Entrepreneurship
Midterm Exam
Course Introduction
This course provides an in-depth exploration of entrepreneurship, focusing on the identification and evaluation of opportunities, development of innovative business ideas, and the creation and management of new ventures. Students will learn about the entrepreneurial mindset, business models, market research, resource acquisition, and the fundamental skills needed to launch and sustain a successful enterprise. Practical case studies, interactive projects, and guest lectures from experienced entrepreneurs will enhance students understanding of the challenges and rewards involved in starting and growing businesses in a dynamic marketplace.
Recommended Textbook
Understanding Business 11th Edition by William Nickels
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Page 2
Chapter 1: Taking Risks and Making Profits Within the Dynamic Business Environment
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Sample Questions
Q1) Producing a high quality product will ensure success in the competitive environment. A)True
B)False
Answer: False
Q2) Lucy owns a restaurant in Los Angeles. She heard on the radio that the homeland security threat level has been increased due to anticipated terrorist activities, especially in large cities in the U.S. She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in L.A.
A)True
B)False
Answer: True
Q3) If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.
A)True
B)False
Answer: True
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Chapter 2: Understanding Economics and How It Affects Business
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Sample Questions
Q1) While scanning the movies section in your local online newspaper, you click on the business section by mistake. While you're there, you quickly scan a report that says government spending will again exceed tax revenues in the current year. This means that the:
A) total national debt is likely to increase.
B) national deficit is likely to decrease.
C) rate of inflation is likely to fall.
D) monetary policies pursued by the Fed need tightening.
Answer: A
Q2) The Federal Reserve Board is responsible for controlling the money supply.
A)True
B)False
Answer: True
Q3) When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a:
A) Federal Reserve allowance.
B) GDP deflator.
C) balance of payments deficit.
D) national deficit.
Answer: D
Page 4
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Chapter 3: Doing Business in Global Markets
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Sample Questions
Q1) China's one-party political system, its past human rights abuses, and issues related to counterfeiting of products continue to concern some U.S. firms about doing business there.
A)True
B)False
Answer: True
Q2) The value of Chinese exports coming to the United States is greater than the value of goods China buys from the U.S. This results in a U.S. trade deficit with China.
A)True
B)False
Answer: True
Q3) Export trading companies:
A) enter into joint ventures with firms wanting to export goods and services.
B) are government-owned businesses that help companies go global.
C) connect sellers in the U.S. with buyers in other nations, and help with customs, documentation and payments.
D) are similar to a corporation that sells franchises.
Answer: C
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5
Chapter 4: Demanding Ethical and Socially Responsible Behavior
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Sample Questions
Q1) Blake Mycoskie started a shoe business known as TOMS. As a social entrepreneur, Mr. Mycoskie takes the concept of ___________________ to a new level. TOMS social causes are directly related to the firm's expertise: selling shoes.
A) social auditing
B) corporate social initiative
C) corporate policy
D) corporate philanthropy
Q2) About 10 years ago, there were several bank mergers. Shortly after Big Bucks Bank bid on The Bank of Plenty, a story hit the local newspapers about the investigation into the purchase of several thousand shares of stock of the Bank of Plenty by three of its top executives, just prior to the announcement that Big Bucks Bank planned to buy Bank of Plenty. Upon close examination by the SEC (Securities and Exchange Commission) it was determined that the stock purchases were an illegal maneuver on the part of these executives. This is an example of insider trading. The executives were "banking" on the stock price rising sharply when the purchase announcement was made public.
A)True
B)False
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Page 6
Chapter 5: How to Form a Business
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Sample Questions
Q1) In a general partnership, all partners are entitled to an equal share of the firm's profits.
A)True
B)False
Q2) Emma Pebble and Chase Stone formed a partnership in a landscape business. Under their arrangement, Emma actively manages the company and assumes unlimited liability for the firm's debts. Chase has invested several thousand dollars of his money with plans to share in the profits, but does not actively make management decisions, nor will he assume liability beyond his initial investment. Emma and Chase participate in a limited partnership.
A)True
B)False
Q3) Which of the following statements about farm cooperatives is most accurate? Farm cooperatives have:
A) declined in importance in recent years.
B) become a major force in American agriculture.
C) run afoul of U.S. antitrust laws in recent years.
D) increased in number, but decreased in size in recent years.
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Chapter 6: Entrepreneurship and Starting a Small Business
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Sample Questions
Q1) Employees of small businesses often have greater job satisfaction than do employees of larger firms. One reason for this difference in job satisfaction is that employees of small businesses often:
A) earn higher wages.
B) receive more vacation time.
C) get more respect from their bosses.
D) have more job security and better fringe benefits.
Q2) As a high net worth individual, Allison searches for growth firms in need of additional funding to achieve their goals. In return for this ____________, Allison expects to assume ownership in the business
A) analysis
B) venture capital
C) corporate loan
D) securities investment
Q3) In order to better serve their customers, small business owners should avoid delegating authority to their employees.
A)True
B)False
Q4) List and discuss at least three causes of small business failure.
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Chapter 7: Management and Leadership
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Sample Questions
Q1) Today's business environment changes so rapidly that strategic planning is becoming more difficult and subject to change.
A)True
B)False
Q2) One of the challenges facing today's managers is to:
A) deal with a workforce that is less educated and less self-directed than in the past.
B) find ways to encourage conformity instead of diversity.
C) work with a more educated workforce.
D) cope with the sudden and unexpected slowdown in the pace of innovation and change.
Q3) A chief operating officer (COO) would be classified as part of a firm's:
A) primary management.
B) middle management.
C) top management.
D) first-line management.
Q4) First-line managers typically spend less time on conceptual tasks and more time on technical skills.
A)True B)False
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Chapter 8: Structuring Organizations for Todays
Challenges
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Sample Questions
Q1) When management structures the organization, it makes decisions about which products and services it will offer and how it is going to finance the company.
A)True
B)False
Q2) Empowerment works only when employees are given the proper training and resources to respond.
A)True
B)False
Q3) The proven success of job specialization lies in the fact that:
A) it leads to groupthink.
B) it avoids the pitfalls of division of labor, where workers become removed from thinking conceptually about the business.
C) it is a detractor to others who are thinking about entering your industry because it successfully creates barriers to entry.
D) it adds efficiency to the business's operation by identifying tasks that some do better than others.
Q4) Describe two major issues that are important in organizational design.
Q5) Discuss Max Weber's views on organization theory.
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Chapter 9: Production and Operations Management
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Sample Questions
Q1) According to the Making Ethical Decisions box titled "Do We Stay or Do We Go?" by law a firm must give employees 60 days' notice of a facility or plant closing.
A)True
B)False
Q2) ____________ uses computers to help design products.
A) PERT
B) QPC
C) DPA
D) CAD
Q3) ERP software enables multiple firms to manage all of their operations on the basis of a single, integrated set of corporate data.
A)True
B)False
Q4) The process layout simplifies production by using the same sequence of processes regardless of the design of the item being produced.
A)True
B)False
Q5) What are the ISO 9000 and ISO 14000 standards? Why are they important?
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Chapter 10: Motivating Employees
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Sample Questions
Q1) The sense of satisfaction you get when you achieve an important goal is an intrinsic reward.
A)True
B)False
Q2) The best remedy for staving off perceptions of inequity is:
A) Keeping employees' pay rates as a guarded secret between HR department and the supervisor.
B) Hiring at least one person fewer than you believe the work situation requires.
C) Frequent and open communication among all employees and managers.
D) Regularly reminding employees that relatively speaking they are very fortunate to have jobs.
Q3) Researchers David Nadler and Edward Lawler suggest that in order to use expectancy theory to improve worker motivation, the first thing managers should do is:
A) identify the critical path for the project.
B) determine what rewards are valued by employees.
C) ensure that the rewards are tied to the employee's performance.
D) decide on a way to monitor employee performance.
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12
Chapter 11: Human Resource Management: Finding and
Keeping the Best Employees
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Sample Questions
Q1) Steve is gathering information about the names, ages, education, specialized skills, and capabilities of all of his firm's employees. The information Steve is acquiring suggests he is working on a:
A) performance evaluation.
B) human resource inventory.
C) job description.
D) Gantt chart.
Q2) Olivia's company announced that it is going to implement a compressed workweek schedule. If Olivia takes part in this plan, she will be allowed to work fewer hours each week, as long as she completes all assignments.
A)True
B)False
Q3) _____________ workers do not have the expectation of regular, full-time employment.
A) Contingent
B) Apprenticed
C) Indentured
D) Underemployed
Q4) Identify and describe three common methods of training and developing employees.
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Chapter 12: Dealing With Union and Employeemanagement Issues
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Sample Questions
Q1) In the future, unions are likely to leave training and recruitment of workers to management, and focus instead on encouraging those workers to join the union.
A)True
B)False
Q2) Which of the following statements best summarizes the extent to which unions currently rely on strikes as a tactic when collective bargaining breaks down?
A) Unions have become increasingly reliant on strikes as other, less confrontational, tactics have proven unsuccessful.
B) Some highly visible strikes in recent years show that the strike is not dead as a labor tactic, but very few labor disputes actually lead to a strike.
C) Unions have almost completely avoided strikes since President Reagan replaced striking air traffic controllers with strikebreakers in 1981.
D) Strikes organized by unions are now less common than lockouts by management, indicating a major shift in attitudes between labor and management.
Q3) Identify and discuss three controversial employee-management issues.
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Chapter 13: Marketing: Helping Buyers Buy
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Sample Questions
Q1) Identify and discuss the four eras of the evolution of marketing.
Q2) Marketing research helps determine what customers have purchased in the past, what situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future.
A)True
B)False
Q3) Which of the following represents a technique used to obtain primary data?
A) Gaining access to an unpublished government report from the Federal Trade Commission
B) Conducting personal interviews with potential customers
C) Establishing a database to store and cross-index articles from leading academics and researchers
D) Reviewing the best-selling trade books and textbooks that present marketing principles
Q4) A cup of yogurt is an example of a product that is always classified as a consumer good.
A)True
B)False
Q5) Explain how mass marketing and relationship marketing differ.
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Chapter 14: Developing and Pricing Goods and Services
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Sample Questions
Q1) Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus. His largest competitors are large nationally known organizations. The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.
A)True
B)False
Q2) Since Kazam Cleaners offers home and office cleaning services no different from competitors, the company cannot utilize a product differentiation strategy.
A)True
B)False
Q3) Borden, Inc., makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's:
A) product line.
B) product mix.
C) product differentiation.
D) product life cycle.
Q4) Discuss the role of packaging in a firm's total product offer.
Q5) What is a brand? What is a brand name? What is meant by brand equity?
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Chapter 15: Distributing Products
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Sample Questions
Q1) Millie Woods owns and operates a World of Food grocery store. Although her store is independently owned and operated, she has signed an agreement with over seventy stores in the Midwest to use a common name, participate in chain promotions, and cooperate with other stores in the chain. Millie's store is part of a(n):
A) administered chain.
B) wholesaler-sponsored chain.
C) corporate distribution system.
D) horizontal distribution chain.
Q2) Department stores offer a wide variety of products that are sold in separate departments.
A)True
B)False
Q3) The entire collection of organizations that move goods and services from the source of raw materials to the final consumer is referred to as the supply chain.
A)True
B)False
Q4) What is a wholesaler? Describe the difference between merchant wholesalers and agents and brokers. Identify three types of limited-function wholesalers.
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17
Chapter 16: Using Effective Promotions
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Sample Questions
Q1) As mentioned in the Reaching Beyond Our Borders box, though Kraft Foods knows that there are varying tastes around the world, they only sell their original Oreos worldwide.
A)True
B)False
Q2) Tom and Melody have decided to work together to write a news release that describes the benefits of MuscleMaster and cites the rave reviews of the fitness experts who have already tried the equipment. They intend to send the release to a list of columnists who write in fitness magazines or have health and fitness columns in newspapers, hoping that some of these writers will include information about the MuscleMaster in their articles. Tom and Melody hope to utilize:
A) publicity.
B) a push strategy.
C) viral marketing.
D) swag promotion.
Q3) Television and direct mail are the top two advertising media when ranked by total expenditures.
A)True
B)False
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Page 18
Chapter 17: Understanding Accounting and Financial Information
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Sample Questions
Q1) The fact that Minnie wants to determine the "bottom line" for Double Entry Doors means that she is particularly interested in preparing her firm's:
A) income statement.
B) cash flow statement.
C) master budget.
D) capital budget.
Q2) If prices of inventory are unchanged throughout the year, LIFO and FIFO inventory valuation methods will produce the same reported net income.
A)True
B)False
Q3) The _____ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time.
A) income statement
B) balance sheet
C) statement of cash flows
D) trial balance
Q4) The U.S. government is a user of a firm's accounting information.
A)True
B)False
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Chapter 18: Financial Management
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Sample Questions
Q1) Equity financing represents funds acquired from within the firm or through the sale of stock, representing ownership in the company.
A)True
B)False
Q2) Short-term financing refers to borrowed funds that must be repaid in a year or less.
A)True
B)False
Q3) No matter the size of the business, finance is a critical activity for:
A) profit-seeking, but not for nonprofit organizations.
B) profit-seeking and nonprofit organizations.
C) nonprofit organizations, but not for profit-seeking businesses.
D) accountants, but not for financial managers.
Q4) Successful businesses establish restrictive credit policies encouraging customers to pay cash.
A)True B)False
Q5) Budgets are prepared after the financial forecasts are developed.
A)True
B)False
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Chapter 19: Using Securities Markets for Financing and Investing Opportunities
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Sample Questions
Q1) For the firm, the cost of paying dividends to common stockholders is higher than the cost of the same amount of interest paid to bondholders.
A)True
B)False
Q2) A stock exchange provides a marketplace where the public can directly buy and sell securities without the help of intermediaries.
A)True
B)False
Q3) Which of the following is not an odd lot of stock?
A) 10 shares
B) 20 shares
C) 3,000 shares
D) 78 shares
Q4) Most mutual funds provide investors an opportunity to buy shares directly without using a stockbroker.
A)True
B)False
Q5) Explain the major advantages and disadvantages of issuing stock as a source of long-term financing.
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Chapter 20: Money, Financial Institutions, and the Federal Reserve
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Sample Questions
Q1) Smart cards contain a microprocessor chip that stores information about the user, such as driver's license data and bank balance.
A)True
B)False
Q2) An increase in the discount rate produces a decrease in money supply.
A)True
B)False
Q3) The Megabux National Bank currently has deposits of $200 million. If the Fed establishes a reserve requirement of 12 percent, Megabux National must hold reserves of _______ against its deposits
A) $12 million
B) $24 million
C) $176 million
D) $200 million
Q4) Newspapers in the nation of St. Lunatic report a significant increase in money supply during the past few months. This information indicates that St. Lunatic may experience a serious recession in the near future.
A)True
B)False
22
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Chapter 21: Managing the Marketing Mix: Product, Price,
Place and Promotion
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Sample Questions
Q1) The exclusive goal companies expect of packaging is to protect the product from damage in transit.
A)True
B)False
Q2) Which of the following is an example of a consumer making a purchase through a direct marketing arrangement?
A) Purchasing a box of cereal at a local grocery store with a coupon on the box
B) Purchasing software at a big-box retailer's special tech department
C) Purchasing a set of towels featured in a department store's lower level
D) Purchasing a book on the history of the U.S. by sending in an order form attached to a pamphlet sent to the customer by the publisher
Q3) Coupons, contests, and sampling are examples of sales promotion activities.
A)True
B)False
Q4) Which of the following is a consumer sales promotion activity?
A) Contests
B) Advertising
C) Vending sales
D) Direct mail
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Chapter 22: Extension: Working Within the Legal Environment
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Sample Questions
Q1) Contract law is a set of laws that covers sales laws and other commercial laws.
A)True
B)False
Q2) __________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.
A) Uniform
B) Contract
C) Express
D) Negotiable
Q3) Compare and contrast the protection offered by patents, copyrights, and trademarks.
Q4) Both the airline and telecommunications industries have been deregulated.
A)True
B)False
Q5) The Nike Swoosh and the Golden Arches of McDonald's are examples of a: A) trademark.
B) submarine patent.
C) copyright.
D) commercially protected symbol.
Page 24
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Chapter 23: Extension: Using Technology to Manage Information
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Q1) Rob has been using Dropbox. The cloud he is storing his information to is called a:
A) private cloud.
B) public cloud.
C) hybrid clould.
D) analytical cloud.
Q2) A key element of Internet2 is:
A) the requirement that all users log on to each site with a unique password.
B) the very-high-speed Backbone Network Service (vBNS).
C) a new security system that eliminates the risk that unauthorized users will be able to access private information.
D) the high-speed Resource Allocation Prioritizer (hsRAP).
Q3) ____________ is information charged with enough intelligence to make it relevant and useful.
A) Knowledge
B) Data
C) An hypothesis
D) A theory
Q4) Identify and describe the major security issues confronting information managers.
Page 25
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Chapter 24: Extension: Managing Risk
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Q1) Risk management is concerned only with risks to individuals and businesses.
A)True
B)False
Q2) Demetrius was turned down when he attempted to buy a life insurance policy on his former Introduction to Business instructor. The most likely reason the insurance company turned down his attempt to insure the life of his former instructor was that:
A) the chance of the loss could not be measured.
B) he did not have an insurable interest in the instructor's life.
C) the instructor had already taken out a policy.
D) the loss would not be accidental.
Q3) Insurance companies will provide coverage only for losses that are accidental.
A)True
B)False
Q4) All-Star Manufacturing has decided to stop producing football helmets due to the potential size of losses involved in product liability cases. This is an example of avoiding risk as a risk management strategy.
A)True
B)False
Q5) Explain what makes the acceptance of risk possible for insurance companies.
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Chapter 25: Extension: Managing Personal Finances
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Q1) MyIRA is a Roth IRA-type retirement savings plan for low and middle-income individuals.
A)True B)False
Q2) The U.S. government provides several types of financial incentives to encourage people to attend college.
A)True B)False
Q3) With respect to personal financial planning, the first thing to do with any extra money you have is to start a savings plan.
A)True
B)False
Q4) IRAs, 401(k), and Keogh plans all include incentives to encourage saving for retirement.
A)True B)False
Q5) How does term insurance differ from whole life insurance? Describe the newer types of life insurance that have been offered in recent years.
Q6) Describe the major steps involved in estate planning.
Page 27
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