Entrepreneurship Practice Questions
Course Introduction
Entrepreneurship introduces students to the process of identifying, evaluating, and developing new business opportunities. The course covers key concepts such as creativity and innovation, business model generation, market research, funding strategies, and the challenges of launching and managing a startup. Students will explore case studies of successful and failed ventures, gain practical experience through hands-on projects, and develop essential skills in leadership, risk assessment, and resource management, preparing them to turn ideas into viable and sustainable businesses.
Recommended Textbook
Strategic Management and Business Policy Globalization Innovation and Sustainablility 14th Edition
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12 Chapters
1254 Verified Questions
1254 Flashcards
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) A budget is a statement of a corporation's programs in dollar terms.Which is NOT true of the budgetary function?
A) It is used in planning and control.
B) It serves as a detailed plan of strategy in action.
C) Only one budget is necessary to capture all programs.
D) It details the impact on the firm's future financial situation.
E) It is used as a means of measuring success based on certain criteria.
Answer: C
Q2) Amazon.com, founded by Jeff Bezos and reflecting his vision, is an example of which mode of strategic decision making?
A) adaptive
B) entrepreneurial
C) logical incrementalism
D) planning
E) none of the above
Answer: B
Q3) A functional strategy may include competitive or cooperative strategies.
A)True
B)False
Answer: False
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Chapter 2: Corporate Governance
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Sample Questions
Q1) The more active professional boards are being replaced by the board as a rubber stamp of the CEO.
A)True
B)False
Answer: False
Q2) All of the following criteria reflect survey findings of the characteristics of a good director EXCEPT
A) willing to challenge management when necessary.
B) expertise on global business issues.
C) understands the firm's key technologies and processes.
D) available for outside meetings to advise management.
E) willing to always agree with executive decisions.
Answer: E
Q3) The majority of outside directors are active or retired CEOs and COOs of other corporations.
A)True
B)False
Answer: True
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Chapter 3: Ethics and Social Responsibility in Strategic Management
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Sample Questions
Q1) Morality is defined as
A) formal codes that permit or forbid certain behaviors.
B) a general rule of conduct of personal behavior, based on religious or philosophical grounds.
C) consensually accepted standards of behavior for an occupation, trade, or profession.
D) imposing one's morality upon another.
E) voluntary obligations assumed by an individual or organization.
Answer: B
Q2) Who said that the social responsibility of business is a "fundamentally subversive doctrine" and that the one social responsibility of business is "to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game..."?
A) Adam Smith
B) Edward Freeman
C) Archie Carroll
D) William C. Norris
E) Milton Friedman
Answer: E
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) Which of the following is NOT descriptive of the threat of substitute products or services?
A) Substitute products appear to be different, but satisfy the same need as another product.
B) If the cost of switching is low, substitutes may have a strong effect on an industry.
C) Identifying substitutes is relatively easy since they look similar.
D) Possible substitute products or services may not appear to be easily substitutable.
E) Substitutes limit the potential returns of an industry.
Q2) The origin of competitive advantage lies in the ability to identify and respond to environmental change well in advance of competition.
A)True
B)False
Q3) McDonald's and Olive Garden are in the same strategic group.
A)True
B)False
Q4) Define competitive intelligence.
Q5) Describe the four strategic types of the Miles and Snow typology.
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Chapter 5: Internal Scanning and Organizational Analysis
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Sample Questions
Q1) The EFAS Table is one way to organize the internal factors into generally accepted categories of strengths and weaknesses as well as to analyze how well a particular company's management is responding to these specific factors in light of the perceived importance of these factors to the company.
A)True
B)False
Q2) A core competency can be easily imitated to the extent that it is transparent, transferable, and replicable.
A)True
B)False
Q3) The term that describes putting once isolated specialists together to work and compare notes in a collective product design effort is called
A) simultaneous strategy.
B) participatory planning.
C) jointly designed objectives.
D) concurrent engineering.
E) cooperative design.
Q4) What is R&D intensity?
Q5) Discuss the three basic organizational structures.
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Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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104 Flashcards
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Sample Questions
Q1) A value chain partnership is a loose alliance with several distributors for the short term.
A)True
B)False
Q2) When P&G (the maker of Folgers and Millstone coffee)worked with Mr.Coffee, Krups, and Hamilton Beach to market Home Café, they engaged in a
A) joint venture.
B) licensing arrangement.
C) value-chain partnership.
D) mutual service consortium.
E) competitive advantage.
Q3) Incentives based on meeting strict quantitative targets is a common organizational requirement for which of Porter's generic competitive strategies?
A) cost leadership
B) differentiation
C) cost leadership focus
D) differentiation focus
E) collusion
Q4) What is the impact of hypercompetition on competitive advantage?
Page 8
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Chapter 7: Strategy Formulation: Corporate Strategy
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Sample Questions
Q1) According to the BCG Growth Share Matrix, the key to success with this model is
A) effective management.
B) competitive positioning.
C) innovative initiative.
D) industry leadership.
E) market share.
Q2) The stability strategies are really a lack of any strategy.
A)True
B)False
Q3) With taper integration, a firm internally makes 100% of its key supplies and completely controls its distributors.
A)True
B)False
Q4) BP and Royal Dutch Shell are examples of fully integrated firms because they internally make 100% of their key supplies and completely control their distributors.
A)True
B)False
Q5) Why is growth a very attractive strategy?
Q6) Define corporate parenting.
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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105 Verified Questions
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Sample Questions
Q1) Outsourcing is the alternative to vertical integration.
A)True
B)False
Q2) To avoid the consensus trap, which technique assigns a group or individual to identify potential pitfalls and problems with a proposed alternative strategy in a formal presentation?
A) devil's advocate
B) Sloan's judgment
C) sales presentation
D) dialectical inquiry
E) scenario construction
Q3) When Dell Computer's customers use the Internet to design their own computers, this demonstrates which manufacturing strategy?
A) continuous improvement
B) mass production
C) job shop
D) mass customization
E) just-in-time
Q4) Discuss W.Edward Deming's position on sole sourcing.
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Q5) Distinguish between a market development and a product development strategy.
Chapter 9: Strategy Implementation: Organizing for Action
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Sample Questions
Q1) The program which incorporates the statistical approach of Six Sigma with the lean manufacturing program originally developed by Toyota is known as
A) reengineering.
B) Lean Six Sigma.
C) job enlargement.
D) just-in-time.
E) flexible manufacturing.
Q2) A survey of 93 Fortune 500 firms found ten major problems that over half of the group experienced when they attempted to implement a strategic change.Which of the following is NOT one of the implementation problems?
A) ineffective coordination of activities
B) uncontrollable external environmental factors
C) time allocated for implementation was adequate, but was used inappropriately
D) poor definition of key implementation tasks and activities
E) crises that distracted attention away from implementation
Q3) What is reengineering? What are the principles for reengineering proposed by Michael Hammer?
Q4) What is synergy? According to Goold and Campbell, what are the six forms it can take?
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Chapter 10: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) To improve organizational learning, many multinational corporations are providing their managers with international assignments as long as five years.
A)True
B)False
Q2) One objective of TQM is better, less variable quality of the product and service.
A)True
B)False
Q3) What are the four elements of the MBO process?
Q4) Downsizing refers to the planned elimination of positions or jobs; it is often used to implement retrenchment strategies.
A)True
B)False
Q5) Which of the following is NOT an essential ingredient of TQM?
A) intense focus on customer satisfaction
B) internal as well as external customers
C) action planning
D) continuous improvement
E) accurate measurement of every critical variable in a company's operations
Page 12
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Chapter 11: Evaluation and Control
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Sample Questions
Q1) Which one of the following is NOT one of the reasons why many executives do not conduct long-run performance evaluations while preferring to focus primarily on short-run performance?
A) They do not realize their importance.
B) They are not personally evaluated on a long-term basis.
C) They believe short-run considerations are more important than long-run considerations.
D) They do not have the time to make a long-run analysis.
E) They do not believe in strategic planning.
Q2) What is the balanced scorecard? What are the four areas to be addressed?
Q3) The comparison of the expected cost of production against the actual cost of production typically occurs in the
A) investment center.
B) revenue center.
C) standard cost center.
D) profit center.
E) expense center.
Q4) Discuss the benchmarking process.
Q5) Distinguish between behavior and output controls.Provide examples of each.
Q6) Discuss the guidelines for proper control.
Page 13
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Chapter 12: Suggestions for Case Analysis
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Sample Questions
Q1) According to Schilit, the search for hidden weaknesses in a company's performance is known as
A) a strategic audit.
B) a SWOT analysis.
C) forensic accounting.
D) activity based accounting.
E) competitive analysis.
Q2) Net profit margin is what type of financial ratio?
A) liquidity ratio
B) profitability ratio
C) activity ratio
D) leverage ratio
E) revenue ratio
Q3) The formula which predicts the likelihood of a corporation going bankrupt is called A) the return on investment.
B) the CAPM.
C) the index of sustainable growth.
D) operating cash flow.
E) the Z-value.
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Page 14