Entrepreneurship Exam Solutions
Course Introduction
This course introduces students to the fundamentals of entrepreneurship, exploring the process of identifying, evaluating, and developing new business opportunities. Students will learn how to create and assess business models, analyze market trends, and develop skills in resource acquisition, financial planning, and risk management. The course emphasizes innovation, strategic thinking, and the entrepreneurial mindset, preparing students to launch their own ventures or contribute creatively within existing organizations. Through case studies, interactive activities, and real-world projects, participants will gain practical insights into startup development, venture capital, and the challenges and rewards of entrepreneurial careers.
Recommended Textbook
Selling Building Partnerships 8th Edition by Stephen Castleberry
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17 Chapters
1936 Verified Questions
1936 Flashcards
Source URL: https://quizplus.com/study-set/2467
Page 2
Chapter 1: Selling and Sales-People
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89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/49004
Sample Questions
Q1) Salespeople are like entrepreneurs because:
A)they do not have to invest in themselves.
B)integrated marketing communications eliminates investment risk.
C)manufacturers trust salespeople to be corporate-centric.
D)of the unusual freedom and flexibility in doing their jobs.
Answer: D
Q2) Laura works for Seminole Textiles. In her job, she calls on upholsterers, towel and sheet manufacturers and other customers of the Seminole distributors to encourage them to use more Seminole textiles (which they would order from their distributor, not directly from Seminole.) Laura is a:
A)distributor rep.
B)trade salesperson.
C)missionary salesperson.
D)trade partner.
E)retail salesperson.
Answer: C
Q3) What does it mean to say salespeople are account team managers?
Answer: Salespeople coordinate the activities within their firm to solve customer's problems.
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Page 3
Chapter 2: Ethical and Legal Issues in Selling
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133 Verified Questions
133 Flashcards
Source URL: https://quizplus.com/quiz/48995
Sample Questions
Q1) Common law grows out of court decisions, and precedents set by these decisions fill in the gaps where no laws exist.
A)True
B)False
Answer: True
Q2) _____ is the view that no culture's ethics are superior to any other culture's ethics.
A)Ethical imperialism
B)Ethical ombudsmen
C)Ethical solidarity
D)Cultural relativism
E)Cultural solidarity
Answer: D
Q3) _____ laws are established by local, state or federal regulatory agencies.
A)Common
B)Administrative
C)Functional
D)Executive
E)Statutory
Answer: B
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Page 4
Chapter 3: Buying Behavior and the Buying Process
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117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/48994
Sample Questions
Q1) Kevin works for Irish Pub Company, a design and construction outfit that sells completely finished, made-in-Ireland pubs--complete with everything from beer taps to mosaic floors to decorative bric-a-brac like antique whiskey bottles--to American entrepreneurs. Kevin is trying to sell the Irish pub concept to a retired New York City business executive who wants to own his own business. Since the executive is not an experienced pub owner and is reluctant to invest $300,000 in the project, Kevin should consider this to be a _____ buying situation.
A)new-task
B)straight-rebuy
C)derived-demand
D)value-added
E)modified-rebuy
Answer: A
Q2) What is the term for a bidding situation where the lowest bid wins the contract?
Answer: reverse auction.
Q3) Life-cycle costing is a method of pricing based on product life cycle stages.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Using Communication Principles to Build Relationships
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90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/48993
Sample Questions
Q1) In two-way communication, encoding and decoding refer to ______ and ______ thoughts and interpretations.
A)announcing and denouncing
B)preferring and referring
C)translating and interpreting
D)deciphering and depicting
E)evaluating and influencing
Q2) Which of the following statements about appearance as a nonverbal communicator is true?
A)A salesperson should always wear professional attire.
B)It is much better to under dress than to overdress.
C)Salespeople should attempt to match their style of dress to that of their customers.
D)In today's business world, ties are an unnecessary bother and do nothing to add to a salesperson's potential for success.
E)Successful salespeople wear high-fashion clothing.
Q3) What voice characteristic refers to the production of recognizable sounds?
Q4) What do salespeople who use email need to be aware of when writing and sending sales communications?
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Chapter 5: Adaptive Selling for Relationship Building
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106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/48992
Sample Questions
Q1) Describe the amiables and analyticals social styles and appropriate sales techniques for each style.
Q2) The social style matrix uses what two dimensions to understand social behavior?
Q3) What popular training program do companies use to help salespeople adapt their communication styles?
Q4) Even before Michelle could explain why the prospect had not purchased her company's new line of outdoor furniture, her supervisor was already explaining to her that she should have emphasized the fact that the furniture was made of recycled material and not looked so guilty when she was trying to avoid the topic of price. The supervisor then provided more _____ feedback by explaining how next time Michelle could make a better presentation.
A)reciprocal
B)diagnostic
C)performance
D)evaluative
E)intrinsic
Q5) List and define the two dimensions of the social style matrix.
Q6) How do salespeople acquire knowledge about company products and policies, customer needs, and selling situations?
Page 7
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Chapter 6: Prospecting
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110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/48991
Sample Questions
Q1) A center of influence is:
A)another name for a prospect's "hot button"
B)the geographic starting point of a cold canvass prospecting effort
C)a well-known and influential individual who is willing to supply lead information to the salesperson
D)the person in an industrial company who has final approval on the salesperson's product
E)another name for the selling firm's telemarketing center
Q2) When Rebecca, a travel agent, evaluates Rick's ability to pay (as part of determining if he is a qualified prospect); she should not only be concerned about how much money he actually has at this time, but also his creditworthiness.
A)True
B)False
Q3) Why must salespeople continuously prospect?
A)Clients may switch to competing suppliers.
B)Buyers may be transferred to other jobs within their firms.
C)Client firms may be taken over by other firms.
D)Some current customers may go bankrupt.
E)All of the above are good reasons for prospecting.
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Page 8
Chapter 7: Planning the Sales Call
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103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/48990
Sample Questions
Q1) Which of the following statements would be of value to insurance salespeople collecting information about prospects?
A)The prospect graduated with a marketing degree from Kennesaw State University.
B)The prospect's daughter is active in Little League baseball.
C)The prospect's personality type is amiable.
D)The prospect is a member of the local Rotary Club.
E)All of the above information is valuable to the salesperson.
Q2) Which of the following statements about obtaining precall information is FALSE?
A)At some point the amount of time and effort required to collect additional information exceeds its value.
B)Often the difference in making or not making a sale is the homework the salesperson has done.
C)Collecting the information needed is quick and easy.
D)The more information the salesperson has, the more likely the prospect's needs will be met.
E)A salesperson calling on a regular customer has no need to collect a lot of additional information.
Q3) Describe the customer value proposition.
Q4) What are the benefits of multiple sales call objectives?
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Chapter 8: Making the Sales Call
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115 Verified Questions
115 Flashcards
Source URL: https://quizplus.com/quiz/48989
Sample Questions
Q1) Why do salespeople need to ask both open and closed questions during a sales presentation?
Q2) What should a salesperson do to make a good first impression?
Q3) A balanced presentation occurs when the salesperson:
A)exhibits the accommodating mode of resolving conflict.
B)allows equal speaking time for both the salesperson and the prospect.
C)shows all sides of the situation.
D)matches his or her speaking speed to the prospect's listening speed.
E)flexes his or her social style to work well with the social style exhibited by the prospect.
Q4) What general rules should you use when things go wrong in a sales presentation?
Q5) "If you were designing a company to handle your product deliveries from scratch, what would you include?" Vincent asked his prospect. Vincent is using a(n) _____ question.
A)closing
B)double-barreled
C)unverified
D)implication
E)open
Q6) Describe the problem/solution selling model?
Page 10
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Chapter 9: Strength-Ening the Presentation
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112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/48988
Sample Questions
Q1) A new restaurant equipment salesperson who is trying to make the most effective use of her visual aids should NOT:
A) arrange her visuals in a logical order.
B) vary the art styles, layouts, and scales for her collection of charts and figures to keep them interesting.
C) make sure the buyer can see the visuals.
D) maintain proper control of the visuals, otherwise the prospect may start thumbing through your catalog or looking ahead at other visuals before you finish the current visual.
E) let the visual interfere with her interaction with the buyer.
Q2) Ramiro decides to keep relatively high levels of inventory even though it costs him more. Most likely Ramiro thinks the cost of _______________ are greater than the benefits of increasing his turnover rate.
A)collateral
B)portfolios
C)stockouts
D)revenue enhancements
E)handouts
Q3) List the three parts of a written proposal.
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Page 11
Chapter 10: Responding to Objections
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131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/49003
Sample Questions
Q1) Which method for dealing with the prospect's objections shows the most explicit use of the multi-attribute model?
A)the referral method
B)the postpone method
C)the compensation method
D)the revisit method
E)the acknowledge method
Q2) With the _____ method of responding to objections, the salesperson turns the objection into a reason for acting now.
A)buy-now
B)bounceback
C)revisit
D)ricochet
E)backfire
Q3) What can objections create for salespeople?
Q4) If August does not build the value of her product in her prospect's mind to the point where it is greater than the price asked there will be no sale.
A)True
B)False
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Chapter 11: Obtaining Commitment
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/49002
Sample Questions
Q1) As Rhonda discussed Sean's upcoming vacation plans with him, she said, "I know it is a big decision for you, and you want to be sure that if you choose to take the Great America Adventure Tour that it's the right thing to do. Why don't we list the pros and cons? Now, on the pro side, the trip will help you get away. It will also allow you to see a totally different area of the country. Now, what do you see as the bad points?" This is a partial example of which method of obtaining commitment?
A)balance sheet
B)probing
C)assumptive
D)emotional close
E)benefit-in-reserve
Q2) Betty has agreed to purchase a new CT-scan device for her hospital under the terms FOB origin. Betty is expecting:
A)the device will be loaded, shipped, and installed.
B)the device will be loaded onto transportation but after that it is her responsibility.
C)FOB means freight, origin, buyer.
D)Free on board with shipping and installation paid by the seller.
E)FOB means friends of Bill and the government will pay for installation.
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Chapter 12: Formal Negotiating
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137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/49001
Sample Questions
Q1) What is the best response when the buying team attempts lowballing?
Q2) The supermarket chain and the representatives from the orange growers' cooperative are having extended negotiations as a result of a late freeze and an early drought that has reduced the U.S. orange production. After 4-hours of grueling negotiations, the orange grower's cooperative representative was tired of hearing one of the members of the supermarket team asking, "Can't we all just get along and split the extra costs down the middle?" This supermarket team member that was annoying the coop rep was apparently using the _____ mode to handle conflict resolution.
A)competing
B)accommodating
C)avoiding
D)collaborating
E)compromising
Q3) The final step in negotiating is post-negotiation selling.
A)True
B)False
Q4) What mode of negotiation is the exact opposite of the one used by people who solve conflict in a competing mode?
Q5) What is another name for a budget limitation tactic?
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Chapter 13: Building Partnering Relationships
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96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/49000
Sample Questions
Q1) What is the first phase in the development of a partnering relationship between buyer and seller?
Q2) Using a consultative customer-oriented sales approach has been shown to improve both customer retention and firm profitability.
A)True
B)False
Q3) What are companies which face and resolve needs months or years ahead of the rest of the marketplace called?
Q4) What is the primary goal of long-term relationship selling?
Q5) Common goals:
A)are important for the establishment of a strategic partnership.
B)help to sustain a strategic partnership when the expected benefits are not realized.
C)give both members of the strategic partnership a strong incentive to pool their resources.
D)allow partners in a strategic relationship to focus on opportunities rather than arguing about how profits are divided between them.
E)are accurately described by all of the above
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Chapter 14: Building Long-Term Partnerships
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/48999
Sample Questions
Q1) When the buyer-seller relationship has reached the commitment stage, it is essential that the relationship be formalized through a contract.
A)True
B)False
Q2) To achieve increasing revenue in an account over time, the salesperson acts as a change agent.
A)True
B)False
Q3) Stephanie Meagher often immediately determines after meeting with a prospect if she will make it a long-term or short-term relationship depending on the value of the relationship and if it will be beneficial.
A)True
B)False
Q4) One of the things that makes cross-selling easier than getting an initial sale is that trust already exists between the two parties.
A)True
B)False
Q5) What is generally meant by the use of the term preferred supplier?
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Chapter 15: Managing Your Time and Territory
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131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/48998
Sample
Questions
Q1) Harrison is self-employed. He sells advertising specialty items like calendars, pens, etc. imprinted with the name and advertising messages of local business who give the items to customers and prospects. He has set for himself a goal of $180,000 in sales for this year. Harrison's revenue goal is an example of a(n) _____ goal.
A)transformation
B)consequence
C)activity
D)performance
E)conversion
Q2) When deciding what percentage of their time to use making sales presentations, a salesperson should allocate their time in cays that generate the greatest level of sales.
A)True
B)False
Q3) The old axiom, "Time is money" applies to salespeople because salespeople spend too much of their time in front of customers and not enough time preparing for sales calls.
A)True
B)False
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Chapter 16: Managing Within Your Company
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126 Verified Questions
126 Flashcards
Source URL: https://quizplus.com/quiz/48997
Sample Questions
Q1) In "Making the Most of Sales Technology" what is the major benefit of collaborative technology?
Q2) You have been asked by your sales manager to deliver a cash payment to the buyer (bribe) for one of your major accounts. You are uncomfortable with doing this. What are your options?
Q3) Roger was distressed when he learned the company he was working for was making unethical use of competitive intelligence it had gained by bribing a competitor's employee. Then Roger was told to use the information in his sales presentation. What can Roger do?
A)Agree to the demand but fail to carry it out.
B)Quit his job and find another.
C)Threaten to blow the whistle to the competitor.
D)Refuse to comply with the request.
E)do any of the above
Q4) Compensation often relates to quotas.
A)True
B)False
Q5) Which type of compensation plan provides the greatest flexibility for motivating and controlling the activities of salespeople?
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Chapter 17: Managing Your Career
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119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/48996
Sample Questions
Q1) In "What the Recruiter Says" what made Brian Davis stand out to recruiter Dawn Loehr?
Q2) Which of the following is an example of an illegal question you should not be asked in a job interview?
A)Do you own or rent your place of residence?
B)Have your ever used another name?
C)Have your ever been convicted of a felony?
D)Where do your live?
E)None of the above are examples illegal job interview questions
Q3) It is important not to seem overly eager in your initial interview, so avoid asking for a commitment from your interviewer at this time.
A)True
B)False
Q4) In "What the Recruiter Says" what advice does Dawn Loehr offer college students preparing for a career in sales?
Q5) What are the causes of role stress?
Q6) What is the first step in ensuring you have a happy and successful career in sales?
Q7) List and define the two primary causes of role stress.
Page 19
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