Business Administration
Study Guide Questions
Course Introduction
Business Administration is a comprehensive course designed to introduce students to the fundamental principles, concepts, and practices involved in managing and operating businesses effectively. The course covers key areas such as management, marketing, finance, operations, human resources, and strategic planning, giving students a well-rounded understanding of business functions and the interrelationships between them. Through case studies, real-world examples, and interactive activities, students gain practical skills in decision-making, problem-solving, and leadership, preparing them for diverse roles in the business world and laying the groundwork for advanced studies in business disciplines.
Recommended Textbook
Strategic Management Concepts and Cases 16th Edition by Fred R. David
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11 Chapters
1321 Verified Questions
1321 Flashcards
Source URL: https://quizplus.com/study-set/1473 Page 2
Chapter 1: The Nature of Strategic Management
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29313
Sample Questions
Q1) Managers must be very formal in strategic planning in order to foster flexibility and creativity.
A)True
B)False
Answer: False
Q2) What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
A) Strategy formulation
B) Strategy evaluation
C) Strategy implementation
D) Strategic management
E) Strategic leading Answer: D
Q3) According to Albert Einstein, "Knowledge is far more important than intuition."
A)True
B)False
Answer: False
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Chapter 2: The Business Vision and Mission
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120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/29316
Sample Questions
Q1) Define and give an example of the phrasing of the self-concept (distinctive competence) component in a mission statement.
Answer: The self-concept component of a mission statement asks the question, "What is the firm's major competitive advantage?" Examples of the self-concept component are: "We are committed to leapfrogging ongoing competition within 1,000 days by unleashing the constructive and creative abilities and energies of each of its employees."; "We strive for continuous improvement in everything we do."; "and strive to maintain our reputation as the most personable drugstore"; "at the lowest prices of any retail store"; " and expert advice"; "Our vessels use emission-friendly engines; we strive to bring repeat tourists to all communities."
Q2) The purpose of a mission statement is to declare all of these EXCEPT
A) a reason for being.
B) an annual financial plan.
C) a statement of purpose.
D) a statement of beliefs.
E) whom an organization wants to serve.
Answer: B
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Page 4
Chapter 3: The External Assessment
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115 Verified Questions
115 Flashcards
Source URL: https://quizplus.com/quiz/29317
Sample Questions
Q1) Many economists say the current rash of trade constraints will make it ________ for global economic growth.
A) easier
B) impossible
C) harder
D) more likely
E) less time-consuming
Answer: C
Q2) What is NOT one of Michael Porter's five competitive forces?
A) Potential entry of new competitors
B) Rivalry among competing firms
C) Bargaining power of unions
D) Bargaining power of suppliers
E) Bargaining power of consumers
Answer: C
Q3) Major competitors' weaknesses can represent internal opportunities.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Internal Assessment
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29318
Sample Questions
Q1) Constructing an Internal Factor Evaluation Matrix is a summary step when conducting an internal strategic-management audit.
A)True
B)False
Q2) Any object, act, event, quality, or relation used to convey meaning is known as a A) myth.
B) rite.
C) value.
D) symbol.
E) metaphor.
Q3) Research and Development (R&D) Management is focused on managing inputs, transformations, and outputs that vary across industries and markets.
A)True
B)False
Q4) Describe the controlling function of management. Include the four basic steps that comprise this function in your description.
Q5) Explain the resource-based view and its relation to strategic management.
Q6) Identify the five basic functions of management, and describe each function.
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Chapter 5: Strategies in Action
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29319
Sample Questions
Q1) Strategists in governmental organizations operate with far more strategic autonomy than their counterparts in private firms.
A)True
B)False
Q2) Research indicates that strategic management in small firms is more formal than in large firms.
A)True
B)False
Q3) Product development is a strategy that seeks increased sales by improving or modifying present products or services.
A)True
B)False
Q4) Diversification strategies are becoming more popular as organizations are finding it easier to manage diverse business activities.
A)True
B)False
Q5) Selling a division or part of an organization is called divestiture.
A)True
B)False
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Chapter 6: Strategy Analysis and Choice
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119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/29320
Sample Questions
Q1) According to the Grand Strategy Matrix, Quadrant III organizations compete in rapid-growth industries and have strong competitive positions.
A)True
B)False
Q2) What analytical tool has four quadrants based on two dimensions: competitive position and market growth?
A) Competitive Profile Matrix (CPM)
B) Internal-External (IE) Matrix
C) Strategic Position and Action Evaluation (SPACE) Matrix
D) Grand Strategy Matrix
E) Quantitative Strategic Planning Matrix (QSPM)
Q3) In a BCG Matrix the pie slice indicates the proportion of corporate profits generated by that division.
A)True
B)False
Q4) The SWOT matrix, if used appropriately, does not have any limitations.
A)True
B)False
Q5) Explain the concept of matching in the strategy formulation framework.
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Chapter 7: Implementing Strategies: Management, Operations, and Human Resource Issues
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/29321
Sample Questions
Q1) Just-in-time describes
A) implementing strategies just before bankruptcy.
B) delivering materials just as they are needed.
C) a scheduling method for meetings.
D) a personnel planning method.
E) a process for improving quality.
Q2) Unlike strategy formulation, strategy implementation varies considerably among different types and sizes of organizations.
A)True
B)False
Q3) According to the information in the text, how many Fortune 500 have women CEOs?
A) Two
B) Five
C) Twelve
D) Eighteen
E) Twenty-six
Q4) With the matrix structure it is common for functional resources to be duplicated.
A)True
B)False
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Chapter 8: Implementing Strategies: Marketing, Financeaccounting,
Rd, and Mis
Issues
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117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/29322
Sample Questions
Q1) In the context of a balance sheet, goodwill represents
A) a premium paid over the book value for an acquisition.
B) the value attached to a firm's reputation.
C) the excess of assets over liabilities.
D) the value associated with benefits from environmental programs.
E) the excess of current assets over liabilities.
Q2) Discuss some ways in which management information systems can benefit a company.
Q3) To be a price leader or a price follower is a decision that may require finance/accounting policies.
A)True
B)False
Q4) A conservative rule of thumb is to establish a business' worth to be 10 times the firm's most current annual profit.
A)True
B)False
Q5) Name five examples of finance and accounting decisions that may require policies.
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Q6) Discuss the three rules mentioned in the text for using product positioning as a strategy-implementation tool.
Chapter 9: Strategy Review, Evaluation, and Control
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122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/29323
Sample Questions
Q1) Which of the following is a corrective action a company might take to correct unfavorable variances?
A) Divesting a division
B) Revising objectives
C) Raising capital with stock or debt
D) Allocating resources differently
E) All of the above
Q2) Mintzberg's notion of "crafting" strategies
A) is consistent with the view that strategic management is more a science than an art.
B) contends that firms need to assess their environments, do research, evaluate alternatives, analyze, and then choose a course of action.
C) suggests that strategic decision making be based primarily on holistic thinking, intuition, creativity, and imagination.
D) reject strategies that result from subjective imagination in favor of objective analysis.
E) insists on formality.
Q3) List and describe Rumelt's four criteria for evaluating strategies.
Q4) List and describe each of the three strategy-evaluation activities.
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Chapter 10: Business Ethics, Social Responsibility, and Environmental Sustainability
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) More and more firms believe that ethics training and an ethics culture create strategic advantage.
A)True
B)False
Q2) California is the nation's second-largest producer of solar energy.
A)True
B)False
Q3) Social policy concerns the responsibilities the firm has to employees, consumers, environmentalists, minorities, communities, shareholders, and other groups.
A)True
B)False
Q4) Describe how organizations can create an ethics "culture."
Q5) ISO 14001 is a technical standard and as such replaces technical requirements embodied in statutes or regulations.
A)True
B)False
Q6) Good ethics is not a prerequisite for good strategic management.
A)True
B)False
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Chapter 11: Global and International Issues
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126 Verified Questions
126 Flashcards
Source URL: https://quizplus.com/quiz/29315
Sample Questions
Q1) To avoid paying U.S. taxes on income made in other countries, many U.S. companies are ________ outside the United States but ________ inside the United States.
A) cash-poor; cash-rich
B) cash-rich; cash-poor
C) unincorporated; incorporated
D) cash-poor; incorporated
E) unincorporated; cash-rich
Q2) Strengths of competitors in foreign lands are often ________, and weaknesses are often ________.
A) overestimated; overestimated
B) overestimated; underestimated
C) underestimated; underestimated
D) underestimated; overestimated
E) none of the above
Q3) Punctuality is generally revered in all cultures of the world.
A)True
B)False
Q4) Explain some of the forces leading companies to pursue international operations.
Q5) Explain the concept of protectionism.
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