Entrepreneurship
Review Questions
Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and developing new business opportunities, as well as the challenges and risks associated with starting and managing a venture. This course covers foundational concepts such as idea generation, business model development, funding, marketing strategies, and scaling operations. Through case studies, practical projects, and interaction with successful entrepreneurs, students gain hands-on experience in crafting business plans and pitching to potential investors. The course encourages creativity, resilience, and an entrepreneurial mindset, preparing students to launch their own businesses or drive innovation within existing organizations.
Recommended Textbook Business in Action 6th Edition by
Courtland L. Bovee
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Page 2
Chapter 1: Developing a Business Mindset
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Sample Questions
Q1) Compare and contrast between capital-intensive businesses and labor-intensive businesses.
Answer: Capital-intensive businesses require large amounts of money,equipment,land,and other resources to get started and to operate.Goods-producing businesses are often capital-intensive businesses.Service businesses tend to be labor-intensive businesses in that they rely more on human resources than buildings,machinery,and equipment to prosper.However,the Internet and other technologies have reduced the labor required to operate many types of service businesses.
Q2) Management accountant is likely to be responsible for which of the following activities?
A) purchasing raw material for production
B) assessing the manufacturing costs of new products
C) determining the prices of products
D) removing a distributor from the supply chain
E) determining the money allocated for marketing
Answer: B
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Chapter 2: Understanding Basic Economics
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Q1) The ________ measures the rate of inflation by comparing changes in the prices of a representative basket of goods and services such as clothing,food,housing,and utilities.
A) gross domestic product (GDP)
B) producer price index (PPI)
C) inflationary stability index (ISI)
D) consumer price index (CPI)
E) economic stimulus index (ESI)
Answer: D
Q2) When demand for goods and services drops,businesses reduce production,thereby requiring fewer workers.The unemployment resulting because of this phenomenon is known as ________ unemployment.
A) intrinsic
B) cyclical
C) structural
D) seasonal
E) frictional
Answer: B
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Chapter 3: The Global Marketplace
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Q1) Which of the following is an example of a trading bloc?
A) International Monetary Fund
B) United Nations
C) European Union
D) World Bank
E) World Trade Organization
Answer: C
Q2) Strong dollar will lower the cost of goods that the U.S.exports.
A)True
B)False
Answer: False
Q3) Brazil is said to have a(n)________ in coffee beans because it can produce coffee beans more efficiently than other countries.
A) credit advantage
B) balance of trade
C) trade surplus
D) trade deficit
E) comparative advantage
Answer: E
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Page 5
Chapter 4: Business Ethics and Corporate Social Responsibility
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Q1) What is ethics? List the components of good business ethics?
Q2) John,a business owner,refuses to contribute to social causes.He argues that he is an honest,law abiding businessman who never evades his taxes.He states that by providing good quality products at a fair price,he has fulfilled his company's obligation to society.John would be said to have a ________ approach to CSR.
A) defensive
B) minimalist
C) cynical
D) proactive
E) strategic
Q3) A company that takes positive steps to address a particular issue,but only because it has been embarrassed into action by negative publicity,has a ________ CSR.
A) minimalist
B) defensive
C) strategic
D) proactive
E) cynical
Q4) Compare and contrast insider trading and whistle-blowing.
Q5) Compare and contrast discrimination and affirmative action.
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Chapter 5: Forms of Ownership
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Q1) A group of college graduates starts a business.They want to give their business a structure such that their risk is limited to the amount they have invested in the business.They also want to avoid double taxation of the income that they generate from the business.Which of the following structures is most suitable to satisfy these wants?
A) sole proprietorship
B) corporation
C) direct partnership
D) S corporation
E) general partnership
Q2) A joint venture does not result in a separate legal entity.
A)True
B)False
Q3) A product-extension merger occurs when ________.
A) two companies from unrelated industries unite to become a single company
B) different stages or levels of the same industry unite
C) different companies merge to increase global reach
D) a merger expands the mix of goods and services available for sale
E) a merger expands the geographic range of markets that it can serve
Q4) Compare and contrast private corporations and public corporations.
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Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) Private individuals who put their own money into start-ups,with the goal of eventually selling their interest for a profit,are called ________.
A) angel investors
B) microlenders
C) venture capitalists
D) advisory boards
E) business incubators
Q2) Which of the following is true regarding high-growth ventures?
A) They are usually run by one individual rather than a team.
B) They refer to businesses such as a self-employed consultant, a corner florist, or a small e-commerce venture.
C) They are mostly family businesses.
D) They are are built around the personal and financial needs of an individual.
E) They expand rapidly by obtaining a sizable supply of investment capital.
Q3) Intrapreneurship is a term coined by business consultant Gifford Pinchot to designate entrepreneurial efforts within a larger organization.
A)True
B)False
Q4) Define a small business? What is the economic role of small businesses?
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Chapter 7: Management Roles, Functions, and Skills
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Q1) Consider an automobile manufacturing company that manufactures low cost cars.Construct a model of control cycle for this organization.
Q2) ________ is the most important and pervasive interpersonal skill that managers use.
A) Communication
B) Evaluation
C) Analytic ability
D) Negotiation skill
E) Technical skill
Q3) A mentor is usually an experienced manager or employee who can help guide other managers and employees.
A)True
B)False
Q4) The first step in a decision-making process is to ________.
A) generate options or alternatives
B) select the best or optimum option
C) recognize and define the problem
D) implement the decision
E) monitor the results
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Chapter 8: Organization and Teamwork
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Q1) From the perspective of workers,which of the following is a potential drawback of working for an unstructured organization?
A) Worker's evaluations are subjective and based almost entirely on the manager's impressions.
B) Workers have reduced flexibility and freedom.
C) Workers lack access to more interesting and more fulfilling work.
D) Workers have a sense of working with a team for a larger, shared purpose.
E) Workers are left to fend for themselves and to keep their skills current at their own expense.
Q2) Social networking can also help a company maintain a sense of community even as it grows beyond the size that normally permits a lot of daily interaction.
A)True
B)False
Q3) When people work together toward a common goal rather than competing for individual recognition,their efforts and energies tend to focus on the common good.
A)True
B)False
Q4) How do teams differ from work groups?
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Chapter 9: Production Systems
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Q1) Explain the various ways in which an SCM can have a profound strategic impact on companies and the broader economy.
Q2) Statistical process control refers to the use of random sampling and tools,such as control charts,to monitor the production process.
A)True
B)False
Q3) ________ refers to establishing the overall level of resources needed to meet customer demand.
A) Production planning
B) Facility analysis
C) Capacity planning
D) Process control
E) Critical path analysis
Q4) Feedback is the information from the output applied back to the input.
A)True
B)False
Q5) Mass production involves the creation of identical goods or services.
A)True
B)False
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Chapter 10: Employee Motivation
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Q1) The tendency for a manager to oversee every detail of their employees' work and give them little autonomy in how to perform their jobs is known as ________.
A) vertical integration
B) micromanaging
C) empowering
D) centralization
E) reinforcement
Q2) According to Frederick Herzberg's two-factor theory,which of the following factors acts as a motivator?
A) favorable working conditions
B) favorable company policies
C) increase in pay
D) job security
E) responsibility
Q3) Goals that are specific enough to give employees clarity and focus can function as effective motivators.
A)True
B)False
Q4) What is the difference between negative reinforcement and punishment?
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Chapter 11: Human Resources Management
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Q1) Quality of hire measures ________.
A) the amount of money spent in hiring and training new employees
B) the level of productivity of employees in the probationary period
C) how closely incoming employees meet the company's needs
D) the percentage of minority groups in a firm's workforce
E) the percentage of the workforce that leaves every year
Q2) Headhunters refer to outside agencies that specialize in finding and placing employees.
A)True
B)False
Q3) M&Z Information Systems,a software development company,has built a day care center in the office premises to help working women take care of their children.The company also has flexible working hours,and work-from-home policies to enable employees to better manage both their personal and professional tasks.In this example,the company's efforts are aimed at ________.
A) aligning the workforce
B) improving motivation through job enrichment
C) succession planning
D) improving employee's work-life balance
E) cross-training employees
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Chapter 12: Labor Relations
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Q1) The National Labor Relations Board (NLRB)certifies a union if ________.
A) thirty percent of the employees favor certification
B) a union wins certification election
C) it receives a union petition from employees
D) a union is conducting a decertification election
E) it receives a request from 30 percent of the employees for a collective bargaining
Q2) The members of local unions are informally known as the ________.
A) internal-card
B) advocate
C) lobbyist
D) activist
E) rank-and-file
Q3) Labor unions place a high priority on ________.
A) increasing organizational productivity
B) engaging in disciplining procedures
C) recruiting and retaining members
D) keeping operational costs low
E) attaining operational flexibility in the organization
Q4) Explain the benefits of unionization.
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Chapter 13: The Art and Science of Marketing
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Q1) Bell & Rubio,a camera manufacturing company,hires actors in different cities to approach strangers and ask them to take their picture with a Bell & Rubio camera.The actors strike up conversations with people,tell them about the advantages of the camera,and encourage them to buy one for themselves without informing them that it's an advertising campaign.In this example,Bell & Rubio uses which of the following strategies?
A) social commerce
B) data mining
C) permission-based marketing
D) stealth marketing
E) projective techniques
Q2) When you segment a market using demographics,you subdivide your customers according to characteristics such as their ________.
A) attitudes
B) lifestyles
C) neighborhoods
D) habits
E) ethnic group
Q3) Compare and contrast surveys with interviews and focus groups.
Q4) What is marketing mix? Discuss the four main components of the marketing mix.
Page 15
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Chapter 14: Product and Pricing Strategies
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Q1) Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to
A) freemium pricing
B) discounting
C) bundling
D) balanced pricing
E) dynamic pricing
Q2) Break-even point refers to the sales volume at a given price that will cover all of a company's costs.
A)True
B)False
Q3) Explain how a firm conducts test marketing for a new product.
Q4) People who monitor social media to spot shifts in consumer tastes are called
A) social arbitrators
B) trend watchers
C) crowd pullers
D) social developers
E) social programmers
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Chapter 15: Distribution and Marketing Logistics
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Q1) The number of layers between producers and their target customers is known as
A) market coverage
B) channel length
C) logistics
D) wheel of retailing
E) multichannel retailing
Q2) Merchant wholesalers that sell products to organizational customers for internal operations or the production of other goods,rather than to retailers for sale,are known as manufacturers' representatives.
A)True
B)False
Q3) Having your products available in as many outlets as possible is known as exclusive distribution.
A)True
B)False
Q4) What are slotting allowances?
Q5) What is a distribution mix? List the issues that need to be considered while choosing distribution channels.
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Chapter 16: Customer Communication
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Q1) The thinking behind celebrity involvement in advertising is that people will be more inclined to use products endorsed by a celebrity because they will identify with and want to be like this person.
A)True
B)False
Q2) Advertising or display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions are called ________.
A) rebates
B) trade allowances
C) point-of-purchase displays
D) specialty advertising
E) coupons
Q3) Compare and contrast advertising based on logical appeal with that based on emotional appeal.
Q4) Targeted display advertising allows customers or website visitors to opt-in to mailing lists.
A)True
B)False
Q5) Compare and contrast personal selling with consultative selling.
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Chapter 17: Financial Information and Accounting Concepts
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Q1) The GAAP is overseen in the United States by the ________.
A) Consumer Financial Protection Agency
B) Financial Management Service
C) Office of Financial Stability
D) Financial Accounting Standards Board
E) Office of Terrorism and Financial Intelligence
Q2) Financial accounting is concerned with preparing cost analyses,profitability reports,budgets,and other information for insiders such as management and other company decision makers.
A)True
B)False
Q3) A(n)________ is the highest-ranking accountant in a company,responsible for overseeing all accounting functions.
A) inventory manager
B) controller
C) treasurer
D) credit manager
E) cost accountant
Q4) Compare and contrast accrual basis accounting and cash basis accounting.
Q5) What is a balance sheet? Why is it called a balance sheet?
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Chapter 18: Financial Management
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Q1) Underwriter is a specialized type of bank that buys the shares from the company preparing an IPO and sells them to investors.
A)True
B)False
Q2) Rex Associates has a poor credit rating and is finding it difficult to obtain loans.In order to fund a new project,the company decides to let out one of its buildings to a bank.The company obtains funds in return from the bank.This is an example of
A) unsecured lending
B) factoring
C) leasing
D) long-term lending
E) short-term lending
Q3) Explain why businesses use factoring to raise funds.
Q4) Explain the concept of venture capital.
Q5) Secured loans are backed up with assets that the lender can claim in case of default.
A)True
B)False
Q6) Compare and contrast secured bonds and debentures.
Page 20
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Chapter 19: Financial Markets and Investment Strategies
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Q1) Treasury notes are debt securities issued by the federal government that are repaid within 1 to 10 years after issuance.
A)True
B)False
Q2) Explain the advantages and disadvantages of investing in bonds rather than in stocks.
Q3) The value assigned to each share of stock when it is first issued is known as its book value.
A)True
B)False
Q4) Compare and contrast growth funds,income funds,and value funds.
Q5) ________ refer to treasury issues in which the principle amount is tied to the Consumer Price Index to protect the buyer against the effects of inflation.
A) Treasury notes
B) Treasury bills
C) Treasury bonds
D) TIPS
E) Municipal bonds
Q6) Compare and contrast a money market and derivatives market.
Page 21
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Chapter 20: The Money Supply and Banking Systems
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Q1) Credit freeze is a situation in which the federal government bans the issue of new loans.
A)True
B)False
Q2) Explain how changing reserves will affect the money supply.
Q3) Rhombus bank is a bank that focuses on home mortgages.The bank has 283 offices and has issued more than 0.1 million home loans to people with different income levels.The bank also accepts deposits to generate money for providing home loans.Rhombus bank is best referred to as a(n)________.
A) merchant bank
B) credit union
C) thrift bank
D) private bank
E) investment bank
Q4) Compare and contrast liquidity crisis and a credit freeze.
Q5) If the Fed buys Treasuries on the open market,the country's money supply increases.
A)True
B)False
Q6) What is a bubble?
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