Question 1

Decisions that are not Strategic Decisions can be classified as:
A) long-term decisions.
B) administrative decisions.
C) positioning decisions
D) high-risk decisions.

Accepted Answer

Administrative decisions refer to routine and operational decisions that are necessary for the day-to-day functioning of an organization. These decisions do not have a long-term impact on the organization and are not considered strategic decisions. Therefore, option B is the correct choice. Long-term decisions, positioning decisions, and high-risk decisions can all be strategic decisions depending on their impact on the organization.

Question 2

Writing is a two-way communication process.

Accepted Answer

Writing is primarily a one-way communication process where the writer conveys information to the reader without immediate feedback.

Question 3

10 It is possible to have a strategic alliance with a direct competitor.

Accepted Answer

It is possible to form a strategic alliance with a direct competitor if the partnership benefits both parties and leads to increased profits or market share for each. An example of this could be two companies collaborating on a research and development project or sharing distribution channels in a specific market.

Question 4

The absence of, or control over disease process refers to:
A) health.
B) fitness.
C) well-being.
D) none of the above.

Accepted Answer

The absence of, or control over disease process is a key aspect of health, which is defined by the World Health Organization as "a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity." Fitness refers to physical capacity and well-being is a broader term encompassing physical, mental, and social well-being beyond the absence of disease.

Question 5

Research indicates that physically fit entrepreneurs are more likely to achieve their business and personal goals.

Accepted Answer

Studies have shown that physical fitness can lead to improved cognitive performance, better stress management, increased creativity, and higher levels of energy and motivation. All of these benefits can contribute to an entrepreneur's ability to achieve their business and personal goals.

Question 6

As companies get larger, the concerns of the entrepreneur tend to become more:
A) strategic.
B) long-term
C) proactive
D) all of the above.

Accepted Answer

As companies get larger, the entrepreneur's concerns tend to become more strategic, focusing on how to maximize profits, expand market share, and maintain a competitive edge. Long-term planning becomes increasingly important as the company's reach expands beyond its original customer base. Proactive measures are needed to address potential threats and risks, and to capitalize on emerging opportunities. Therefore, all of the above options are correct.

Question 7

Using your intuition is more likely to gain employee support than using evidence- based decision making.

Accepted Answer

Evidence-based decision making uses data and facts to support decisions, which can lead to more objective and transparent decision making. This approach can increase employee trust and support, compared to solely relying on intuition or personal opinions.

Question 8

It is impossible to plan for an unpredicted crisis.

Accepted Answer

While it is impossible to predict when a crisis will occur, it is possible to have contingency plans and risk management strategies in place to prepare for a range of potential crises. Effective crisis management involves anticipating potential risks and taking proactive steps to mitigate their impact, rather than simply reacting when a crisis does occur.

Question 9

Generally, a website should get the action you want from a customer by using:
A) command verbs.
B) polite requests.
C) bright colours.
D) a variety of styles.

Accepted Answer

Command verbs are direct and clear, which can effectively prompt a customer to take action on a website. Examples of command verbs include "buy now", "sign up", or "add to cart". Polite requests or bright colours may not be as effective in getting a customer to take action. Variety of styles may confuse the customer and make the website less user-friendly.

Question 10

When making a formal presentation, the speaker should avoid eye contact with audience members.

Accepted Answer

The speaker should make eye contact with the audience members during a formal presentation to engage them and establish connection.

Question 11

The single biggest influence on the economy of Canada is:
A) world money markets.
B) the manufacturing sector.
C) the housing market.
D) the economy of the United States.

Accepted Answer

The economy of the United States is the single biggest influence on the economy of Canada. This is because the majority of Canada's trade is with the United States, and changes in the US economy can have a significant impact on Canada's economy. For example, if the US economy experiences a downturn, it can lead to decreased demand for Canadian goods and may result in job losses in Canada. On the other hand, if the US economy is strong, it can lead to increased trade and investments in Canada, which can boost the economy.

Question 12

"Microfinance" refers to government grants to very small firms.

Accepted Answer

Microfinance refers to small loans provided to low-income individuals or groups who lack access to traditional banking services. It is typically provided by non-profit organizations or specialized microfinance institutions, rather than through government grants.

Question 13

Small business research journals are intended to be read by entrepreneurs.

Accepted Answer

The answer of Small business research journals are intended to...

Question 14

Software that helps an entrepreneur compile an email mailing list is called:
A) an email extractor.
B) a list compiler.
C) a B2B targeter.
D) a B2C compiler.

Accepted Answer

An email extractor is a software that helps in extracting email addresses from various sources like websites, social media, and directories, and compiling them into a mailing list.

Question 15

A person who owned a single business for 20 years would still be classified as a "novice" entrepreneur.

Accepted Answer

The answer of A person who owned a single business...

Question 16

Which of the following is not part of Active Listening?
A) using body language.
B) attending to the speaker.
C) asking for clarification
D) summarizing.

Accepted Answer

Using body language is not exclusive to active listening; it's a broader communication skill. Active listening specifically involves focusing on the speaker, asking for clarification, and summarizing to ensure understanding.

Question 17

CIDA is an acronym for:
A) Canadian Investment Dealers Association.
B) Customs Import Duty Authority.
C) Canadian International Development Agency.
D) Co-operative Insurance Default Act.

Accepted Answer

CIDA stands for Canadian International Development Agency which was the federal government agency responsible for administering most of Canada's official development assistance to developing countries. The agency was dissolved in 2013 and its functions were merged into Global Affairs Canada. Option A is incorrect as Canadian Investment Dealers Association refers to an organization of securities dealers who are registered to carry out business in Canada. Option B is incorrect as Customs Import Duty Authority refers to an authority that is responsible for imposing tariffs, taxes, and duties on imported goods to protect domestic industries and raise revenue. Option D is incorrect as Co-operative Insurance Default Act does not exist.

Question 18

Industry associations are examples of mutual benefit societies.

Accepted Answer

Industry associations are formed by individuals or companies belonging to the same industry for mutual benefit, such as sharing knowledge and expertise, promoting common interests, and improving industry standards. This makes them a prime example of mutual benefit societies.

Question 19

The main government web portal for Canadian entrepreneurs is:
A) The Small Business Administration.
B) Canadian Entrepreneur.
C) Canada Business.
D) INC.gov.

Accepted Answer

The main government web portal for Canadian entrepreneurs is Canada Business, as it provides information and resources for starting, managing, and growing a business in Canada. The Small Business Administration and INC.gov are both government websites for entrepreneurs, but they are specific to the United States, not Canada. There is no website called Canadian Entrepreneur.

Question 20

A "coaching" management style depends largely on:
A) positive reinforcement.
B) negative reinforcement.
C) clear warnings.
D) team building.

Accepted Answer

A coaching management style relies heavily on positive reinforcement, encouragement, and guidance to help employees improve their skills and performance. Negative reinforcement and clear warnings are less commonly used in this approach, as the focus is on building up employees' strengths rather than calling out their weaknesses. Additionally, team building is often an important part of coaching management, as it fosters collaboration and mutual support among employees.

Quiz 11: Managing for Efficiency: How Can I Reduce My Costs and Expenses

Decisions that are not Strategic Decisions can be classified as:

Writing is a two-way communication process.

10 It is possible to have a strategic alliance with a direct competitor.

The absence of, or control over disease process refers to:

Research indicates that physically fit entrepreneurs are more likely to achieve their business and personal goals.

As companies get larger, the concerns of the entrepreneur tend to become more:

Using your intuition is more likely to gain employee support than using evidence- based decision making.

It is impossible to plan for an unpredicted crisis.

Generally, a website should get the action you want from a customer by using:

When making a formal presentation, the speaker should avoid eye contact with audience members.

The single biggest influence on the economy of Canada is:

"Microfinance" refers to government grants to very small firms.

Small business research journals are intended to be read by entrepreneurs.

Software that helps an entrepreneur compile an email mailing list is called:

A person who owned a single business for 20 years would still be classified as a "novice" entrepreneur.

Which of the following is not part of Active Listening?

CIDA is an acronym for:

Industry associations are examples of mutual benefit societies.

The main government web portal for Canadian entrepreneurs is:

A "coaching" management style depends largely on: