This course introduces students to the fundamentals of entrepreneurship, exploring the process of identifying viable business opportunities, developing innovative business ideas, and transforming these ideas into successful ventures. Through an examination of entrepreneurial mindsets, the course covers key topics such as business model development, market analysis, financing strategies, and the creation of business plans. Students will gain practical insights into launching and managing startups, understanding the challenges of scaling a business, and learning effective problem-solving and leadership skills essential for entrepreneurial success.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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18 Chapters
2559 Verified Questions
2559 Flashcards
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Page 2
Chapter 1: Political Environment
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99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/4456
Sample Questions
Q1) You've just finished composing a song that you believe will be the next big hit. Your next step is to apply for a patent through the Canadian Intellectual Property Office.
A)True
B)False
Answer: False
Q2) What are the three levels of government in Canada?
A) federal, provincial, municipal
B) federal, state, city
C) country, province, city
D) country, province, municipality
Answer: A
Q3) Municipalities use bylaws to regulate how businesses operate.
A)True
B)False
Answer: True
Q4) Describe some of the areas that the provincial government has authority over.
Answer: Labour laws, education, health and welfare, natural resources, and protection of property, civil rights, and the environment.
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Chapter 2: Economic Environment
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) To examine how the sectors of the economy interact, you should think in terms of which of the following figures?
A) diamond shape
B) linear graph
C) economic hierarchy
D) circular flow
Answer: D
Q2) There are more companies in a monopolistic competition than in an oligopoly.
A)True
B)False
Answer: True
Q3) Full employment means all those who want to work are employed.
A)True
B)False
Answer: True
Q4) Relationship management would benefit a company that provides janitorial cleaning services for businesses.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Social Environment
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Which of the following is the practice of tying philanthropy to the corporate mission or goals, and targeting donations to regions where the company operates?
A) social investing
B) strategic paternalism
C) strategic giving
D) social philanthropy
Answer: C
Q2) Which of the following are also known as the generation M (multitasking) or the iGeneration?
A) the baby boomers
B) Generation Z
C) Generation Y
D) Generation X
Answer: B
Q3) Demographics is the study of people's vital statistics, such as their age, race and ethnicity, and location.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Technological Environment
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Who does the CIO report directly to?
A) vice-president
B) chief executive officer
C) shareholders
D) board of directors
Q2) Which of the following is NOT one of the three trends that are relevant to business today?
A) social media
B) online retailing
C) unpredictable evolution of technology
D) texting
Q3) In technology planning, which aspects must businesses consider?
A) financial
B) strategic
C) human
D) competitive
Q4) What is one of the most important roles of an automated accounting process?
Q5) Amazon, Shop.ca, and Alibaba are called channel disruptors.
A)True
B)False
Page 6
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Chapter 5: International Environment
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) One of the reasons that the United Nations has ranked Canada as one of the best countries to live in is our ability to do which of the following?
A) do business with the outside world
B) have a good education system
C) provide one year of parental leave
D) provide free health care for all our citizens
Q2) Canadian manufacturers sell automobiles in South Korea. To South Korea, the automobiles represent which of the following?
A) countertrades
B) exports
C) imports
D) exchanges
Q3) According to the text, why are some people opposed to trade and globalization?
A) loss of national identities
B) less local businesses
C) rich countries get richer
D) damage to the environment
Q4) How does an infrastructure influence a country's economic development?
Q5) What is the most fundamental reason for the growth in world trade?
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Chapter 6: Entrepreneurship and Small Business
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) Which of the following are individual investors or groups of experienced investors who provide funding for start-up businesses?
A) angel investors
B) equity entrepreneurs
C) opportunity entrepreneurs
D) entrepreneurial capitalists
Q2) Many small businesses wishing to operate overseas use the services of export management companies.
A)True
B)False
Q3) Which of the following is the most common motive for becoming an entrepreneur?
A) challenge of building a business
B) less risk because the entrepreneur is the boss
C) financial dependence
D) dissatisfaction with one's current job
Q4) Small businesses tend to have greater flexibility than large businesses.
A)True
B)False
Q5) List the three most common causes for business failure.
Q6) What is the most popular type of small business?
Page 8
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Chapter 7: Understanding the Business
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) A distinctive competence is a unique core competence, something that a company can do better than the competition.
A)True
B)False
Q2) Companies have more goodwill with the overall general public when they are perceived to be which of the following?
A) philanthropic
B) progressive
C) prioritizing hiring women and minorities
D) politically active
Q3) Revenue, expenses, and net income are the key sections found on a statement of cash flows.
A)True
B)False
Q4) International trade and globalization are very important to Canada.
A)True
B)False
Q5) SWOT stands for strengths, weaknesses, opponents, and threats.
A)True
B)False
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Chapter 8: Forms of Business Ownership
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) A corporation can best be described by which of the following statements?
A) It cannot be sued.
B) It is subject to federal laws only.
C) It is a taxable entity.
D) It cannot own land but can own buildings.
Q2) Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.
A)True
B)False
Q3) Which of the following is an advantage of sole proprietor ownership?
A) direct control of the business
B) keeping 50 percent of the profits
C) limited liability
D) better terms from suppliers
Q4) Which form of business ownership has the most difficulty in raising capital?
A) sole proprietorship
B) general partnership
C) limited partnership
D) corporation
Q5) Discuss the following statement: "Joint ventures have unlimited life."
Page 10
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Chapter 9: Management and Leadership in Todays Organizations
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156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4464
Sample Questions
Q1) Most companies have three distinguishable levels of management. What are they?
A) functional, middle, and staff
B) supervisory, middle, and top
C) operational, supervisory, and top
D) low, functional, and chief
Q2) At IBM, the MDX group is at a crossroad about how to market a new software package. Judy Ramsby, the head of the group, has told the group of managers that "it is up to the group. As long as they don't violate company policy, the decisions are up to them." Which of the following leadership styles is Judy Ramsby practising?
A) free rein
B) open door
C) open alternative
D) autocratic
Q3) What is the lowest level of management, which usually has the most people to manage?
A) operational management
B) supervisory management
C) strategic management
D) middle management
11
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Chapter 10: Designing Organizational Structures
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Which of the following management terms is associated with the ideal virtual corporation?
A) vertical integration
B) managerial hierarchy
C) organization chart
D) core competency
Q2) The line of authority that extends from one level of an organization's hierarchy to the next is referred to as line of command.
A)True
B)False
Q3) In which departments are typical staff positions found?
A) human resources and marketing
B) legal and human resources
C) production and marketing
D) production and legal
Q4) The virtual corporation is one way that organizations can transform information technology into a competitive advantage.
A)True
B)False
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Chapter 11: Motivating Employees
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) Which of the following is NOT one of the current trends in business management today?
A) helping employees achieve a balance between their work responsibilities and their personal obligations
B) application of the expectancy theory
C) employee ownership
D) education and training to raise employees' feelings of self-worth
Q2) With the goal-setting theory, managers have learned that easier goals motivate more effectively than challenging ones.
A)True
B)False
Q3) According to equity theory, if employees perceive that an inequity exists, which of the following is something that they might do?
A) reveal secrets to competitors
B) look at the situation from a different perspective
C) go to the press
D) file a lawsuit against the company
Q4) What are managers doing when they vertically expand an employee's job?
Q5) How can managers use the equity theory to improve worker satisfaction?
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Chapter 12: Managing Human Resources and Labour Relations
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147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/4467
Sample Questions
Q1) What might recruitment involve?
A) reference checks
B) prospecting on university and college campuses
C) background checks
D) writing job descriptions
Q2) Which of the following statements best describes fringe benefits?
A) All fringe benefits are paid by the federal government.
B) Examples of fringe benefits include vacation and sick leave.
C) Fringe benefits are classified as a form of direct compensation.
D) Profit sharing is a form of fringe benefit.
Q3) The selection interview is designed to test an applicant's communication ability and motivation.
A)True
B)False
Q4) Simulation is a training system that utilizes the operation of mock equipment by the trainee.
A)True
B)False
Page 14
Q5) What is the first step in human resource planning?
Q6) What is job rotation?
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Page 15
Chapter 13: Marketing
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) Lee Robi has developed a dog shampoo that promotes softer fur and reduces shedding. He knows that there is a great demand for such a product, but he is puzzled as to how to distribute the product. Which of the four Ps is Robi concerned about?
A) place
B) promotion
C) possession
D) production
Q2) Shenshen Zhongxing Telecom (ZTE) is the only telecommunications company in China producing and marketing a specific inexpensive camera phone to sell to middle-class Chinese living in urban areas. Because ZTE targets a single segment within a limited geographical area, which advantage does it have?
A) relationship-building advantage
B) comparative advantage
C) differential competitive advantage
D) niche competitive advantage
Q3) Selling retirement plans to people over the age of 50 is an example of demographic segmentation.
A)True
B)False
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Page 16
Chapter 14: Creating Marketing Strategies
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) What is a brand that is so dominant that consumers think of it immediately when a product category is mentioned?
A) master brand
B) dominant brand
C) leading brand
D) preeminent brand
Q2) Which of the following is a strategy of charging a high introductory price for a new product that invites eventual competition?
A) kiting
B) escalation
C) skimming
D) penetration
Q3) What are expense items that have undergone little or no processing and are used in the manufacture of end products?
A) component parts
B) specialty products
C) raw materials
D) installations
Q4) List the elements of the promotional mix.
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153 Verified Questions
153 Flashcards
Source URL: https://quizplus.com/quiz/4470
Sample Questions
Q1) Mass production relies heavily standardization, mechanization, and which of the following?
A) reliability
B) efficiency
C) specialization
D) uniformity
Q2) The aspect of operations management in which the company considers its resources and its own strategic goals in an effort to determine the best production methods is known as which of the following?
A) efficiency optimization
B) operations maximization
C) production planning
D) establishing critical paths
Q3) When a thermometer manufacturer combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of which of the following?
A) distribution
B) materialization
C) production
D) marketing
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Chapter 16: Accounting for Financial Success
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156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4471
Sample Questions
Q1) Which of the following are debts that are to be paid within 12 months?
A) current assets
B) fixed assets
C) current liabilities
D) fixed liabilities
Q2) Which of the following is NOT one of the three groups that the statement of cash flows divides the company's cash flow into?
A) cash flow from investment activities
B) cash flow from exporting activities
C) cash flow from financing activities
D) cash flow from operating activities
Q3) Which of the following classification of ratios reflects the speed with which resources are converted to cash or sales?
A) leverage
B) equity
C) activity
D) profitability
Q4) How would the building, the parking lot, and the land owned by a superstore be listed on the store's balance sheet?
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Chapter 17: Understanding Money and the Canadian Financial System
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) Which of the following buys and sells securities (stocks and bonds) for its clients and gives them related advice?
A) finance company
B) consulting company
C) brokerage company
D) investment company
Q2) Fleur Ott owns 100 shares of Armstrong Tool Company cumulative preferred shares. The dividend is $6 per share. Armstrong's board of directors omitted the preferred dividends in 2000, 2001, and 2002. In 2003, the dividend was resumed. Which of the following represents the amount that Armstrong Tool owes Ott?
A) $600
B) $1,200
C) $1,800
D) $2,400
Q3) What is wrong with the following statement: "Credit cards replace money"?
Q4) The Canadian Deposit Insurance Corporation insures only deposits at commercial banks.
A)True
B)False
Chapter 18: Finance
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168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/4473
Sample Questions
Q1) What is financial management?
Q2) Sales made, but for which payment has not yet been collected, are called accounts payable.
A)True
B)False
Q3) Which of the following is the process of selecting the capital expenditures that offer the best returns and meet the goal of maximizing the company's value?
A) capital evaluation
B) capital allocation
C) budget analysis
D) capital budgeting
Q4) Term loans are best described by which of the following?
A) They are loans with a maturity of less than one year.
B) They are available from commercial banks, insurance companies, pension funds, commercial finance companies, and manufacturers' financing subsidiaries.
C) They must be secured.
D) They must be repaid on an annual schedule only.
Q5) What is most commonly used for collateral with secured loans?
Q6) List three forms of long-term debt that are available to companies.
Page 21
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