Business Development Test Questions
Course Introduction
Business Development explores the strategies, processes, and skills necessary to identify and pursue growth opportunities within organizations. The course covers key topics such as market analysis, strategic partnerships, sales techniques, customer relationship management, and innovation management. Students will learn to evaluate business environments, develop value propositions, and create actionable plans to expand products, services, or market presence. Emphasizing both theory and practical application, the course prepares students to drive sustainable growth and navigate the competitive challenges faced by modern enterprises.
Recommended Textbook
Entrepreneurship 11th Edition by Robert D Hisrich
Available Study Resources on Quizplus
15 Chapters
1225 Verified Questions
1225 Flashcards
Source URL: https://quizplus.com/study-set/2356
Page 2
Chapter 1: The Entrepreneurial Mind-Set
Available Study Resources on Quizplus for this Chatper
52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/46831
Sample Questions
Q1) A reflection task would involve thinking about what strategies should be used to solve a problem.
A)True
B)False
Answer: False
Q2) Asking "How is this problem similar to problems I've already solved" is an example of a connection task.
A)True
B)False
Answer: True
Q3) Entrepreneurial action can be defined as those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.
A)True
B)False
Answer: False
Q4) Sustainable entrepreneurship provides only environmental gains for others.
A)True
B)False
Answer: False
Page 3
To view all questions and flashcards with answers, click on the resource link above.
Chapter 2: Corporate Entrepreneurship
Available Study Resources on Quizplus for this Chatper
54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/46832
Sample Questions
Q1) With regard to the differences between the entrepreneurial and administrative focuses which of the following is correct
A) Entrepreneurs focus on slow steady growth and managers focus on rapid growth
B) Entrepreneurs rent or sporadically use resources; managers like to own resources
C) Entrepreneurs are driven by controlled resources; managers by opportunity
D) Entrepreneurs tend to use a hierarchical management structure; managers use a more fluid, flat approach
Answer: B
Q2) In encouraging a culture for corporate entrepreneurship,using older,proven,technology is recommended in order to increase stability in the organization.
A)True
B)False
Answer: False
Q3) Traditionally managed firms commitment to opportunity is revolutionary with a long duration.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Generating and Exploiting New Entries
Available Study Resources on Quizplus for this Chatper
97 Verified Questions
97 Flashcards
Source URL: https://quizplus.com/quiz/46833
Sample Questions
Q1) If there is a good fit between the venture's bundle of resources and the external environment:
A) the firm will be rewarded with superior performance.
B) the entrepreneur will be unable to compete in the market segment.
C) environmental variables will be irrelevant.
D) demand uncertainty will be irrelevant.
Answer: A
Q2) The late mover is able to operate in the industry for a grace period under conditions of limited competition.
A)True
B)False
Answer: False
Q3) Competition within an industry always has a negative effect on industry growth.
A)True
B)False
Answer: False
Q4) A narrow scope strategy reduces the risks associated with competition.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Creativity and the Business Idea
Available Study Resources on Quizplus for this Chatper
77 Verified Questions
77 Flashcards
Source URL: https://quizplus.com/quiz/46834
Sample Questions
Q1) Entrepreneurs are unable to carefully assess each and every innovative idea and opportunity.
A)True
B)False
Q2) New products may be classified from the viewpoint of either the consumer or the firm.
A)True
B)False
Q3) This problem-solving method involves developing new ideas by thinking without constraints.
A) Value analysis
B) Attribute listing
C) Big-dream approach
D) Brainwriting
Q4) An online company's front-end operations involve integration of customer orders with distribution channels.
A)True
B)False
Q5) Identify and describe the three major types of innovation.
Q6) List,in order,the stages of the product planning and development process.
Page 6
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Identifying and Analyzing Domestic and International Opportunities
Available Study Resources on Quizplus for this Chatper
73 Verified Questions
73 Flashcards
Source URL: https://quizplus.com/quiz/46835
Sample Questions
Q1) A vertical merger is the combination of two firms that produce one or more of the same or closely related products in the same geographical area.
A)True
B)False
Q2) A product extension merger occurs when acquiring and acquired companies have related production and/or distribution activities but do not have products that compete directly with each other.
A)True
B)False
Q3) According to the text,the most prevalent reason for mergers is:
A) taxation.
B) economies of scale.
C) currency fluctuations.
D) to combine complementary resources.
Q4) Only the pricing element in the business strategy of an international entrepreneur has the potential to be affected by the multiplicity of legal environments.
A)True
B)False
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Protecting the Idea and Other Legal Issues for the Entrepreneur
Available Study Resources on Quizplus for this Chatper
76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/46836
Sample Questions
Q1) Once accepted,the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.
A)True
B)False
Q2) The ________ created the commission that prescribes safety standards for products.
A) Consumer Product Safety Act
B) Patent and Trademark Office
C) Sarbanes-Oxley Act
D) U.S. Labor Department
Q3) Trade secrets can be protected for:
A) an unlimited period of time.
B) 20 years according to federal law.
C) 14 years according to state law.
D) 50 years if renewed to the maximum allowed, five 10-year renewable terms.
Q4) While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: The Business Plan: Creating and Starting the Venture
Available Study Resources on Quizplus for this Chatper
87 Verified Questions
87 Flashcards
Source URL: https://quizplus.com/quiz/46837
Sample Questions
Q1) All of the following are questions that should be considered in the environmental and industry analysis section of the business plan except:
A) What are total industry sales over the past five years?
B) Who are the nearest competitors?
C) What is my promotional strategy?
D) What is anticipated growth in this industry?
Q2) The depth and detail of a business plan depend on:
A) the target audience.
B) the size and scope of the new venture.
C) the experience of the entrepreneur.
D) the amount of capital needed.
Q3) If the new venture is a manufacturing operation a(n)________ in the business plan is necessary.
A) ownership plan
B) quality control plan
C) production plan
D) partnership agreement
Q4) Investors often spend a lot of time conducting background checks.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: The Marketing Plan
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46838
Sample Questions
Q1) Which of the following is true of budgeting the marketing strategy
A) The marketing budget will depend on one factor-the size of the business.
B) Budgeting the marketing strategy is easier for new ventures than for established companies.
C) A marketing budget should be somewhere between 12 and 20 percent of projected overhead costs.
D) The budgeting of marketing action and strategy decisions will be useful in preparing the financial plan.
Q2) The ________ is the specific group of potential customers toward which a venture aims its marketing plan.
A) target market
B) external environmental factor
C) channel of distribution
D) consumer market
Q3) All marketing goals and objectives should be quantifiable in physical units,time units,or price units.
A)True
B)False
Q4) Describe the steps in the marketing plan flowchart.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: The Organizational Plan
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/46839
Sample Questions
Q1) All the design decisions involving personnel and their roles and responsibilities reflect the ________ structure of the organization.
A) social
B) formal
C) tax
D) informal
Q2) Our text tells us that much of an entrepreneur's time during start-up is spent:
A) putting out fires.
B) negotiating.
C) delegating.
D) allocating resources.
Q3) Discuss the main advantages of an LLC over an S-Corp.
Q4) A ________ can raise capital through bonds,stock and debt.
A) sole proprietorship
B) partnership
C) corporation
D) LLP
Q5) The S corporation can deduct most fringe benefits for shareholders.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: The Financial Plan
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46840
Sample Questions
Q1) Cost benefit analysis is a complex approach that considers the cash flows or the value of money over a period of time.
A)True B)False
Q2) For the Internet start-up,capital budgeting and operating expenses will tend to be consumed by equipment purchasing or leasing,inventory,and advertising expenses.
A)True B)False
Q3) Cash flow is the same thing as profit.
A)True B)False
Q4) Labor hours,utility costs,or training costs are considered direct costs.
A)True B)False
Q5) The marginal contribution is defined as:
A) selling price per unit minus variable cost per unit
B) total fixed costs minus selling price per unit
C) variable cost per unit minus the selling price per unit
D) total fixed costs plus total variable costs
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Sources of Capital
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/46841
Sample Questions
Q1) Obtaining funds from private investors:
A) is inappropriate for new ventures.
B) is a public offering.
C) is covered by Regulation D.
D) involves a great deal of time and expense.
Q2) Small Business Innovation Research grants are funded by federal agencies,which provide a portion of their R&D funds to small businesses.
A)True
B)False
Q3) In ________ the entrepreneur sells equipment to the lender then arranges for its continued use.
A) a factoring arrangement
B) trust receipts
C) cash flow financing
D) a sale-leaseback arrangement
Q4) Mortgage financing is another term for:
A) large equipment asset-based financing.
B) real-estate asset-based financing.
C) sale-leaseback financing.
D) unsecured financing.
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/46842
Sample Questions
Q1) Expansion or development financing is easier to obtain than early-stage financing.
A)True
B)False
Q2) The ________ is calculated by dividing accounts receivable by average daily sales.
A) current ratio
B) average collection period
C) debt ratio
D) return on investment
Q3) Identify and briefly describe,in order,each of the four major stages of the venture capital process.
Q4) A publicly traded company needs to disclose to the public all material information regarding the company,its operations,and its management.
A)True
B)False
Q5) List three reasons why an informal investor,or a business angel,may reject a proposal.
Page 14
Q6) Identify the main advantages and disadvantages of going public.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Strategies for Growth and Managing the Implication of Growth
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/46843
Sample Questions
Q1) What are the four main growth strategies discussed in the text Briefly define each.
Q2) The most often used method of transporting goods is:
A) air transport.
B) truck and rail transport.
C) barge transport.
D) tanker transport.
Q3) Involving employees in the decision-making process is:
A) a passive management style.
B) a participative management style.
C) an autocratic management style.
D) impossible for small businesses.
Q4) Define and explain the principles of desire,effectiveness and analysis as they relate to time management.
Q5) In growing the workforce,entrepreneurs face the decision of what proportion of the workforce should be permanent and what proportion should be part time.Briefly explain some of the trade-offs the entrepreneur faces when deciding the composition of the firm's workforce.
Q6) Explain the four types of entrepreneurs and firm growth.
Q7) What benefits can an entrepreneur receive from better time management Page 15
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 14: Accessing Resources for Growth From External Sources
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/46844
Sample Questions
Q1) A ________ is an arrangement whereby the manufacturer or sole distributor of a trademarked product or service gives exclusive rights of local distribution to independent retailers in return for their payment of royalties and conformance to standardized operating procedures.
A) joint venture
B) franchise
C) merger
D) leveraged buyout
Q2) The most common type of joint venture is:
A) international joint ventures.
B) created for cooperative research.
C) an industry-university agreement.
D) between two or more private sector companies.
Q3) Discuss the main advantages of an acquisition.
Q4) For the franchisor,the capital required to expand a venture quickly is more than it would be without franchising.
A)True
B)False
Page 17
Q5) Discuss the main disadvantages of an acquisition.
Q6) What are the main benefits (to the franchisee)of franchising
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
Available Study Resources on Quizplus for this Chatper
69 Verified Questions
69 Flashcards
Source URL: https://quizplus.com/quiz/46845
Sample Questions
Q1) The early signs of bankruptcy are most often:
A) apparent to the entrepreneur.
B) interrelated.
C) occur in isolated instances.
D) unavoidable.
Q2) The most severe form of bankruptcy is:
A) Chapter 7.
B) Chapter 11.
C) Chapter 13.
D) prepackaged bankruptcy.
Q3) Chapter 11 bankruptcy allows a firm to reorganize and prepare strategies to improve future profits.
A)True
B)False
Q4) The first principle in any successful turnaround is aggressive hands-on management.
A)True
B)False
Q5) What are some of the warning signs of bankruptcy
Q6) Identify and define the three major types of bankruptcy. Page 19
To view all questions and flashcards with answers, click on the resource link above.
Page 20