Entrepreneurship Exam Review
Course Introduction
Entrepreneurship is an engaging course that explores the process of identifying, evaluating, and developing new business opportunities. Students will learn how to generate innovative ideas, assess the feasibility of their ventures, develop robust business plans, and understand the fundamentals of financing, marketing, and scaling startups. The course combines theoretical frameworks with practical applications, such as case studies and project-based assignments, to prepare students for launching and managing their own businesses or contributing entrepreneurial thinking within established organizations.
Recommended Textbook business strategy development application 1st Canadian Edition by Gary Bissonette
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15 Chapters
2132 Verified Questions
2132 Flashcards
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Chapter 1: What Is Business
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) A manager is an individual who assumes the risk of starting a business.
A)True
B)False
Answer: False
Q2) Which of the following is the best example of a business?
A) A community college
B) The Salvation Army
C) The Girl Guides of Canada
D) Wal-Mart
Answer: D
Q3) When consumers decide to purchase a particular product,they:
A) will search for the retailer that offers the lowest price.
B) consider the total collection of benefits that the product offers.
C) base their decision on a brand name nearly all of the time.
D) initially evaluate the product's package.
Answer: B
Q4) The goal of business activities is profit.
A)True
B)False
Answer: True
Page 3
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Chapter 2: The Canadian Economic Environment
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123 Verified Questions
123 Flashcards
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Sample Questions
Q1) Gross domestic product is the sum of all goods and services produced in a country during a year.
A)True
B)False
Answer: False
Q2) The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:
A) monopolistic competition.
B) perfect competition.
C) an oligopoly.
D) a monopoly.
Answer: C
Q3) Which of the following terms describes the set of values,beliefs,rules,language,and institutions held by a specific group of people?
A) Culture
B) Ethnocentricity
C) Institutional society
D) Social myopia
Answer: A
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Page 4
Chapter 3: The Global Marketplace
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) The __________ represents the first attempt to establish a truly global mediation centre to resolve international trade disputes.
A) International Trade Court
B) World Trade Organization
C) Global Trade Commission
D) United Nations Arbitration Centre
Answer: B
Q2) What is Protectionism?
A) economic policies put in place to protect and/or improve the competitiveness of domestic industries
B) impeding or restricting the openness of a market or markets to foreign competitors
C) the use of tariffs, trade restrictions, or other related activities
D) the use of quotas, artificial control of currency values, or other related activities
E) all of the above
Answer: E
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Chapter 4: The Environment and Sustainable Business Practices
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) "My only social responsibility is to make a profit.I will show my concern for society by providing my customers with a product that they need and desire." These statements are consistent with the concept of corporate social responsibility.
A)True
B)False
Q2) Which of the following is NOT a reason why Great Britain and Europe,during the mid-to-late 1700's,began the shift from one of a largely agricultural-based dependent society to that of a market transitioning towards a production-based model:
A) population growth
B) increase in trade and inventiveness
C) environmental stewardship
D) growing emphasis on wealth creation
E) mercantilism backed by the rise of business systems
Q3) The ethical standards by which international political leaders are judged are less strict today than they were in years past.
A)True
B)False
Q4) Explain resource management.
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Chapter 5: Ethics and Corporate Social Responsibility
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Establishing and enforcing ethical standards and policies within business can help reduce unethical behavior by prescribing which activities are acceptable and which are not and by removing the opportunity to act unethically.
A)True
B)False
Q2) Ethical behaviour will allow a firm to meet its corporate social responsibility.
A)True
B)False
Q3) Which of the following statements about business ethics is false?
A) It concerns the impact of a business's activities on society.
B) It refers to principles and standards that define acceptable behavior in business organizations.
C) It relates to an individual's values and moral standards and the resulting business decisions he or she makes.
D) What is ethical is determined by the public, government regulators, interest groups, competitors, and each individual's personal moral values.
E) Studying it can help you recognize ethical issues and understand how others make unethical decisions.
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Chapter 6: Developing a Business Strategy
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Explain SMAC principles and provide examples.
Q2) Operational goals set is the final phase of the strategic planning process.
A)True
B)False
Q3) With respect to the overall mission of the organization,the difference between for-profit entities and not-for-profits is how to maintain the balance between the need and social mission and goals.
A)True
B)False
Q4) Karen Jobs is a supervisor who deals directly with a group of production line workers.She spends several hours each week developing specific work assignments and production schedules for the coming week so that the production department can meet its short-term production objectives.This suggests that a significant component of Karen's job involves:
A) strategic planning.
B) contingency planning.
C) tactical planning.
D) operational planning.
Q5) Explain Business system configuration and provide an example.
Q6) What is the final phase of the strategic planning process?
Page 8
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Chapter 7: Entrepreneurship and Forms of Business Ownership
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Which of the following is considered to be an advantage of departmentalization?
A) Employees become narrow specialists.
B) People in the same department tend to think alike.
C) Departments are isolated from one another.
D) Employee skills can be developed in depth.
Q2) Dean's Formals,an old local business,is experiencing some severe cash flow problems.Therefore,in order to effectively address these problems the senior management has adopted the following decision making model,
A) decentralized
B) laissez faire
C) centralized
D) divisional
Q3) Degree of Departmentalization refers to the dividing of the organization's work units into defined functional areas.
A)True
B)False
Q4) relating to organizational successes and achievement of performance benchmarks.
A)True
B)False
Page 9
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Chapter 8: Developing Your Business Structure and Culture
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) Managers must think through the process and plan for the hiring of an employee in the same way as we look to purchase equipment and other valuable organizational assets.
A)True
B)False
Q2) Competitive skills are all about inspiring others to achieve identified levels of expectations.
A)True
B)False
Q3) Bonuses are part of compensation?
A)True
B)False
Q4) Describe the potential near-term impacts of "short-termism"?
Q5) Maslow placed _________ needs at the highest level of his hierarchy.
A) self-actualization
B) esteem
C) deferred
D) social
Q6) What two bases of power do managers have at their disposal?
Q7) Why is strong leadership important?
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Chapter 9: Managing and Leading the Organizations Talent
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) Small business owners should think in terms of layout design,striving to deliver consistent experience with each customer interaction.
A)True
B)False
Q2) High quality standards is the root concept of "value chain analysis".
A)True
B)False
Q3) Philosophy of total improvement is part of the Six Sigma methodology?
A)True
B)False
Q4) Which of the following is NOT one of the core decision areas that operations managers need to examine?
A) Process design, layout, and execution
B) Materials resource planning
C) Materials management
D) Facility design and layout
E) Capital asset evaluation and acquisition
Q5) Inspection reveals whether a product meets quality standards.
A)True
B)False
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Chapter 10: The Marketing Challenge
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) A way to think about the concept of marketing is to think about it as being the place in the consumer's mind which you want your organization's brand,products,and/or services to own.
A)True
B)False
Q2) What is Needs Identification?
Q3) Marketing is largely perceived as the communications link between an organization and its marketplace.
A)True
B)False
Q4) Value,real or _______,can equally be based on intangible.
A) observed
B) superficial
C) perceived
D) imagined
E) implicit
Q5) Competition is largely perceived as the communications link between an organization and its marketplace.
A)True
B)False
Page 12
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Chapter 11: Understanding the Marketing Effort
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192 Verified Questions
192 Flashcards
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Sample Questions
Q1) ______ refers to connecting directly with customers and handling the final sale of product and/or the delivery of services without the assistance of a channel intermediary.
A) Express distribution
B) Direct distribution
C) Indirect distribution
D) Degree of sales support
E) Accessible distribution
Q2) The advertising strategy during the growth stage of the product life cycle should be to:
A) aim at the needs of innovators
B) make the mass market aware of brand benefits
C) use advertising as a vehicle for introducing the product category benefits
D) emphasize the product's low price to help reduce inventories
E) make the market aware of product category brands
Q3) Mixed distribution systems are distribution systems that incorporate both direct and indirect distribution options within their distribution strategy.
A)True
B)False
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Chapter 12: Technology and Operations Management
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) A type of indirect costs,called variable costs are costs which the organization commits itself to within an operating year,and which often are spent in advance or at the front end of a manufacturing/sales cycle.
A)True
B)False
Q2) The level of sales revenue or volume which is required in order for the organization to cover all of its costs is called the balanced quantity.
A)True
B)False
Q3) Barker Brothers Pens utilizes a strategy of low prices to attract customers and discourage competition.This represents a bundling strategy.
A)True
B)False
Q4) Competition-based pricing is the process used to determine the profitability of a product at various levels of sales.
A)True
B)False
Q5) What is the best way to cut costs?
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Page 14
Chapter 13: Understanding Business Finances
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) A private corporation is one that does not pay taxes on its income.
A)True
B)False
Q2) For most organizations,managers will have a tendency to look first towards outward funds to compensate owners and to finance new investments.
A)True
B)False
Q3) All of the following are advantages of a sole proprietorship except A) ease of formation.
B) secrecy.
C) unlimited liability.
D) control of the business.
E) limited government regulation.
Q4) A private corporation is one that is owned by only a few people and not traded on the open market.
A)True
B)False
Q5) A bond is a current liability.
A)True
B)False
Page 15
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Chapter 14: Financial Statements Structure and Interpretation
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) Solvency is an issue that Not-for-profit (NFP) managers must manage.
A)True
B)False
Q2) An income statement shows the company's status at a particular point in time.
A)True
B)False
Q3) One of the fundamental types of business transactions that managers are constantly making decisions about and reviewing is strategic transactions.
A)True
B)False
Q4) All of the following are considered in an organization's solvency analysis,EXCEPT:
A) future revenues
B) products/services under development
C) past cash disbursements
D) market position
E) the ability to acquire additional capital resources
Q5) What do operational transactions represent?
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Q6) How do managers get the clearest picture of what is happening within the organization?
Chapter 15: Analyzing New Business Ventures
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) The utilization of a proven business model,such as a franchise,can assist in mitigating the business venture risk,to some extent.
A)True
B)False
Q2) Current market environment is a key metric for market analysis of new ventures.
A)True
B)False
Q3) In many cases,the final "GO" or "NO GO" decision comes down to the _______ analysis.
A) management acumen
B) capital
C) asset
D) labour
E) cost base
Q4) What is the essence of value analysis and what three conclusions are drawn from this analysis?
Q5) "Skin in the Game" refers to the overall desire to excel.
A)True
B)False
Q6) What are the means of organic growth?
Page 17
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