AFM 132 PRACTICE MIDTERM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
GRADED A++
Which of the following is not a reason to become an entrepreneur
Be your own boss and be successful with minimal effort
Flexible schedule
Define your own success
Willingness to improve the world through innovating or investing (or both)
All of the above are true
John is looking to buy an established business. Which of these is not a question
he should ask himself before buying it?
a) Why is it up for sale?
b) How much should I be paying?
c) Will I have a lot of control over the business?
d) None of the above
c) Will I have a lot of control over the business?
All of these are good reasons to become an entrepreneur, except...
a) Wanting to define one's own success
b) Desiring a flexible schedule
c) Being one's own boss
d) Wanting a stable income
,d) Wanting a stable income
True or false: Intrapreneurship is entrepreneurial activity within a company.
True
Which of these is a trait of an entrepreneur?
a) A fixed mindset
b) Overconfidence
c) Being okay with uncertainty
d) Lacking non-material motivations
c) Being okay with uncertainty
True or false: There are universal rules that define ethics.
False
True or false: You have significant control over your franchise as a franchisee.
False
What does "triple bottom line reporting" measure?
a) Reusability, Resourcefulness, Revenue
b) Investments, Cash, Resources
c) Advantages, Assets, Ambitions
d) People, Profits, Planet
d) People, Profits, Planet
True or False: If Emily owns a lemon-farming business, being sure to plant
lemons in a sustainable manner would be an example of corporate philanthropy.
False
,Which of these statements about whistleblowers is false?
a) A whistleblower is someone who steps up to report illegal or unethical
behavior.
b) Whistleblowers are always protected by their workplaces
c) Whistleblowers are sometimes afforded legal protection under the law
b) Whistleblowers are always protected by their workplaces
Fair trade is defined as...
a) Selling your product at the same price to different countries
b) Ensuring that suppliers, usually in developing countries, are being paid fairly
c) Ensuring that shareholders, usually in developed countries, are being paid
dividends
d) Not trying to avoid taxes
b) Ensuring that suppliers, usually in developing countries, are being paid fairly
Which of these is not one of Porter's 5 Forces?
a) Bargaining power of suppliers
b) Threat of new governments
c) Bargaining power of employees
d) b) and c)
d) b) and c)
Which of these is a limitation of Porter's 5 Forces model?
a) Focuses too little on current power and present
b) Does not deal with technological changes
, c) Provides little comprehension about competitive environment
d) Only useful for new companies
b) Does not deal with technological changes
Inflation is:
a) an increase in the purchasing power of money
b) a decrease in the quality of goods and services
c) an increase in the prices of goods and services not offset by increases in the
quality of those goods and
services
d) a measure of the money supply
c) an increase in the prices of goods and services not offset by increases in the quality
of those goods and
services
True or False: In a SWOT analysis, Strengths and Weaknesses measure internal
factors.
True
Which of these is matched incorrectly?
a) Municipal; healthcare
b) Federal; national defense
c) Municipal; transportation
d) Provincial; employment standards
a) Municipal; healthcare
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
GRADED A++
Which of the following is not a reason to become an entrepreneur
Be your own boss and be successful with minimal effort
Flexible schedule
Define your own success
Willingness to improve the world through innovating or investing (or both)
All of the above are true
John is looking to buy an established business. Which of these is not a question
he should ask himself before buying it?
a) Why is it up for sale?
b) How much should I be paying?
c) Will I have a lot of control over the business?
d) None of the above
c) Will I have a lot of control over the business?
All of these are good reasons to become an entrepreneur, except...
a) Wanting to define one's own success
b) Desiring a flexible schedule
c) Being one's own boss
d) Wanting a stable income
,d) Wanting a stable income
True or false: Intrapreneurship is entrepreneurial activity within a company.
True
Which of these is a trait of an entrepreneur?
a) A fixed mindset
b) Overconfidence
c) Being okay with uncertainty
d) Lacking non-material motivations
c) Being okay with uncertainty
True or false: There are universal rules that define ethics.
False
True or false: You have significant control over your franchise as a franchisee.
False
What does "triple bottom line reporting" measure?
a) Reusability, Resourcefulness, Revenue
b) Investments, Cash, Resources
c) Advantages, Assets, Ambitions
d) People, Profits, Planet
d) People, Profits, Planet
True or False: If Emily owns a lemon-farming business, being sure to plant
lemons in a sustainable manner would be an example of corporate philanthropy.
False
,Which of these statements about whistleblowers is false?
a) A whistleblower is someone who steps up to report illegal or unethical
behavior.
b) Whistleblowers are always protected by their workplaces
c) Whistleblowers are sometimes afforded legal protection under the law
b) Whistleblowers are always protected by their workplaces
Fair trade is defined as...
a) Selling your product at the same price to different countries
b) Ensuring that suppliers, usually in developing countries, are being paid fairly
c) Ensuring that shareholders, usually in developed countries, are being paid
dividends
d) Not trying to avoid taxes
b) Ensuring that suppliers, usually in developing countries, are being paid fairly
Which of these is not one of Porter's 5 Forces?
a) Bargaining power of suppliers
b) Threat of new governments
c) Bargaining power of employees
d) b) and c)
d) b) and c)
Which of these is a limitation of Porter's 5 Forces model?
a) Focuses too little on current power and present
b) Does not deal with technological changes
, c) Provides little comprehension about competitive environment
d) Only useful for new companies
b) Does not deal with technological changes
Inflation is:
a) an increase in the purchasing power of money
b) a decrease in the quality of goods and services
c) an increase in the prices of goods and services not offset by increases in the
quality of those goods and
services
d) a measure of the money supply
c) an increase in the prices of goods and services not offset by increases in the quality
of those goods and
services
True or False: In a SWOT analysis, Strengths and Weaknesses measure internal
factors.
True
Which of these is matched incorrectly?
a) Municipal; healthcare
b) Federal; national defense
c) Municipal; transportation
d) Provincial; employment standards
a) Municipal; healthcare
