Entrepreneurship Exam Bank
Course Introduction
This course explores the fundamentals of entrepreneurship, emphasizing the process of identifying opportunities, developing innovative business ideas, and transforming them into viable ventures. Students will gain insights into business model creation, funding strategies, marketing in new enterprises, and the legal and ethical issues related to startups. Through case studies, group projects, and interactions with successful entrepreneurs, learners will develop the skills and mindset necessary to launch and manage new ventures in todays dynamic economic landscape.
Recommended Textbook
Understanding Business 11th Edition by William Nickels
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25 Chapters
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Chapter 1: Taking Risks and Making Profits Within the Dynamic Business Environment
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327 Verified Questions
327 Flashcards
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Sample Questions
Q1) China is a nation with a vast amount of land and a very large population. Another characteristic of this nation is its people's affinity for saving money. Referring to the five factors of production, the government of China has made significant progress in building its business environment by focusing on factors that needed improvement. Its strategy was to:
A) increase the supply of labor.
B) increase sources for capital.
C) increase entrepreneurship.
D) encourage neighboring nations to provide the necessary land for business development.
Answer: C
Q2) Producing a high quality product will ensure success in the competitive environment.
A)True
B)False
Answer: False
Q3) Globalization has greatly increased living standards around the world.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Understanding Economics and How It Affects Business
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Sample Questions
Q1) A major benefit of socialism is the:
A) ability to stimulate rapid economic growth.
B) ability to keep taxes low.
C) emphasis on social equality.
D) emphasis on private enterprise instead of public ownership.
Answer: C
Q2) A free market is one in which decisions about what to produce and in what quantities are made by:
A) the Fed
B) the community
C) the market
D) the Congress
Answer: C
Q3) The study of how to increase the amount of available resources and create conditions that will make better use of these resources is known as:
A) human resource management
B) microeconomics
C) econology
D) resource development
Answer: D
Page 4
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Chapter 3: Doing Business in Global Markets
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Sample Questions
Q1) Carrie, a U.S. resident, says that her home computer was made in Japan. Carrie purchased a(n):
A) imported item.
B) exported item.
C) protected good.
D) generic good.
Answer: A
Q2) The U.S. government is reducing Export Assistance Centers due to businesses' lack of interest in their support.
A)True
B)False
Answer: False
Q3) An example of foreign direct investment would be Pepsi granting a Japanese firm the use of its formula and trademark, for a fee.
A)True
B)False
Answer: False
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Chapter 4: Demanding Ethical and Socially Responsible Behavior
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Sample Questions
Q1) Management can create an environment in which unethical behavior can develop. A)True
B)False
Q2) Several outside groups regularly monitor the activities of Metro Chemical Corporation. These groups are interested in the firm's involvement and enforcement of their ethical and social responsibility policies. Who of the following is the least likely to be among the "watchdog" groups?
A) The financial officer of a church with funds invested in the chemical company.
B) Overseers from the World Trade Organization (WTO).
C) A student in environmental engineering attending a local college.
D) The president of the union representing the workers at the chemical company.
Q3) According to the Making Ethical Decisions box, after ex-cons have completed their sentences, they should not be allowed to start their own businesses.
A)True
B)False
Q4) Businesses with a formal code of ethics are less common now than in the past. A)True B)False
Page 6
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Chapter 5: How to Form a Business
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Sample Questions
Q1) One reason that a firm may choose to merge or acquire another company would be diversity of products or services.
A)True
B)False
Q2) A cooperative is simply another name for a corporation.
A)True
B)False
Q3) Nutty Dough is a small chain of donut shops currently owned and operated by a group of seven partners. The owners think that their chain has the potential for rapid growth, but several of the partners are concerned about the growing financial risks that will accompany this growth. One way the partners could deal with this problem would be to incorporate their business.
A)True
B)False
Q4) One of the major disadvantages of a sole proprietorship is the:
A) possibility of disagreements between owners.
B) unlimited liability the owner has for the debts of the firm.
C) fact that any income earned by this type of business is taxed twice.
D) high cost of starting or ending the company.
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Chapter 6: Entrepreneurship and Starting a Small Business
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Sample Questions
Q1) Kylie is employed by Street Wheels, a large corporation that produces accessories for scooters, bicycles, and other children's vehicles. She is a creative force within the company and has helped create and launch several new successful products. Kylie is an example of an intrapreneur.
A)True
B)False
Q2) A Small Business Investment Company (SBIC) is a(n):
A) agency of the federal government that loans money to high-tech firms.
B) private investment company that is licensed by the SBA to make loans to small businesses.
C) private firm that offers loans to small businesses in return for a share of ownership in the firm.
D) agency set up by state governments to provide managerial advice and support to small businesses.
Q3) The small business sector that has the best chance of significant growth is legal services.
A)True
B)False
Q4) List and discuss at least three causes of small business failure.
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Chapter 7: Management and Leadership
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Sample Questions
Q1) The level of management that is directly responsible for assigning specific jobs to workers and evaluating their daily performance is called:
A) primary management.
B) middle management.
C) supervisory management.
D) secondary management.
Q2) Staffing involves recruiting, hiring, motivating, and retaining the best people available for the organization.
A)True
B)False
Q3) John is the general manager of a retail outlet. By emphasizing teamwork and acting in a role of coach rather than boss, John is considered to be a modern manager.
A)True
B)False
Q4) A CEO is often the president of the firm and is responsible for developing the strategic plans.
A)True
B)False
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Page 9
Chapter 8: Structuring Organizations for Todays
Challenges
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Sample Questions
Q1) Networking uses communication technology to link organizations, allowing them to work together on common objectives.
A)True
B)False
Q2) Excite Enterprises, a corporation of amusement parks, uses an accounting firm to handle the payroll and tax functions for the company. Using the services of another firm in this manner is an example of:
A) outsourcing.
B) functional reassignment.
C) core competencies.
D) benchmarking.
Q3) Carlos is the person to see in the welding department if you are a new employee. While he is not a manager, he is the person that most of the others in the department look to for advice and assistance. Carlos is an important member of the firm's:
A) supervisory management.
B) participatory control.
C) informal organization.
D) closet cabinet.
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Chapter 9: Production and Operations Management
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Sample Questions
Q1) Operations management moves from knowing the needs of consumers to actually satisfying those needs.
A)True
B)False
Q2) Enterprise resource planning (ERP) is simpler and less sophisticated than manufacturing resource planning (MRP).
A)True
B)False
Q3) The purchasing function of operations management seldom uses the Internet to make purchasing decisions.
A)True
B)False
Q4) One of the reasons mass production techniques lost favor is that, despite their ability to keep costs relatively low, mass production lacks flexibility.
A)True
B)False
Q5) The Deming Cycle is designed to catch errors before they happen.
A)True
B)False
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Chapter 10: Motivating Employees
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Sample Questions
Q1) The best way for U.S. firms to become more competitive is to adopt the Type J approach to management.
A)True
B)False
Q2) Theory Y managers would:
A) rely on monetary rewards to motivate employees.
B) assume that most employees dislike their jobs.
C) have confidence in the ability of employees to solve problems that arise during work. D) believe that job enrichment would be an ineffective way to improve motivation because it focuses too much on job content and not enough on working conditions.
Q3) To implement self-managed teams, managers at most companies must reinvent work.
A)True
B)False
Q4) In a low-context culture, employees are less likely to place emphasis on relationship building. They want to jump right in and get the job done.
A)True
B)False
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Page 12
Chapter 11: Human Resource Management: Finding and
Keeping the Best Employees
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Sample Questions
Q1) Fringe benefit payments account for about 30 percent of payroll costs today.
A)True
B)False
Q2) Jake accepted a management trainee position at Opelika Resorts, a real estate development company. Corporate management believes Jake has potential to move into a top management position within the organization. They have begun assigning Jake to a different department every few months so he can obtain the broad perspective needed by top managers. This company is using ______________ to develop Jake's management skills.
A) job rotation
B) multitasking
C) understudying
D) cross-functional management
Q3) It is not unusual to find persons with a variety of skills and skill levels serving as contingent workers. Contingent workers in the U.S. are usually under 25 years of age and may include independent contractors, middle management positions, and even college students who only want to work during the summer months.
A)True
B)False
Page 13
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Chapter 12: Dealing With Union and Employeemanagement Issues
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Sample Questions
Q1) According to the Adapting to Change box, Northwestern University's football players won a ruling from the NLRB that gave them the right to unionize.
A)True
B)False
Q2) Which of the following tactics would management be most likely to use during a labor-management dispute?
A) picketing
B) secondary boycotts
C) lockouts
D) primary boycotts
Q3) Sexual harassment laws:
A) apply only to situations in which men make unwelcome advances to women.
B) are enforceable only in states that have enacted right-to-work laws.
C) apply to the conduct of women as well as men.
D) are applied only in situations in which a person must submit to unwanted advances in order to keep his or her job.
Q4) The law protects both women and men from sexual harassment.
A)True
B)False
14
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Chapter 13: Marketing: Helping Buyers Buy
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Sample Questions
Q1) One of the social trends that marketers must monitor to maintain their close relationship with customers is the:
A) increase in the number of competitors servicing the target market.
B) amount of unemployment in the target market.
C) number of people who can use computers with proficiency.
D) increase in the number of older Americans.
Q2) By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to:
A) use radio and television advertising to attract new customers.
B) work closely with existing customers to better satisfy their wants and needs.
C) target large market segments of potential customers by working closely with a variety of suppliers.
D) communicate to buyers the advantages offered by your firm's low prices and standardized products.
Q3) Whenever available, marketers should rely exclusively on primary data because it is much more accurate than secondary data.
A)True
B)False
Q4) Describe the steps involved in the marketing process.
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Chapter 14: Developing and Pricing Goods and Services
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Sample Questions
Q1) A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.
A) skimming
B) penetration
C) target costing
D) price leadership
Q2) Which of the following statements about packaging is the most accurate?
A) Changes in packaging can improve the product itself and open up large new markets.
B) Packaging is the least critical element of a firm's promotional strategy.
C) Technology has had a very limited role in improving packaging.
D) Packaging has avoided federal regulations.
Q3) The strategy of first determining what the market is willing to pay, then subtracting a desired profit margin to determine a desired cost of production is called:
A) cost-based pricing.
B) target costing.
C) penetration pricing.
D) skimming pricing.
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Page 16
Chapter 15: Distributing Products
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Sample Questions
Q1) Marketing intermediaries:
A) add value that exceeds the cost of their services.
B) add cost that exceeds the value they provide.
C) increase the number of exchange relationships in the channel.
D) complicate the distribution process.
Q2) About 80 percent of all wholesalers are classified as merchant wholesalers.
A)True
B)False
Q3) In the distribution process, the largest percentage of the retail price goes to:
A) profits.
B) warehouse costs.
C) labor.
D) transportation.
Q4) Marketing intermediaries have survived because they have been able to perform marketing functions more efficiently and effectively than a manufacturer or consumer could perform these functions.
A)True
B)False
Q5) What is logistics? Describe the types of issues you might deal with if you specialized in logistics.
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Chapter 16: Using Effective Promotions
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Sample Questions
Q1) Effective selling involves helping others to satisfy their wants and needs.
A)True
B)False
Q2) Direct mail is usually the best advertising medium to reach specific target markets and ranks number two in overall advertising expenditures.
A)True
B)False
Q3) The use of coupons and sales contests represent internal public relations and sampling activities.
A)True
B)False
Q4) As a salesperson for an electrical contractor, Greg is included as part of the target audience for sales promotions from his own company.
A)True
B)False
Q5) A testimonial represents communication from a customer that praises a firm's products.
A)True
B)False
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Chapter 17: Understanding Accounting and Financial Information
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Sample Questions
Q1) Careful consideration of the use of computers in accounting indicates that computers _____________________.
A) will soon eliminate all of the accounting functions.
B) are tools to help the accountant perform his or her job.
C) are of little use to small-business owners that need accounting services.
D) have a very limited use in accounting due to inadequate privacy controls.
Q2) Retailers attempt to sell older merchandise before more recently acquired merchandise is sold. The assumptions made by the __________ method of inventory valuation are most consistent with this approach.
A) FIFO (first-in, first-out)
B) LIFO (last-in, first-out)
C) average costing
D) accelerated costing
Q3) In businesses that handle a lot of perishable items (such as supermarkets) the actual movement of goods through inventory most closely resembles the LIFO inventory valuation technique.
A)True
B)False
Q4) Thoroughly describe each of six parts of the accounting cycle.
Page 19
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Chapter 18: Financial Management
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Sample Questions
Q1) A line of credit from a bank guarantees a firm that a specified amount of financing will be available when it is needed.
A)True
B)False
Q2) Explain the term leverage. When is it more favorable for firms to use this strategy?
Q3) As a management consultant, Lamont knows that regardless of how good his firm's product might be, the business has little chance of success without a(n):
A) financial plan.
B) outside consultant.
C) auditor.
D) warranty.
Q4) There is actually a stronger relationship between finance and marketing than there is between finance and accounting.
A)True
B)False
Q5) A revolving credit agreement is designed to reduce the risk of lending money.
A)True
B)False
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Chapter 19: Using Securities Markets for Financing and Investing Opportunities
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Sample Questions
Q1) Stocks that are not listed as trading on one of the national or international stock exchanges can be traded on the OTC, Over-The-Counter exchange.
A)True
B)False
Q2) Which of the following is not an important criterion to consider before investing?
A) Exchange where the company offering the investment is traded
B) The riskiness of the investment
C) The duration of the investment
D) The expected rate of return on the investment
Q3) A ________ is a registered representative acting as an intermediary to buy and sell securities for clients.
A) certified stock underwriter
B) stockbroker
C) securities banker
D) trading accountant
Q4) Securities markets help companies raise long-term debt and equity financing.
A)True
B)False
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Chapter 20: Money, Financial Institutions, and the Federal Reserve
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Sample Questions
Q1) Andrea has three types of deposits at her credit union. She has a checking account in her own name worth $32,000, a joint savings account with her husband, which currently holds $95,000, and an IRA account worth $125,449. Her deposits are at risk because they exceed the $250,000 limit on insurance coverage by NCUA.
A)True
B)False
Q2) While Federal Reserve actions impact domestic investors, they have little effect on decisions made by international investors.
A)True
B)False
Q3) Which of the following represents one way the Fed increases the amount of money in circulation?
A) Reduce taxes
B) Raise the discount rate
C) Buy government securities
D) Increase the reserve requirement
Q4) The World Bank primarily finances projects to protect the environment.
A)True
B)False
22
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Chapter 21: Managing the Marketing Mix: Product, Price,
Place and Promotion
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Sample Questions
Q1) After several years as a brand manager for an established product, Pete has taken a job with a microbrewery. He is responsible for managing the marketing mix for a new product introduction. In his new job, Pete will find that while the products may be at different stages of the product life cycle, the marketing strategies will be essentially the same.
A)True
B)False
Q2) After her sales presentation, Whitney asks her customers what color they prefer and if they would like to pay by credit card. She hopes that these questions will help the sales process move beyond the customer's questions and objections. With limited time, Whitney is utilizing a trial close to help finalize the sale more quickly.
A)True
B)False
Q3) Which of the following would a firm most likely use to differentiate its product?
A) financial differences
B) increased production
C) elaborate packaging
D) manual warehousing
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Chapter 22: Extension: Working Within the Legal Environment
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Sample Questions
Q1) Under contract law, "damages" are the monetary settlements awarded to a person who is injured by a breach of contract.
A)True
B)False
Q2) Chapter 13 proceedings are more complicated than Chapter 7 bankruptcy proceedings.
A)True
B)False
Q3) Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years.
A)True
B)False
Q4) Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors.
A)True
B)False
Q5) One result of deregulation in the airline industry has been:
A) less-intense competition.
B) increased aviation-related fatalities.
C) higher prices for consumers.
D) lower prices for consumers.
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Chapter 23: Extension: Using Technology to Manage Information
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Sample Questions
Q1) The use of computers increases the number of layers of management, resulting in taller organizations.
A)True
B)False
Q2) The primary role of business technology during the 1970s was to:
A) empower workers by giving them access to ever-greater amounts of information.
B) implement new production methods that relied on automated equipment.
C) protect proprietary company information from outsiders.
D) support existing business by improving the flow of financial information.
Q3) Today the primary concern of corporate and government security officials concerning electronic communication is in the area of cyberterrorism.
A)True
B)False
Q4) In the coming years, successful information management will be more concerned with achieving and maintaining stability and predictability, and less concerned with adapting to change.
A)True
B)False
Q5) What are the four characteristics of useful information?
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Chapter 24: Extension: Managing Risk
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Sample Questions
Q1) An entrepreneur takes a speculative risk when starting a new business.
A)True
B)False
Q2) Disability insurance replaces part of your income if you become disabled and can no longer work, but you usually must be disabled for a specified period of time before benefits are provided.
A)True
B)False
Q3) The risk of environmental harm is __________ in its proportions on issues such as global warming.
A) local
B) regional
C) national
D) international
Q4) Risk management is getting much simpler thanks to the Internet.
A)True
B)False
Q5) An uninsurable risk is one that no insurance company will cover.
A)True
B)False
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Chapter 25: Extension: Managing Personal Finances
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Q1) Petulia has been following the stock market, and has noticed that it has generally been declining for the last several weeks. Many of her friends have sold stock, but Petulia looks at this situation as a good opportunity to buy. Petulia's views are consistent with the ___________ approach to investing in the stock market.
A) contrarian
B) revisionist
C) arbitrarian
D) negativist
Q2) From an investment viewpoint, it is a good idea to buy a large home in an area of town where homes are less expensive.
A)True
B)False
Q3) Term life insurance offers pure insurance with no savings feature.
A)True
B)False
Q4) How does term insurance differ from whole life insurance? Describe the newer types of life insurance that have been offered in recent years.
Q5) Describe the major steps involved in estate planning.
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