Entrepreneurship Exam Review
Course Introduction
This course offers an in-depth exploration of the key principles and practices involved in launching and managing new ventures. Students will learn how to identify viable business opportunities, develop innovative ideas, create business plans, and secure funding. The curriculum covers essential entrepreneurial skills such as market research, risk assessment, resource management, and strategy development. Through case studies, experiential projects, and guest lectures from successful entrepreneurs, students gain practical experience and insights necessary for building sustainable businesses in various industries.
Recommended Textbook
Contemporary Business 1st Canadian Edition by Louis E. Boone
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17 Chapters
2591 Verified Questions
2591 Flashcards
Source URL: https://quizplus.com/study-set/854
Page 2
Chapter 1: The Changing Face of Business
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152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/17004
Sample Questions
Q1) What are some examples of external and internal forces that would require a manager to lead organizational change?
Answer: External forces might include feedback from customers,developments in the international marketplace,economic trends, and new technologies.Internal factors might arise from new company goals,emerging employee needs,labour union dem ands,or production problems.
Q2) Research indicates that work teams consisting of a diverse group of individuals often are more productive than less diverse work teams.
A)True
B)False
Answer: True
Q3) Persons of Hispanic and Asian descent represent the fastest growing segments of the Canadian population.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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165 Verified Questions
165 Flashcards
Source URL: https://quizplus.com/quiz/17005
Sample Questions
Q1) If companies provide a code of conduct and ethical training,there is no need to hire a compliance officer or to provide an anonymous employee hotline to report unethical behaviour they have witnessed.
A)True
B)False
Answer: False
Q2) All of the following are current social issues related to business's responsibilities to employees EXCEPT ________.
A) sexual harassment
B) discrimination against workers over 40 years of age
C) discrimination against workers under 40 years of age
D) quality of life issues
Answer: C
Q3) One goal of consumerism is for consumers to have access to enough education and production information to make responsible purchase decisions.
A)True
B)False
Answer: True
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Chapter 3: Economic Challenges Facing Contemporary Business
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194 Verified Questions
194 Flashcards
Source URL: https://quizplus.com/quiz/17006
Sample Questions
Q1) The three major types of economic systems are ________.
A) capitalism,planned economies,and mixed economies
B) capitalism,pure competition,and planned economies
C) capitalism,monopoly,and mixed economies
D) capitalism,oligopoly,and planned economies
Answer: A
Q2) Consumers often turn to lower-priced retailers for the goods they need during a business cycle of ________.
A) recession
B) recovery
C) prosperity
D) depression
Answer: A
Q3) Under a pure monopoly,no single producer has a significant amount of control over price.
A)True
B)False
Answer: True
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Chapter 4: Competing in World Markets
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166 Verified Questions
166 Flashcards
Source URL: https://quizplus.com/quiz/17007
Sample Questions
Q1) Maria is the Middle Eastern sales manager for a large company.She avoids giving pork products and wine to Arab customers as gifts.Maria is being sensitive to
A) religious differences
B) language differences
C) differences in consumer habits
D) differences in business practices
Q2) Ford Motor Company is merging its individual operation into one so that it can use a standardized product and marketing strategy worldwide.This strategy can best be described as a(n)________.
A) international marketing strategy
B) orderly marketing strategy
C) global strategy
D) multidomestic strategy
Q3) National governments sometimes take deliberate action to devalue their currencies as a way to increase exports and stimulate foreign investment.
A)True
B)False
Q4) Discuss the advantages of the North American Free Trade Agreement (NAFTA).
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Chapter 5: Forms of Business Ownership and Organization
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172 Verified Questions
172 Flashcards
Source URL: https://quizplus.com/quiz/17008
Sample
Questions
Q1) A(n)_____ joins a firm in the same industry that wish to diversify,increase its customer base,cut costs,or offer expanded product lines.
A)sole proprietorship
B)small business
C)corporation
D)merger
E)acquisition
F)horizontal merger
G)conglomerate merger
H)cooperative
I)vertical merger
J)business incubators
K)business plan
L)closed corporation
M)preferred stock
N)franchising
Q2) Distinguish between a vertical merger,a horizontal merger,and a conglomerate merger.Provide an example of each.Which is likely to receive the closest government scrutiny?
Q3) Explain how small businesses create new industries.
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Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative
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108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/17009
Sample Questions
Q1) ___________ has a long-standing and well-known record of encouraging intrapreneurship.
A) IBM
B) 3M
C) General Motors Co.
D) Microsoft Corporation
Q2) Entrepreneurs take credit for their successes,but often blame external conditions for their failures.
A)True
B)False
Q3) Distinguish between venture capitalists and angel investors.
Q4) Desire for self-management is the motivation that drives many entrepreneurs.
A)True
B)False
Q5) There is very little the government can do to encourage entrepreneurship.
A)True
B)False
Q6) Discuss how an entrepreneur views job security.
Q7) Discuss the four motives frequently cited as major reasons why people become entrepreneurs. Page 8
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Page 9
Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
Source URL: https://quizplus.com/quiz/17010
Sample Questions
Q1) "Lack of financial stability" would be identified in a company's SWOT analysis as a threat.
A)True
B)False
Q2) A company's perceptions regarding the marketplace needs and the ways a firm can satisfy them is known as a(n)__________.
A) financial plan
B) vision
C) strategic plan
D) contingency plan
Q3) What is the first step in the organizing process?
A) Determine specific work activities necessary to implement plans and achieve objectives.
B) Assign activities to specific positions and people and allocate necessary resources.
C) Coordinate activities of different groups and individuals.
D) Group work activities into a logical pattern or structure.
Q4) In practice,ethical decisions are clear-cut and easy to make.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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146 Verified Questions
146 Flashcards
Source URL: https://quizplus.com/quiz/17011
Sample Questions
Q1) Derek runs the finance department for a software company and wants to measure a job candidate's ability in numerical aptitude,general reasoning,and verbal comprehension.According to experts,which test would be ideal for this situation?
A) certified public accounting exam
B) cognitive ability test
C) associative learning comprehension
D) personality type indicator
Q2) The desire to be accepted by family members and other individuals is what Maslow called ________ needs.
A) physiological
B) esteem
C) social
D) self-actualization
Q3) A signed and ratified contract eliminates the potential of disagreement between labour and management.
A)True
B)False
Q4) Describe some common methods of recruiting.
Q5) What is downsizing? How is it different from outsourcing?
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Chapter 9: Top Performance through Empowerment,
Teamwork, and Communication
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141 Verified Questions
141 Flashcards
Source URL: https://quizplus.com/quiz/17012
Sample Questions
Q1) The skill of receiving a message and interpreting its genuine meaning is _____.
A)low-context culture
B)affective conflict
C)performing stage
D)cross-functional team
E)noise
F)team norms
G)encoding
H)self-managed team
I)grapevine
J)norming stage
K)team diversity
L)virtual team
M)cognitive conflict
N)external communication
O)listening
P)communication
Q)team cohesiveness
Q2) Explain the difference between team level and team diversity.Which characteristic is most effective for complex tasks?
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Chapter 10:Production and Operations Management
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161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/17013
Sample Questions
Q1) Provide examples of each of the three basic types of layouts for manufacturing facilities.
Q2) A product layout can efficiently produce a large number of similar products but is relatively inflexible.
A)True
B)False
Q3) When a company looks to an established,superlative product as a guide for its new product,it is ________.
A) implementing quality control
B) forecasting
C) implementing quality standards
D) benchmarking
Q4) A steel company whose blast furnaces never completely shut down except for malfunctions is an example of a(n)________ production system.
A) analytic
B) intermittent
C) continuous
D) synthetic
Q5) Discuss the five steps in production control.
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Chapter 11: Customer-Driven Marketing
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154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/17014
Sample Questions
Q1) Developing and maintaining long-term,cost-effective exchange relationships with individual customers,suppliers,employees,and other partners for mutual benefit characterizes ________.
A) relationship management
B) customer satisfaction
C) relationship marketing
D) interpersonal consumer relationships
Q2) One of the most difficult areas of marketing decision making is pricing because these decisions are often subject to government regulation and public scrutiny.
A)True
B)False
Q3) Census data are ________ and ________ data for marketing researchers.
A) external;primary
B) internal;primary
C) internal;secondary
D) external;secondary
Q4) The first element of a marketing strategy is to identify a target market.
A)True
B)False
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Chapter 12: Product and Distribution Strategies
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181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/17015
Sample Questions
Q1) When Kroger's grocery store puts its own line of detergent on the shelf next to Tide,the store is promoting its ________ brand.
A) individual
B) private
C) manufacturer
D) family
Q2) Dole Food Company uses a(n)________ brand to market the company's entire line of food products,including canned fruits and packaged salads.
A) family
B) private
C) individual
D) distribution
Q3) A marketing intermediary is a person or firm that operates between the producer and the consumer or industrial purchaser.
A)True
B)False
Q4) What are the advantages and disadvantages of test marketing?
Q5) Describe how services differ from goods.
Q6) Describe the three levels of brand loyalty.
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Chapter 13: Promotion and Pricing Strategies
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156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/17016
Sample Questions
Q1) The fundamental purpose of promotion is to inform customers about the benefits of products.
A)True
B)False
Q2) In the movie,The Social Network,the actor portraying Mark Zuckerberg is featured wearing products by Gap and the North Face.This form of promotion is known as
A) trade promotion
B) institutional advertising
C) creative selling
D) product placement
Q3) Dell Computer provides inner city schools with free computers and wireless Internet access.This is an example of ________.
A) sales promotion
B) public relations
C) personal selling
D) creative selling
Q4) Describe the follow-up stage of the selling process.Why is this stage important?
Q5) Explain the relationship between advertising and the product life cycle.
Q6) Describe and provide examples of the two basic types of advertising.
Page 16
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Chapter 14: Using Technology to Manage Information
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113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/17017
Sample Questions
Q1) What is a decision support system? How does a decision support system differ from an expert system?
Q2) Decision support systems provide support to people making business decisions.
A)True
B)False
Q3) A database can best be described as ________.
A) a centralized integrated collection of the organization's data resources
B) a loose collection of ideas
C) data that has been converted into information
D) data gathered at random from a variety of sources
Q4) An outside supplier used to provide computer and application support for managing an information system is known as ________.
A) an application maintenance provider
B) an application service provider
C) on-demand computing
D) utility computing
Q5) Theft of equipment is a type of computer crime.
A)True
B)False
Q6) Explain the difference between hardware and software.Give examples of both.
Page 17
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Chapter 15: Understanding Accounting and Financial Statements
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132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/17018
Sample Questions
Q1) All organizations perform three basic business activities.List and describe these activities.
Q2) ________ activities provide the necessary funds to start a business and to expand it after it begins operations.
A) Investing
B) Financing
C) Operating
D) Selling
Q3) ________ activities focus on selling goods and services.
A) Investing
B) Financing
C) Operating
D) Marketing
Q4) Accrual accounting recognizes revenues and expenses when cash changes hands.
A)True
B)False
Q5) A debt ratio of 20 percent means that the firm is relying more on borrowed money than owners' equity.
A)True
B)False
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Chapter 16: The Financial System
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154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/17019
Sample Questions
Q1) Securities are issued and traded in the____.
A) financial market
B) securities market
C) government market
D) super market
Q2) The price of a bond is affected by its interest rate.
A)True
B)False
Q3) Describe the global financial environment.
Q4) Which of the following actions would have the effect of increasing the supply of money and credit and lowering interest rates?
A) The Bank of Canada buying government securities
B) The Bank of Canada raising the margin requirement
C) The Bank of Canada raising the reserve requirement
D) The Bank of Canada raising the discount rate
Q5) What are the Bank of Canada's four basic responsibilities
Q6) Issuers tend to call bonds when market interest rates are declining.
A)True
B)False
Q7) Explain the difference between primary and secondary markets.
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Chapter 17: Financial Management
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94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/17020
Sample Questions
Q1) Stocks or bonds that are sold exclusively to a small group of large investors are known as _____.
A)venture capitalists
B)private placements
C)factoring
D)capital investment analysis
E)debt capital
F)equity capital
G)financial plan
H)leverage buyout
I)private equity funds
J)divesture
K)marketable securities
L)financial manager
M)tender offer
N)trade credit
O)leverage
P)capital structure
Q)asset intensity
R)bonds
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