of political risks that might be present are operating risk,transfer risk,and ownership risk.
A)True
B)False
Q3) In Kenya,the tribe where an individual is from can play a significant role in employer relations.This best exemplifies which aspect of culture
A) Social structure
B) Education
C) Political philosophy
D) Economic philosophy
Q4) The objectives of the General Agreement on Tariffs and Trade was to liberalize trade by eliminating or reducing tariffs.
A)True
B)False
Page 7
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Chapter 6: Protecting the Idea and Other Legal Issues for the Entrepreneur
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Sample Questions
Q1) Which of the following is not a condition that makes a contract legally enforceable
A) Consideration is given by both parties
B) All parties involved are competent
C) Money is exchanged for products/services
D) Acceptance of the offer must be voluntary
Q2) Any invention requiring FDA approval has the term of its patent extended by the amount of time it takes the FDA to review the invention.
A)True
B)False
Q3) To file for trademark protection only intent to use is necessary.
A)True
B)False
Q4) A trademark is a distinguishing word,name,or symbol used to identify a product.
A)True
B)False
Q5) Getting a trademark typically takes 2 years.
A)True
B)False
Q6) Define a trade secret and briefly discuss a noncompetition agreement.
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Chapter 7: The Business Plan: Creating and Starting the Venture
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87 Flashcards
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Sample Questions
Q1) A written document describing all relevant internal and external elements and strategies for starting a new venture,best describes:
A) a feasibility study.
B) a business plan.
C) an executive summary.
D) an environmental analysis.
Q2) Investors often spend a lot of time conducting background checks.
A)True
B)False
Q3) _______ identifies potential hazards and alternative strategies to meet business plan goals and objectives.
A) Assessment of risk
B) Financial planning
C) Alternative planning analysis
D) The financial plan
Q4) The business plan is designed to guide the entrepreneur:
A) through the distribution process.
B) through the first year of operations.
C) in the financing process.
D) in case of a change in ownership.
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) Business-to-business marketing involves:
A) sales to households for personal consumption.
B) a more direct channel of distribution than consumer markets.
C) selling products such as household furniture.
D) selling products and services through certified representatives.
Q2) The marketing plan is not meant to be a commitment by the entrepreneur to a specific strategy.
A)True
B)False
Q3) One of the pitfalls of a social media plan is when companies use every post to promote their brand.
A)True
B)False
Q4) Information that already exists is called:
A) secondary data.
B) primary data.
C) marketing data.
D) target data.
Q5) Describe the steps in the marketing plan flowchart.
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) Which of the following is not one of the main functions of the management team according to text
A) Execute the business plan.
B) Identify fundamental changes in the business plan as they occur.
C) Make adjustments based on changes in the environment and market that will maintain profitability.
D) Help the entrepreneur write the business plan.
Q2) Which of the following statements is true
A) Both the S corporation and the LLC has shareholders.
B) The S corporation is limited to 75 shareholders.
C) Venture capitalists desire the limited liability company.
D) Owners of an LLC are paid as employees and participate in employee benefits.
Q3) Identify the four important considerations/strategies in recruiting and assembling an effective team and organizational culture outlined in the text.
Q4) The partnership is the most attractive type of business formation for raising capital. A)True B)False
Q5) Discuss the main advantages of an LLC over an S-Corp.
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Chapter 10: The Financial Plan
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Sample Questions
Q1) ________ is projected net profit calculated from projected revenue minus projected costs and expenses.
A) Pro forma Income
B) Pro forma cash flow
C) A pro forma balance sheet
D) Cost of goods sold
Q2) The purpose of the pro forma sources and applications of funds statement is to show the amount owners have invested and/or retained from the venture operations.
A)True
B)False
Q3) Fixed operating expenses include all of the following except:
A) rent
B) utilities
C) raw materials
D) depreciation
Q4) Break-even analysis is a technique to determine the total liabilities of the firm.
A)True
B)False
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Page 12
Chapter 11: Sources of Capital
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Sample Questions
Q1) Bootstrap financing helps avoid some of the problems of external capital like decreases in flexibility and increased impulse to spend.
A)True
B)False
Q2) The SBA's 7(a)Loan Guaranty helps qualified small businesses obtain financing when they can't get a business loan through regular lending channels.
A)True
B)False
Q3) ________ financing involves using any possible methods for conserving cash.
A) Bootstrap
B) SBIR
C) Private placement
D) Floor planning
Q4) The five Cs of credit are character,capacity,collateral,capital,and competence.
A)True
B)False
Q5) Explain the three major components of an R&D partnership.
Q6) Briefly define debt financing and equity financing.Which key factors favor one type of financing over another
Page 13
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Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
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Sample Questions
Q1) Which factor in valuing your company is the most important
A) Future earnings capacity
B) Book value
C) Outlook of the economy
D) Market price of similar companies' stocks
Q2) The acid test ratio is a more rigorous test of the short-term liquidity of the venture as it eliminates inventory,which is the least liquid current asset.
A)True
B)False
Q3) Financial ratios are control mechanisms to test the financial strengths of a new venture.
A)True
B)False
Q4) Venture capitalists tend to avoid investment proposals that are referred from lawyers and accountants.
A)True
B)False
Q5) Describe and compare early-stage financing to expansion or development financing.Who are the usual investors in each of the two stages
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) Which principle requires the entrepreneur to focus on the most important issues,even when under pressure
A) Principle of desire
B) Principle of reanalysis
C) Principle of effectiveness
D) Principle of prioritized planning
Q2) Reviewing meetings to make sure they are being run effectively illustrates which of the following principles
A) Principle of desire
B) Principle of reanalysis
C) Principle of effectiveness
D) Principle of prioritized planning
Q3) Time management is the process of improving an individual's productivity through more efficient use of time.
A)True
B)False
Q4) A product development strategy relies on taking market share from competitors.
A)True
B)False
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Chapter 14: Accessing Resources for Growth From External
Sources
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Sample Questions
Q1) The two most common means of acquisition are the entrepreneur's direct purchase of the firm's entire stock or assets or the bootstrap purchase of these assets.
A)True
B)False
Q2) One advantage of franchising is that the entrepreneur usually enters into a business that has an accepted name and product.
A)True
B)False
Q3) Protection against an unwarranted takeover,technical obsolescence,or protection against market encroachment,are some of the reasons why a company would opt for A) merger.
B) acquisition.
C) leveraged buyouts.
D) lease.
Q4) Lack of synergy is one of the most frequent causes of an acquisition's failure to meet its objectives.
A)True
B)False
Page 16
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) Which methods of bankruptcy require the entrepreneur to come up with a payment plan
A) Chapters 11 and 13
B) Chapters 7 and 11
C) Chapters 7 and 13
D) Chapters 7, 11, and 13
Q2) The early signs of bankruptcy are most often:
A) apparent to the entrepreneur.
B) interrelated.
C) occur in isolated instances.
D) unavoidable.
Q3) The early signs of bankruptcy include all of the following except:
A) key personnel leave the company.
B) payroll taxes are not paid.
C) suppliers demand payment in cash.
D) All of these are early signs of bankruptcy.
Q4) The sale of the company to employees is an exit strategy.
A)True
B)False
Q5) What are some of the warning signs of bankruptcy
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