Entrepreneurship
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Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and pursuing opportunities to create and grow new ventures. This course introduces students to the fundamental concepts of entrepreneurship, including opportunity recognition, business model development, resource acquisition, and risk management. Students will learn how to assess market needs, develop innovative solutions, craft effective business plans, and pitch ideas to stakeholders. Real-world case studies and hands-on projects provide practical experience in launching and managing startups, with an emphasis on creativity, resilience, and ethical decision-making in the entrepreneurial journey.
Recommended Textbook
Business Now 1st Edition by Amit Shah
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13 Chapters
1151 Verified Questions
1151 Flashcards
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Chapter 1: Introduction
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Sample Questions
Q1) __________ refers to the amount of output you generate given the amount of input.
A) Efficiency
B) Technology
C) Telecommuting
D) Productivity
Answer: D
Q2) Government can do a lot to lessen the risk of starting a business including:
A) Increasing business regulations
B) Providing government ownership of businesses
C) Allowing business people to conduct business without contracts
D) Establishing a currency that's tradable in world markets
Answer: D
Q3) Workers moved to __________ industry jobs as technology and machination eliminated manufacturing jobs.
Answer: service
Q4) What is free trade and what impacts it?
Answer: Free trade is the movement of goods and services among nations without political or economic barriers.The elimination of taxes and tariffs on imported goods has led to globalization.
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Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
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Sample Questions
Q1) Socialism is an economic system based on the premise that all businesses should be owned by the government.
A)True
B)False
Answer: False
Q2) The basis of Adam Smith's general economic theory is the desire for improving one's own condition in life.
A)True
B)False
Answer: True
Q3) ___________ examines the behavior of people and organizations in particular markets.
Answer: Microeconomics
Q4) A(n)__________ is a severe recession.
Answer: depression
Q5) The __________ rate refers to the number of civilians at least 16 years old who do not have a job and who have tried to find a job within the prior four weeks.
Answer: unemployment
4
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Chapter 3: Competing in the Global Marketplace
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Sample Questions
Q1) Angel investors are the government agencies that invest money in new companies before they go public.
A)True
B)False
Answer: False
Q2) A conventional (C)corporation is a state chartered legal entity with the authority to act and have liability separate from its owners.
A)True
B)False
Answer: True
Q3) Which of the following is a way to start your own business?
A) Become a franchiser
B) Buy an existing business
C) Start a cooperative
D) All of the responses are correct
Answer: D
Q4) What are the five main areas of focus when starting a small business?
Answer: Planning the business,financing the business,knowing your customers (marketing),managing employees,and keeping records (accounting).
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Chapter 4: Forms of Business Ownership
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Sample Questions
Q1) __________ furnish racks or shelves full of merchandise to retailers,including display products and sell,for all practical purposes,on consignment.
Q2) The total product offer consists of everything that consumers evaluate when deciding whether to purchase a good or service.
A)True
B)False
Q3) Dividing the market by geographic area is called demographic segmentation.
A)True
B)False
Q4) __________ is the process of planning and executing the conception,pricing,promotion and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives.
A) Management
B) Strategy
C) Marketing
D) Leadership
Q5) The Coca-Cola that is always on the desk in front of the judges on American Idol is a form of promotion called product __________.
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Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
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Sample Questions
Q1) Commission is a type of pay based on employees earning some percentage of sales.
A)True
B)False
Q2) A (n)__________ is an employee organization that has the main goal of representing members in employee-management bargaining over job-related issues.
A) Federation of workers
B) Union
C) Congress of workers
D) Worker conglomerate
Q3) The first step in the human resource planning process is to:
A) Prepare a job analysis
B) Prepare a human resource inventory of the organization's employees
C) Assess future human resource demand
D) Establish a human resource strategic plan
Q4) Stock options are one of the most common forms of performance-based pay. A)True B)False
Page 7
Q5) As of 2006,men and women were paid the same,called comparable worth. A)True
B)False
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Page 8
Chapter 6: Management and Leadership in Todays
Organizations
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Sample Questions
Q1) Missy works as a new product development engineer for a company that makes solar panels for residential and commercial purposes.Her company uses PERT network software for all development projects.As she nears the final month of her timeline for completing a new panel,Missy will focus on those activities that are:
A) Most costly to complete.
B) On the priority bar of the PERT chart.
C) Near the end of the PERT network.
D) On the critical path of the PERT network.
Q2) __________ is a series of voluntary international standards covering environmental management tools and systems.
A) ISO 9000
B) EOQ 9000
C) ISO 14000
D) EOG 14000
Q3) A Gantt chart is a time-based graphic display that shows whether a machine or a process is producing at the expected quality level.
A)True
B)False
Q4) What is the Malcolm Baldridge Award?
Page 9
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Chapter 7: Designing Organizational Structures
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Sample Questions
Q1) An intranet is a companywide network,closed to public access that uses Internet-type technology.
A)True
B)False
Q2) Most e-mail travels over the Internet in unencrypted plain text,meaning that the information can be viewed by anyone.
A)True
B)False
Q3) __________ is accessibility through technology that allows business to be conducted anywhere at any time.
Q4) All the information found online is reliable.
A)True
B)False
Q5) Public domain software is software that is free for the taking.
A)True
B)False
Q6) In managing information,we have to know what is useful and what is not useful.Describe the four characteristics of usefulness.
Q7) A(n)__________ stores data on a specific subject over a period of time.
Page 10
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Chapter 8: Managing Human Resources and Labor Relations
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Sample Questions
Q1) Double-entry bookkeeping is the concept of writing (or typing)every transaction in two places.
A)True
B)False
Q2) A(n)____________ is the financial statement that reports a firm's financial condition at a specific time.
Q3) Which of the following is one of the major types of financial statements?
A) Statement of cash flow
B) Depreciation statement
C) Chart of accounts
D) All of the responses are correct
Q4) The accounting cycle begins with analyzing ________.
Q5) Norm is a bookkeeper and Dave is the managerial accountant for a firm.Before Norm can do his work,Dave must do his.
A)True
B)False
Q6) Operating _________ are the costs involved in operating a business such as rent,salaries,supplies,utilities,insurance and the like.
Q7) Explain what accounting is and why it is important.
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Chapter 9: Motivating Employees
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Sample Questions
Q1) The span of control is the optimal number of subordinates a manager supervises.
A)True
B)False
Q2) The microenvironment is comprised of factors such as the firm's customers,distributors,suppliers and competitors.
A)True
B)False
Q3) Staffing involves recruiting,hiring,motivating and retaining the best people available to accomplish the company's objectives.
A)True
B)False
Q4) One of the unique challenges managers face today is global competition.
A)True
B)False
Q5) List the unique challenges that managers face today.
Q6) Empowered employees can respond quickly to customer requests by making decisions without consulting the manager.
A)True
B)False
Page 12
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Chapter 10: Achieving World-Class Operations Management
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Sample Questions
Q1) Total identification with the company guarantees a leader's success.
A)True
B)False
Q2) Self-knowledge will get in the way of being an effective leader.
A)True
B)False
Q3) It is hard to be an effective manager without also being a leader.
A)True
B)False
Q4) An intrinsic reward is something given to you by someone else as recognition for good work.
A)True
B)False
Q5) The first step in the MBO process is when the managers and the employees establish a set of mutually agreed upon goals for a specific period of time.
A)True
B)False
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Q6) __________ is the act,manner or practice of managing,handling,supervision or control.
Chapter 11: Creating Products and Pricing Strategies to Meet Customers
Needs
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Sample Questions
Q1) A trade __________ occurs when the value of the country's imports exceeds that of its exports.
Q2) Define trade protectionism and list three specific types.
Q3) __________ trade is the exchange of goods and services across national borders.
Q4) A common market is a regional group of countries that have a common external tariff,no internal tariffs and the coordination of laws to facilitate exchange among member countries.
A)True
B)False
Q5) One advantage of engaging in business globally is the businesses have entirely new markets in which to sell their products.
A)True
B)False
Q6) Two key indicators of the effectiveness of global trade are:
A) The amount of countertrade and the balance of payments
B) The cost of labor and raw materials
C) The balance of payments and the balance of trade
Page 14
D) The balance of trade and the balance of countertrade
Q7) Define global business and list the advantages of engaging in global business.
Q8) Why should countries trade globally?
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Page 15
Chapter 12: Distributing and Promoting Products and Services
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Sample Questions
Q1) Several international organizations have signed conventions (agreements)in an effort to fight corruption.
A)True
B)False
Q2) Which of the following companies was part of an ethical scandal?
A) Enron
B) WorldCom
C) Tyco International
D) All of the responses are correct
Q3) The determinants used to judge the social performance of a company are set forth in Sarbanes-Oxley.
A)True
B)False
Q4) Compliance-based ethics codes define the organization's guiding values.
A)True
B)False
Q5) List and define the five sources of ethical standards.
Page 16
Q6) Define ethics and describe the sources of ethics in the U.S.
Q7) How is a business responsible to its stakeholders?
Q8) __________ are people who report illegal or unethical behavior.
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Page 17
Chapter 13: Using Technology to Manage Information
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Sample Questions
Q1) Explain the difference between term,whole life and universal life insurance.
Q2) Mortgage payments should not amount to more than 28% of your net income.
A)True
B)False
Q3) Another name for Social Security is Old-Age,Survivors and Disability Insurance Program.
A)True
B)False
Q4) The type of home mortgage that has a variable interest rate and thus the payment throughout the life of the loan will change is known as a(n):
A) Variable rate mortgage
B) Adjustable rate mortgage
C) 80/20 loan
D) Interest only mortgage
Q5) The lifetime income of families headed by individuals with a bachelor's degree is:
A) Less than $550,000
B) Close to $1 million
C) $1.667 million
D) $10 million
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