Entrepreneurship in Canada
Mock Exam
Course Introduction
Entrepreneurship in Canada explores the dynamic landscape of starting, managing, and growing businesses within the Canadian context. This course examines the unique opportunities and challenges faced by Canadian entrepreneurs, including the regulatory environment, funding sources, government programs, and the multicultural marketplace. Through case studies, real-world projects, and interactions with successful Canadian entrepreneurs, students will learn how to identify viable business opportunities, develop comprehensive business plans, and leverage resources to launch and sustain innovative ventures across various industries in Canada.
Recommended Textbook
Building Your Dream A Canadian Guide to Starting Your Own Business 9th Edition by Walter Good
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11 Chapters
462 Verified Questions
462 Flashcards
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Page 2
Chapter 1: Buying a Franchise
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) In addition to the proper background,attitude,and lifestyle,what else should be considered in assessing your potential for becoming a successful entrepreneur?
Answer: Possessing the necessary managerial skills is an essential ingredient to succeeding in any small venture.It is estimated that the principal reason for the failure of small firms is poor management.Businesses,whether large or small,have to perform in a number of diverse functions to operate successfully.An entrepreneur,because of the limited amount of resources (human and financial)at his or her disposal,faces a particularly difficult time. The business skills required by an entrepreneur (or some other member of the organization)can be broken down by function,as shown.
Q2) You can usually identify __________ by the fact that their companies grow by more than 30 percent annually.
A)Venture Capitalists
B)Freedom Fighters
C)Institutional Developers
D)Empire Builders
Answer: D
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Chapter 2: Marketing
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31 Verified Questions
31 Flashcards
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Sample Questions
Q1) How do new business ventures arise from casual observation? Provide an example. Answer: Often,ideas for a new product or service result from chance observation of daily living situations.This commonly occurs when people travel and observe product or service concepts being provided that are not yet available in the United States,Canada,or,perhaps,the person's local market area.Restaurant themes and concepts,such as Thai,Mexican,health food,and salads,typically are established in most cities only after they have proven successful somewhere else.Sporting trends,such as wakeboarding and rollerblading,and fashion colours and styles are also usually imported from outside the country.For this type of observation to yield results,you have to recognize the need for a new type of product or service offering and then work out some kind of solution.
Q2) The individual who designs and develops a business,and then sells the rights to operate that business to others is called:
A)A franchisor
B)A franchisee
C)A franchise
D)A franchiseship
Answer: A
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Chapter 3: Financing Your Business and Accounting Practices
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) What are some of the common complaints faced by the owners of home-based business from neighbours and others in the community?
Answer: Activities that may lead to complaints are posting a large sign on the front lawn; constant noise; a steady stream of customers,suppliers,or others in and out of your home; or the clutter of parked vehicles in your yard or on the street.
Q2) In the model for small business growth,the key issue in the inception stage is:
A)Obtaining customers
B)Increasing competition
C)Expansion into new products or markets
D)Finding growth opportunities
Answer: A
Q3) Which of the following promotional activities is weakest in terms of the ability to deliver a complicated message?
A)Advertising
B)Sales Promotion
C)Public Relations
D)Personal Selling
Answer: B
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Chapter 4: Legal Considerations
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48 Verified Questions
48 Flashcards
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Sample Questions
Q1) If a business's net sales are $20,000 while cost of goods sold totals $6,000,its gross margin is $14,000 or 70 percent of sales.
A)True
B)False
Q2) If a business's net sales are $200,000 while cost of goods sold totals $140,000,its gross margin is 60 percent of sales.
A)True
B)False
Q3) (p.129 (templates on Connect))A feasibility study will help you determine:
A)Whether your new business venture will be scrutinized by Revenue Canada.
B)Whether your prospective business venture will be feasible or not.
C)If you have to pay taxes on income earned by the business.
D)The way to get around government regulations which could impede your business.
Q4) What is the basic algebraic formula used to determine the break-even point?
Q5) What is the formula used to determine cash flow from investment activities?
Q6) If your sales level is less than the break-even point,your business will incur a profit.
A)True B)False
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Chapter 5: Business Plans
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) Many financial institutions will accept a(n)________ for use by early-stage businesses in applying for a bank loan.
A)Cash flow statement
B)Feasibility study
C)Independent executive summary
D)Summary business plan
Q2) Outline the key components of the mission statement.
Q3) A budget is generally included in the full business plan.
A)True
B)False
Q4) Under which section of the business plan is the profile of the principal target customers described?
A)Market Analysis
B)Marketing Plan
C)Development Plan
D)Production/Operations Plan
Q5) Contingency plans are not described in a business plan.
A)True
B)False
Q6) Outline the key components of the vision statement.
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Chapter 6: Cost and Profitability Assessment
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74 Flashcards
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Sample Questions
Q1) If your business is paid $15,000 for providing services to a client,but it cost you $6000 in supplies and equipment in order to provide that service,then you will be taxed on:
A)$15 000
B)$6000
C)$21 000
D)$9000
Q2) What makes a trademark valuable?
Q3) Describe the three broad approaches to managing risk.
Q4) A sole proprietorship regularly earning in excess of $40,000 to $50,000 of taxable income annually is not large enough to warrant incorporation.
A)True
B)False
Q5) Does a sole proprietorship need to register their business legally?
Q6) What is meant by "patent pending"?
Q7) The _____ structure of a co-op is maintained by a one-member/one- ______ system.
A)Private; share
B)Public; share
C)Democratic; vote
D)Autocratic; vote
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Chapter 7: Market Feasibility Study
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42 Flashcards
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Sample Questions
Q1) Under the Canada Small Business Financing Act,new and existing businesses with gross revenues _______ may be eligible to obtain term loans from chartered banks and have the loan partially guaranteed by the federal government.
A)Of less than $1 million
B)Of less than $5 million
C)In excess of $1 million
D)In excess of $5 million
Q2) Describe the profile of the typical angel investor.
Q3) Many Canadians believe that Ontarians pay the highest HST rates in Canada,however,which of the following provinces actually pay more than those living in the province of Ontario?
A)Saskatchewan
B)New Brunswick
C)British Columbia
D)Nova Scotia
Q4) It is estimated that between 75 and 85 percent of new startups use some form of bootstrapping to help finance themselves.
A)True
B)False
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Chapter 8: Exploring Business Ideas and Opportunities
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34 Verified Questions
34 Flashcards
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Sample Questions
Q1) Which of the following models is attractive to people just starting an online business?
A)An info-site
B)A brochure site
C)The eBay auction model
D)Sales letter e-commerce website
Q2) All of the following are included in the 5 P's of traditional marketing,except:
A)Person
B)Place
C)Pricing
D)Productivity
Q3) What elements should be included in your "elevator pitch"?
Q4) _________ is the art of communicating with your customers and prospects without selling.
A)Operational marketing
B)Instructional marketing
C)Content marketing
D)Traditional marketing
Q5) What are the four core principles identified in The Viral Video Manifesto?
Q6) Describe the eBay auction model.
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Chapter 9: Assessing Your Potential for an Entrepreneurial Career
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27 Flashcards
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Sample Questions
Q1) List a variety of ways for a salesperson to generate leads.
Q2) If,during a sales presentation,you do not know the answer to a question,it is okay to tell them this and promise to get back to them with the information.
A)True
B)False
Q3) All of the following should be covered in your sales presentation,except:
A)Provide a sample of your product to the client.
B)Poise your questions in a way that the customer will have to respond with other than a yes-or-no answer.
C)Be prepared by knowing your product/service inside and out.
D)Delay providing answers to questions so that you can schedule a follow-up meeting.
Q4) The marketplace is the first stage in the prospecting funnel. A)True B)False
Q5) You should never leave a sales presentation meeting without asking the prospective client when they will be making their decision.
A)True B)False
Page 11
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Chapter 10: Buying a Business
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28 Flashcards
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Sample Questions
Q1) When considering purchasing an existing business you should pay careful attention to the business's market penetration.What might increasing market share indicate? Decreasing market share?
Q2) When purchasing an existing business,it is generally advised that you replace all of the key personnel with people who are loyal to you,and whom you trust.
A)True
B)False
Q3) What is the rule-of-thumb for evaluating businesses with few tangible assets?
Q4) How can you prepare for the running of a family business?
Q5) The legal aspects of doing business are becoming increasingly more complex and the use of a lawyer is practically a fact of business life.
A)True
B)False
Q6) Acquisition candidates may include present or potential competitors of your current employer,suppliers,customers,and perhaps even your present employer.
A)True
B)False
Q7) What makes a family business so challenging?
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Chapter 11: Sales
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34 Verified Questions
34 Flashcards
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Sample Questions
Q1) Franchisees have minimal obligations and are never subject to inspection or supervision.
A)True
B)False
Q2) All of the following are advantages of franchising your business,except:
A)Since franchisees use their own capital you have no investment at the unit level so you can leverage the assets of these franchisees.
B)Because you have a smaller investment in the overall business,your ROI should be significantly higher.
C)Establishing franchises can enable you to grow much faster without increasing your investment or adding more employees.
D)Franchisees are less motivated since they think everything will be controlled by the owner.
Q3) All of the following are examples of a product distribution arrangement,except:
A)Coke
B)Pepsi
C)BMW
D)McDonalds
Q4) What are some of the obligations imposed on the franchisee?
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