Introduction to Entrepreneurship Practice Questions
Course Introduction
Introduction to Entrepreneurship explores the foundational concepts, strategies, and skills required to identify, develop, and launch new business ventures. This course examines the entrepreneurial mindset, opportunity recognition, business model development, and the basics of financing, marketing, and managing a startup. Students will analyze real-world scenarios, develop business ideas, and work through the steps of validating and pitching a business concept, equipping them with practical tools and insights for creating sustainable enterprises in various industries.
Recommended Textbook
Foundations of Business 6th Edition by William M. Pride
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Page 2
Chapter 1: Exploring the World of Business and Economics
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251 Verified Questions
251 Flashcards
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Sample Questions
Q1) Which of the following is not one of the four states included in a typical business cycle?
A) Repression
B) Peak
C) Recession
D) Trough
E) Recovery
Answer: A
Q2) When General Mills and a few other firms dominate the American cereal market,this is an example of
A) pure competition.
B) monopolistic competition.
C) oligopoly.
D) natural monopoly.
E) monopoly.
Answer: C
Q3) A legal monopoly is often referred to as a natural monopoly.
A)True
B)False
Answer: False
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Chapter 2: Ethics and Social Responsibility in Business
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282 Flashcards
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Sample Questions
Q1) Businesspeople often face ethical issues every day,and some of these issues can be difficult to assess.
A)True
B)False
Answer: True
Q2) Of the three factors mentioned as contributors to air pollution,only the combination of weather and geography cannot be changed.
A)True
B)False
Answer: True
Q3) At Anthropologie,managerial approval is required whenever an employee makes a purchase at the store using an employee discount.Which factor affecting ethical behavior is Anthropologie seeking to control?
A) Individual
B) Social
C) Moral
D) Circumstantial
E) Opportunity
Answer: E
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Page 4
Chapter 3: Global Business
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257 Flashcards
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Sample Questions
Q1) When the United States recently imported $1,933 billion in merchandise and services and exported $1,555 billion,it had a trade deficit.
A)True
B)False
Answer: True
Q2) A favorable balance of payments means that
A) exports exceed imports.
B) imports exceed exports.
C) payments exceed trade.
D) exports and other payments exceed imports and other receipts.
E) total receipts exceed total payments.
Answer: E
Q3) When was GATT first established?
A) At the turn of the twentieth century
B) Following World War I
C) At the end of World War II
D) During the Great Depression
E) In the early 1960s
Answer: C
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Page 5
Chapter 4: Choosing a Form of Business Ownership
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Sample Questions
Q1) Habitat for Humanity and Girl Scouts are both examples of
A) cooperatives
B) quasi-government corporations.
C) limited-liability corporations..
D) cooperatives.
E) not-for-profit corporations.,
Q2) Builders Inc.,Real Estate Broker,Inc.,and Developers,Inc.form a business to purchase,develop,and build a shopping mall in Temecula,California.According to their agreement,the business will operate only until the mall is built,then the mall will be sold to Downtown Mall,Inc.,an owner and operator of shopping malls across the United States.Once the sale is complete,their business will be dissolved.What type of business have they formed?
A) Syndicate
B) Corporation via merger
C) Limited-liability company
D) Joint venture
Q3) What is an owner of a corporation called? What is the difference between a closed corporation and an open corporation?
Q4) Describe the ownership,operation,and size of a sole proprietorship.
Q5) How do management tasks differ for a general partner and a limited partner?
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Chapter 5: Small Business,Entrepreneurship,and Franchises
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219 Flashcards
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Sample Questions
Q1) Which of the following statements is true regarding the profitability of new businesses?
A) It may take several years for a new business to begin showing a profit.
B) Profitability is not an important issue for new businesses.
C) Most new businesses will turn a profit within the first year.
D) If a company does not show a profit within the first year,it will fail.
E) Most new businesses are highly profitable when they first start.
Q2) Entrepreneurial spirit is the desire to create a new business.
A)True
B)False
Q3) According to Census Bureau and Federal Reserve surveys,about 50 percent of all new businesses begin with less than ____ in total capital.
A) $1,000
B) $25,000
C) $30,000
D) $50,000
E) $100,000
Q4) Small businesses account for all nongovernment employment.
A)True
B)False
Page 7
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Chapter 6: Understanding the Management Process
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206 Flashcards
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Sample Questions
Q1) Airplanes,crates,and trucks represent ____ resources for Federal Express.
A) revenue-producing
B) material
C) human
D) financial
E) informational
Q2) Miley has formal power in the Coffee Lovers,Ltd.organization while Bob has informal power.One of the primary differences between Miley and Bob is that Miley has ____ within the organizations while Bob does not.
A) security
B) interpersonal power
C) influence
D) leadership
E) authority
Q3) Operations managers are concerned strictly with the production of goods,not services.
A)True
B)False
Q4) Why would technical skills be important to first-line managers?
Q5) In what ways does leading differ from motivating?
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Chapter 7: Creating a Flexible Organization
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Sample Questions
Q1) When a worker has to learn only a specific,highly specialized task,that individual should be able to learn to do it very efficiently.However,this efficiency could eventually become inhibited by job monotony and boredom.This situation could be alleviated through
A) job rotation.
B) technical job training.
C) job specialization.
D) job design.
E) assembly-line production.
Q2) Isabella is assigned to create a training program for newly hired mortgage loan officers.She has the ____ to complete this assignment.
A) authority
B) delegation
C) network
D) responsibility
E) accountability
Q3) Managers within a line structure are typically known as staff managers.
A)True
B)False
Q4) Why is job specialization needed?
Page 9
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Chapter 8: Producing Quality Goods and Services
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Sample Questions
Q1) The examination of work in process for the purpose of controlling quality is called
A) quality control.
B) inspection.
C) inventory control.
D) quality circle.
E) product design.
Q2) Which of the following statements is false in relation to choosing a supplier?
A) Purchasers should consider price,quality,and reliability when choosing a supplier.
B) Purchasers should always be on the lookout for new suppliers.
C) Purchasers should ensure that the credit terms a supplier offers are agreeable to their company.
D) Purchasers should consider the quality of life for employees and management in the proposed location.
E) Purchasers should focus on having only one supplier for each material needed.
Q3) The amount of products or services an organization can produce in a given time is known as its capacity.
A)True
B)False
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Chapter 9: Attracting and Retaining the Best Employees
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Sample Questions
Q1) The act that OSHA was created to enforce is the ____ Act.
A) National Labor Relations
B) Occupational Safety and Health
C) Employee Retirement Income Security
D) Age Discrimination in Employment
E) 1964 Civil Rights
Q2) Global Industries has just issued new appraisal forms to all managers.The company has requested that each subordinate be rated according to how closely the appraisal describes the employee.One statement reads,"This employee is never late for work." The employee would be given a rating of any number from 1 (strongly agree)to 5 (strongly disagree).Global Industries' new form is an example of a(n)____ appraisal method.
A) external
B) objective
C) judgmental
D) internal
E) infrequently used
Q3) Human resources planning is determining the firm's future human resources needs.
A)True
B)False
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Page 11
Chapter 10: Motivating and Satisfying Employees
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Sample Questions
Q1) If Dow Chemical were to emphasize achievement,recognition,responsibility,and advancement for its employees,it would be emphasizing
A) the soldiering method.
B) Theory X over Theory Y.
C) motivation factors.
D) mainly dissatisfiers.
E) hygiene factors.
Q2) The motivational technique that is made possible through the use of personal computers,modems,fax machines,voice mail,cellular phones,and overnight delivery service is referred to as
A) job enrichment.
B) telecommuting.
C) job redesign.
D) employee empowerment.
E) flextime.
Q3) The piece-rate system is based on the assumption that simply paying an employee more money will increase that person's motivation.
A)True
B)False
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Page 12
Chapter 11: Building Customer Relationships Through Effective Marketing
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) The process of dividing a market into segments is called
A) market grouping.
B) market segmentation.
C) market sampling.
D) target marketing.
E) consumer sampling.
Q2) Marketing research,like a marketing information system,involves a continuous process.
A)True
B)False
Q3) Marketers are most interested in discretionary income because consumers have the most choice in spending it.
A)True
B)False
Q4) Implementation of the marketing concept requires a firm to obtain information on what customers' needs are and how those needs are being met by products currently on the market.
A)True
B)False
Q5) What is a market?
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Chapter 12: Creating and Pricing Products That Satisfy Customers
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Sample Questions
Q1) Identify and describe the major stages of the product life-cycle.
Q2) Carlton has developed a new cell phone that projects onto a surface instead of having a screen;this permits the user to attach it to a stand or lean it on one surface and use the surface it projects onto for the screen.By eliminating the screen,it can be made watch-size and worn on the wrist,as a pendant on a necklace,attached to a set of keys,or carried comfortably in one's pocket.Because he is certain the demand for the product will be high,he is setting the highest possible price for the new product.What pricing strategy is he using?
A) Price skimming
B) Penetration pricing
C) Differential pricing
D) Negotiated pricing
Q3) If Lion Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices,the grocer is using
A) reference pricing.
B) a price leader.
C) special-event pricing.
D) comparison discounting.
E) professional pricing.
Page 14
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Chapter 13: Distributing and Promoting Products
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Sample Questions
Q1) An advertising agency receives ____ percent of the client's media expenditures.
A) 6
B) 10
C) 12
D) 15
E) 18
Q2) A middleman that carries a select group of products within a single line is called a(n)_____ wholesaler.
A) full-service
B) limited-line
C) limited-service
D) specialty-line
E) agent
Q3) Communication that is intended to inform,persuade,or remind an organization's target markets about the organization and its products is called promotion.
A)True
B)False
Q4) What is the goal of integrated marketing communications?
Q5) How does a frequent-user incentive differ from a premium?
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Chapter 14: Exploring Social Media and E-Business
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154 Flashcards
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Sample Questions
Q1) For most companies,all except ____ are some of the most popular objectives in regard to a social media plan.
A) increasing brand awareness
B) increasing profitability
C) acquiring new customers
D) introducing new products
E) retaining current customers
Q2) Reducing paper usage in an organization can be an example of green IT.
A)True
B)False
Q3) Refer to Plain Training,Inc.Plain Training was founded 10 years ago and it's now ready to venture into offering workshops for businesses selling to other businesses primarily through the Internet.Which of the following is most likely to be a new addition to their agenda?
A) Blogs
B) Video creation
C) Podcasts
D) Photo uploads
E) Webinars
Q4) What is inbound marketing? Mention at least four tools of inbound marketing.
Page 16
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Chapter 15: Using Management and Accounting Information
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Sample Questions
Q1) The ratio obtained by dividing net income after taxes by net sales is the
A) return on sales ratio.
B) acid-test ratio.
C) return on equity ratio.
D) earnings per share.
E) working capital.
Q2) Knowledge management is a firm's procedures for using computer software to solve business problems.
A)True
B)False
Q3) Refer to Stevenson,Ross,and Warner.What does GAAP stand for?
A) Generally accepted accounting principles
B) Generally accepted auditing principles
C) Generalized accounting and auditing principles
D) Generic accounting alternative practices
E) General administrative accounting practices
Q4) The total dollar amount of all goods and services sold during the accounting period is called net sales.
A)True
B)False
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Chapter 16: Mastering Financial Management
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Sample Questions
Q1) When stock and other corporate securities are sold directly to insurance companies,pension funds,or large institutional investors it is said that a(n)____ has been made.
A) private placement
B) initial public offering
C) discrete sale
D) private transaction
Q2) When constructing budgets,most managers begin with departmental budgets for sales and various expenses that are then combined into a company-wide cash budget.
A)True
B)False
Q3) Florida-based Swim and Fin Products often experiences a time lag between the time goods are produced and the time that retailers pay for the finished products.In this situation,the Swim and Fin's financial problems are the result of speculative production.
A)True
B)False
Q4) In what situations would you seek short-term financing? In what situations would you seek long-term financing?
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Chapter 17: Understanding Personal Finances and Investments
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Sample Questions
Q1) Which of the following statements is most in keeping with investment counselors' suggestions for investment goals?
A) By January 20XX,I will have total assets of $180,000.
B) I want to invest to earn money with money.
C) In 20 years or so,I want to have $10,000 in a bank account.
D) I want to invest in stock that is growing.
E) By December 20XX or 20XX,I want to hold stocks in a Fortune 500 company.
Q2) If Martie Brown,a retiree asked for your help choosing an investment that will provide a steady source of income,which of the following would be the best for you recommend?
A) Growth stocks
B) Certificates of deposit
C) Margin investments
D) Low-rated muni bonds
E) High-risk corporate bonds
Q3) What is the name given to a bond issued by a state or local government?
A) State treasury note
B) State treasury bond
C) Corporate bond
D) Municipal bond
Page 19
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Chapter 18: Enhancing Union-Management Relations
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Sample Questions
Q1) Organizations of both skilled and unskilled workers in the same industry have formed
A) industrial unions.
B) closed shops.
C) craft unions.
D) union crafts.
E) arbitrators.
Q2) What has been the most significant event in labor history since World War II?
A) The merger of the AFL and CIO
B) A downturn in union membership
C) Strikes,which caused public opinion to shift against unions
D) The emergence of new negotiating tactics
E) The merger of the IWW and AFL
Q3) What was the goal of the Industrial Workers of the World?
A) Eliminate depersonalization of workers
B) Improve the moral standards of labor and business
C) Improve its members' living standards
D) Overthrow capitalism
E) Take over the steel industry
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Page 20
Chapter 19: Risk Management and Insurance
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Sample Questions
Q1) What is another name for whole life insurance?
A) Term life insurance
B) Indemnity life insurance
C) Straight life insurance
D) Ordinary life insurance
Q2) What is the name given to the fee charged by an insurance company to cover a business for possible loss due to fire?
A) Premium
B) Indemnity
C) Policy
D) Dividends
Q3) Which of the following businesses is most likely to purchase a fidelity bond?
A) A law office that only receives payments by credit card
B) A doctor's office that only receives payments through insurance companies
C) A bank that receives cash and checks
D) A seller at farmer's markets who operates his or her business alone
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Chapter 20: Business Law regulation and Taxation
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Sample Questions
Q1) Which of the following is a tax an individual would not pay but a business might pay?
A) Federal income taxes
B) State income taxes
C) Personal property taxes
D) Unemployment tax
Q2) What kind of laws are the regulations created by government agencies from rules or laws established by legislative bodies?
A) Common
B) Business
C) Administrative
D) Statutory
Q3) What is the name given to an agreement that results from the actions of the parties rather than an exchange of specific promises?
A) Express contract
B) Void contract
C) Implied contract
D) Unenforceable contract
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