Entrepreneurship Question
Bank
Course Introduction
Entrepreneurship is a dynamic course that explores the process of identifying, evaluating, and developing new business opportunities. Students will learn the fundamentals of starting and managing a successful venture, including opportunity recognition, business model development, funding strategies, and risk management. The course combines theoretical frameworks with practical applications, encouraging students to create and assess business plans, understand market needs, and develop essential entrepreneurial skills such as leadership, innovation, and problem-solving. By the end of the course, students will be equipped with the tools and mindset necessary to launch their own ventures or drive innovation within existing organizations.
Recommended Textbook Future of Business 3rd Canadian Edition by Norm Althouse
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Chapter 1: understanding Evolving Economic Systems and Competition
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Sample Questions
Q1) The point at which quantity demanded equals quantity supplied is called the point of ____________________.
Answer: equilibrium
Q2) What does a decline in real GDP that lasts for two consecutive quarters represent?
A) economic downsizing
B) recession
C) depression
D) resource divestment
Answer: B
Q3) ____________________ policy refers to a government's program of taxation and spending.
Answer: Fiscal
Q4) The national debt is the accumulation of deficits that have occurred in the past as a result of expenditures exceeding tax revenues.
A)True
B)False
Answer: True
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Chapter 2: the Global Marketplace and Governments Roles
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Sample Questions
Q1) The International Monetary Fund (IMF)was created to promote trade through financial cooperation by working to eliminate trade barriers.
A)True
B)False
Answer: True
Q2) What is the most fundamental reason for the growth in world trade?
Answer: the need for businesses to expand their market
Q3) What happens when a country lowers the value of its currency relative to other countries?
Answer: devaluation
Q4) The balance of payments is the summary of a country's financial transactions with another country.Which of the following would you expect to see in such a summary?
A) foreign aid
B) current inflation rate
C) political focus
D) government deficit figures
Answer: A
Q5) What term has the opposite meaning from "protectionism"?
Answer: free trade
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Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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Sample Questions
Q1) In 1996,the Atlanta Olympic Committee designed and built a tall structure shaped like the Olympic Torch,for visitors to climb to get a view of the city.The design was not wheelchair accessible,as the required changes to the design would alter the structure's appearance significantly.The decision was that no one would be allowed to climb to the top.This decision can be associated with which philosophy?
A) preconventional morality
B) social responsibility
C) distributive justice
D) utilitarianism
Answer: D
Q2) Which of the following is the concern of businesses for the welfare of society?
A) social responsibility
B) consumer protection
C) the marketing concept
D) business ethics
Answer: A
Q3) According to management expert Peter Drucker,what are the basic dimensions of social responsibility?
Answer: legality and responsibility
Page 5
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Chapter 4: Using Technology to Manage Information and for Business Success
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Sample Questions
Q1) Companies adopt portal technology to take advantage of a shorter time to perform tasks and processes.
A)True
B)False
Q2) A ____________________ connects computers at different sites via telecommunications media such as phone lines,satellites,and microwaves.
Q3) What are the two basic kinds of networks?
Q4) Which of the different management support systems provides the strongest support for telecommuters?
Q5) ____________________ focuses on gathering and sharing an organization's knowledge to improve productivity and foster innovation.
Q6) Which of the following is an example of a basic question that departmental managers and IT specialists should ask when planning technology purchases?
A) Can current employees learn to use new technology?
B) What are the company's departmental objectives?
C) What are the company's short-term priorities?
D) How can technology help the company solve its problems?
Q7) What is information technology (IT)?
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Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) Oscar Patel and Jon O'Keefe own and operate a janitorial cleaning service.Patel bought a new computer,which he plans for the company to use to track its customers,its suppliers,and for making business forecasts.Patel plans on using an installment plan to pay for the computer.O'Keefe was not asked if he thought the company needed a computer and was unhappy when he learned that he and Patel are both liable for the payments for the computer.Patel and O'Keefe have which of the following type of business?
A) a general partnership
B) a private corporation
C) a joint partnership
D) a limited partnership
Q2) EMC,a data storage company,took over a company called Documentation,which makes software designed to help companies organize data such as e-mails,medical records,and spreadsheets.This is an example of which of the following for EMC?
A) a joint venture
B) a merger
C) an acquisition
D) a voluntary union
Q3) Which form of business ownership is an ideal way to test new business ideas?
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Page 7
Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) ____________________ do not own their own companies but apply their creativity,vision,and risk taking within a large corporation rather than starting a company of their own.
Q2) Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks,a giant telecommunications equipment maker.They dreamed up a scheme for renting software over the Internet.Instead of quitting their jobs,they reported to work on Monday,explained their plan to their boss,and began working to make their idea a reality.Larose and Allan are examples of which of the following type of entrepreneur?
A) growth-oriented entrepreneurs
B) interpreneurs
C) multipreneurs
D) intrapreneurs
Q3) Which of the following describes the trend in entrepreneurship in recent years?
A) The number of people starting businesses has remained the same.
B) The number of people starting businesses has increased.
C) The number of people starting businesses has slowed.
D) The number of people starting businesses has decreased.
Q4) What are the two leading reasons that women start their own firms?
Q5) What are the two types of financing available to entrepreneurs?
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Chapter 7: Management and Leadership in Todays Organizations
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Sample Questions
Q1) 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 is practising?
A) free rein
B) open door
C) open alternative
D) autocratic
Q2) What are global management skills?
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
Q4) The lowest level of management,which usually carries out the daily operations,is called ____________________ management.
Q5) List the four basic types of planning.
Q6) What two types of leadership style use empowerment?
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Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) Which of the following statements BEST describes the managerial hierarchy?
A) The lower a manager,the more power he or she has.
B) The amount of power decreases as you move up the managerial hierarchy.
C) The number of employees decreases as you move down the managerial hierarchy.
D) The managerial hierarchy is also called the management pyramid.
Q2) Which of the following type of organization is characterized by a relatively low degree of job specialization,loose departmentalization,few levels of management,wide spans of control,decentralized decision making,and a short chain of command?
A) hierarchical
B) organic
C) mechanistic
D) line
Q3) Which of the following personnel give expert advice in specialized areas?
A) staff
B) line
C) functional
D) lower
Q4) What are the five basic types of departmentalization?
Q5) Describe the span of control in an organic organization.
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Chapter 9: Motivating Employees
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Sample Questions
Q1) Which of the following theorists was the father of scientific management?
A) Elton Mayo
B) Abraham Maslow
C) Adam Smith
D) Frederick Taylor
Q2) Which motivational theory relies on feedback to identify the gap between the real and the ideal desired performance?
Q3) Training workers by changing and varying jobs is called job rotation.
A)True
B)False
Q4) What does the Theory Z style of management emphasize?
A) long-term employment
B) extensive specialization
C) fast career development
D) very formal control over employees
Q5) Employee ownership creates too much stress and is a poor motivator.
A)True
B)False
Q6) What was the primary flaw in Frederick Taylor's scientific management?
Q7) What is another name for employee empowerment?
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Chapter 10: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Which of the following describes an apprenticeship?
A) It is commonly found in the unskilled trades of plumbing and electrical work.
B) It does not involve classroom training.
C) It can last as long as four years.
D) It is a form of off-the-job training.
Q2) Alex Kajel sells refrigeration units to supermarkets,delicatessens,florists,and other companies that need to keep their merchandise cold.Kajel's company pays him $100 every time he gets an order from a new customer.This $100 is known as which of the following?
A) premium pay
B) piece rate
C) fringe benefit
D) bonus
Q3) A labour union is an organization that represents workers in their disputes with management over wages,hours,and working conditions.
A)True
B)False
Q4) Pita Hodges works at a meat processing plant and earns an hourly ____________________ of $11.80.
Page 12
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Chapter 11: Achieving World-class Operations Management
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Sample Questions
Q1) Which of the following combines computerized manufacturing processes with other computerized systems used before and after manufacturing?
A) flexible manufacturing
B) just-in-time manufacturing
C) computer-integrated manufacturing
D) computer-aided design
Q2) Site selection is a part of production planning.
A)True
B)False
Q3) In 1992 Mazda included a solar-powered ventilation system on its cars.Because customers were not willing to pay for this benefit and did not complain when it was no longer available,Mazda discontinued it.This is an example of which of the following?
A) manufacturing consolidation
B) lean manufacturing
C) removing the fat
D) manufacturing compression
Q4) Production converts inputs into outputs by changing the inputs in some way.
A)True
B)False
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Chapter 12: Understanding the Customer
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Sample Questions
Q1) Which of the following is the process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives?
A) sales
B) production
C) marketing
D) exchange
Q2) Which of the following is the process in which a firm continuously collects and evaluates information about its external environment?
A) external monitoring
B) marketing research
C) secondary data collection
D) environmental scanning
Q3) The marketing concept emphasizes a consumer orientation.
A)True
B)False
Q4) Choosing the brand name,package size,and colour,and the length of warranty are components of the ____________________ strategy.
Q5) List the three basic marketing research techniques.
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Chapter 13: Creating Marketing Strategies
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Q1) Tradition,the competition,store image,and stock turnover affect the retailer's selection of a markup.
A)True
B)False
Q2) Normally the most accessible way to ship merchandise is by truck because trucks can operate around the clock.
A)True
B)False
Q3) What are the four major groupings of consumer products?
A) limited,generic,specialty,and unsought
B) unsought,convenience,shopping,and specialty
C) shopping,durable,limited,and nondurable
D) brand,specialty,shopping,and generic
Q4) What is a product?
Q5) The manufacturer of inexpensive silk flowers would be most likely to use intensive distribution.
A)True B)False
Q6) List the four major categories of consumer products.
Q7) What is the goal of supply chain management?
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Chapter 14: Using Financial Information and Accounting
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Sample Questions
Q1) Another term for "net worth" is "working capital."
A)True
B)False
Q2) An accounting system should generate both internal and external reports.
A)True
B)False
Q3) Which of the following expenses are related to marketing and distributing of a company's products?
A) administrative expenses
B) selling expenses
C) distribution costs
D) functional costs
Q4) How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?
Q5) For which of the following assets would a wholesale company use depreciation?
A) its patented computer tracking equipment
B) inventory of unsold merchandise
C) gasoline used to power its delivery trucks
D) its warehouses
Q6) What do debt ratios measure?
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) ____________________ bonds may be exchanged for a specified number of shares of common stock.
Q2) Which of the following type of bonds are high-risk,high-return bonds that were often used to finance mergers and acquisitions in the 1980s?
A) takeover bonds
B) junk bonds
C) venture capital bonds
D) discount bonds
Q3) The sophisticated telecommunications network that links OTC dealers and brokers is the ____________________ system.
Q4) Which of the following is a financial service that pools its investors' funds to buy a selection of securities and provide professional investment management?
A) a debenture
B) a blue-chip investment
C) a futures contract
D) a mutual fund
Q5) Choosing a form of money that will last a long time illustrates ____________________,a necessary characteristic of money.
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Chapter 16: Managing the Firms Finances
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Q1) Which of the following is a type of loan often used to finance buildup of inventory for seasonal (cyclical)businesses just before their strongest sales period?
A) a collateral loan
B) an unsecured bank loan
C) trade credit
D) a secured bank loan
Q2) An IOU is most similar to which of the following type of bank loan?
A) business trade credit
B) revolving credit
C) collateralized credit
D) commercial paper
Q3) A corporation's short-term investments that can be easily converted to cash are called ____________________ securities.
Q4) Events on September 11,2001,have had little effect on money management.
A)True
B)False
Q5) ____________________ are an equity security for which the dividend amount is set at the time the shares are issued.
Q6) Long-term forecasts are also called ____________________ plans.
Page 18
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