Introduction to Entrepreneurship Final
Exam Questions
Course Introduction
Introduction to Entrepreneurship explores the fundamental concepts, challenges, and opportunities involved in launching and managing new ventures. Students will examine the entrepreneurial mindset, idea generation and validation, business model development, and the process of creating a business plan. The course covers key topics such as market analysis, financing strategies, business ethics, risk management, and growth planning, providing practical tools and frameworks for aspiring entrepreneurs. Through case studies and real-world applications, students gain insight into the dynamic role of entrepreneurs in driving innovation and economic development.
Recommended Textbook
Better Business 3rd Edition by Michael R. Solomon
Available Study Resources on Quizplus
21 Chapters
1726 Verified Questions
1726 Flashcards
Source URL: https://quizplus.com/study-set/2019
Page 2
Chapter 1: Business Basics
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/40166
Sample Questions
Q1) Describe some of the most important economic factors a U.S.business should consider before setting up operations overseas.
Answer: A company considering doing business overseas must be familiar with the laws of the countries in which they plan to operate.Laws concerning the import and export of goods vary greatly from one country to another.Things can get particularly complicated if a product needs to be shipped to one country for assembly,then shipped to another for packaging,and then shipped to yet another country for distribution.Often,several countries are involved in the manufacture of one product,in which case the laws and regulations of all of those countries must be adhered to.It might be necessary for a U.S.company to work with the governments of foreign countries if there are strict importing restrictions or a multitude of taxes.Safety regulations,quality control,copyrights,and patent rights are some of the laws that multinational corporations must adhere to.
Q2) The private enterprise system assumes that competition benefits consumers.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Economics and Banking
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/40168
Sample Questions
Q1) Define open market operations and describe how the Federal Reserve Bank uses them to control the money supply.
Answer: Open market operations are the buying and selling by the Federal Reserve Bank of U.S.Treasury and federal agency bonds on the open market.Securities dealers compete in these transactions to get the best deal.When the Fed buys or sells U.S.securities,it is changing the level of reserves in the banking system.When it buys securities,it adds reserves to the banking system,thereby increasing the money supply and lowering interest rates.When it sells securities,it decreases the amount of reserves in the system,thereby reducing the money supply and causing interest rate increases.
Q2) Macroeconomics is the study of how certain occurrences affect the economy as a whole.
A)True
B)False Answer: True
Q3) The discount rate is the interest rate banks are charged when they borrow money from the Fed.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Ethics in Business
Available Study Resources on Quizplus for this Chatper
98 Verified Questions
98 Flashcards
Source URL: https://quizplus.com/quiz/40170
Sample Questions
Q1) What does it mean when a firm goes "green"?
A) It becomes eco-friendly.
B) It becomes political.
C) The business shifts to bigger profit goals.
D) The type of product sold by the business changes.
E) It gets out of "the red" and starts making a profit.
Answer: A
Q2) What are some of the ethical issues global businesses face,and what strategies can help them address those issues?
Answer: Free trade-in which countries produce and sell products anywhere in the world-can export pollution to less developed countries.Companies could move "dirty industries"-those that have a high risk of pollution,danger to workers,or toxic damage of the environment-to a country where environmental regulations are lacking.Free trade may also make it easier for workers' human rights to be violated.Issues such as child labor,reasonable wages,and overall working conditions must be considered when a company conducts business in countries where protective regulations do not meet Western standards.To ensure that companies make ethical decisions about their global operations,it is increasingly important for industry leaders to have some structured ethical system.
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Business in a Global Economy
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40172
Sample Questions
Q1) When the value of a country's imports exceeds the value of its exports,the country is said to have a trade deficit.
A)True
B)False
Q2) International businesses prefer ________ economies to ________ economies because the bureaucratic hassles associated with government intervention drive costs up.
A) state-run; free market
B) free market; state-run
C) socialized; free market
D) state-run; socialized
E) socialized; state-run
Q3) Which is better: a strong U.S.dollar or a weak U.S.dollar?
Q4) What is a valid explanation as to why some nations retain nonconvertible currency?
A) desire to work with other countries
B) increased academic achievement
C) fear of capital flight
D) reliance on foreign loans
E) to avoid having to countertrade
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Small Business and the Entrepreneur
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40174
Sample Questions
Q1) One of the biggest reasons that small businesses fail is that the owner spent excessive time engaged in formal planning.
A)True
B)False
Q2) ________ support start-up businesses by offering resources such as administrative and technical support and business networking.
A) Advisory boards
B) Virtual assistants
C) Partners
D) Business incubators
E) Entrepreneurs
Q3) In determining the value of an existing business,one of the potential sources of value is the current owner's goodwill.In this case,goodwill refers to ________.
A) the location of the business in a desirable area
B) intangible assets such as customer service
C) donations to local charities
D) the current owners' membership in professional associations
E) involvement with the community
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40175
Sample Questions
Q1) After a successful five years,Double Z,LLC (a retirement ranch for race horses)thinks it may be able to attract donations from animal activist groups and even the federal government if it becomes a not-for-profit corporation.Explain what changes the owners of Double Z would need to make in order to be a not-for-profit corporation?
Q2) All of the following are advantages of forming a corporation EXCEPT ________.
A) extended life
B) capitalization
C) separated liability
D) ease of set up
E) an air of legitimacy
Q3) Limited liability companies are unable to offer stock options or stock bonus incentives to their employees because ________.
A) benefits such as these are too costly for these types of start-up companies
B) extra profits are reinvested into the company, not into company stocks
C) limited liability companies do not have shareholders or stock
D) approval of stock benefits is difficult due to the number of members
E) LLC members are limited to just U.S. residents
Q4) What is a C corporation and what are the advantages of this type of business ownership?
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Business Management and Organization
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40176
Sample Questions
Q1) There are several steps that are crucial to effective time management.Which of the following steps will NOT improve the productivity of a business?
A) answering all e-mails as soon as they arrive
B) determining the level of urgency of paperwork
C) identifying clear agendas for meetings
D) crossing off tasks on the schedule as soon as they are completed
E) successfully delegating tasks to others
Q2) Only for-profit companies use mission statements.
A)True
B)False
Q3) To make good decisions,a successful manager must be able to think abstractly in order to picture the organization as a whole and to understand its relationship to the rest of the business community.In other words,the manager must have ________.
A) conceptual skills
B) decision-making skills
C) interpersonal skills
D) community relations skills
E) networking skills
Q4) What time management skills does it take to succeed as a manger?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Motivation, Leadership, and Teamwork
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/40177
Sample Questions
Q1) Which statement about Theory Z is FALSE?
A) It is based on a Japanese management style.
B) It relies on collaborative decision making.
C) It often creates high productivity.
D) It often creates high turnover.
E) It often creates high morale in the workplace.
Q2) Which of the following best defines McClelland's need for achievement?
A) It is the need to accomplish something difficult on one's own.
B) It is the need to form close relationships with others.
C) It is the need to be able to control the behavior of others.
D) It is the need to establish safe and stable places to live and work.
E) It is the need to receive attention and recognition from others.
Q3) The vice president at Steve's company recently assigned him a very challenging project.Steve successfully completed it on time and within budget.The feeling of satisfaction he has for this job well done is an extrinsic motivator for Steve.
A)True
B)False
Q4) Define the concept of flow.
Q5) Describe in detail the Theory Z management style.
Q6) Compare and contrast organizational and industrial psychology.
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Human Resource Management
Available Study Resources on Quizplus for this Chatper
107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/40178
Sample Questions
Q1) Sydney recently saw a notice in her company newsletter about a new job opening within her company.Since it would be a promotion for her,she applied later that day.In this example,Sydney's company recruited externally.
A)True
B)False
Q2) Doug's company allows him to purchase its stock for 85% of its market value.What type of financial incentive is Doug's company offering him? How do you know?
Q3) Which of the following is NOT a part of a typical management development program?
A) job rotation
B) coaching program
C) workforce profiles
D) action learning
E) understudy program
Q4) Develop a workforce profile that includes yourself and your best friend as employees.
Q5) Abe is a very religious man and,in today's world,expects his employer to accommodate his needs.What are some things his employer might offer him?
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Online Business and Technology
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/40179
Sample Questions
Q1) Technology's ability to process and document large amounts of data has better enabled people to understand interpersonal communication.
A)True
B)False
Q2) Products like Brandwatch and UberView are used by companies to ________.
A) expand the possibilities of cloud computing
B) create apps for mobile devices
C) generate automatic Tweets
D) detect crowdsource opportunities
E) perform social media monitoring
Q3) The World Intellectual Property Organization requires that e-businesses comply with the laws of ________.
A) the United Nations
B) the European Union and the United States
C) every country in which they do business
D) the country in which they are based
E) every country that is part of the WIPO Pact
Q4) What is the current situation regarding sales taxes on Internet commerce? Who benefits? Who loses? Is the situation fair? Why or why not?
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Production, operations, and the Supply Chain
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/40180
Sample Questions
Q1) How has quality control evolved over the years?
Q2) Jamie is given a routine project to manage and is told materials will become available in three weeks.She has built a strong relationship and trust level with the supplier.Her next step is to ________.
A) contact her suppliers to see if materials can be shipped sooner
B) develop a schedule and determine a shipping date
C) develop a schedule based on the shipping date
D) determine the start date based on project completion date
E) assign the job to an entire work center
Q3) When operating with a just-in-time inventory system,suppliers deliver parts and materials right at the time that the buyer is going to use them in the production process.
A)True
B)False
Q4) Fiona is in charge of quality control testing for her company.Her method of quality control is to build quality into every step of the production process.This is the total quality management approach.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 12: Marketing and Consumer Behavior
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40181
Sample Questions
Q1) Discuss some of the differences between consumer markets and business-to-business (B2B)markets and in doing so describe some of the characteristics of B2B markets.
Q2) When the marketers for Quiznos try to convince you to buy their sandwiches instead of Subway sandwiches,they are ________.
A) responding to a need
B) creating a need
C) differentiating between needs and desires
D) satisfying a need
E) discounting a need
Q3) Maximizing convenience is one way to increase the value of a product.
A)True
B)False
Q4) A rising inflation rate increases the purchasing power of money.
A)True
B)False
Q5) What is the central purpose of marketing research?
Q6) There are many more consumer markets than business-to-business (B2B)markets.
A)True
B)False
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Product Development and Pricing Strategies
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/40182
Sample Questions
Q1) A store that sets its prices at the same level as the store across the mall is using the pricing objective of ________.
A) creating an image
B) status quo pricing
C) achieving greater market share
D) achieving social objectives
E) building traffic
Q2) How does convenient packaging affect sales?
Q3) Brand awareness refers to the extent to which a particular brand name is familiar within a particular product category.
A)True
B)False
Q4) Give an example of a company following the pricing objective of building traffic.
Q5) Describe the commercialization step of product development.
Q6) Branding increases the risks involved in some purchases for which buyers are unable to determine quality objectively.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Promotion and Distribution
Available Study Resources on Quizplus for this Chatper
96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/40183
Sample Questions
Q1) Sales promotions are long-term activities that target consumers and other businesses for the purpose of generating interest in a product.
A)True
B)False
Q2) Wholesalers often help retailers train their sales clerks,improve store layouts and displays,and set up accounting and inventory control systems.
A)True
B)False
Q3) eBay,which never owns the various items it sells,can be considered ________.
A) a retailer
B) an agent/broker
C) a distribution channel
D) an outlet
E) an end user
Q4) Advertising is important in the maturity stage of a business because it helps build mass brand awareness and brand association.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 15: Financing and Tracking Business Operations
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40184
Sample Questions
Q1) Why should shareholders and prospective investors monitor earnings per share closely?
Q2) The amounts spent by a publishing company to pay for manufacturing its books is called ________.
A) cost of goods sold
B) operating expenses
C) cost of goods purchased
D) net loss
E) revenue
Q3) When New Fashion Stores,Inc.built 100 new stores,it recorded to outflowing cash in the ________ activities section of its statement of cash flows.
A) financing
B) investing
C) operating
D) maintaining
E) amortizing
Q4) A large printing plant buys millions of dollars of paper every year from suppliers.How can those suppliers help the printer with short-term financing needs?
To view all questions and flashcards with answers, click on the resource link above.
Page 17
Chapter 16: Investment Opportunities in the Securities Market
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40185
Sample Questions
Q1) A stockholder can receive a substantial amount of money in dividends,yet still wind up with a capital loss on a stock.
A)True
B)False
Q2) Discuss how a mutual fund mitigates risks for an investor and also saves him time.
Q3) Which of the following is NOT one of four main reasons why mutual funds are popular with investors?
A) government guarantees that minimize risk
B) professional management by experienced people
C) professional assurance of diversification
D) ease of buying into it with little money
E) high level of liquidity
Q4) Trading stocks online yourself is less expensive than using a stockbroker.
A)True
B)False
Q5) What are the advantages and disadvantages to being a preferred stockholder as opposed to being a common stockholder?
Q6) What is a capital gain in stock investing?
Page 18
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Business Law
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/40165
Sample Questions
Q1) In terms of contract law,consideration means ________.
A) mental capacity
B) something of real value
C) minor status
D) duress
E) acceptance
Q2) Only a firm's administrative personnel are subject to administrative law.
A)True
B)False
Q3) Traditional copyright law effectively protects books,music,film,art in the digital age.
A)True
B)False
Q4) Unlike trademarks and patents,trade secrets ________.
A) are not protected under federal statutes
B) are not protected under state laws
C) are protected only when the secret is disclosed
D) cannot be processes
E) must be physical devices
Q5) Can anyone enter into a business contract?
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Constructing an Effective Business Plan
Available Study Resources on Quizplus for this Chatper
37 Verified Questions
37 Flashcards
Source URL: https://quizplus.com/quiz/40167
Sample Questions
Q1) Robyn's business has an expiring patent that could negatively affect her ability to secure investors.In which section of the business plan should Robyn disclose the expiring patent information?
A) Robyn should include it in the executive summary.
B) Robyn should include it in the company and management team section.
C) Robyn should include it in the sales and promotion section.
D) Robyn should include it in the market analysis section.
E) Robyn should not mention the expiring patent because it hasn't expired yet.
Q2) Lucia is working on her executive summary.Which financial information should she include?
A) expected growth rate
B) predicted future profits
C) projected yearly sales
D) amount of and uses for capital
E) all of the above
Q3) The executive summary is so crucial that if it does not meet a potential investor's expectation,he or she might stop reading the plan and discard it.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: Business Communications
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/40169
Sample Questions
Q1) Good presentation skills begin with good information technology skills,such as expertise in working with databases and with PowerPoint.
A)True
B)False
Q2) Which of the following examples demonstrates the most effective use of color in a PowerPoint presentation?
A) a presentation that uses white text over a black background for stark contrast
B) a presentation that uses a combination of light background and dark text
C) a presentation that uses primary colors to wake up audience attention
D) a presentation that uses a variety of colors on every slide
E) a presentation that uses black text on a blue background
Q3) You may not know what software the recipient of your e-mail has; therefore,if you are sending an attachment you should not send it in PDF format.
A)True
B)False
Q4) "No e-mail" days have been highly successful in providing better customer service.Discuss some of the reasons why.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 20: Finding a Job
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/40171
Sample Questions
Q1) Which of the following is the BEST resource for college students to use when exploring potential career paths and trying to find current job openings?
A) human resources department
B) campus career resources center
C) student services office
D) academic support center
E) bursar's office
Q2) When networking,it is useful to have an "elevator pitch" ready: a brief statement that summarizes skills and what you can offer.It's called an "elevator pitch" because ________.
A) it should be spoken in a loud (elevated), clear voice to be easily understood
B) it should take the same length of time as a short elevator ride
C) it should make the person hearing it feel "good vibes" (elevated)
D) it should be delivered standing straight and tall (as if "elevated" on a stage or soapbox)
E) it is designed to raise or elevate you in your career prospects
Q3) What are three ways the Internet can be helpful in searching for a job?
Q4) Identify at least three negotiating strategies.
Q5) What is a chronological resume and when is it the appropriate?
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 21: Personal Finance
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/40173
Sample Questions
Q1) Give an example of an unexpected expense.
Q2) What is compound interest?
Q3) Special retirement AFTER-TAX savings accounts created by the government are
A) IRAs
B) pension plans
C) 403(b) plans
D) Roth IRAs
E) 401(k) plans
Q4) If you are self-employed or your employer does not offer retirement benefits,you should set up your own retirement program.
A)True
B)False
Q5) An arrangement that pays for a hospital stay is ________ insurance.
A) car
B) health
C) disability
D) life
E) homeowner's
Q6) What is a credit score?
Page 23
To view all questions and flashcards with answers, click on the resource link above.