Business 101
Final Test Solutions
Course Introduction
Business 101 provides students with a foundational understanding of the principles and practices of business in todays global environment. The course covers essential topics such as organizational structures, management strategies, marketing, finance, entrepreneurship, and business ethics. Through lectures, case studies, and group projects, students will develop critical thinking and problem-solving skills while gaining insights into the functions and operations of businesses. This introductory course is designed for students of all disciplines who seek a broad overview of how businesses operate and interact within the wider economy.
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BUSN 9th Edition by Marcella Kelly
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Page 2
Chapter 1: Business
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Q1) Identify a true statement about nonprofit organizations.
A)They are usually in the business of financial gain.
B)They employ people and take in revenue.
C)They do not produce goods and services.
D)They are not business-like establishments.
Answer: B
Q2) Too much taxation, an overuse of regulation, and limited choices in the broader business environment are likely to result in:
A)a decrease in entrepreneurial activities.
B)an increase in the level of personal freedom.
C)an increase in global trade.
D)a social crisis.
Answer: A
Q3) Legislation that supports enforceable contracts usually forms part of an organization's _____ environment.
A)competitive
B)cultural
C)economic
D)social
Answer: C
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Chapter 2: Economics: The Framework for Business
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Q1) The discount rate is the interest rate the Fed charges on its loans to commercial banks.
A)True
B)False
Answer: True
Q2) Macroeconomics focuses on:
A)the major issues facing the national economy that do not affect individuals.
B)the smaller economic units such as individual consumers and individual businesses operatingwithin an economy.
C)the major issues facing the national economy that may seem abstract but directly affect an individual's day-to-day life.
D)the economics of private companies.
Answer: C
Q3) _________ is a period of robust economic growth and high employment.
A)Expansion
B)Recovery
C)Disinflation
D)Contraction
Answer: A
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Page 4
Chapter 3: The World Marketplace: Business Without Borders
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Q1) International trade helps even out some of the resource imbalances among nations.
A)True
B)False Answer: True
Q2) Identify a true statement about balance of payments.
A)Balance of payments includes foreign borrowing and lending.
B)Balance of payments surplus indicates more money flowing out than in.
C)Balance of payments excludes overseas investments.
D)Balance of payments deficit indicates more money flowing in than out.
Answer: A
Q3) Who among the following is most likely to benefit in a case where there is a weak dollar against a euro?
A)John, an American who exports goods to Europe
B)Nierin Corp., an American firm that imports goods from Europe
C)Joinieker Inc., an American firm with European operations
D)Elise, an American who is touring Europe
Answer: A
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Page 5
Chapter 4: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Q1) Janet reasons, "It is wrong to lie. However, it is okay to overstate my expense account on my recent trip because I really need the money, and my company has not given me a raise in the past year." This statement is an example of an employee who is applying _____ to fit the situation at hand
A)the universal code of ethics
B)relative ethical standards
C)moral absolutism
D)the divine command theory
Q2) Define and explain ethics and social responsibility.
Q3) A clothing company, Patagonia, Inc., pledges one percent of its annual revenue to environmental causes around the world.Founders of the company believe they have an obligation to contribute to the world.This is an example of _____.
A)social responsibility
B)ethical relativity
C)moral absolutism
D)green washing
Q4) How do businesses around the globe monitor ethics and social responsibility?
Q5) Define and describe social responsibility.
Q6) Explain how globalization impacts social responsibility.
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Chapter 5: Business Communication: Creating and Delivering Messages that Matter
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Q1) Communication must be static rather than dynamic.
A)True
B)False
Q2) Which of the following communication channels should be ideally be used when the content is uncontroversial and a quick response regarding relatively simple issues is required?
A)Telephone conversation
B)Texting
C)Videoconferencing
D)Face-to-face meeting
Q3) Chen has decided to supplement his job application to the Wendell Corporation with a cover letter to the Senior Manager of Human Resources. However, he knows neither the name nor the gender of the Senior Manager. Which of the following is the best way to address the recipient without displaying gender bias?
A)"Dear Sir/Madam"
B)"To Whom It May Concern"
C)"Dear Senior Manager of Human Resources"
D)"Hi!"
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Chapter 6: Business Formation: Choosing the Form that Fits
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Q1) The locals residing near a small chemical factory file a complaint against it for polluting the environment. The owner of the factory learns that if he loses the case, his personal possessions might also be confiscated.Which of the following types of ownership is the factory functioning under?
A)Limited liability company
B)Corporation
C)Partnership
D)Sole proprietorship
Q2) Which of the following aspects of a limited partnership differentiates general partners from limited partners?
A)Duration of the partnership in a company
B)Sharing of profits of a company
C)Financial contribution to a company
D)Participation in management of a company
Q3) It is possible to establish a corporation by a simple verbal agreement.
A)True
B)False
Q4) Identify and explain two advantages and two disadvantages of sole proprietorships.
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8
Chapter 7: Small Business and Entrepreneurship: Economic Rocket
Fuel
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Q1) Loren LLC is a small bicycle store that competes effectively with much larger companies since it focuses exclusively on selling bicycles for senior citizens and orthopedic patients. The company has been successful since it has:
A)exploited a small but profitable market niche.
B)worked to undercut larger competitors.
C)attracted the best talent in the bicycle market.
D)acquired a patent for these bicycles.
Q2) The nation of Rhodasia has the lowest entrepreneurship rate globally. A new government headed by Prime Minister Arnold Wenger aims to make the country's business environment more supportive toward burgeoning entrepreneurs. Which of the following measures should be taken to increase the entrepreneurship rate in Rhodasia?
A)Increasing unemployment insurance available to employees
B)Eliminating complex regulations placed on businesses
C)Mandating that all businesses must provide employee healthcare
D)Initiating employment protection laws
Q3) Identify the core questions a business plan should address.
Q4) What three factors explain the wide differences in entrepreneurship rates among countries?
Q5) Describe two basic qualities that define successful entrepreneurs.
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Chapter 8: Accounting: Decision Making by the Numbers
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Q1) Which of the following is a difference between financial accounting and managerial accounting?
A)Financial accounting is designed to meet the needs of company managers, whereas managerial accounting provides stockholders with information about the overall financial performance of a firm.
B)Financial accounting provides accounting information exclusively to government agencies, whereas managerial accounting is designed to specially meet the needs of suppliers and creditors.
C)Financial accounting provides stockholders with information about the overall financial performance of a firm, whereas managerial accounting is designed to meet the needs of company managers.
D)Financial accounting provides company accounting information for public consumption, whereas managerial accounting provides stockholders with information about the overall financial performance of a firm.
Q2) Which of the following statements is true of activity-based costing?
A)It determines the direct cost per unit of production.
B)It is more complex than the direct labor method.
C)It involves a three-stage process.
D)It assigns costs based on the "one size fits all" rule.
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Page 10
Chapter 9: Finance: Acquiring and Using Funds to Maximize
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Q1) A large, well-established company with an impeccable financial record considers borrowing money to meet its short-term financing needs. The company hopes to borrow money using _________ since this form of financing typically carries a lower interest rate than that than commercial banks charge on short-term loans.
A)corporate bonds
B)factoring
C)commercial paper
D)trade credit
Q2) _____ are very safe and highly liquid assets that firms list with their cash holdings on their balance sheet.
A)Intangible assets
B)Marketable derivatives
C)Cash equivalents
D)Cash certificates
Q3) A marketable security is a cash equivalent unlike _____.
A)a treasury bill
B)trade credit
C)a money market mutual fund
D)commercial paper
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Chapter 10: Financial Markets: Allocating Financial Resources
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Q1) Which of the following was a major outcome of the Banking Act of 1933?
A)It established the Federal Reserve as the central bank in the U.S.
B)It banned commercial banks from competing with non-depository institutions.
C)It prohibited fraud in the sale of newly issued stocks and bonds.
D)It created the Securities and Exchange Commission to oversee the securities industry.
Q2) The Securities Act of 1933 created the Federal Reserve System to serve as the central bank in the United States.
A)True
B)False
Q3) Discuss how the government regulates securities markets.
Q4) A drawback of actively managed funds is:
A)that mutual funds that are not specialized do not offer enough diversification.
B)that significant tax consequences occur when there is a lot of trading.
C)the difficulty in redeeming shares from the fund.
D)the uncertainty of recovering at least a portion of the initial investment.
Q5) How does an investor typically track the performance of specific stocks?
Q6) List any two depository and nondepository institutions and describe their differences.
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Chapter 11: Marketing: Building Profitable Customer
Connections
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Q1) Granite Inc.is areputablecompany that has contributed a lot toward the social welfare of the public.Granite has improved working conditions in its overseas factories and has cut its waste emissions by half. To highlight these achievements, the company can publish a(n):
A)green marketing audit report.
B)corporate responsibility report.
C)annual financial report.
D)market research report.
Q2) Jim works in the marketing department of a smartphone manufacturing firm. He is currently working on new package design ideas for the company's latest range of smartphones. In the context of the company's marketing mix,Jim's ideas contribute to the _____.
A)pricing strategy
B)distributionstrategy
C)productstrategy
D)promotionstrategy
Q3) Define and describe the differences between the customer behavior of consumer buyers and that of business buyers.
Q4) Define consumer market segmentation and describe the four types of segments.
Page 13
Q5) In the context of the evolution of marketing, explain the marketing era.
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Q1) Cannibalization occurs when a producer offers a new product that takes sales away from its existing products.
A)True
B)False
Q2) In the growth stage of the product life cycle, competition:
A)is virtually nonexistent.
B)begins as firms introduce their own versions of the product.
C)becomes well-established, with many weaker firms already leaving the market.
D)spurs major price cuts that dramatically cut into profits.
Q3) In the context of product layers, at the most fundamental level, consumers buy a _________ that satisfies their needs.
A)core benefit
B)implicit benefit
C)pure product
D)augmented product
Q4) Explain public relations and personal selling.
Q5) The two key aspects of product quality are level and value.
A)True
B)False
Q6) Define and describe the three types of Internet advertising. Page 14
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Page 15
Chapter 13: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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Q1) A(n)_________ takes legal possession of the goods to be distributed.
A)broker
B)agent
C)merchant wholesaler
D)store retailer
Q2) Which of the following are the elements of the distribution strategy?
A)Recruitment and performance appraisals
B)Channels of distribution and physical distribution
C)Pricing strategy and credit standards
D)Normal distribution and probability distribution
Q3) Joanne works in the marketing department of a toy manufacturing company. Her company offers discounts for soft toys but sells electronic toys at a price higher than that of its competitors. In this scenario, Joanne's company is adopting the strategy of:
A)everyday-low pricing.
B)high/low pricing.
C)penetration pricing.
D)skimming pricing.
Q4) Describe the difference between penetration pricing and skimming pricing. Give an example of each to illustrate your answer.
Page 16
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Chapter 14: Management, Motivation and Leadership: Bringing Business to Life
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Q1) Frank is a U.S. Marine platoon sergeant. Hisjob is to manage and supervise the commanding officer of his platoon who will, in turn, lead the unitthat engages directly with the enemy during war. Given this information, which of the following is true of Frank's role according to the management hierarchy?
A)Frank is a first-line manager.
B)Frank is a middle-level manager.
C)Frank is a top manager.
D)Frank is a temporary manager.
Q2) ______ assume that employees dislike work, prefer to be directed rather than use their own initiative, and that motivation is best accomplished by threats and coercion.
A)Middle managers
B)First-line managers
C)Theory Y managers
D)Theory X managers
Q3) The _________ refers to the number of people a manager supervises.
A)span of control
B)strategic model
C)organization chart
D)degree of centralization
Page 17
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Chapter 15: Human Resources Management: Building a Top Quality Workforce
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Q1) Which of the following is most likely to be true if a company adopts external recruitment methods?
A)The external recruitment methods will boost the morale of the current employees.
B)The external recruitment methods will lower the costs of both recruitment and training.
C)The external recruitment methods will tap into a range of different resources.
D)The external recruitment methods will lead to a lack of diversity in the long run.
Q2) _____ refer to the pay that employees receive over a fixed period, most often weekly or monthly.
A)Commissions
B)Salaries
C)Wages
D)Bonuses
Q3) Explain how employers evaluate workers' performance. Describe some of the potential appraisal goofs that can arise during this process.
Q4) Compare the advantages and disadvantages of internal and external recruitment methods.
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Chapter 16: Managing Information and Technology: Finding
New Ways to Learn and Link
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Q1) A _________ is a request for the database management software to search a database for data that match criteria specified by a user.
A)cybermediary
B)spyware
C)query
D)worm
Q2) _________ give managers access to large amounts of data and the processing power to convert the data into high-quality information quickly and efficiently.
A)Decision support systems
B)Extranets
C)Intranets
D)System software
Q3) Data become _____ when they are processed, organized, and presented in a way that makes them useful to a decision maker in a company.
A)knowledge
B)values
C)information
D)metadata
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Chapter 17: Operations Management: Putting It All Together
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Q1) Identify and describe key factors operations managers consider when choosing a location for a business facility.
Q2) Which of the following is a characteristic of Six Sigma?
A)It exercises tight control on inventories of goods.
B)It aims to reduce defects to no more than 3.4 per million opportunities.
C)It focuses on the correction rather than the prevention of mistakes.
D)It lays emphasis on using green technologies for environmental protection.
Q3) Operations managers at UCON Industries Inc.agree that the company is trying to handle too many supply chain functions on its own, resulting in an inefficient use of resources. This suggests that the company may soon adopt the strategy of:
A)acquisition.
B)outsourcing processes.
C)vertical integration.
D)cannibalization.
Q4) Which of the following is a disadvantage of holding larger inventories?
A)Increased ordering costs
B)Increased risk of stock-outs and lost sales
C)Additional holding costs
D)Irregular production schedules
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