Business Administration
Final Exam Questions
Course Introduction
Business Administration is a comprehensive course that introduces students to the fundamental principles and practices governing modern business operations. Covering a wide range of topics including management, marketing, finance, human resources, and organizational behavior, the course equips students with essential skills for effective leadership and decision-making in diverse business environments. Emphasis is placed on strategic planning, ethical considerations, and problem-solving techniques, preparing students for successful careers in a rapidly evolving global marketplace.
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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Chapter 1: Business Basics
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Sample Questions
Q1) As more profit is generated,a company is able to increase its productivity.
A)True
B)False
Answer: True
Q2) Carla wants to start a new software company,but she lives in a remote community where few skilled software programmers live.Which of the following is the BEST cost-effective strategy for building her workforce?
A) Produce only software she can create herself.
B) Use the Internet and other technologies to hire remote employees who want to telecommute.
C) Offer free computer programming training programs to the local workforce.
D) Relocate to an urban area where there are many software programmers.
E) Wait until more software programmers move to the area.
Answer: B
Q3) The private enterprise system assumes that competition benefits consumers.
A)True
B)False
Answer: True
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3
Chapter 2: Economics and Banking
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Sample Questions
Q1) Explain the differences between how a market economy and a mixed economy decide what to produce,how to produce it,and for whom to produce it.
Answer: In a market economy,individuals and private firms make decisions about what to produce based on consumer needs and wants with no government involvement.Individuals and private firms determine production methods based on calculations of efficiency and profitability.Individual income ultimately controls purchasing decisions.In a mixed economy,individuals and private firms make decisions about what to produce,but the government is involved in providing services and regulating some aspects of conducting business.Individuals and private firms determine production methods,but may be influenced or regulated by the government.Government distributes some goods and services through social programs,but individual income informs most purchasing decisions.
Q2) What best determines the level of competition?
A) the degree of population change
B) the number of substitutes for a certain good or service
C) the degree of change in income levels
D) the number of complementary products or service
E) the existence of complementary goods
Answer: B
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Page 4
Chapter 3: Ethics in Business
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Sample Questions
Q1) When Gary Erickson,the founder of Clif Bar,Inc.,was about to accept an offer of $120 million for the company,he changed his mind because ________.
A) the offer was too high
B) the offer was too low
C) the purchasers were planning to move Clif Bar out of state and fire all current employees
D) the purchasers were not intending to use renewable energy as the main power source for the company
E) the purchasers were not going to use exclusively organic ingredients to manufacture the energy bars
Answer: C
Q2) On what basis do fund managers who are working with clients who are interested in socially responsible investing decide which companies to include and exclude from the investment fund portfolio?
Answer: They look at the social and environmental behavior of companies and invest only in companies that have met a certain standard of corporate social responsibility.
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Chapter 4: Business in a Global Economy
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Sample Questions
Q1) List the six methods for entering foreign markets.
Q2) When all countries focus on producing those products for which they have a comparative advantage,collectively,they will produce more products.
A)True
B)False
Q3) GATT stands for ________ on Tariffs and Trade.
A) General Agreement
B) General Argument
C) Global Agreement
D) Global Argument
E) Global Achievement
Q4) Describe the attitudes of economists and government leaders with regard to free trade.
Q5) What is the term for the sale of a domestically produced good in a foreign market?
A) exporting
B) turnkey project
C) joint venture
D) licensing
E) franchising
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Chapter 5: Small Business and the Entrepreneur
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Sample Questions
Q1) To qualify for Small Business Administration programs and benefits specifically targeted for small businesses,a business must generally have fewer than 20 employees.
A)True
B)False
Q2) All of the following are reasons why people start small businesses EXCEPT
A) financial independence
B) reduced levels of responsibility
C) more control of business decisions
D) lack of other employment opportunities
E) idea for product or service not currently available
Q3) Timothy is the 60-year-old founder of a publishing company that has over $2 million in annual gross sales.Is he eligible to have a mentor through the Entrepreneurs Organization?
A) Yes, because his company makes more than $1 million annually.
B) Yes, because there are no specific requirements for mentoring.
C) No, because he is over 50 years old.
D) No, because his company can no longer be considered a start-up.
E) No, because his company is not currently a viable operation.
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Page 7
Chapter 6: Forms of Business Ownership
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Sample Questions
Q1) A limited partner is an owner who assumes no management responsibility and has no liability for losses beyond the amount invested.
A)True
B)False
Q2) The organizational structure of a corporation allows for shareholders to have control over the company's daily operations.
A)True
B)False
Q3) A proxy fight occurs when a company attempts to persuade the target company's shareholders to replace the existing management with one that is ________ the goals of the acquiring company.
A) unaware of B) hostile toward C) familiar with D) sympathetic to E) ambivalent about
Q4) Explain what is involved in starting a business as a sole proprietor and the advantages to choosing this form of ownership.
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Page 8
Chapter 7: Business Management and Organization
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Sample Questions
Q1) When is the annual budget for an organization developed?
A) during strategic planning
B) during tactical planning
C) during operational planning
D) during contingency planning
E) during SWOT analysis
Q2) Organizational structure depends on a variety of factors NOT including ________.
A) the number of employees in the organization
B) the location(s) of business operations
C) the speed at which decisions are made
D) the collaborative nature of the work
E) the subjectivity of the business to rapid change
Q3) Which is a primary function of management?
A) planning
B) organizing
C) leading
D) monitoring
E) all of the above
Q4) Once managers have identified several alternative solutions,they must evaluate those alternatives based on various criteria.Name those criteria.
Page 9
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Chapter 8: Motivation, Leadership, and Teamwork
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Sample Questions
Q1) Antonio owns a small auto body shop.He is concerned with apathy among his employees and decides to add some extrinsic motivators in hopes of increasing performance.Which of the following is NOT an extrinsic motivator Antonio may try?
A) increased pay for specific work
B) promotional opportunities within the company
C) an "employee of the month" program
D) offering work employees may find more satisfying
E) public praise of good performance in front of coworkers
Q2) Gen-Xers are the focus of most marketing efforts because they are the biggest spenders in history.
A)True
B)False
Q3) The most important aspect of Stephen Covey's Seven Habits model is thinking in terms of win-win because most achievements are based on cooperative efforts.
A)True
B)False
Q4) How is group flow achieved?
Q5) Compare and contrast organizational and industrial psychology.
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Chapter 9: Human Resource Management
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Sample Questions
Q1) Jamie is a school nurse and prefers to work on Mondays,Wednesdays,and Fridays.Her friend Cindy works as the school nurse on Tuesdays and Thursdays.They both work eight-hour days and are considered part-time employees.From this example,we know the school is offering ________.
A) flextime
B) job sharing
C) telecommuting
D) compressed workweeks
E) family leave
Q2) Tyrone is an African American and,during a recent job interview,was told that he would not be hired because the interviewer had issues with the color of his skin.Which federal law was created to combat this kind of discrimination?
A) Civil Rights Act of 1964
B) Americans with Disabilities Act
C) Age Discrimination in Employment Act
D) Race Discrimination in Employment Act
E) Workplace Diversity Act
Q3) What are work/life benefits? Give some examples.
Q4) Define the steps in the HR activity,hiring.
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Chapter 10: Online Business and Technology
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Sample Questions
Q1) Mason's business is making a profit,but he needs to increase his bottom line so that he can invest in his firm's growth.He decides to purchase a business intelligence software package to help him identify ways to grow his company.Which of the following questions could Mason's business intelligence software answer?
A) Which of my competitors has the least debt?
B) Which countries would provide the least expensive production facilities?
C) Who are my top 10 revenue generating customers?
D) What new technologies will be available to increase my firm's productivity?
E) Which new markets would be the best for my firm to enter?
Q2) Viral marketing is most effective when it targets people who spend little or no time on the Internet.
A)True
B)False
Q3) Most states are pleased that their residents buy products online.
A)True
B)False
Q4) Google's AdSense advertising is a form of contextual advertising.
A)True
B)False
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Chapter 11: Production, operations, and the Supply Chain
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Sample Questions
Q1) Manufacturers use CAM (computer aided manufacturing)to create three-dimensional designs of products before they are built.
A)True
B)False
Q2) Retro Inc.wanted to reduce the amount of supplies it had on hand at any given time to the minimum required.To accomplish this goal,it implemented a ________ system.
A) just-in-time
B) reserve stock system
C) stock book solution
D) manual eyeballing
E) TQM
Q3) What are industrial robots,and how would a company benefit by including them as part of its production system?
Q4) Sam owns a factory that manufactures screen doors.He is currently thinking about changing his production system.His customers' orders vary from square to round openings and from plain weaving to twilled weaving.Sam also notices that customer demand for wire screens increases in the spring and summer and dwindles during fall and winter.Which type of production system would be BEST for his factory?
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Page 13
Chapter 12: Marketing and Consumer Behavior
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Sample Questions
Q1) Which of the following is NOT a good way to develop rapport with clients?
A) establishing relationships with other businesses that cater to the same clientele
B) responding to suggestions from customers on how to improve services
C) providing high quality products without a money-back guarantee
D) offering discounts to a few, select customers
E) creating a Facebook page
Q2) ________ is the process of surveying the market environment to assess external threats and opportunities.
A) Distributing
B) Environmental scanning
C) Business planning
D) Overseeing
E) Promoting
Q3) Marketing departments can do little to promote the intangible benefits derived from the consumption of a product,such as the brand.Instead they are promoting the tangible goods,services,or ideas available for purchase in a market.
A)True
B)False
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Chapter 13: Product Development and Pricing Strategies
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Sample Questions
Q1) The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ________.
A) product
B) name and place of business of the manufacturer
C) formula by which the product was manufactured
D) net quantity of the contents
E) name and place of business of the distributor
Q2) An agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product is brand
A) extension
B) awareness
C) licensing
D) association
E) privatizing
Q3) Developing quality products is a two-step process that requires a great investment of resources.
A)True
B)False
Q4) List five methods for extending a product life cycle.
Page 15
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Chapter 14: Promotion and Distribution
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Sample Questions
Q1) After making a successful presentation,a salesperson will have no need to overcome objections.
A)True
B)False
Q2) The first step in the selling process is ________.
A) production
B) researching C) prospecting
D) developing E) approaching
Q3) When companies give back to the community through donations or scholarship programs,it not only costs them money,but if often brings money into the company as well.
A)True
B)False
Q4) 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
Page 16
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Chapter 15: Financing and Tracking Business Operations
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Sample Questions
Q1) Adam Zarand wants to help his company decide whether or not to shut down an unproductive plant.Which type of accounting will he MOST LIKELY use?
A) managerial
B) tax
C) government
D) financial
Q2) The strategic planning and budgeting of short- and long-term funds for current and future needs is called ________ management.
A) product
B) strategic
C) needs
D) financial
E) accounting
Q3) Imagine that you have just completed your first budget as a new financial manager.How will you make sure that your company follows the budget?
Q4) What does an income statement show?
Q5) What is a balance sheet used for?
Q6) List three processes that a financial manager oversees.
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Chapter 16: Investment Opportunities in the Securities Market
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Sample Questions
Q1) The S&P 500 tracks more companies than does the DJIA.
A)True
B)False
Q2) What are the basic characteristics of a bull market and a bear market in terms of stock market performance and investor confidence?
Q3) What are the names and characteristics of the three major stock indices in the United States?
Q4) Which of the following bond types is safest?
A) convertible bonds
B) debenture bonds
C) secured bonds
D) Treasury bonds
E) corporate bonds
Q5) A futures contract ________.
A) typically involves individual stocks
B) is usually held until it expires
C) is an obligation to purchase the underlying asset
D) is the same as an options contract
E) deals only with commodities
Page 18
Q6) What is a capital gain in stock investing?
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Page 19
Chapter 17: Business Law
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Sample Questions
Q1) Why did the FTC block the merger of Staples and Office Depot?
A) The merger would have resulted in new efficiencies by combining operations.
B) The merger would have increased the number of competing stores in some parts of the country.
C) The merger would have allowed for higher pricing, costing consumers millions of dollars.
D) The merger would have resulted in a decrease in the variety and quality of products offered to consumers.
E) The merger would have made it easier for other competitors to enter the market.
Q2) Which of the following regulates the fiduciary responsibilities of unions to its members?
A) Fair Labor Standards Act
B) Labor-Management Reporting and Disclosure Act
C) Workers Compensation
D) Employee Retirement Income Security Act
E) Occupational Safety and Health Act
Q3) The Fair Labor Standards Act regulates standards for wages and overtime pay.
A)True
B)False
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Page 20
Chapter 18: Constructing an Effective Business Plan
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Sample Questions
Q1) What should NOT be stated in the financials section of the business plan?
A) length of time before investors receive revenue
B) amount of revenue to be paid to investors
C) total amount of money needed to operate business
D) total amount of compensation for employees
E) cash flow statement
Q2) What should a potential owner do BEFORE writing a business plan?
A) determine whether personal goals and business goals are aligned
B) ensure that the key components of the plan will be addressed
C) determine the best location and pricing structure for the business
D) make sure there is enough information to prepare financial statements
E) decide which appendices to include in the final pages
Q3) 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.
Q4) Describe in a paragraph why a well-defined business plan may attract high-quality employees.
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Page 21
Chapter 19: Business Communications
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Sample Questions
Q1) 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.
Q2) "No e-mail" days have been highly successful in providing better customer service.Discuss some of the reasons why.
Q3) Peter needs to speak to his supervisor before they sit in on a client call in about an hour.Peter's office is down the hall from his supervisor's office and he's not sure how tight his supervisor's schedule is and whether he has time to talk things over.There are a few controversial issues to be discussed on the call and Peter is anxious to learn his supervisor's point of view on these issues.Which form of communication would be the best way for Peter to communicate with his supervisor: instant messaging,a brief telephone call,face-to-face chat,or e-mail? Explain your answer.
Q4) What are some of the characteristics of good speaking skills?
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Page 22
Chapter 20: Finding a Job
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Sample Questions
Q1) Which of the following are soft skills?
A) honesty and responsibility
B) keyboard accuracy and good grammar
C) ability to read and write a foreign language
D) research experience and on-the-job training in managing staff
E) facility with social media outlets
Q2) When you are preparing to write your resume,which of the following is NOT a primary consideration?
A) What are my strengths?
B) Where would I like to be living when I get a new job?
C) What types of skills do I possess?
D) What do I want from an employer?
E) What are my weaknesses?
Q3) When listing work history,include at least three bullet points for each experience that highlight achievements or undertakings.
A)True
B)False
Q4) Employers generally only spend about 15 seconds reviewing a resume.
A)True
B)False
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Chapter 21: Personal Finance
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Sample Questions
Q1) One way to establish credit is to begin with a single store credit card or a single-purpose credit card,such as a gas card.
A)True
B)False
Q2) Planning to buy a house in ten years is an example of financial planning step 2: set financial goals.
A)True
B)False
Q3) To use a credit card wisely,pay off the balance in full every ________.
A) year
B) month
C) quarter
D) ten years
E) two years
Q4) What one owns minus what one owes is ________.
A) assets
B) liabilities
C) gross worth
D) net worth
E) credit card balance
Page 24
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