Entrepreneurship Study Guide Questions - 2111 Verified Questions
Entrepreneurship Study Guide Questions
Course Introduction
Entrepreneurship explores the fundamental concepts and practices involved in creating, developing, and managing a new business venture. The course covers the entrepreneurial mindset, opportunity recognition, market analysis, business model development, funding strategies, and risk management. Students will examine real-world case studies, participate in hands-on activities, and develop their own business plans, gaining practical skills essential for launching and growing innovative enterprises in diverse industries.
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The Future of Business 4th Edition by Norm Althouse
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Sample Questions
Q1) Which of the following does the municipal government have authority over?
A) education
B) water
C) trade regulation
D) health care
Answer: B
Q2) Which of the following best describes the situation when expenses are lower than revenue for a business?
A) risk
B) profit
C) surplus
D) loss
Answer: B
Q3) The provincial governments are responsible for banking,criminal law,and employment insurance.
A)True
B)False
Answer: False
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Chapter 2: Economics Evolving Systems
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Q1) Which of the following represent two types of inflation?
A) demand-pull and cost-push
B) cost-pull and supply-push
C) demand-pull and supply-push
D) recessionary and recovery
Answer: A
Q2) No true examples of a pure monopoly exist today.
A)True
B)False
Answer: False
Q3) A manager in the life insurance industry examining the national level of personal income,the unemployment rate,interest rates,inflation,and death statistics would be looking at which of her company's environments?
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Chapter 3: Social Society, Corporate Responsibility, and Making Ethical Decisions
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Sample Questions
Q1) Which of the following is an example of an unethical business activity?
A) The employee reports his employer for making several illegal deductions from his pay.
B) The employee unknowingly gives out incorrect information.
C) The sales representative allows the customer to believe that his purchase would be delivered on time, as he believed this to be true himself.
D) The employee uses a company computer to check his results in an online betting transaction.
Answer: D
Q2) The first step in making ethical decisions is to learn to recognize unethical activities when they occur.
A)True
B)False
Answer: True
Q3) Corporate philanthropy excludes any noncash donations.
A)True
B)False
Answer: False
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Chapter 4: Technology Managing Information for Business
Success
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Sample Questions
Q1) When a bank collects deposits during the day,then deposits them all after banking hours,it is using a reserve processing system.
A)True
B)False
Q2) What are the responsibilities of a CIO?
Q3) Cerner Corporation has created a system that helps emergency room physicians make decisions about what kind of treatment to give their patients.The system contains the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms.By comparing inputted information about a patient with information stored in the system,doctors can get a diagnosis and suggestions as to possible treatments.Which of the following best describes this system?
A) a transaction processing system
B) an information reporting system
C) a decision support system
D) an expert system
Q4) With portal technology,users work collaboratively on a virtual supercomputer.
A)True
B)False
Q5) How does spam pose a security threat for organizations?
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Chapter 5: International The Global Marketplace
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Sample Questions
Q1) Which of the following is an argument for tariffs that protect domestic businesses and workers?
A) the protection of industries and technology vital to defence preparedness
B) the maintenance of improved quality of products to protect consumers
C) the quota system argument
D) the protection of large, established businesses
Q2) Which of the following are goods and services that are made in one country and sold to other countries?
A) tangibles
B) countertrades
C) exports
D) imports
Q3) Imagine you are trying to gather the information needed to calculate the balance of payments for an Eastern European country.To do your calculations,you would need to have information on which of the following?
A) military expenditures to train its forces at home
B) its current inflation rate
C) its corporate tax rates
D) foreign aid the country receives
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) One you have decided to go into business for yourself,what are the three ways that you can acquire the business?
Q2) Which of the following is a characteristic of the entrepreneurial personality?
A) ambitious
B) being a follower rather than a leader
C) risk-aversive
D) dependent on others
Q3) Many small businesses wishing to operate overseas use the services of export management companies.
A)True
B)False
Q4) David Dworkin is the founder and owner of Swoozie's,a chain of stores that carry diverse lines of wrapping paper,stationery,invitations,and gifts for affluent women.He opened the business with his own money and that of investors who saw profit potential in his idea.Dworkin is an example of which of the following?
A) a franchisor
B) a venture capitalist
C) a franchisee
D) an entrepreneur
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Chapter 7: Analyzing the Business
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Sample Questions
Q1) In today's day and age,customers expect that companies not only provide value but demand that the companies be which of the following?
A) good corporate citizens
B) green companies
C) good to their employees
D) generous contributors to charity
Q2) What is the ultimate indicator that a company has met and exceeded customer needs?
A) new customers
B) customer satisfaction rates
C) minimal loss of customers
D) customer loyalty
Q3) What is the ultimate indicator that a company has met and exceeded customer needs?
Q4) Issues such as fair trade,child labour,etc.,are important issues for Canadians.Violating any values that we as a society appreciate can have a negative impact on a company.
A)True
B)False
Q5) What is a vision statement?
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Chapter 8: Forms of Business Ownership
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Q1) Double taxation is a distinct advantage that corporations have over other forms of ownership.
A)True
B)False
Q2) What do partnership agreements generally specify?
A) the methods of taxation of each partner
B) the contributions of each partner
C) the percentage of revenue to be generated by each partner
D) the provisions for spouses and family to work in the partnership
Q3) What do a company's shareholders have the right to do?
A) Elect the board of directors.
B) Help recruit top management.
C) Get discounts on the company's product or service.
D) Offer suggestions and expect to have them accepted.
Q4) List the three major types of mergers.
Q5) What is the purchaser of a franchise called?
A) a franchisee
B) a franchisor
C) a sole proprietor
D) a contractor
10
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) What is the first step in the control process?
Q2) What are the three types of democratic leaders?
A) consensual leaders, democratic leaders, and consultative leaders
B) consensual leaders, autocratic leaders, and participative leaders
C) semi-autocratic leaders, autocratic leaders, and empowering leaders
D) empathetic leaders, empowering leaders, and laissez-faire leaders
Q3) What is a leadership style?
Q4) In which of the following management roles does the manager act as liaison and develop and maintain contacts outside his/her own departments?
A) functional
B) interpersonal
C) informational
D) decision making
Q5) The ability to work with people and be sensitive to workers' needs are examples of human relations skills.
A)True
B)False
Q6) What is another name for a free-rein leadership style?
Q7) Define organizing as a process of management.
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) Which of the following is the process of grouping jobs so that similar or associated tasks and activities can be coordinated?
A) departmentalization
B) standardization
C) centralization
D) specialization
Q2) Mario Laytana is a warehouse manager for a company that produces and sells peaches and peach-related products.In this small entrepreneurial company,there are direct lines of communication and authority flowing from the company's CEO down to Laytana,and through her to the workers in the warehouse.Laytana works in which of the following?
A) a functional organization
B) a matrix organization
C) a staff organization
D) a line organization
Q3) What is another name for the matrix structure?
Q4) What is the best type of organizational structure?
Q5) Briefly discuss the relationship between division of labour and specialization.
Q6) List the three basic types of work teams.
Q7) What kind of power gives a supervisor the authority to make decisions?
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Chapter 11: Motivating Employees
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Sample Questions
Q1) Who was the father of scientific management?
A) Elton Mayo
B) Abraham Maslow
C) Adam Smith
D) Frederick Taylor
Q2) In Maslow's theory,the need to belong to informal groups both on and off the job is an example of which of the following needs?
A) security needs
B) physiological needs
C) social needs
D) esteem needs
Q3) Theory X managers view their workers as untrustworthy and unmotivated.
A)True
B)False
Q4) What is the name of the motivational theory that assumes the probability of an individual acting in a particular way depends on the strength of that individual's belief that the act will have a particular outcome and on whether the individual values that outcome?
Q5) What are managers doing when they vertically expand an employee's job?
Q6) What do telecommuting,flextime,and job sharing have in common?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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Q1) Which of the following is a formal complaint by an employee or by the union that management has violated some part of the contract?
A) a contract complaint
B) a grievance
C) union arbitration
D) formal mediation
Q2) What is the first step in the typical grievance procedure?
Q3) Which of the following best describes collective bargaining?
A) It describes the grievance procedure in labour agreements.
B) It describes the procedure used to get an employer to settle a dispute in favour of the employees.
C) It refers to the actions taken by a group that collectively boycotts a product.
D) It is the process of negotiating labour agreements.
Q4) What is the first step in performance planning and appraisal?
A) Determine which employees have seniority.
B) Establish performance standards.
C) Give every employee an aptitude test.
D) Create an orientation program for employees.
Q5) What are the basic types of compensation? Give an example of each.
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Chapter 13: Marketing The Customer Focus
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Sample Questions
Q1) Which of the following are examples of secondary data?
A) interviews with shoppers
B) internal company records
C) observations of behaviour
D) conducting surveys
Q2) When Clorox targets heavy users of bleach,it is using volume segmentation.
A)True
B)False
Q3) Buying Revlon makeup because actress Halle Berry uses that brand is an example of the use of benefit segmentation.
A)True
B)False
Q4) Which type of market segmentation strategy was Kimberly-Clark,the manufacturer of Huggies diapers,using when it introduced Poise and Depend brands for adults?
A) psychographic
B) physiological
C) demographic
D) geographic
Q5) What kind of segmentation is the publisher of Golf Digest magazine using?
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Which of the following is the combination of advertising,personal selling,sales promotion,and public relations used to promote a product?
A) the product strategy
B) the promotional mix
C) the marketing mix
D) the distribution strategy
Q2) List two reasons that a company might use penetration pricing.
Q3) Distribution channels should be established in the introduction stage of the product life cycle.
A)True
B)False
Q4) Distribution managers generally choose a mode of transportation on the basis of several criteria.Which of the following is one of the criteria used?
A) traceability
B) empowerment
C) flexibility
D) empathy
Q5) What is a product?
Q6) What is the goal of supply chain management?
Page 16
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Sample Questions
Q1) Facilities layout is all-important in production lines but it is not important in service-oriented businesses.
A)True
B)False
Q2) A company starts up a website where customers can create the perfect athletic shoe to support their particular shape of foot and style of activity.Visitors to the site select from 15 different elements to design a pair of shoes perfect for them.This company uses which of the following processes?
A) just-in-time production
B) individualized production
C) niche manufacturing
D) mass customization
Q3) Which of the following is a list of components and the number of each needed for file cabinets to be produced by a manufacturing company?
A) a bill of lading
B) a bill of materials
C) a material plan
D) a finished product
Q4) What is the relationship between mass production and customization?
Page 17
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Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) Managerial accounting provides which of the following financial information?
A) monthly sales records
B) income statements
C) reports for bankers and other investors
D) reports for shareholders
Q2) Financial accounting produces financial reports that are important to which of the following groups?
A) shareholders
B) managers
C) supervisors
D) employees
Q3) The $200 fee owed to a landscape designer for work done two months ago is an example of a note receivable.
A)True
B)False
Q4) How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?
Q5) Auditors are correctly portrayed as bean-counters.
A)True
B)False
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Chapter 17: Understanding Money and the Canadian Financial System
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Q1) Which of the following are contracts that entitle holders to buy or sell specified quantities of common shares or other financial instruments at a set price during a specified time?
A) options
B) futures contracts
C) debentures
D) mutual securities
Q2) "Investment banker" is another term for "stockbroker."
A)True
B)False
Q3) Which of the following financial institutions is a not-for-profit institution?
A) a savings bank
B) a credit union
C) a commercial bank
D) a savings and loan association
Q4) The Canadian money supply comprises which of the following items?
A) chequing accounts, bonds, and savings accounts
B) coins, paper money, and treasury bills
C) currency, demand deposits, and time deposits
D) bonds, coins deposits, and chequing accounts
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Chapter 18: Finance Maximizing the Value
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Sample Questions
Q1) Long-term debt would be used to finance which of the following activities?
A) to replace broken glass in a window
B) to buy new tablecloths for a restaurant
C) to provide customer with a cash discount
D) to pay for a few pieces of equipment
Q2) The Four Seasons hotel chain has purchased an existing hotel in Mumbai.To forecast how much it needs to spend to bring the facilities in line with Four Seasons' other five-star hotels,it will use which of the following?
A) a managerial budget
B) a tactical budget
C) a capital budget
D) an operating budget
Q3) The three main types of unsecured short-term loans are which of the following?
A) trade credit, bank loans, and commercial paper
B) treasury bills, certificates of deposit, and accounts payable
C) trade credit, accounts payable, and bank loans
D) accounts payable, notes payable, and loans payable
Q4) Speculative risk cannot be insured.
A)True
B)False
Page 20
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