1) Canada Inc. wants to do business is Brazil, however doesn't have any experience in that market. Canada Inc. forms a relationship with a company called Brazil Inc. to help them sell their specialty product in that new market. This relationship can be considered:

a. International Venture

b. Merger

c. Global Conglomerate

d. Joint Venture

2) Ralph Braun could only attend college for one year because he could not get around in his wheelchair. Within four months he built his first scooter, then moved on to creating a ramp for his van. Each time, he would receive request to build for others. Ralph showed the following entrepreneurial characteristic:

a. Perseverance

b. Slow moving

c. Need to succeed

d. Internal locus of control

3) Devon and Keith formed a partnership to start and start and operate a McDonald's franchise. Two years later, Keith left the partnership and franchise.Unbeknownst to Devon and the McDonald's franchisor, Keith had charged numerous expenses to their partnership account. These expenses totalled tens of thousands of dollars worth of debt for the partnership.

What option do Devon and the McDonald's franchisor have in this situation?

a. Both Devon and the McDonald's franchisor have nothing to worry because, according to law, debtors are responsible for their own debts.

b. Business creditors will expect full payment from Devon only, but not the McDonald's franchisor.

c. Business creditors can only pursue Keith since his signature is on debt contracts. The McDonald's franchisor is clear of any debt obligations signed by Keith.

d. Business creditors would expect Devon to pay at least half the debt since he owns 50 percent of the business through the partnership agreement. They would not expect payment from the McDonald's franchisor, since they didn't benefit from the debt that Keith had obligated the partnership.

4) Clara has been in business for 6 months. She has just discovered that sales drop rapidly in the winter months due to the high number of retirees in her area who fly south during that time. She has no savings or contingency plan to pay her rent during this time. Her landlord is threatening to evict her. This situation:

a)is not Clara's fault as no one told her about seasonality of sales

b)is unfair and the landlord should not charge rent due to the low sales

c)could not have been foreseen

d)could have been identified with adequate research and financial planning

5) A business plan is:

a)necessary when a small business is seeking financing

b)gives the organization a sense of purpose

c)identifies the small business' mission and goals

d)all of the listed answers are correct

6) An executive summary outlines:

a)the backgrounds of the executives of the company

b)answers who, what where, when, why and how questions for the business

c)is usually added to the last section of the business plan

d)is the longest section of the business plan

7) When deciding to become an entrepreneur many work their full-time job and then spend evenings and weekends launching their business. This shows the following entrepreneurial characteristic:

a)Determination

b)Enthusiasm

c)High energy level

d)Laziness

8)Company ABC is trying to reduce its labour costs. As such, they are considering:

a)physical distribution

b)a private enterprise system

c)a breakeven analysis

d)outsourcing

e)benchmarking

9) Twenty-five years ago, Asafumi Yamashita arrived in Paris. Learning that there was a need for Japanese vegetables, Yamashita invested $500 ("seed capital") to purchase seeds of specialty varieties of Japanese vegetables. He strategically grew his pioneering business of growing hard-to-find Japanese vegetables from his backyard garden and supplied them to exclusive Japanese restaurants in Paris.Realizing that his backyard would restrict yield of produce grown, Yamashita focused on producing high-quality produce.

Today, Yamashita still works alone to supply his highly-sought after Japanese vegetables to seven exclusive Michelin-Star chefs at prices that are four times higher than those of competiting farmers.

What describes Yamashita's contributions to France' economy?

a)Job creation

b)Contribution of income taxes

c)Innovation to product quality

d)Focus on meeting customers' needs and preferences

10) Gus runs his own computer repair shop. He will likely see an increase in business (and revenue) under which condition?

a)The price of Internet services has increased by a lot, during Covid times.

b)People have seen a rise in their incomes.

c)A Best Buy/Geek Squad store has opened in a location 5 kilometers away.

d)Tuition for online education has reduced significantly.

11)Based on the kind of economy in our globalized world, the business ownership rate would be highest in which country?

a)Peru

b)Japan

c)Germany

d)Italy