Entrepreneurship and Innovation
Exam Materials
Course Introduction
This course explores the fundamental concepts and practices underlying entrepreneurship and innovation, equipping students with the skills and mindset necessary to identify opportunities, develop creative solutions, and launch successful ventures. Topics include opportunity recognition, business model development, funding strategies, and the role of innovation in driving competitive advantage. Through case studies, experiential learning, and entrepreneurial project work, students will gain practical experience in transforming innovative ideas into viable businesses while understanding the challenges and rewards of the entrepreneurial journey.
Recommended Textbook
Contemporary Management 8th Edition by Gareth Jones
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18 Chapters
1997 Verified Questions
1997 Flashcards
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Chapter 1: Managers and Managing
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Sample Questions
Q1) What are the three steps in the planning process?
Answer: The three steps involved in planning are (1) deciding which goals the organization will pursue, (2) deciding what strategies to adopt to attain those goals, and (3) deciding how to allocate organizational resources to pursue the strategies that attain those goals. How well managers plan and develop strategies determines how effective and efficient the organization is-its performance level.
Q2) Which of the following is true of organizational performance?
A) It increases with an increase in efficiency and effectiveness.
B) It increases with a decrease in efficiency and effectiveness.
C) It remains unchanged with a decrease in efficiency and effectiveness.
D) It decreases with an increase in efficiency and effectiveness.
E) It remains unchanged with an increase in efficiency and effectiveness.
Answer: A
Q3) First-line managers are responsible for the daily supervision of the nonmanagerial employees who perform the specific activities necessary to produce goods and services.
A)True
B)False
Answer: True
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3
Chapter 2: The Evolution of Management
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Sample Questions
Q1) Briefly describe the different stages of an open system.
Answer: An open system is a system that takes in resources from its external environment and converts or transforms them into goods and services that are sent back to that environment, where they are bought by customers. At the input stage an organization acquires resources such as raw materials, money, and skilled workers to produce goods and services. Once the organization has gathered the necessary resources, conversion begins. At the conversion stage the organization's workforce, using appropriate tools, techniques, and machinery, transforms the inputs into outputs of finished goods and services such as cars, hamburgers, or flights to Hawaii. At the output stage the organization releases finished goods and services to its external environment, where customers purchase and use them to satisfy their needs. The money the organization obtains from the sales of its outputs allows the organization to acquire more resources so the cycle can begin again.
Q2) Authority gives managers the right to direct and control their subordinates' behavior to achieve organizational goals.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Values, Attitudes, Emotions, and Culture: the
Manager As a Person
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Sample Questions
Q1) Organizational commitment can be defined as _____.
A) the collection of feelings and beliefs that managers have about their organization as a whole
B) the process by which individuals internalize the values and expectations of an organization
C) the training received by newcomers which teaches them the norms of the organization
D) the collection of terminal and instrumental values that are held by an organization
E) the rites of passage that determine how individuals enter, advance within, and leave organizations
Answer: A
Q2) Managers who are high on the agreeableness continuum are likable and care about other people.
A)True
B)False
Answer: True
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Chapter 4: Ethics and Social Responsibility
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Sample Questions
Q1) Absolute rules exist to determine how individuals should behave in every situation.
A)True
B)False
Q2) Identify and describe the approaches to social responsibility, from the lowest to the highest. Give an example of a real company to illustrate each.
Q3) Stakeholders benefit in the long run from companies making the right choices.
A)True
B)False
Q4) Under the justice rule, managers should determine fair rules and procedures for distributing outcomes to stakeholders.
A)True
B)False
Q5) Steve has noticed that there has been an error in his weekly pay stub and the company has unknowingly paid him too much. Steve is pondering about whether to report this issue or not. This is an example of an ethical dilemma.
A)True
B)False
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Page 6
Chapter 5: Managing Diverse Employees in a Multicultural Environment
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Sample Questions
Q1) The supervisor of medical billing at a hospital has established a rubric that helps her make objective decisions when promoting employees in her department. Which principle is the supervisor's actions based on?
A) Restorative justice
B) Procedural justice
C) Frontier justice
D) Social justice
E) Environmental justice
Q2) From a management perspective, it is of little importance for managers to be sensitive and responsive to the needs and concerns of workers who may be less fortunate than themselves in terms of income and financial resources.
A)True
B)False
Q3) One result of effectively managing diversity is a(n) _____.
A) decrease in job-satisfaction
B) decrease in use of minority suppliers
C) increase in the cost of hiring replacements
D) narrowing of approaches to problems and opportunities
E) reduction in turnover rates
Page 7
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Chapter 6: Managing in the Global Environment
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Sample Questions
Q1) Apple Inc. contracts with companies in Taiwan to make inputs such as the chips, batteries, and LCD displays that power its digital devices at lower costs. This strategy is an example of _____.
A) global exporting
B) global franchising
C) global importing
D) global networking
E) global outsourcing
Q2) The more difficult it is to enter the task environment:
A) the easier it is to keep prices high.
B) the lower is the barrier to entry.
C) the harder it is to obtain customers.
D) the more competitors an organization faces.
E) the less expensive it is to enter the industry.
Q3) Competitors are organizations that produce goods and services that are similar and comparable to a particular organization's goods and services.
A)True
B)False
Q4) Describe the five major forces of the general environment briefly.
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Chapter 7: Decision Making, Learning, Creativity, and Entrepreneurship
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Sample Questions
Q1) The administrative model is based on three important concepts: bounded rationality, incomplete information, and satisficing.
A)True
B)False
Q2) Which of the following is a reason for incomplete information?
A) Ambiguity
B) Complexity
C) Specificity
D) Heuristic ability
E) Satisficing ability
Q3) Which of the following is a guideline to promoting individual creativity in an organization?
A) Creativity increases when managers pressurize employees to deliver creative solutions quickly.
B) Building a shared vision can curb an individual's sense of creativity.
C) Top managers should visibly reward employees who come up with creative ideas.
D) Employees must be penalized for ideas that seem outlandish.
E) Creativity can be fostered by criticizing the efforts of creative employees.
Q4) Discuss the perils of groupthink.
Page 9
Q5) Discuss the two techniques used to counter groupthink and cognitive biases.
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Chapter
8:
The Manager As a Planner and a Strategist
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Q1) A brand of cereal attracts customers by offering the lowest prices among other brands of cereals. The company uses a differentiation strategy in this situation.
A)True
B)False
Q2) Differentiate between the main types of business-level strategies by explaining how they give an organization a competitive advantage.
Q3) Selling the same standardized product and using the same basic marketing approach in each national market is called _____.
A) unrelated diversification strategy
B) multidomestic strategy
C) national strategy
D) focused-differentiation strategy
E) global strategy
Q4) According to Henri Fayol, continuity means that planning is an ongoing process in which managers build and refine previous plans and continually modify plans at all levels so they fit together into one broad framework.
A)True
B)False
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Chapter 9: Value Chain Management: Functional
Strategies for Competitive Advantage
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Sample Questions
Q1) High quality products are characterized by low prices.
A)True
B)False
Q2) Which of the following functions can help increase customer perceptions of the utility of a company's product through brand positioning and advertising?
A) Design
B) Materials management
C) Production
D) Marketing
E) Customer service
Q3) Incremental product innovation results in the development of new, often radically different, kinds of goods and services because of fundamental shifts in technology brought about by pioneering discoveries.
A)True
B)False
Q4) The fewer the inputs required to produce a given output, the lower is the efficiency and the higher the cost of outputs.
A)True
B)False
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Chapter 10: Managing Organizational Structure and Culture
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Sample Questions
Q1) The chain of command in an organization is the hierarchy of authority for the organization.
A)True
B)False
Q2) At the Highway Department, Jim is assigned to a team to develop a new Route 70 river bridge. Jim reports to both the Engineering Manager and the Route 70 Project Manager. The Highway Department is utilizing a _____.
A) matrix structure
B) functional structure
C) customer structure
D) product structure
E) market structure
Q3) Increasing the degree of responsibility a worker has over a job is called _____.
A) job enlargement
B) job simplification
C) job enrichment
D) span of control
E) task analyzability
Q4) Differentiate between job enlargement and job enrichment.
Q5) Define organizational culture. What shapes the culture of an organization?
Page 12
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Chapter 11: Organizational Control and Change
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Sample Questions
Q1) The high level of uncertainty in the organizational environment makes establishing targets and designing measurement systems much more easy for managers
A)True
B)False
Q2) Control helps managers respond more effectively to customers.
A)True
B)False
Q3) The process of comparing one company's performance on specific dimensions with the performance of other high performing organizations is called benchmarking.
A)True
B)False
Q4) A change that is gradual, in which managers at all levels work together to develop a detailed plan for change, is called a(n) __________.
A) top-down change
B) radical change
C) bottom-up change
D) stagnation change
E) restructuring change
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Chapter 12: Human Resource Management
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Sample Questions
Q1) As part of the selection process, Mark was required to take a test to determine if he had the necessary skills to perform the jobs successfully. What type of test would Mark most likely be required to take?
A) Behavioral test
B) Personality test
C) Trait test
D) Morale test
E) Ability test
Q2) Joe always ensures that potential job applicants are aware of both the advantages as well as the disadvantages associated with the position they are applying for. Joe's assessment of the position is indicative of :
A) equal employment opportunity compliance.
B) a 360-degree appraisal.
C) a focus strategy.
D) a realistic job preview.
E) a low-cost strategy.
Q3) List at least five guidelines for giving effective performance feedback that contributes to employee motivation and performance.
Q4) Discuss how different organizational strategies affect wages and pay levels.
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Chapter 13: Motivation Performance
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Q1) Learning theory focuses on the linkage between performance and outcomes in the motivation equation.
A)True
B)False
Q2) When _____ reinforcement is used, people are motivated to perform behaviors because they want to stop receiving or avoid undesired outcomes.
A) positive
B) absolute
C) intrinsic
D) negative
E) extrinsic
Q3) Define motivation and describe the psychological factors that contribute to motivation.
Q4) Jobs which are interesting and challenging are more likely to lead to intrinsic motivation than jobs which are boring or do not use a person's skills and abilities.
A)True
B)False
Q5) Discuss McClelland's theory of needs.
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Chapter 14: Leadership
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Q1) High emotional intelligence prevents leaders from develop a significant identity for their organization.
A)True
B)False
Q2) Path-goal theory focuses on what a leader can do to motivate subordinates to achieve organizational goals.
A)True
B)False
Q3) Explain the concept of transformational leadership. In what way do transformational leaders affect subordinates?
Q4) Since leading is one of the four principal tasks of managing, there is no distinction made between managers and leaders.
A)True
B)False
Q5) Small, unsuccessful businesses do not benefit from transformational leadership.
A)True
B)False
Q6) Discuss the two kinds of leader behaviors presented in the behavior model of leadership.
Page 16
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Chapter 15: Effective Groups and Teams
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Q1) Environment conscious members of an organization have taken up an initiative to reduce the number of styrofoam cups and paper used by the company. They organize meetings by themselves on weekly basis where they discuss methods of making their company more eco-friendly. The members, in this case, constitute a(n) _____.
A) virtual group
B) formal group
C) command group
D) interest group
E) friendship group
Q2) Norming is the first stage of group development in which members try to get to know one another.
A)True
B)False
Q3) Self-managed work teams are characterized by higher costs.
A)True
B)False
Q4) Deviance signals that a group is not controlling one of its member's behaviors.
A)True
B)False
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Chapter 16: Promoting Effective Communication
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Sample Questions
Q1) Which of the following is true of perceptions?
A) Perceptions are not influenced by people's attitudes and moods.
B) Perceptions of senders and receivers play no role in the encoding and decoding of messages.
C) Perceptions of senders and receivers play a negligent role in choosing the communication medium.
D) Perceptions are inherently objective and are based on accurate information.
E) Perceptions, if accurate, can contribute to effective communication.
Q2) A face-to-face communication technique in which a manager goes to a work area and talks informally with employees about issues and concerns is _____.
A) management by exception
B) management by objectives
C) micromanagement
D) macromanagement
E) management by wandering around
Q3) How can managers be effective as senders of messages?
Q4) What are the different types of communication media?
Q5) How can managers become better listeners?
Q6) What is the importance of impersonal written communication?
Page 18
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Chapter 17: Managing Conflict, Politics, and Negotiation
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Q1) The activities that managers engage in to increase their power and use power effectively to achieve their goals are known as organizational politics.
A)True
B)False
Q2) An impartial individual with expertise in handling conflicts and who helps parties in conflict reach an acceptable solution is called a(n):
A) task-oriented leader.
B) opinion leader.
C) mentor.
D) third-party negotiator.
E) transformational manager.
Q3) Compromise is possible when each party involved in the conflict is willing to make concessions until a reasonable resolution of the conflict is reached.
A)True
B)False
Q4) What are the various political strategies that managers can use to increase and maintain their power?
Q5) Define organizational conflict. How can conflict benefit the organization?
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Chapter 18: Used Advanced Information Technology to Increase Performance
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Q1) Natural intelligence has been defined as behavior by a machine that, if performed by a human being, would be called "intelligent."
A)True
B)False
Q2) Microsoft Excel, a computer program which uses spreadsheets, charts, and databases, is an example of an applications software.
A)True
B)False
Q3) Which of the following management information systems are used for routine tasks?
A) Decision support systems
B) Expert systems
C) Transaction-processing systems
D) E-commerce systems,
E) Decision support systems.
Q4) The term data refers to raw, unsummarized facts.
A)True
B)False
Q5) List and briefly explain the different stages of a product life cycle.
Page 20
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