Entrepreneurship
Exam Answer Key
Course Introduction
Entrepreneurship is a dynamic course designed to introduce students to the concepts, processes, and challenges associated with starting and managing new ventures. The course covers essential topics such as opportunity recognition, idea generation, business planning, resource acquisition, and the development of viable business models. Students explore the entrepreneurial mindset, learn about risk assessment, and engage in practical activities that foster creativity and innovation. By the end of the course, participants gain valuable skills in leadership, problem-solving, and strategic thinking, preparing them to launch their own enterprises or contribute to entrepreneurial initiatives within established organizations.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The national debt is the accumulation of deficits that have occurred in the past as a result of expenditures exceeding tax revenues.
A)True
B)False
Answer: True
Q2) A retailer of computer games can focus on relationship management by engaging in which of the following practices?
A) selling products that are cheaper but not always reliable
B) pricing to take advantage of customers' passions
C) using advertising that helps customers make impulse buying decisions
D) giving customers more than they expected such as a reward once they have purchased 10 games
Answer: D
Q3) Which market structure is an ideal and does not really exist?
Answer: perfect or pure competition
Q4) ____________________ is the general upward movement of prices from year to year.
Answer: Inflation
Q5) List the four types of unemployment.
Answer: frictional,structural,cyclical,and seasonal
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Chapter 2: the Global Marketplace and Governments Roles
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Japanese automobile manufacturer Mazda began production of the Premacy SUV in Haikou,China,at a plant it built in the Chinese province and expected to make 20,000 autos in 3 years.Mazda is using which action to engage in global trading?
A) direct foreign investment
B) an international cooperative
C) a limited partnership
D) an international corporation
Answer: A
Q2) The World Trade Organization (WTO)is best described by which one of the following?
A) It includes all of the countries that signed the Uruguay Round.
B) It is controlled by the United States.
C) It has emerged as the world's most powerful institution for reducing trade barriers and opening markets.
D) It does not yet have an effective dispute settlement procedure but will before the year 2010.
Answer: C
Q3) What term has the opposite meaning from "protectionism"?
Answer: free trade
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Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) When asked about an idea for a new product,a socially responsible manager in the 21st century might say which of the following?
A) "If it's profitable,let's make it."
B) "We can make the product,but what about the social effects?"
C) "What are the tax implications if we make this product?"
D) "How many do we have to sell to make a profit?"
Answer: B
Q2) The impact of working women has been overestimated as a factor in social change. A)True
B)False
Answer: False
Q3) In an act of ____________________,Air Canada donated cash and plane trips to fashion models and designers participating in fashion show at a Canadian Cancer Society charitable fundraising event.
Answer: corporate philanthropy
Q4) What is the term used to describe the group consisting of the employees,investors,suppliers,and consumers of a manufacturer of laboratory equipment?
Answer: stakeholders
Page 5
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) How does spam pose a security threat for organizations?
Q2) A ____________________ is a computer program that copies itself into other software and can spread to other computer systems.
Q3) Which of the following BEST describes virtual private networks?
A) They require a significant investment in Internet infrastructure in order to operate efficiently.
B) They are least useful to people who regularly work outside the office.
C) They connect two or more private networks using a public network.
D) They dramatically increase a company's communications cost.
Q4) Enterprise portals can take one of three forms.Which of the following lists those three forms?
A) business-to-business,consumer-to-consumer,and consumer-to-business
B) B2B,B2E,and B2C
C) virtual,wired,and wireless
D) C2C,B2B,and C2B
Q5) A ____________________ connects computers at different sites via telecommunications media such as phone lines,satellites,and microwaves.
Q6) What are the responsibilities of a CIO?
Q7) Which management support system uses artificial intelligence?
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Chapter 5: Forms of Business Ownership
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) North American Van Lines and Allied Van Lines merged to create the world's largest moving company.Prior to the merger,North American was the leading company in moving high-end merchandise such as computer and hospital equipment,while Allied specialized in households.What type of merger is this?
A) a vertical merger
B) a combination
C) a conglomerate
D) a horizontal merger
Q2) Sam Beauvois has invested $10,000 in his son's pizza restaurant,but takes no part in its management.What is Beauvois?
A) a limited partner
B) a general partner
C) a nonworking partner
D) a entrepreneur
Q3) In a ____________________ partnership,partners have unlimited liability for all of the firm's business obligations and control its operations.
Q4) In a sole proprietorship,the owner is fully liable for all business debts of the company.This is called ____________________ liability.
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Chapter 6: Entrepreneurship and Small Business
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) A company has used ____________________ if it hires a mailing house to stuff its multi-part advertising message into envelopes and ensure that its mailings comply with government regulations.
Q2) Estes Kennedy has decided that he will open a used bookstore as a sole proprietorship.His next step is to write which of the following before he applies for a business loan?
A) a venture prospectus
B) a business plan
C) a business essay
D) a market perspective
Q3) Small businesses tend to have greater flexibility than large businesses.
A)True
B)False
Q4) Which of the following is the most common use of business plans?
A) to persuade lenders and investors to finance the venture
B) to comply with the Ontario Securities Commission
C) to persuade customers to buy the new product or service
D) to use as a recruitment tool
Q5) What is the most common use for a business plan?
Q6) List the four characteristics common to all small businesses
Page 8
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) ____________________ is the setting of goals and then the design of the strategies,policies,and methods for achieving the goals.
Q2) Which of the following roles of a manager consists of relationships with other people as figurehead,leader,and liaison?
A) intrapersonal
B) interpersonal
C) decisional
D) informational
Q3) What is another name for a free-rein leadership style?
Q4) One of the basic functions of management is organizing.
A)True
B)False
Q5) Which of the following are human relations skills?
A) the ability to see the "big picture"
B) the ability to program a computer
C) the ability to apply knowledge
D) the sensitivity to workers' needs
Q6) What are global management skills?
Q7) List the three basic categories of managerial roles.
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Chapter 8: Designing Organizational Structures
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149 Flashcards
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Sample Questions
Q1) A company with few managerial levels and a short chain of command usually has a wide span of control.Which of the following type of organizational structure best describes this company?
A) flat
B) tall
C) matrix
D) narrow
Q2) ____________________ is the process of dividing the work and assigning tasks to workers.
Q3) Which of the following is the legitimate power granted by the organization and acknowledged by the employees?
A) functionalization
B) authority
C) coordination
D) centralization
Q4) Sarah Lyra is a safety engineer for a company that makes petrochemicals.What kind of a position does she have in the company since she is not directly involved in the process of making any chemicals?
Q5) List the three basic types of work teams.
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Chapter 9: Motivating Employees
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114 Verified Questions
114 Flashcards
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Sample
Questions
Q1) What famous studies occurred during the human relations era of management?
Q2) Safeway Stores has installed dashboard computers in its trucks to monitor delivery truck drivers as they work their routes.This mistrust of employees derives from belief in which of the following theories?
A) the Theory Y style of management
B) the Theory X style of management
C) the Theory Z style of management
D) scientific management
Q3) How can managers use the equity theory to improve worker satisfaction?
Q4) Organizations today are taking a more reduced role in helping employees balance their work responsibilities and their personal obligations than they did in the past.
A)True
B)False
Q5) Human resources managers have yet to find any use for Maslow's hierarchy of needs.
A)True
B)False
Q6) What was the primary flaw in Frederick Taylor's scientific management?
Q7) List the five levels of needs on Maslow's hierarchy of needs.
Page 11
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Chapter 10: Managing Human Resources and Labour Relations
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) During a typical employee performance appraisal,the employee's supervisor evaluates the employee's work in terms of which of the following?
A) diversity management synergy
B) economic forecasts
C) the opinions of organizational stakeholders
D) his or her contribution to the organization
Q2) What is human resources management?
Q3) An arbitrator performs which of the following functions?
A) He/she can make a nonbinding decision on management.
B) He/she makes a decision called an award.
C) He/she can make a nonbinding decision on the union.
D) He/she presents suggestion to persuade union and management to settle.
Q4) Which of the following is a set of unique features of a company and its products that are perceived by the people or companies the organization wishes to serve as significant and superior to those of the competition?
A) a synergistic benefit
B) a competitive advantage
C) a superlative benefit
D) a comparative perception
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Chapter 11: Achieving World-class Operations Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Production and operations management involves three main types of decisions that are made at three different stages.The first type of decision to be made involves which of the following?
A) establishing critical paths
B) production planning
C) improving production and operations
D) inventory control
Q2) Which of the following type of management emphasizes the use of quality principles in all aspects of a company's operations?
A) quality teamwork
B) cultural quality
C) total quality
D) critical quality
Q3) ____________________ is used to schedule big projects,allowing production and operations managers to break complex operations into smaller tasks and estimate the time needed to complete the key tasks.
Q4) What is the relationship between mass production and customization?
Q5) The ____________________ layout arranges work flow around the process,grouping together all workers who perform similar tasks.
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Chapter 12: Understanding the Customer
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) The two main components of a product orientation are the use of market research and a strong desire to satisfy the needs of customers.
A)True
B)False
Q2) For a newly married man who has acquired three young children with his new bride,the selection of a vacation site would more than likely require which of the following behaviours because he has never had children before?
A) limited product stimulation
B) extensive decision making
C) limited decision making
D) conventional buying behaviour
Q3) Which of the following type of market segmentation strategy was Kimberly-Clark,the manufacturer of Huggies diapers,using when it introduced Poise and Depend brands for adults?
A) psychographic
B) physiological
C) demographic
D) geographic
Q4) What are the two types of data collected by marketing research?
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Chapter 13: Creating Marketing Strategies
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) Windshields purchased by Ford to build Ford Focus cars are industrial products called component parts.
A)True
B)False
Q2) Which of the following are the two main new-product pricing strategies?
A) targeted return pricing and profit maximization pricing
B) value pricing and cost-plus pricing
C) price skimming and penetration pricing
D) psychological pricing and physiological pricing
Q3) The unprocessed corn used as the primary ingredient in many brands of dog food is an example of which of the following?
A) a component material
B) an accessory part
C) a raw material
D) a specialty product
Q4) Price skimming is a price strategy often used in the maturity stage of the product life cycle.
A)True B)False
Q5) List the four major categories of consumer products.
Page 15
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Chapter 14: Using Financial Information and Accounting
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) Retained earnings are the amounts left over from profitable operations since the firm's beginning.They are equal to total profits minus all dividends paid to shareholders.
A)True
B)False
Q2) All publicly held companies must include a statement of cash flows in their financial reports to shareholders.
A)True B)False
Q3) Earnings per share is the dollar amount earned by each share,not the actual amount given to shareholders in the form of dividends.
A)True
B)False
Q4) How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?
Q5) What kind of a financial statement shows revenues,gross sales,and net sales?
Q6) What are the two types of expenses that are shown on a company's income statement?
Q7) What do inventory turnover ratios measure?
Page 16
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) A brokerage firm is an example of a depository financial institution.
A)True
B)False
Q2) The primary securities market is which of the following?
A) a place to trade bonds
B) a market in which new securities are sold to the public
C) a central location where securities are traded
D) a location for buying and selling primary futures
Q3) As a security,options are BEST described by which of the following?
A) They have a very long maturity.
B) They can be a risky purchase for investors.
C) They do not legally obligate the holder to buy or sell.
D) They are not similar to futures contracts.
Q4) For money to be an acceptable medium of exchange which of the following are necessary?
A) It must be scarce,divisible,portable,and durable.
B) It must be distributable,durable,comparable,and valuable.
C) It must be portable,sortable,profitable,and divisible.
D) It must be compatible,durable,universal,sortable.
Q5) What is wrong with the following statement: "Credit cards replace money"?
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Chapter 16: Managing the Firms Finances
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144 Verified Questions
144 Flashcards
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Sample Questions
Q1) What are the three main types of unsecured short-term loans?
Q2) Events on September 11,2001,have had little effect on money management.
A)True
B)False
Q3) A secured loan requires that the borrower pledge specific assets to secure the loan.These assets are known as which of the following?
A) negotiable assets
B) intangible assets
C) pledges
D) collateral
Q4) DELETE QUESTION
A) share equity
B) investor earnings
C) retained earnings
D) secondary earnings
Q5) Financial management is the art and science of managing a firm's money so the firm can meet its goals.
A)True
B)False
Q6) Long-term forecasts are also called ____________________ plans.
Page 18
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