Entrepreneurship Exam
Bank
Course Introduction
Entrepreneurship is a dynamic course designed to introduce students to the foundational concepts and practical skills required to identify, evaluate, and develop new business ventures. The course covers key topics such as opportunity recognition, market research, business planning, funding strategies, innovation, risk management, and growth strategies. Through case studies, group discussions, and hands-on projects, students learn to think creatively, analyze entrepreneurial challenges, and develop the mindset necessary for launching and sustaining successful enterprises in diverse industries.
Recommended Textbook
Strategic Management and Business Policy 15th Global Edition by J. David Hunger
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Boston Consulting Group (BCG)found that innovation is a top 3 priority for three-quarters of the companies in the 2014 BCG global innovation survey.
A)True
B)False
Answer: True
Q2) To be effective,strategic management must be a formal process.
A)True
B)False
Answer: False
Q3) Members of the European Union (EU)include all of the following EXCEPT
A) Ireland.
B) Great Britain.
C) Belgium.
D) France.
E) Slovakia.
Answer: B
Q4) A budget is a statement of a corporation's programs in terms of dollars.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Corporate Governance
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Sample Questions
Q1) According to the text,which of the following is not a typical standing committee of boards of directors?
A) audit committee
B) compensation committee
C) executive committee
D) nominating committee
E) public relations committee
Answer: E
Q2) More than ________ of outside directors surveyed said that they had been named as part of a lawsuit against the corporation.
A) 40%
B) 50%
C) 60%
D) 70%
E) 80%
Answer: A
Q3) Generally,the smaller the corporation,the less active is its board of directors.
A)True
B)False
Answer: True
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Chapter 3: Social Responsibility and Ethics in Strategic Management
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Sample Questions
Q1) An overarching strategy that explicitly communicates the firm's ethical relationship with its stakeholders is
A) an enterprise strategy.
B) a corporate strategy.
C) a stockholders strategy.
D) a functional strategy.
E) a strategic audit.
Answer: A
Q2) According to a 2013 survey by the Ethics Resource Center,which of the following was cited as a significant positive trend?
A) The percentage of firms providing ethical training rose to an all-time high of 81%.
B) Ethics codes are no longer needed.
C) Discipline for ethical violations is decreasing.
D) Fewer companies are reporting abusive behavior.
E) Ethics hotlines for reporting violations are no longer needed.
Answer: A
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) An industry is a group of firms producing a similar product or service.
A)True
B)False
Q2) The most widely used forecasting technique used after trend extrapolation is
A) statistical modeling.
B) simulations.
C) scenario-writing.
D) expert opinion.
E) brainstorming.
Q3) In which type of international industry do corporations tailor products to the specific needs of consumers in a particular country?
A) consortium industry
B) global industry
C) indigenous industry
D) multi-domestic industry
E) worldwide industry
Q4) Distinguish between a fragmented and consolidated industry.
Q5) Define competitive intelligence.
Q6) Discuss the most commonly practiced form of forecasting.
Q7) Describe the four general forces in the societal environment.
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Flashcards
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Sample Questions
Q1) Knowledge that is not easily communicated because it is deeply rooted in employee experience or in a corporation's culture is called
A) tacit knowledge.
B) explicit knowledge.
C) imitable knowledge.
D) transferable knowledge.
E) durable knowledge.
Q2) Which of the following is not one of the four question areas Barney proposes in his VRIO framework used to evaluate a firm's key resources?
A) organization
B) durability
C) rareness
D) valuable
E) imitability
Q3) Discuss the three basic organizational structures.
Q4) Since competitors were not able to understand how Gillette's Fusion razor was produced,it was considered transparent.
A)True
B)False
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Chapter 6: Strategy Formulation: Business Strategy
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Sample Questions
Q1) The two general types of cooperative strategies are
A) competitive and functional.
B) collusion and competitive.
C) strategic alliances and collusion.
D) strategic alliances and competitive.
E) competitive and collusive alliances.
Q2) As an industry matures while overcoming fragmentation and becomes dominated by a small number of large companies,it tends to become a(n)
A) united industry.
B) fragmented industry.
C) consolidated industry.
D) isolated industry.
E) integrated industry.
Q3) Which of the following is not a reason companies or business units may form a strategic alliance?
A) to obtain access to specific markets
B) to reduce financial risk
C) to reduce political risk
D) to set prices in the industry
E) to learn new capabilities
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Chapter 7: Strategy Formulation: Corporate Strategy
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Sample Questions
Q1) One of the most popular aids to developing corporate strategy in multi-business corporations that views business units in terms of the cash they generate is called
A) PIMS.
B) segmentation analysis.
C) portfolio analysis.
D) industry analysis.
E) diversification study.
Q2) In the Boston Consulting Group's Growth-Share Matrix,the relative competitive position of a product or division is defined as
A) its market share.
B) its gross sales divided by its market share.
C) its market share multiplied by that of its nearest competitor.
D) its market share divided by that of the smallest other competitor.
E) its market share divided by that of the largest other competitor.
Q3) In multipoint competition,large multi-business corporations compete against other large multi-business firms in a number of markets.
A)True
B)False
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9
Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Sample Questions
Q1) The key to outsourcing is to purchase from outside only those activities that are not key to the company's distinctive competencies.
A)True
B)False
Q2) Which one of the following is not one of the questions that management should raise in their attempt to assess the importance to the corporation of stakeholders' concerns?
A) Which stakeholder group should be represented on the board of directors?
B) How will this decision affect each stakeholder?
C) How much of what the stakeholders want are they likely to get under a certain alternative?
D) What are the stakeholders likely to do if they don't get what they want?
E) What is the probability that the stakeholders will follow through on their demand?
Q3) Corporate scenarios are pro forma balance sheets and income statements that forecast the effect each alternative strategy and its various programs will likely have on division and corporate return on investment.
A)True B)False
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Chapter 9: Strategy Implementation: Global Strategy
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Sample Questions
Q1) Executive recruiters have reported that more major corporations are A) now requiring candidates to have international experience.
B) eliminating international assignments.
C) de-emphasizing the need for international experience.
D) eliminating stealth expatriate positions.
E) replacing executives with accidental expats.
Q2) The research findings on the stages of international development suggest A) some support for the stages of international development, but not necessarily the sequence of stages.
B) no support for the stages of international development.
C) widespread support for the sequence of stages.
D) firms cannot skip stages of the development sequence.
E) all divisions of a corporation must be at the same stage of development at the same time.
Q3) An international company is a highly developed company with a deep involvement throughout the world,plus a worldwide perspective in its management and decision-making.
A)True
B)False
Q4) Discuss the five stages of international development.
Page 11
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Chapter 10: Strategy Implementation: Organizing and Structure
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Sample Questions
Q1) What are the four stages of corporate development?
Q2) During Stage V of the organizational life cycle,the popular strategy is
A) concentration in a niche.
B) horizontal and vertical growth.
C) liquidation or bankruptcy.
D) concentric and conglomerate diversification.
E) profit strategy followed by retrenchment.
Q3) A survey of 93 Fortune 500 firms found ten major problems that over half of the group experienced when they attempted to implement a strategic change.Which of the following is not one of the implementation problems?
A) ineffective coordination of activities
B) uncontrollable external environmental factors
C) time allocated for implementation was adequate, but was used inappropriately
D) poor definition of key implementation tasks and activities
E) crises that distracted attention away from implementation
Q4) The network structure becomes most useful when the environment of a firm is unstable and is expected to remain so.
A)True
B)False
12
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Chapter 11: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) TQM is committed to A) quality/excellence.
B) improved communication.
C) culture compatibility.
D) mass customization.
E) modular manufacturing.
Q2) Training and development can be especially important for organizations implementing an overall low cost or differentiation strategy,but not for those in retrenchment.
A)True
B)False
Q3) Training is especially important in reinforcing the customer service culture at Zappos where
A) new employees are offered money to quit.
B) employees are just interested in getting a paycheck.
C) training does not include any tests.
D) a cost leadership strategy is being used.
E) little screening of employees occurs.
Q4) What is executive succession? Discuss the hiring of insiders versus outsiders.
Q5) What are the four elements of the MBO process?
Page 13
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Chapter 12: Evaluation and Control
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Sample Questions
Q1) Management audits have been developed to evaluate activities such as corporate social responsibility,functional areas such as the marketing department,and divisions such as the international division.
A)True
B)False
Q2) Which of the following is not descriptive of responsibility centers?
A) They are used to the extent that they can isolate specific functional units such as R&D.
B) Each responsibility center has its own budget and is evaluated on its use of budgeted resources.
C) The responsibility center coordinates all the functional areas and project developments to implement the strategic decision plan.
D) The center uses resources to produce a service or a product.
E) A responsibility center is headed by the manager responsible for the center's performance.
Q3) Unlike ROI,managers cannot manipulate the numbers of EVA.
A)True
B)False
Q4) Discuss the benchmarking process.
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Chapter 13: Suggestions for Case Analysis
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Sample Questions
Q1) Ratio analysis is helpful in assessing the company's overall situation and pinpointing some problem areas.
A)True
B)False
Q2) Which financial ratio measures the utilization of plant and equipment?
A) days of inventory
B) asset turnover
C) average collection period
D) fixed asset turnover
E) inventory turnover
Q3) Ratios are only useful for large firms where their ratios may be compared with industry averages.
A)True
B)False
Q4) The quick ratio is also known as the
A) key profitability ratio.
B) EPS.
C) acid test.
D) asset turnover.
E) key activity ratio.
Page 15
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