Deck 1: Whats Entrepreneurship About Do You Want to Start Your Own Business

Question 1

Government and society can help business.

Answer 1

True

Question 2

What is the modern textbook role of business and its managers?

A)The role of business is to make profits for shareholders. The role of managers is to maximize profits.
B)The role of business is to make products. The role of managers is to select products that will maximize profits.
C)The role of business is to create value for stakeholders, who are affected by the business and can affect firm performance. The role of managers is to integrate market and nonmarket environmental strategies ethically to create value for stakeholders.
D)The role of business is to create jobs. The role of managers is to select the best employees.
E)None of these are correct.

Answer 2

C

Question 3

A/n ________ guides a firm's interactions with its stakeholders to achieve the firm's objectives.

A)diversification
B)environment
C)product
D)public sentiment
E)strategy

Answer 3

E

Question 4

What is the primary objective of integrating market and nonmarket strategies?

A)To create business opportunities that require integrated strategies to guide firm interactions.
B)To influence the nonmarket structure so that they can compete effectively in the market environment.
C)To compete for customers with the help of suppliers to make a profit.
D)None of these are correct.
E)All of these are correct.

Question 5

_______ is the moral standard of right and wrong that influences behavior.

A)Environments
B)Management
C)Moral dilemma
D)Ethics
E)Strategies

Question 6

Which of the following is true of amoral managers?

A)Their values are based on the Judeo-Christian faith.
B)They have strong ethics and apply those ethics to their business.
C)They want to be socially responsible.
D)They want to maximize profits but with a strong sense of ethics.
E)They do not believe ethics applies to business.

Question 7

Which of the following are stakeholders in a business as identified by the textbook?

A)Owners
B)Employees
C)Politicians
D)Distributors
E)Consumers who don't buy a company's product

Question 8

What would be considered as nonmarket society environment elements?

A)Societal interest groups
B)Employees
C)News media
D)Managers
E)Communities

Question 9

Select categories of the nonmarket government environment.

A)Owners
B)Political environment
C)Suppliers
D)Legal environment
E)Other companies

Question 10

Which of the following branches of government does the legislative branch include?

A)The President's office
B)The Supreme Court
C)The Senate
D)The House of Representatives
E)Regulatory agencies.

Question 11

To be successful, what must businesses do?

A)Take advantage of market opportunities.
B)Make a business plan but not strategies to implement it.
C)Avoid threats created by the nonmarket environment.
D)Pay little attention to the nonmarket environment.
E)Ignore competition.

Question 12

Which of the following is/are included in the applied ethical approach?

A)Morality
B)Ethics
C)Strategies
D)Honesty
E)Integrity

Question 13

Define a small business. What are some of the characteristics?

Question 14

Why do different entities such as the Small Business Administration and the European Union have different definitions?

Question 15

What are four advantages of entrepreneurship?

Question 16

What are at least four characteristics that contribute to successful entrepreneurship?

Question 17

Distinguish between entrepreneurs and professionals such as sales professionals or managers.

Question 18

________ is the general term used for people who have a stake or special interest in business activities because they are affected by business decisions or can affect business performance.

A)Shareholders
B)Managers
C)Attorneys
D)Stakeholders
E)Employees

Question 19

Which statement about the environment and balance of power is not correct?

A)The political environment includes the government legislative, executive, and judicial branches.
B)The power of the president is checked by Congress as it must approve his or her cabinet, judicial appointees, and budget.
C)Congress has power over regulators.
D)The power of Congress is checked by the president, as he or she can veto its bills.
E)The courts can change the laws and regulations made by Congress and executive-branch regulators.

Question 20

Which of the following would include the natural environment of business?

A)A software company offering free software to anybody who subscribes to its service.
B)A company who is concerned with the success of its products in Malaysia.
C)A company concerned with the legal implications of electronic file sharing in foreign countries.
D)A car company voluntarily painting its cars with environmentally friendly paint.
E)McDonald's serving only sandwiches and burgers without beef.

Question 21

Special interest groups can affect business negatively as well as positively.

Question 22

Sometimes competitors help each other.

Question 23

Unions are for-profit governmental organizations that represent the interests of their members and workers.

Question 24

The nonmarket government environment includes the political environment as well as the legal environment.

Question 25

The executive branch of government has far more power than either the legislative or the judicial branches.

Question 26

Internet businesses like eBay and Amazon have revolutionized the way consumers shop.

Question 27

DropBox technology cannot be used on smart phones.

Question 28

Few large American businesses compete globally.

Question 29

Business has a responsibility to be ethical with its stakeholders.

Question 30

Nonmarket strategies are more significant to some industries and businesses than others.

Question 31

Managers need not concern themselves about the interrelationships between the market and nonmarket environments.

Question 32

Which definition of business, society and government is not correct?

A)A business is a firm that sells a product for a profit.
B)Society includes interest groups and the communities affected by business.
C)Government includes the executive, legislative, and judicial branches at the local, state, federal, and international levels.
D)None of these statements are correct.
E)All of these statements are correct.

Question 33

________ is the belief that we are owed something just because we are a member of society or a particular group in that society.

A)Social problem recognition
B)Entitlement mentality
C)Swollen expectations
D)Victimization

Question 34

Which statement about the market and nonmarket is not correct?

A)The market environment includes owners, employees, suppliers, customers, and competitors.
B)The nonmarket environment includes interactions with society and government.
C)The nonmarket environment structures (laws and regulations) how business operates in the market environment and the positions of firms in the market, and it creates opportunities for and threats to business.
D)The market environment creates issues of special interest that are addressed in the nonmarket environment.
E)All these statements are correct.

Question 35

MADD, PETA, and AARP are all considered ________.

A)news media
B)regulators
C)special interest groups
D)taxing entities
E)None of the above

Question 36

Which statement about the nonmarket is not correct?

A)The nonmarket society environment includes societal interest groups and suppliers.
B)The nonmarket government environment includes the executive, legislative, and judicial branches.
C)Social interest group activists pressure business to meet their special interest.
D)The government creates and enforces the laws, rules, and regulations that firms must abide by when conducting business in the market environment.
E)All of these are correct.

Question 37

Discuss why it is important to study entrepreneurship.