Introduction to Entrepreneurship Practice Exam
Course Introduction
Introduction to Entrepreneurship provides students with a foundational understanding of the entrepreneurial process, exploring the mindset, skills, and strategies necessary to identify opportunities, develop innovative solutions, and launch new ventures. The course covers essential topics such as idea generation, business model development, market analysis, financial planning, and pitching to investors. Through case studies, interactive activities, and real-world examples, students gain practical insights into overcoming common challenges faced by entrepreneurs and learn how to create value in dynamic business environments.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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17 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: The Changing Face of Business
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Technology has resulted in all of the following EXCEPT ______.
A) product obsolescence
B) the creation of new industries
C) the opening of new business opportunities
D) less business efficiency
Answer: D
Q2) Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the ______.
A) relationship era
B) marketing era
C) Industrial Revolution
D) production era
Answer: D
Q3) Relationship management is important in the relationship era and the social era.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics and Social Responsibility
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) A marketing strategy that promotes environmentally friendly products and production methods is called ___.
A) consumerism
B) recycling
C) ethical awareness
D) green marketing
Answer: D
Q2) A company's ethical training for employees should always be developed and conducted in house. True or false?
A)True
B)False
Answer: False
Q3) James, a final year business student in your school, argues that a company's responsibility to society, and its responsibility to remain profitable, are mutually exclusive. Is this statement true or false?
A)True
B)False
Answer: False
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4
Chapter 3: Economic Challenges Facing Contemporary Business
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) Barriers to entry into an industry are highest in ______.
A) pure competition
B) an oligopoly
C) a monopoly
D) monopolistic competition
Answer: C
Q2) By changing ______, the Bank of Canada can expand or shrink funds available to lend.
A) taxes
B) spending
C) fees charged on household and business checking and savings accounts
D) interest rates
Answer: D
Q3) During an economic recession, consumer spending ______ and unemployment
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
Answer: C
Page 5
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Chapter 4: Competing in World Markets
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) ______ refers to selling goods abroad at a price lower than that charged in the domestic market.
A)offshoring
B)balance of trade
C)joint venture
D)dumping
E)imports
F)tariff
G)International Monetary Fund
H)World Trade Organization
I)free trade area
J)devaluation
K)exchange rate
L)absolute advantage
M)global strategy
N)quota
O)multidomestic strategy
P)balance of payments
Q)Comparative advantage
Q2) Why have Canadian firms become increasingly focused on international business?
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Page 6
Chapter 5: Forms of Business Ownership and Organization
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) Commercial banks are considered to be financial cooperatives.
A)True
B)False
Q2) Which of the following statements concerning preferred shares is FALSE?
A) Owners of preferred shares never have voting rights.
B) Preferred shareholders receive dividends before the holders of common shares.
C) In dissolution preferred shareholders have first claim of assets, after debt holders.
D) Any corporation can offer preferred shares.
Q3) ______ invest in small businesses in return for an ownership share
A) Franchisors
B) Venture Capitalists
C) Joint ventures
D) Business Development Bank of Canada
Q4) An advantage of starting a home-based business is the lower startup expenses.
A)True
B)False
Q5) Discuss the economic and social contributions of small business.
Q6) Describe three primary reasons a small business might fail.
Q7) Compare and contrast the three forms of business ownership.
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Chapter 6: Starting Your Own Business: the Entrepreneurship Alternative
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) James Smith analyzed the census data of Canada and realizes the population is growing faster than that of housing development. He initiates savings to invest in real estate in the next two years. James Smith can be classified under what category of entrepreneur
A) risk taker
B) social
C) classic
D) serial
Q2) ______ are specific geographic areas designated for economic revitalization.
A) Economic stimulus zones
B) Investor zones
C) Enterprise zones
D) Commerce areas
Q3) Compared with other countries, Canada has a relatively low level of entrepreneurship activity.
A)True
B)False
Q4) List the eight major characteristics of an entrepreneur.
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Q5) Social entrepreneurs are NOT just philanthropists who give to good causes to help others. Explain.
Chapter 7: Management, Leadership, and the Internal Organization
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202 Flashcards
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Sample Questions
Q1) ABC Corp. has established a discount schedule for large-volume clients. This ______ will allow managers to devote more time to complex issues.
A) increased sales volume
B) nonprogrammed decision
C) increased profit margin
D) programmed decision
Q2) Organizing lays the groundwork for all management functions.
A)True
B)False
Q3) What is the first step in the strategic planning process?
A) Create a mission statement.
B) Monitor and adapt plans.
C) Assess competitive position.
D) Develop strategies for reaching objectives.
Q4) When Tina reviews applications for a new position in finance, she is using ______ planning.
A) operational
B) contingency
C) tactical
D) strategic
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) Which of the following is often a negative result of downsizing?
A) employee morale declines
B) product quality drops
C) competitive position deteriorates
D) customer service quality declines
Q2) An interviewer may NOT ask job applicants about any of the following EXCEPT
A) marital status.
B) past professional experience.
C) criminal record.
D) medical history.
Q3) A company should view employee training as an ongoing process throughout each employee's tenure with the firm.
A)True
B)False
Q4) Which of the following tasks are NOT typically outsourced?
A) production
B) accounting
C) non-core business
D) core business
Q5) Describe the mandate of a Labour Relations Board.
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) Sandra is conversing with her real estate agent, whom Sandra believes is trying to sell her an expensive property in order to receive a greater commission. Sandra is engaged in offensive listening.
A)True
B)False
Q2) A good way to encourage team cohesiveness is to encourage workers to socialize, but only off the job.
A)True
B)False
Q3) "Spinning" bad news to make it look better almost always backfires.
A)True
B)False
Q4) This type of conflict refers to the emotional reactions when disagreements become personal instead of remaining professional.
A) external
B) internal
C) affective
D) cognitive
Page 11
Q5) List three ways in which employers can empower employees.
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Chapter 10: Production and Operations Management
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) State and local governments may offer ______ to encourage businesses to locate in their area.
A) proximity to suppliers
B) tax incentives
C) proximity to raw materials
D) physical factors such as energy
Q2) Boeing engineers' use of computers to build new commercial jet models in the virtual world before they are actually built in production is an example of green manufacturing.
A)True
B)False
Q3) To receive an ISO family certification, a company must undergo an on-site audit.
A)True
B)False
Q4) Which of the following would probably be the most important consideration in determining where to locate the Hefferin Paper Company?
A) physical characteristics
B) proximity to raw materials
C) labour supply
D) location of customers
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Chapter 11: Customer-Driven Marketing
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) A convenience store offers ______ utility by being open 24 hours each day.
A) place
B) form
C) time
D) ownership
Q2) What is the purpose of data mining?
Q3) A ______ group can lead to new ideas, address consumers' needs, and even point out flaws in existing products.
A) marketing
B) product
C) focus
D) distribution
Q4) When the Canadian Lung Association distributes pamphlets on the dangers of smoking, it is using marketing as an educational tool.
A)True
B)False
Q5) Define the term target market.
Q6) In your own words, define marketing.
Q7) Distinguish between sales era and relationship era.
Q8) Compare co-marketing and co-branding. Give an example of each.
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Chapter 12: Product and Distribution Strategies
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222 Verified Questions
222 Flashcards
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Sample Questions
Q1) ______ is responsible for moving goods and services from producers to buyers.
A) Production
B) Distribution
C) Marketing
D) Logistics
Q2) Because test marketing can be very expensive, most firms should use it only if the new product is either expensive or innovative.
A)True
B)False
Q3) When Smith Glass Factory purchases light bulbs for everyday use, it is purchasing ______.
A) expense items
B) component parts
C) raw materials
D) supplies
Q4) The first step towards developing a retail strategy is to select a pricing strategy in order to avoid making loss.
A)True
B)False
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Chapter 13: Promotion and Pricing Strategies
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Advertising is the most visible form of nonpersonal promotion.
A)True
B)False
Q2) ______formulas calculates total costs per unit and then add markups to cover overhead costs and generate profits.
A) Breakeven
B) Cost-based pricing
C) Skimming pricing
D) Discount
Q3) Briefly discuss what is meant by the price-quality relationship.
Q4) A penetration strategy is a strategy whereby a business sets an intentionally high price relative to the prices of competing products.
A)True
B)False
Q5) Volume objectives bases pricing decisions on ______.
A) image goals and status quo pricing
B) supply and demand
C) breakeven analysis
D) market share
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Chapter 14: Using Technology to Manage Information
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) Megan, a chief executive officer, reviews the internal performance of her company's stock, as well as market trends for the industry. To access this information, Megan uses a(n) ______.
A) executive support system
B) expert system
C) enterprise planning resource
D) decision support system
Q2) A database can best be described as ______.
A) a centralized integrated collection of the organization's data resources
B) a loose collection of ideas
C) data that has been converted into information
D) data gathered at random from a variety of sources
Q3) An especially powerful midrange computer is called a supercomputer.
A)True
B)False
Q4) An expert system would most likely be used to ______.
A) retrieve sales data
B) determine the status of a customer's order
C) determine the optimal layout of a plant
D) access relevant data from the company's database
Page 16
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Chapter 15: Understanding Accounting and Financial Statements
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180 Flashcards
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Sample Questions
Q1) ______ means that financial information must reflect the substance of the economic activity during the reporting period.
A) Relevance
B) Understandability
C) Consistency
D) Representation faithfulness
Q2) Which of the following are NOT users of accounting information within an organization?
A) managers
B) union officials
C) it personnel
D) consumer groups
Q3) Current ratio is an example of liquidity ratios. It's calculated by dividing total liabilities by total assets.
A)True
B)False
Q4) What is the purpose of the balance sheet? Explain how it is it organized.
Q5) Explain the accounting equation.
Q7) Describe the importance of a cash budget and how it is organized. Page 17
Q6) What is the difference between an asset and a liability? Give examples of each.
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Page 18
Chapter 16: The Financial System
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Sample Questions
Q1) Virtually all developed countries and many developing countries have stock exchanges.
A)True
B)False
Q2) The difference between what you own and what you owe is called ______.
A) gross worth
B) net worth
C) net value
D) debt factor
Q3) Alex buys a money market instrument. It will mature in ______.
A) ten years
B) two years
C) one year
D) six months
Q4) Which of the following is a depository financial institution?
A) credit union
B) life insurance company
C) pension fund
D) mutual fund
Q5) Briefly explain the difference between a market order and a limit order.
Page 19
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Chapter 17: Financial Management
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Sample Questions
Q1) Upgrading assets by substituting new assets for older ones is an example of an investment decision.
A)True
B)False
Q2) Explain each role in the hierarchy of financial management at a large firm.
Q3) Grace is the financial manager for Manitoba Fabrication and has decided to raise additional funds for the company by raising equity capital. She might do so by ______.
A) establishing a line of credit with a local bank
B) selling marketable securities
C) persuading existing owners to contribute additional funds
D) selling a bond
Q4) A company's financial plan should answer all of the following questions EXCEPT ______.
A) what is the contingency plan in case of bankruptcy?
B) what funds will the firm require during the appropriate period of operations?
C) how will it obtain the necessary money?
D) when will it need more cash?
Q5) Explain the concept of leverage.
Q6) Explain the purposes of a financial plan.
Page 20
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