Entrepreneurship
Final Exam Questions
Course Introduction
Entrepreneurship is a dynamic course that explores the process of identifying, developing, and launching new business ventures. Students will learn how to recognize opportunities, assess market needs, devise innovative solutions, and secure resources necessary to bring ideas to fruition. The course covers essential topics such as business planning, financial forecasting, marketing strategies, funding acquisition, and risk management. Through real-world case studies, group projects, and entrepreneurial simulations, students gain practical skills and foundational knowledge required to succeed as entrepreneurs in diverse industries.
Recommended Textbook
Business 12th Edition by William M. Pride
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24 Chapters
4484 Verified Questions
4484 Flashcards
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Page 2
Chapter 1: Exploring the World of Business and Economics
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Sample Questions
Q1) A business' efforts to sustain the planet and the business' participation in ecological movements are part of a firm's
A) free enterprise system.
B) stakeholder responsibilities.
C) factors of production.
D) social responsibility.
E) business cycle.
Answer: D
Q2) Which economist has been called the father of communism?
A) Adam Smith
B) Fidel Castro
C) Mark Cuban
D) Karl Marx
E) Alan Greenspan
Answer: D
Q3) In a socialist economy, the key industries are owned and controlled by the government.
A)True
B)False
Answer: True
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Chapter 2: A: Being Ethical and Socially Responsible
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Sample Questions
Q1) What two additional rights have been added to Kennedy's original consumer bill of rights?
A) Right to choose and right to satisfaction
B) Right to listen and right to education
C) Right to consumer education and right to service
D) Right to service and right to privacy
E) Right to reparation and right to privacy
Answer: C
Q2) Babkok Corporation set up an effective program for social responsibility. Its top managers developed a policy statement outlining key areas of concern. This statement will serve as a guide for other employees as they become involved in the program. Now
A) a committee of managers should be appointed to plan the program.
B) employees should be appointed to submit suggestions to management.
C) a top-level executive should be appointed to direct implementation of the program.
D) employees should evaluate the program.
E) the program director should prepare a social audit for the firm at specified intervals.
Answer: A
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Chapter 2: B: Being Ethical and Socially Responsible
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Sample Questions
Q1) The director of a company's social responsibility program should be a consumer advocate who can express the social issues facing the firm to the organization's management.
A)True
B)False Answer: False
Q2) When translated, caveat emptor means "let the buyer beware."
A)True
B)False
Answer: True
Q3) An ethical decision or action is one that is right according to some standard of behavior.
A)True
B)False
Answer: True
Q4) Ethics is the study of right and wrong and of the morality of the choices we make.
A)True
B)False Answer: True
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Chapter 3: A: Exploring Global Business
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Sample Questions
Q1) Selling and shipping raw materials or products to other nations is called A) exporting.
B) alien trading.
C) importing.
D) tariffing.
E) deficit trading.
Q2) Miller Beer allows a Canadian firm to use its name, formula, and brands in return for a royalty. This is known as A) exporting.
B) licensing.
C) direct investment.
D) manufacturing in foreign countries.
E) none of the above.
Q3) What is a national balance of trade? What does someone mean when he or she says that the balance of trade is favorable? Unfavorable?
Q4) What might be inferred if a nation has a continual deficit in its balance of payments?
Q5) What are the Kennedy, the Tokyo, Uruguay, and the Doha Rounds? How fruitful were these rounds of negotiations?
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Chapter 3: B: Exploring Global Business
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Sample Questions
Q1) Political considerations usually are involved in a country's decision to impose a trade embargo.
A)True
B)False
Q2) Licensing and exporting can be considered relatively low-risk methods of entering foreign markets.
A)True B)False
Q3) One of the problems with licensing as a method of achieving international business is that it is a much more difficult procedure to implement than the other methods.
A)True
B)False
Q4) A restriction on the amount of a particular foreign product that can be purchased or sold is called a foreign-exchange control.
A)True
B)False
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Chapter 4: Choosing a Form of Business Ownership
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Sample Questions
Q1) Tracy is considering expanding his business and has several potential new investors in mind. He originally wanted to form an S-corporation to protect the liability of the investors, but he is now considering a limited-liability company instead because he knows there can be only ____ stockholders in an S-corporation.
A) 10
B) 25
C) 50
D) 100
E) 108
Q2) Before Troy can incorporate his advertising business in Champaign, Illinois, he must have a(n) ____ approved by the ____.
A) articles of incorporation; U.S. Corporate Business Administration
B) corporate charter; Champaign city mayor
C) agreement; Secretary of Commerce of the United States
D) articles of incorporation; stockholders
E) articles of incorporation; secretary of state of Illinois
Q3) Describe the advantages and disadvantages of a corporation.
Q4) Compare and contrast common stock and preferred stock. Which would you rather own? Why?
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Chapter 5: Small Business, Entrepreneurship, and Franchises
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Sample Questions
Q1) Why is the failure rate lower for franchises than for independent businesses?
Q2) Why do certain industries tend to be more attractive for the start-up of a small business?
Q3) In her small retail shop, Jocelyn knows most of her best customers by name and knows their preferences in clothing and shoes. This demonstrates which advantage of a small business?
A) Ability to adapt to change
B) Independence from customer's desires
C) Simplified record keeping
D) Personal relationships with customers
E) Small customer base
Q4) Marielena Lopez owns a Wendy's franchise. Marielena feels that the franchisor is hurting his business by forcing him to use certain high-priced suppliers. The franchisor says that this power is implied in the franchise agreement. Who is likely to arbitrate this dispute?
A) Wendy's CEO
B) Marielena Lopez
C) The court system
D) National Franchise Mediation Program
E) Wendy's corporate lawyers
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Chapter 6: Understanding the Management Process
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Sample Questions
Q1) In the entrepreneurial style of leadership in an organization, leaders take responsibility for the success or failure of their firm.
A)True
B)False
Q2) Which of the following is not a step in the decision-making process?
A) Solving the identified problem
B) Implementing and evaluating the solution
C) Identifying the problem or opportunity
D) Selecting an alternative
E) Generating alternatives
Q3) Kelly is in charge of both accounting and investments and all of the employees involved with these functions at her firm. Kelly is a(n) ____ manager.
A) executive
B) financial
C) first-line
D) middle
E) operations
Q4) How would you expect top managers to spend most of their work time?
Q5) Define the aspects of a SWOT analysis and how it can benefit a company.
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Chapter 7: Creating a Flexible Organization
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Sample Questions
Q1) Green Sports Incorporated is a small start-up company that manufactures and markets sports equipment made from recycled materials. Green Sports is best suited to base its departmentalization on product.
A)True
B)False
Q2) All of the following are reasons for a narrow span of management except A) workers are located far from one another.
B) few new problems are expected.
C) the manager must do a lot of work other than managing.
D) a great deal of interaction between management and workers is needed.
E) new problems arise frequently.
Q3) Refer to Boss Queen, Inc. It seems that BQI managers could be considered all of the following except
A) line managers.
B) department managers.
C) staff managers.
D) functional managers.
E) owners.
Q4) Why would the decentralization of a firm result from delegation of authority?
Q5) Why is job specialization needed?
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Chapter 8: Producing Quality Goods and Services
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Sample Questions
Q1) Trey regularly spends an entire working day ensuring that goods and services are produced in accordance with design specifications. Obviously, ____ is important in her company.
A) product design
B) design planning
C) quality control
D) inventory control
E) operations control
Q2) When Panasonic improves the sound, clarity, and ease of operation offered by its Blu-Ray players, it is
A) shortening its product life cycle.
B) extending its basic research.
C) redistributing its product.
D) refining its existing product.
E) reducing the DVD player's functionality.
Q3) What advantages do robots have over human workers? What advantages do human workers have over robots?
Q4) What does improving productivity mean? How can a manufacturing or service business improve productivity?
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Chapter 9: Attracting and Retaining the Best Employees
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Sample Questions
Q1) For the past ten years, Savco has obtained its best employees from private employment agencies. Now that it has three additional jobs to fill, it will probably continue to use
A) a skills inventory.
B) external recruiting.
C) internal recruiting.
D) vestibule selection.
E) external replacement.
Q2) Employee benefits are
A) nonmonetary rewards.
B) monetary rewards.
C) required.
D) usually not viewed as being part of one's total compensation.
E) temporary incentives.
Q3) The process of acquainting new employees with an organization is called orientation.
A)True
B)False
Q4) What is cultural diversity, and why is it an important issue?
Q5) What is the job evaluation process in terms of the wage structure decision?
Page 13
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Chapter 10:
Motivating and Satisfying Employees and Teams
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Sample Questions
Q1) The Human Side of Enterprise was a management book written by Frederick W. Taylor.
A)True
B)False
Q2) Sleep relates most directly to which level of need?
A) Esteem
B) Self-actualization
C) Physiological
D) Social
E) Safety
Q3) Under Herzberg's theory, when ____ factors are present in the work environment, they act as satisfiers; when ____ factors are absent, they act as dissatisfiers.
A) Theory X; Theory Y
B) motivation; hygiene
C) physiological; self-realization
D) Theory Y; Theory X
E) hygiene; motivation
Q4) How does a positive reinforcement differ from a negative reinforcement?
Page 14
Q5) Describe the various stages of team development.
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Chapter 11: Enhancing Union-Management Relations
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Sample Questions
Q1) ____ is defined as time worked in excess of forty hours in one week.
A) Comp time
B) Overtime
C) Extended time
D) Duty time
E) Double time
Q2) Refer to New Union. In developing union-management contracts for his members, Evan should ensure that all of the following are covered in the contract except A) forms of pay.
B) pay determinants.
C) member relations.
D) magnitude of pay.
E) seniority.
Q3) The Taft-Hartley Act was designed to regulate the internal functioning of unions.
A)True
B)False
Q4) Approximately 18 percent of the U.S. workforce belong to unions.
A)True
B)False
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Chapter 12: Building Customer Relationships Through Effective Marketing
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Sample Questions
Q1) Mary Beth is a high school student. All of her friends buy their jeans from Express, so she decides to buy Express jeans even though Levi's fit her better. Mary Beth's purchasing decision is most influenced by ____ factors.
A) psychological
B) situational
C) demographic
D) personality
E) social
Q2) All of the following are parts of strategic market planning except
A) selecting a target market.
B) assessing the marketing environment.
C) formulating detailed marketing objectives.
D) developing a new package.
E) monitoring and evaluating the marketing program.
Q3) What is a market?
Q4) The pricing ingredient is concerned primarily with the producer's costs of design. A)True
B)False
Q5) Describe the three major targeting strategies, and give an example of each.
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Chapter 13: A: Creating and Pricing Products That Satisfy Customers
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Sample Questions
Q1) HP considers its extensive line of printers to be superior to other brands. To communicate the product's superior quality, which price may be appropriate for their printers?
A) Low
B) Average
C) Premium
D) Discount
E) Prevailing
Q2) Demand-based pricing, unlike cost-based pricing, places firms in a better position to
A) attain higher profit levels.
B) estimate demand easily and accurately.
C) perform breakeven analysis.
D) calculate price based on intangible benefits.
E) penetrate the market quickly.
Q3) What is a status-quo pricing objective?
Q4) Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term, and state how they differ.
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Q5) How does product differentiation allow a firm to exert some control over a product's price?
Chapter 13: B: Creating and Pricing Products That Satisfy Customers
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Sample Questions
Q1) The sum of the fixed costs and the variable costs attributed to the units produced is the selling price.
A)True
B)False
Q2) Innovations are much less common than imitations and adaptations.
A)True
B)False
Q3) A trade discount is the price producers set to draw the public's attention to new products.
A)True
B)False
Q4) Odd-number pricing is limited to low-priced items.
A)True
B)False
Q5) Three types of product-line pricing are price leaders, special-event pricing, and comparison discounting.
A)True
B)False
Page 18
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Chapter 14: Wholesaling, Retailing, and Physical Distribution
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Sample Questions
Q1) An arcade within a restaurant that has various video games customers must pay to play is an example of
A) direct selling.
B) direct-response marketing.
C) automatic vending.
D) a specialty retailer.
E) the party plan.
Q2) Eliminating wholesalers would bring prices down.
A)True
B)False
Q3) Mullin, Inc., purchases supplies such as paper towels, soap, toilet paper, and seat covers directly from manufacturers and then sells them to other firms. Mullin, Inc., is a(n)
A) retailer.
B) wholesaler.
C) functional middleman.
D) agent.
E) producer.
Q4) What channels of distribution are used to sell business products? Why?
Q5) What is supply chain management, and what are its benefits?
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Chapter 15: Developing Integrated Marketing Communications
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Sample Questions
Q1) All activities whose objective is to create and maintain a favorable public image are called public relations.
A)True
B)False
Q2) ___ adds extra value to a produce or increases the customer's incentive to buy the product.
A) Public relations
B) Advertising
C) Publicity
D) Sales promotion
E) Personal selling
Q3) What types of public-relations tools can organizations use?
Q4) Jacobs Enterprises, a large firm, wants to reach a national market for its new product. Which advertising medium would be most appropriate for this purpose?
A) Television
B) Newspapers
C) Radio
D) Billboards
E) Blimps
Page 20
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Chapter 16: Social Media, E-Business, and Accounting
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Sample Questions
Q1) Data mining is the practice of saving all data to the cloud to be accessed through the Internet.
A)True
B)False
Q2) Online merchants like Amazon.com can reach a global customer base twenty-four hours a day, seven days a week.
A)True
B)False
Q3) What is Groupon?
A) Social gaming site
B) A forum
C) A wiki
D) Blogging site
E) Social media site
Q4) Which of the following would not be considered a revenue stream?
A) Sale of a Sony music warehouse
B) Sales of CDs by Sony music
C) Sales of online help services by Microsoft
D) Fees charged by Hoover's Online to access information
E) An ad placed by a credit-card company on Amazon.com
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Chapter 17: Using Management and Accounting Information
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Sample Questions
Q1) A price reduction to customers who pay their bills promptly is called
A) a sales allowance.
B) cost of goods sold.
C) an operating expense.
D) a sales discount.
E) a sales return.
Q2) When Betty Tran prepared a personal income statement, the remainder or residual value is called
A) net asset total.
B) total assets.
C) total revenues.
D) retained earnings.
E) cash surplus.
Q3) Because of the Sarbanes-Oxley Act, accountants must maintain financial documents and audit work for
A) six months.
B) one year.
C) three years.
D) five years.
E) ten years.
Page 22
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Chapter 18: Understanding Money, Banking, and Credit
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Sample Questions
Q1) The typical dollar bill has a life expectancy of about three years.
A)True
B)False
Q2) The discount rate is the interest rate the Federal Reserve charges for loans to member banks.
A)True
B)False
Q3) Federal Savings Bank of Columbia is a for-profit organization that accepts deposits from all its customers, provides them with services, and makes loans. This is a(n)
A) investment banking firm.
B) savings and loan association.
C) credit union.
D) brokerage firm.
E) commercial bank.
Q4) Inflation is a general rise in the level of prices.
A)True
B)False
Q5) How is money used to eliminate the problems associated with the barter system?
Q6) Name the five Cs of credit management. Why is each important?
Page 23
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Chapter 19: Mastering Financial Management
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Sample Questions
Q1) Refer to Morgan's Transition. During his job interview, Morgan was asked to talk about money received from the owners or from the sale of shares of ownership in a business. Which of the following would best describe these funds?
A) Debt capital
B) Equity capital
C) Proceeds from a merger or acquisition
D) Proceeds from the sale of assets
E) Sales revenue
Q2) What types of businesses obtain venture capital financing? How does venture capital differ from a private placement?
Q3) Refer to McGines, Inc. If Derrick has learned and understood the business, he should know that today most corporate bonds are
A) convertible bonds.
B) mortgage bonds.
C) sinking fund bonds.
D) nonconvertible bonds.
E) registered bonds.
Q4) What is cash flow? Why is cash flow important to a business?
Q5) What is a budget? How is it used by a business firm?
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Chapter 20: A: Understanding Personal Finances and Investments
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Sample Questions
Q1) Christine wants to start purchasing stock from individual companies, but she wants to maintain a conservative investment strategy with only safe stocks. What type of stocks should Christine invest in?
A) High-tech stocks
B) Old stocks
C) Blue-chip stocks
D) Mutual funds
E) IPOs
Q2) What steps are required to construct a personal budget? How can the information in a personal budget help you manage your personal finances and prepare for an investment program?
Q3) Haverting, Inc., is a fast-growing biotech company. What is Haverting likely to do with any profits it generates?
A) Pay them out to stockholders as dividends
B) Invest them in the stock of other companies
C) Reinvest them in Haverting to finance growth
D) Keep half and pay the rest to stockholders
E) Use the money to reduce corporate debt
Q4) How do you calculate rate of return? Why is this calculation important?
25
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Chapter 20: B: Understanding Personal Finances and Investments
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Sample Questions
Q1) Investors pay a contingent deferred sales fee every time they purchase shares in a mutual fund.
A)True
B)False
Q2) A true financial planner has had at least two years of training in investments, insurance, taxation, retirement planning, and estate planning.
A)True
B)False
Q3) NYSE stands for New York Stock Exchange.
A)True
B)False
Q4) There is rarely a commission charged for purchasing mutual funds.
A)True
B)False
Q5) For most investors, the amount of time your investments have to work for you is of no concern.
A)True
B)False
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