Business Administration
Final Exam
Course Introduction
Business Administration is a comprehensive course that introduces students to the core principles and functions of managing organizations in todays dynamic business environment. The course covers essential topics such as organizational structure, leadership, marketing, finance, human resource management, operations, strategic planning, and decision-making processes. Through case studies, real-world examples, and interactive projects, students learn to analyze business problems, develop effective strategies, and apply managerial skills in various business contexts. The course is designed to build a solid foundation for students wishing to pursue careers in management, entrepreneurship, or further study in business disciplines.
Recommended Textbook
Better Business 3rd Edition by Michael R. Solomon
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21 Chapters
1726 Verified Questions
1726 Flashcards
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Page 2
Chapter 1: Business Basics
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Sample Questions
Q1) Grace loves working with children and plans to start a school for children with disabilities.She would like to invest at least some of the money she makes after expenses back into the school.What kinds of organization structures should she consider? How would you recommend that Grace structure her school for legal purposes?
Answer: A nonprofit organization would be the most common structure for an enterprise whose primary mission is to provide educational services to the community.If Grace plans to use all excess revenues from the school on activities that support the school's mission,her best option is to form a nonprofit organization.However,there are some schools that seek to provide high-quality educational services while still making a profit for their ownership.Grace might consider whether she can accomplish her mission of serving children with disabilities within a for-profit business.A business structure would allow Grace's school to earn a profit that Grace could use for any purpose she chose.However,given Grace's emphasis on serving children with disabilities,it is likely that the best choice for her would be to form a nonprofit organization.
Q2) Car insurance is an example of a good.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Economics and Banking
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Sample Questions
Q1) ________ occurs when there is only one provider of a service or product and no substitutes for the service or product exist.
A) A duopoly
B) A monopoly
C) An oligopoly
D) Perfect competition
E) Monopolistic competition
Answer: B
Q2) The average total of goods and services required to maintain a particular standard of living is called ________.
A) the cost of living
B) total household expenditure
C) the cost of fundamental human needs
D) the cost/price index
E) quality of life
Answer: A
Q3) The consumer price index (CPI)tracks changes in price at the wholesale level.
A)True
B)False
Answer: False
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Chapter 3: Ethics in Business
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Sample Questions
Q1) What are at least two of the strategies that companies that are attempting to recover from a scandal follow?
Answer: They work to find a leader who will set an example of the new ethical image of the company.They restructure their internal operation to empower all employees to consider ethical implications of decisions and to feel free to speak up when they spot a concern.They redesign internal rewards-for example,restructuring the incentive package for a sales department so that there is a financial reward to building an ongoing relationship with a client rather than just closing a sale one time.
Q2) Which of the following ethical issues should be of the LEAST concern to a business?
A) A customer has failed to report all of her income to the IRS.
B) An employee uses recreational drugs on the weekends.
C) A manager is having a romantic relationship with one of his team members.
D) An employee who operates equipment drinks several beers while offsite eating lunch.
E) An employee spends time shopping online and on Facebook when he should be working.
Answer: A
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Chapter 4: Business in a Global Economy
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Sample Questions
Q1) Companies that sell a standardized product throughout the entire world follow a transnational strategy.
A)True
B)False
Q2) The United States is currently the world's largest single market.
A)True
B)False
Q3) Aesthetics encompasses all of the following EXCEPT ________.
A) etiquette
B) religion
C) language
D) protocol
E) customs
Q4) The ratio at which Australian dollars are converted into Indonesian rupiah is known as the ________ rate.
A) interest
B) exchange
C) international
D) export
E) depreciation
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Chapter 5: Small Business and the Entrepreneur
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Sample
Questions
Q1) Rhonda does not know how to go about finding financing for her struggling new business.Which of the following resources would be the BEST place for her to learn more about obtaining financing?
A) a venture capital company
B) a business incubator
C) the Small Business Administration
D) Entrepreneurs Organization
E) Service Corps of Retired Executives
Q2) What is an entrepreneurial team? Describe the major reasons why an entrepreneurial team might be formed.
Q3) What is the worst thing that could happen to small business owners who use credit cards as a source of financing?
A) They might have to get a second credit card to pay for additional expenses.
B) They might need to significantly increase their revenues.
C) They might pay fines for using personal cards for business purchases.
D) They might spend more than they can afford to pay back.
E) They might need to ask for an increase in their credit limit.
Q4) What is a franchise? What are the major advantages and disadvantages of owning a franchise business?
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Chapter 6: Forms of Business Ownership
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Sample Questions
Q1) In September 2001,technology company Hewlett-Packard (HP)announced a proposal to acquire Compaq Computer Corporation for $25 billion in stock.It offered shareholders a deal whereby they could exchange one Compaq share for one HP share.At the time,HP shares were worth 18% more than Compaq shares.In March 2002,shareholders narrowly approved the takeover.What type of acquisition took place in this situation? Explain what happens in this type of an acquisition.
Q2) A disadvantage of corporations is that they generally require extensive paperwork. A)True
B)False
Q3) Kris and Amy own a workout facility in which they are co-owners.Both take an active role in the management of the business and each accepts unlimited liability.Kris and Amy operate as a ________.
A) joint venture
B) general partnership
C) limited partnership
D) cooperative
E) dual proprietorship
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8
Chapter 7: Business Management and Organization
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Sample Questions
Q1) Keeping a schedule is an important time management skill.
A)True
B)False
Q2) A mission statement identifies what a business wants to be in the future.
A)True
B)False
Q3) There are several steps that are crucial to effective time management.Which of the following steps will NOT improve the productivity of a business?
A) answering all e-mails as soon as they arrive
B) determining the level of urgency of paperwork
C) identifying clear agendas for meetings
D) crossing off tasks on the schedule as soon as they are completed
E) successfully delegating tasks to others
Q4) Why did Xerox make the shift from being a vertical organization to a horizontal one?
Q5) It is important for a marketing manager to have strong accounting skills.
A)True
B)False
Q6) Describe the horizontal organizational structure.
Q7) What is controlling?
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Chapter 8: Motivation, Leadership, and Teamwork
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Sample Questions
Q1) According to Vroom's model,instrumentality answers which of the following questions?
A) Does my working harder lead to a positive outcome for myself?
B) How good will I feel if I can accomplish this task?
C) How good will my reward be for my noteworthy performance level?
D) How serious a punishment do I expect if I do not perform well?
E) Does my working harder not make a difference?
Q2) According to Vroom's model,which psychological force answers the question,"How great a reward will there be if my performance is exemplary?"
A) expectancy
B) instrumentality
C) valence
D) resonance
E) enthusiasm
Q3) Describe in detail the Theory Z management style.
Q4) Celia recently received a promotion and relishes the idea of a whole new job with many difficult tasks to perform.Celia loves the feeling of accomplishment that comes from successfully completing challenging work.According to McClelland,what need is Celia attempting to satisfy? What are the other needs in McClelland's theory?
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Chapter 9: Human Resource Management
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Sample Questions
Q1) Johanna decides she is bored with her current job and is ready to quit.She wants to take some time off and then look for a new job in a different city.Her coworker tells Johanna to check the company handbook to make sure her reasons for quitting are acceptable.Johanna knows this is not necessary because of the legal doctrine,________.
A) human resources
B) employment at will
C) affirmative action
D) termination at will
E) flexible employment
Q2) Recently,negotiations between a local housepainters union and their employer came to an impasse.The employer felt he had a legitimate position in the negotiations and refused to allow union member painters from entering the premises.This is called a ________.
A) boycott
B) lockout
C) strike
D) picket
E) strikebreaker
Q3) Why are performance appraisals useful? What are the drawbacks?
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Chapter 10: Online Business and Technology
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Sample Questions
Q1) Which of the following statements is TRUE about the impact of technology on employee privacy?
A) Technology makes it more difficult for companies to access private information about employees.
B) Technology ensures that individuals will have the same privacy protections at work as they do at home.
C) Technology ensures that employees can access more private information about their fellow employees.
D) Technology allows companies to access information about employees' behavior on the job.
E) Technology protects employees from being monitored in the workplace.
Q2) Business intelligence software can help managers ________.
A) report, plan, and forecast workforce performance
B) assess the level of expertise of each of a business's employees
C) forecast their business's stock performance during the next fiscal year
D) gain access to private information about a business's competitors
E) design innovative products for consumer use
Q3) What is the role of the information technology (IT)department?
Q4) What are the threats that challenge e-business?
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Chapter 11: Production, operations, and the Supply Chain
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Sample Questions
Q1) Which statement BEST describes the concept of "total quality"?
A) Total quality is about reaching a peak level of quality and maintaining it.
B) Total quality is about building quality into every step of the production process.
C) Total quality is about shifting the responsibility for quality control to one team.
D) Total quality is about inspecting products when they are finished.
E) Total quality is like visiting a doctor to treat the symptoms as opposed to remedying the source of the illness.
Q2) Explain what human factors should be considered when determining where to locate an electronics manufacturer.
Q3) Companies that provide a service do NOT need to be concerned with efficient production processes.
A)True
B)False
Q4) How does manufacturing affect the global economy?
Q5) Why is supply chain management important?
Q6) How has quality control evolved over the years?
Q7) What is a supply chain system?
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Chapter 12: Marketing and Consumer Behavior
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Sample Questions
Q1) What is a distribution channel?
Q2) Why is it important for a business to analyze the competition?
Q3) Maximizing convenience is one way to increase the value of a product.
A)True
B)False
Q4) Social media sites such as Facebook and Twitter are unreliable sources of market research data because few customers use such sites to discuss business issues.
A)True
B)False
Q5) What are some approaches a business could take to nurture good customer relationships?
Q6) The more loyal a traveler is to a certain hotel chain,the more sensitive he or she is to the room rate at hotels in that chain.
A)True
B)False
Q7) In B2B markets,products typically go through many wholesalers before a product arrives at the end user.
A)True
B)False
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Chapter 13: Product Development and Pricing Strategies
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Sample Questions
Q1) Packaging milk in a sealed bag that does not require refrigeration is an example of creating new markets.
A)True
B)False
Q2) Give an example of a loss leader.
Q3) In order for customers to acquire a total product offering,they must offer the
A) distribution or place
B) product
C) promotion
D) price
E) perception
Q4) Which of the following is a consumer product classification?
A) raw and processed materials
B) MRO products
C) equipment
D) unsought goods and services
E) component parts
Q5) What is a component part? Provide an example.
Q6) What is penetration pricing? Give an example.
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Chapter 14: Promotion and Distribution
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Sample Questions
Q1) Public relations is not in charge of damage control.
A)True
B)False
Q2) Annual reports are an example of ________.
A) publicity campaigns
B) controlled messages
C) globally integrated messages
D) print advertising
E) event sponsorship
Q3) When making a multimedia presentation about a product,talking and spelling out the facts is much more important than listening in order to be sure the potential customer understands what you are offering.
A)True
B)False
Q4) The marketing objective or goal of all businesses is to increase profits; therefore,the goal of all promotional campaigns is the same.
A)True
B)False
Q5) What is another term for junk mail?
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Chapter 15: Financing and Tracking Business Operations
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Sample Questions
Q1) The Sarbanes-Oxley Act established the Public Company Accounting Oversight Board,which is responsible for overseeing financial audits of public companies.
A)True
B)False
Q2) The clothing and accessories at New Fashion Stores,Inc.are an example of ________ assets.
A) long-term
B) fixed C) equipment
D) current E) past due
Q3) Assets are the amounts that a company owes to its creditors.
A)True B)False
Q4) Chief financial officer Randy Fujiwara decides not to use debt financing nor to issue new stock.What option is left for obtaining long-term financing to build a new factory?
Q5) List three processes that a financial manager oversees.
Q6) What does GAAP stand for? Briefly describe its purpose.
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Chapter 16: Investment Opportunities in the Securities Market
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Sample Questions
Q1) Defensive stocks usually have a stock price that is greatly affected by the state of the economy.
A)True
B)False
Q2) A ________ stock will likely suffer the least amount of depreciation in a major recession.
A) cyclical
B) blue chip
C) growth
D) defensive
E) income
Q3) Which of the following bond types is safest?
A) convertible bonds
B) debenture bonds
C) secured bonds
D) Treasury bonds
E) corporate bonds
Q4) What are the names and characteristics of the three major stock indices in the United States?
Q5) Why is asset allocation important for an investor?
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Chapter 17: Business Law
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Sample Questions
Q1) Can anyone enter into a business contract?
Q2) Domenica had a tree on her property that blocked Mark's view of the lake across the street from his house.Mark got more and more annoyed by the tree's presence until the day he cut down the tree when Domenica was at work.Domenica is able to sue Mark for intentional tort.
A)True
B)False
Q3) SnowDonuts,a maker of snow tubes,owes many thousands of dollars to suppliers of the plastic from which the tubes are made.The suppliers have asked the courts to force SnowDonuts to repay.But SnowDonuts just got its three biggest orders ever.What would the courts likely do?
A) have SnowDonuts file voluntary Chapter 7 bankruptcy: liquidation
B) have SnowDonuts file involuntary Chapter 7 bankruptcy: liquidation
C) have SnowDonuts file voluntary Chapter 11 bankruptcy: business reorganization
D) have SnowDonuts file involuntary Chapter 11 bankruptcy: business reorganization
E) have SnowDonuts file involuntary Chapter 13 bankruptcy: wage earner's reorganization
Q4) How are trademarks protected?
Q5) What is the FTC's interest in mergers?
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Chapter 18: Constructing an Effective Business Plan
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Sample Questions
Q1) Imagine you just started a landscaping business in an area that gets very little rain each year.Your market research indicated that the homeowners would pay top dollar to beautify their lawns.Besides advertising in the newspaper or on the radio,name three ways you could promote the business.
Q2) All of the following are included within the business plan BEFORE the appendices EXCEPT ________.
A) marketing strategy
B) professional references
C) core production strategy
D) table of contents
E) company profile and strategy
Q3) Lucia is working on her executive summary.Which financial information should she include?
A) expected growth rate
B) predicted future profits
C) projected yearly sales
D) amount of and uses for capital
E) all of the above
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Chapter 19: Business Communications
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Sample Questions
Q1) Clorox Company's Dr.Laundry,Bill Marriott's Marriott on the Move,and FastLane,created by Bob Lutz,of General Motors,are examples of ________.
A) alter egos
B) television spots
C) websites
D) blogs
E) wikis
Q2) Pamela Davis was lauded by her audience after her PowerPoint presentation.Her design was clean and uncluttered.She edited her presentation to make sure there were no unnecessary animations or special effects.Which PowerPoint tip does this reflect?
A) Keep it simple.
B) Practice makes perfect.
C) Follow the 6 × 6 × 24 rule.
D) Never use special effects.
E) Have a professional design your presentation.
Q3) Work e-mails can be legally monitored by your boss.
A)True
B)False
Q4) What are some of the characteristics of good speaking skills?
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Chapter 20: Finding a Job
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Sample Questions
Q1) Identify at least three negotiating strategies.
Q2) When listing work history,include at least three bullet points for each experience that highlight achievements or undertakings.
A)True
B)False
Q3) What would be the reason NOT to include a GPA if it is lower than 3.0?
Q4) Which of the following is NOT an appropriate section heading to include in a resume?
A) family history
B) skills/interests
C) objective
D) references
E) contact information
Q5) Which type of cover letter would you send to ask for information regarding your job search?
A) an application letter
B) a referral letter
C) a prospecting letter
D) a networking letter
E) a courtesy letter
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Chapter 21: Personal Finance
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Sample Questions
Q1) What is compound interest?
Q2) Disability insurance protects your home and the contents inside.
A)True
B)False
Q3) It is not at all necessary to revisit a financial plan periodically.
A)True
B)False
Q4) Special retirement pretax savings accounts created by the government are
A) Roth IRAs
B) pension plans
C) IRAs
D) NDAs
E) 401(k) plans
Q5) Give an example of an unexpected expense.
Q6) If you are self-employed or your employer does not offer retirement benefits,you should set up your own retirement program.
A)True
B)False
Q7) What is a credit score?
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