Entrepreneurship Test Questions
Course Introduction
This course introduces students to the fundamentals of entrepreneurship, focusing on the process of identifying business opportunities, developing innovative ideas, and transforming them into viable commercial ventures. Topics include market research, business model development, funding strategies, and the essential skills required to launch and manage a successful startup. Through case studies, interactive projects, and guest speakers, students gain practical experience in problem-solving, critical thinking, and effective communication within entrepreneurial contexts. The course is designed for those interested in starting their own businesses, as well as those seeking to cultivate an entrepreneurial mindset in any organizational setting.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
Available Study Resources on Quizplus
18 Chapters
2559 Verified Questions
2559 Flashcards
Source URL: https://quizplus.com/study-set/272 Page 2
Chapter 1: Political Environment
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/4456
Sample Questions
Q1) What type of income taxes do businesses pay?
A) progressive
B) flat
C) regressive
D) incremental
Answer: B
Q2) What is a transfer payment?
Answer: Transfer payments are a redistribution of money from the wealthier provinces like Alberta to the poorer ones like some in the Maritimes so that all Canadians can be provided with the same level of services such as health care.
Q3) Which of the following does the federal government have authority over?
A) health care
B) Education
C) criminal law
D) roads
Answer: C
Q4) Describe some of the areas that the federal government has authority over.
Answer: Money and banking, trade regulation, external relations, defence, criminal law, employment insurance, copyrights and transportation.
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Economic Environment
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/4457
Sample Questions
Q1) An industry in which a few companies produce most or all of the output of a product and in which large amounts of capital are needed is known as which of the following?
A) perfect competition
B) an oligopoly
C) monopolistic competition
D) imperfect competition
Answer: B
Q2) It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession.
A)True
B)False
Answer: False
Q3) Which of the following is a key trend in macroeconomics?
A) the slowdown in China's GDP rate
B) the worldwide decline in the price of oil
C) the improvement in the United States economy
D) rising entrepreneurial spirit in developing countries like India
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Social Environment
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/4458
Sample Questions
Q1) Business people interested in selling more in the Canadian market have found no profit in diversifying product offerings to meet so many individualized tastes among the baby boomers.
A)True
B)False
Answer: False
Q2) The base of the corporate social responsibility pyramid is represented by which of the following?
A) responsibilities to stakeholders
B) economic responsibility
C) legal responsibility
D) philanthropic responsibility
Answer: B
Q3) What are the questions that a manager might ask herself about the ethics of a decision, if she is using the three question test?
Answer: (1) Is it legal
(2) Is it balanced
(3) How does it make me feel?
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Technological Environment
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/4459
Sample Questions
Q1) Which of the following contributes to and benefits from information used in performing various tasks including acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions?
A) information technicians
B) knowledge workers
C) knowledge shareholders
D) information monitors
Q2) What differentiates knowledge work from other types of work?
A) knowing how to access information
B) non-routine problem solving
C) creative problem solving
D) ability to use technology
Q3) When the value of a product depends on the number of users this is referred to as which of the following?
A) base of user phenomenon
B) user factor
C) snowball effect
D) network effects
Q4) What does the statement, "Today most of us are knowledge workers," mean?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: International Environment
Available Study Resources on Quizplus for this Chatper
148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/4460
Sample Questions
Q1) Which of the following are products that are bought from one country for use in another just as Canada buys coffee from Columbia?
A) tariffs
B) tangibles
C) imports
D) exports
Q2) Which of the following is a benefit associated with free trade and globalization?
A) a closed economy
B) increased per capita income
C) declining productivity
D) an increase in the number of better-paying jobs
Q3) Which of the following is an example of a natural trade barrier?
A) price
B) exchange controls
C) product characteristic
D) distance
Q4) Companies can use several methods to participate in the global marketplace. To which of the methods is franchising most closely related?
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Entrepreneurship and Small Business
Available Study Resources on Quizplus for this Chatper
137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/4461
Sample Questions
Q1) Edie Lopez is opening a catering business because, as an entrepreneur, she will enjoy which of the following?
A) guaranteed profits
B) being her own boss
C) shorter work hours
D) interest-free loans
Q2) According to the text, what is the best way to keep up with small-business trends?
A) reading magazines
B) going to conferences
C) talking to other small business owners
D) attending networking events
Q3) List three advantages that small businesses have over larger, more complex companies.
Q4) List three disadvantages that small businesses experience compared to larger, more complex companies.
Q5) Most start-ups are in the high-technology sector.
A)True
B)False
Q6) List the three categories of entrepreneurs.
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Understanding the Business
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/4462
Sample Questions
Q1) Which of the following compare(s) select items in financial statements by computing percentages, rates, and proportions?
A) profitability quotients
B) ratio analysis
C) vertical analysis
D) pro rata analysis
Q2) Lisa and Debbie are very serious shoppers but are also concerned about human rights issues. Every weekend they go to different malls around the city. They look for quality products at reasonable prices. But they also demand that the companies that they buy products from produce their products in which of the following ways?
A) in a safe, ethical manner
B) in an environmentally friendly manner
C) using only Canadian made components
D) following ISO 9000 and ISO 14000 rules
Q3) What are the three most critical stakeholder groups of a corporation?
A) shareholders, employees, customers
B) customers, investors, employees
C) employees, politicians, customers
D) employees, customers, competitors
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/4463
Sample Questions
Q1) Which type of merger brings together companies in unrelated businesses to reduce risk?
A) diagonal merger
B) horizontal merger
C) vertical merger
D) conglomerate
Q2) Which form of business ownership has the most difficulty in raising capital?
A) sole proprietorship
B) general partnership
C) limited partnership
D) corporation
Q3) Which forms of business ownership have to deal with the disadvantage of unlimited liability?
Q4) Which of the following are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership?
A) franchises
B) joint ventures
C) limited partnerships
D) cooperatives
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Management and Leadership in Todays Organizations
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4464
Sample Questions
Q1) What is one of the five key types of power?
A) connection power
B) financial power
C) referent power
D) influential power
Q2) The first step in setting up a control process is to measure performances.
A)True
B)False
Q3) Naif Afasi is a middle manager. He has the ability to negotiate, impress the right people, and make the right connections. Afasi has which of the following skills?
A) human relations
B) conceptual
C) functional
D) technical
Q4) Middle managers usually perform which of the following activities?
A) setting overall goals and objectives
B) carrying out plans and policies of top management
C) managing the employees on the assembly line
D) acting as representatives to other companies
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Designing Organizational Structures
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/4465
Sample Questions
Q1) Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization.
A)True
B)False
Q2) The number of employees a manager directly supervises is referred to as span of control.
A)True
B)False
Q3) Though the informal organization may be a force in an organization, it has no real power so managers don't need to worry much about it.
A)True
B)False
Q4) Which of the following is evolving from being just an organizational trend to a way of doing business?
A) vertical integration
B) outsourcing
C) virtual teams
D) diversifying
Q5) What is another name for the matrix structure?
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Motivating Employees
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/4466
Sample Questions
Q1) Theories X and Y management styles are the result of studies by which theorist?
A) Douglas McGregor
B) Frederick Taylor
C) Frederick Herzberg
D) Elton Mayo
Q2) The Theory X approach to management builds on the idea that worker and organizational interests are congruent.
A)True
B)False
Q3) What is the set of forces that that prompt a person to release energy in a certain direction?
A) work
B) motivation
C) drive
D) desire
Q4) According to expectancy theory, the probability of an individual acting a particular way depends on the strength of belief the individual has.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Managing Human Resources and Labour Relations
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/4467
Sample Questions
Q1) What is the most powerful tool that the union has in its strategy?
Q2) Which function does an arbitrator perform?
A) He or she can make a nonbinding decision on management.
B) He or she makes a decision called an award.
C) He or she can make a nonbinding decision on the union.
D) He or she presents suggestion to persuade union and management to settle.
Q3) Herriott & Haynes Fabrication Company uses which of the following methods to systematically compare the actual work accomplishment of each employee with his or her expected performance?
A) job descriptions
B) worker benchmarks
C) value analyses
D) performance appraisals
Q4) What is the tactic most frequently used by unions to pressure employers into agreeing to a union's demands?
Q5) Which of the following is the primary benefit of on-the-job training?
A) It is self-paced.
B) It allows companies to make the best use of programmed instruction.
Page 14
C) It gives the trainee time to think about his or her actions.
D) It provides instant feedback.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Marketing
Available Study Resources on Quizplus for this Chatper
159 Verified Questions
159 Flashcards
Source URL: https://quizplus.com/quiz/4468
Sample Questions
Q1) Every time Evangeline Kryl buys a Subway sandwich, she gets a stamp on a card that she carries in her wallet. When the card is full, she gets a free sandwich. This sort of program is an example of which of the following strategies?
A) convenience selling
B) transactional marketing
C) relationship marketing
D) exchange targeting
Q2) Children learn by watching their parents' shopping and consuming habits. What is this passing down of cultural values and norms to children?
A) socialization process
B) cultural diffusion
C) heritage transmission
D) tradition sharing
Q3) Finding a competitive advantage, creating a marketing mix, and applying marketing principles and techniques is important only to corporations.
A)True
B)False
Q4) List the components of the marketing mix.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Creating Marketing Strategies
Available Study Resources on Quizplus for this Chatper
183 Verified Questions
183 Flashcards
Source URL: https://quizplus.com/quiz/4469
Sample Questions
Q1) Physical-distribution activities are usually the responsibility of the marketing department.
A)True
B)False
Q2) Which of the following is a convenience product?
A) tuxedo
B) computer
C) loaf of bread
D) vacuum cleaner
Q3) A company in Nova Scotia builds portable drilling platforms used to locate new oil fields underwater. To build a platform, the company had to construct a specially designed dock with a large permanently placed crane able to lift a 20 tonne structure onto its floating base. This expensive dock and crane are examples of which of the following?
A) structural products
B) integral parts
C) emplacements
D) installations
Q4) Describe the distribution channel that would exist for a multi-million dollar printing press used for magazine publications.
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Achieving World-class Operations Management
Available Study Resources on Quizplus for this Chatper
153 Verified Questions
153 Flashcards
Source URL: https://quizplus.com/quiz/4470
Sample Questions
Q1) What is a system that utilizes long production runs resulting in high-volume, standardized products?
A) continuous
B) controllable
C) customized
D) intermittent
Q2) Modular production is a technique that increases the ability of products to satisfy customers and is worth the extra expense it typically produces.
A)True
B)False
Q3) Underlying the success of supply chain management is the ability to use enterprise resource planning systems to monitor for changes in supplier product quality.
A)True
B)False
Q4) List two commonly used techniques for streamlining a business's production.
Q5) Define total quality management.
Q6) One way to determine the best inventory levels is to look at three costs. What are they?
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Accounting for Financial Success
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4471
Sample Questions
Q1) Administrative accounting is the term given to the internal workings of the company, such as budgets, sales reports, and analyses of how well marketing strategies are working.
A)True
B)False
Q2) Which of the following classifications of ratios measures the degree and effect of the company's use of borrowed funds to finance its operations?
A) liquidity
B) debt
C) equity
D) profitability
Q3) Which of the following are debts that are to be paid within 12 months?
A) current assets
B) fixed assets
C) current liabilities
D) fixed liabilities
Q4) How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?
Q5) What is another name for the ratio of net profit to net sales?
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Understanding Money and the Canadian Financial System
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/4472
Sample Questions
Q1) What is the most important function of the Bank of Canada?
Q2) Megan Voorhees recently inherited $200,000. She has invested the inherited money in real estate and government securities. Voorhees is using her money for which of the following purposes?
A) store of value
B) medium of exchange
C) commodity of exchange
D) measure of wealth
Q3) Durability, scarcity, portability, and divisibility are the four key characteristics of money.
A)True
B)False
Q4) Dividends can be paid only after all the other obligations of the company have been met.
A)True
B)False
Q5) Deregulation of the financial industry allows banks to offer insurance and brokerage services.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Finance
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/4473
Sample Questions
Q1) Which of the following is NOT one of the three main types of unsecured short-term loans?
A) commercial paper
B) accounts payable
C) bank loans
D) trade credit
Q2) List three common reasons that companies make capital expenditures.
Q3) Which of the following is NOT a technique for reducing the investment in inventory?
A) just-in-time system
B) inventory management
C) allocation analysis
D) materials requirement planning
Q4) Which of the following terms represents the stated interest rate of a bond?
A) liquidity rate
B) market rate
C) prime rate
D) coupon rate
Q5) What is financial management?
Q6) What are the main government-sponsored insurance programs?
Page 20
To view all questions and flashcards with answers, click on the resource link above.