Introduction to Business Exam Review
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts, principles, and practices that define the business world. The course covers key topics such as the forms of business ownership, the roles of management, marketing, accounting, and finance, and explores how businesses operate within the global economy. Students will also examine ethical decision-making, entrepreneurship, and the impact of technology on business practices. Through real-world examples, case studies, and interactive activities, this course prepares students to understand the dynamic environment of business and equips them with foundational knowledge for further studies in business-related fields.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
Available Study Resources on Quizplus
15 Chapters
1124 Verified Questions
1124 Flashcards
Source URL: https://quizplus.com/study-set/288 Page 2
Chapter 1: Introduction to Entrepreneurship
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4778
Sample Questions
Q1) According to the opening feature on Pure Fix Cycles, one of the biggest challenges the startup now faces is an increasingly competitive marketplace.
A)True
B)False
Answer: True
Q2) The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.
A)True
B)False
Answer: False
Q3) According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4779
Sample Questions
Q1) An idea bank is a physical or digital repository for storing ideas.
A)True
B)False
Answer: True
Q2) Which of the following is an example of how to encourage creativity at the organizational level?
A) Maintain a "stiff" organizational culture with no room for different behaviors.
B) Elevate creativity's importance throughout the organization.
C) Pigeonhole employees; keep them in the same job for years.
D) Make no attempt to hire creative people.
E) Promote a mentality suggesting that the best solutions to all problems have already been found.
Answer: B
Q3) Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Feasibility Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4780
Sample Questions
Q1) Katlin Smith is investigating the feasibility of developing an iPhone app to help high school students with math. To get a good handle on the potential demand for her service, Katlin is scrounging around for information wherever she can find it. She even spent two weeks volunteering as a math tutor at a local high school to see how students responded to her methods. Katlin is conducting ________ research.
A) parallel
B) derivative
C) gumshoe
D) secondary
E) on-the-ground
Answer: C
Q2) Feasibility analysis is the process of determining if a business idea is viable.
A)True
B)False
Answer: True
Q3) Primary research probes data that is already collected.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Developing an Effective Business Model
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4781
Sample Questions
Q1) ________ costs are costs that remain the same despite the volume of goods or services produced. ________ costs vary proportionally with the volume of goods or services provided.
A) Expense; Non-standard
B) Standard; Non-Standard
C) Fixed; Variable
D) Non-Standard; Standard
E) Variable; Fixed
Q2) Mark White is the founder of a firm that builds iPhone apps. Mark is very technically savvy, which allows him to build apps quickly and with minimal bugs or problems. In the terminology of the Barringer/Ireland Business Model Template, Mark's technical savvy is a(n) ________ of his firm.
A) primary capability
B) core competency
C) essential asset
D) staple proficiency
E) key aptitude
Q3) What is a business model? Why is it important? Provide an example to illustrate your answer.
Q4) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Industry and Competitor Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4782
Sample Questions
Q1) According to the example provided in Chapter 5, www.1800contacts.com possesses a nontraditional barrier to entry referred to as ________.
A) unique business model
B) strength of management team
C) access to distribution channels
D) Internet domain name
E) first-mover advantage
Q2) The primary opportunity available to firms in fragmented industries is consolidation. The most common way to do this is through a geographic roll-up strategy, in which one firm starts acquiring similar firms that are located in different geographic areas.
A)True
B)False
Q3) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces?
Q4) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering?
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Writing a Business Plan
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4783
Sample Questions
Q1) A(n) ________, in a business plan context, is a noteworthy event in the past or future development of a business.
A) aspiration
B) intention
C) signpost
D) milestone
E) target
Q2) Operating leverage is highest in companies that have ________.
A) a service rather than a manufacturing emphasis
B) virtually no fixed costs
C) equal variable and fixed costs
D) a high proportion of variable costs relative to their fixed costs
E) a high proportion of fixed costs relative to their variable costs
Q3) The first rule in making oral presentations is to follow instructions.
A)True
B)False
Q4) The executive summary is a lengthy overview of the entire business plan.
A)True
B)False
Q5) What are the two main reasons for writing a business plan?
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Preparing the Proper Ethical and Legal Foundation
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4784
Sample Questions
Q1) Corporations are organized as either C corporations, T corporations, or subchapter S corporations.
A)True
B)False
Q2) Stock options are a special form of incentive compensation.
A)True
B)False
Q3) A disadvantage of C corporations is that they are subject to ________, which means that a corporation is taxed on its net income and when the same income is distributed to shareholders in the form of dividends it is taxed again on shareholders' personal income tax returns.
A) double taxation
B) dual toll
C) double duty
D) double assessment
E) dual harm
Q4) A disadvantage of a general partnership is that the liquidity of each partner's investment is low.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Assessing a New Venture's Financial Strength and Viability
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4785
Sample Questions
Q1) A firm's pro forma financial statements are similar to its historical financial statements except that they ________.
A) do not include the income statement
B) are required by the SEC in all cases
C) look back rather than forward
D) look forward rather than back
E) do not include the statement of cash flows
Q2) When evaluating a balance sheet, the two primary questions are ________.
A) whether a firm has sufficient short-term assets to cover its short-term debts and whether it is profitable
B) whether a firm is profitable and whether a firm is financially sound
C) whether a firm's cost of sales is going up and whether it is generating excess cash that could be used to pay down debt or pay dividends
D) whether a firm has sufficient short-term assets to cover its short-term debts and whether it is financially sound
E) whether a firm is profitable and whether it is generating excess cash that could be used to pay down debt or pay dividends
Q3) What is ratio analysis? Why is it important?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Building a New-Venture Team
Available Study Resources on Quizplus for this Chatper
74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/4786
Sample Questions
Q1) The process of building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to the firm is called
A) linking
B) socializing
C) networking
D) associating
E) connecting
Q2) Calvin Tucker is in the process of launching an educational services firm. He plans to incorporate the firm. Because the firm will be incorporated, Calvin is legally required to have a ________.
A) board of investors
B) board of advisors
C) customer advisory board
D) board of directors
E) panel of advisors and peers
Q3) Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.
Q4) What is SCORE? What is its role in helping a firm fill out its new venture team?
Q5) What is a skills profile and what is it used for?
Page 11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Getting Financing or Funding
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4787
Sample Questions
Q1) A brief, carefully constructed statement that outlines the merits of a business opportunity is called a(n) ________ speech.
A) subway
B) sway
C) bootstrap
D) teaser
E) elevator
Q2) The three common sources of "personal" financing for a startup firm are personal funds, friends and family, and bootstrapping.
A)True
B)False
Q3) The ideal candidate for a bank loan is a firm with weak cash flow, high leverage, low to moderate growth and unproven management.
A)True
B)False
Q4) The vast majority of founders contribute personal funds along with sweat equity to their ventures.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Unique Marketing Issues
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4788
Sample Questions
Q1) A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.
A)True
B)False
Q2) A tagline is a catchy phrase that's used consistently in a company's literature, advertisements, and even invoices and thus becomes associated with a company to reinforce its position in the market.
A)True
B)False
Q3) Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.
A)True
B)False
Q4) A firm's marketing mix is the assortment of products and services that it sells.
A)True
B)False
Q5) What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: The Importance of Intellectual Property
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4789
Sample Questions
Q1) The main exclusion from copyright laws is that copyright laws cannot protect
A) ideas
B) dramatic works
C) computer software
D) musical compositions
E) literary works
Q2) Dell for computers, Modcloth for vintage and vintage-inspired women's clothing, and Proactiv for acne medication are examples of ________.
A) certifications
B) copyrights
C) patents
D) trade secrets
E) trademarks
Q3) What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?
Q4) Trademark law falls under the Lanham Act, which passed in 1946.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Preparing for and Evaluating the Challenges of Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4790
Sample Questions
Q1) A business's early growth stage is generally characterized by increasing sales and heightened complexity.
A)True
B)False
Q2) Market leadership occurs when a firm ________.
A) is the number one or number two firm in an industry or niche market in terms of net profits
B) is one of the top five firms in an industry or market niche in terms of sales volume
C) earns twice as much as its closest competitor
D) sells twice as much as its closest competitor
E) is the number one or the number two firm in an industry or niche market in terms of sales volume
Q3) Business success doesn't always scale.
A)True B)False
Q4) Sometimes firms are compelled to grow to accommodate the growth of a key customer.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Strategies for Firm Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4791
Sample Questions
Q1) Which of the following is an example of an external growth strategy?
A) New product development
B) Mergers and acquisitions
C) Market penetration
D) Product line extension
E) Geographic expansion
Q2) The ________ is the company that owns the intellectual property. The ________ is the company purchasing the right to use it.
A) endorsee; endorser
B) licensor; licensee
C) licensor; endorsee
D) endorser; endorsee
E) licensee; licensor
Q3) Work that is done for a company by people other than the company's full-time employees is referred to as ________.
A) insourcing
B) farming-out
C) personnel extension
D) outsourcing
E) capacity enhancement
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Franchising
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4792
Sample Questions
Q1) Jim Pierce just purchased the rights to develop multiple School of Rock franchises in Germany. Jim just purchased a(n) ________ franchise arrangement.
A) concurrent
B) indirect
C) lateral
D) direct
E) subordinate
Q2) The two distinctly different types of franchise systems are ________ franchise and ________ franchise.
A) product trademark; business arrangement
B) product plus; business format
C) business design; product improvement
D) product extension; business design
E) product trademark; business format
Q3) An advantage of franchising, from the franchisors point of view, is that franchising helps a venture grow because the franchisees provide the majority of the capital.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17