Business and Society Study Guide
Questions
Course Introduction
Business and Society explores the complex and evolving relationship between organizations and the broader social environment in which they operate. This course examines how businesses impact and are influenced by societal values, governmental policies, ethical considerations, and global trends. Topics include corporate social responsibility, stakeholder management, ethical decision-making, sustainability, and the role of businesses in addressing social issues. Through case studies and current events, students will develop a deeper understanding of the responsibilities and challenges businesses face in contributing to both economic success and societal well-being.
Recommended Textbook
Understanding Business 11th Edition by William Nickels
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25 Chapters
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Page 2
Chapter 1: Taking Risks and Making Profits Within the Dynamic Business Environment
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327 Verified Questions
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Sample Questions
Q1) Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.
A)True
B)False
Answer: True
Q2) The advice provided by a marriage counselor is an example of the service industry.
A)True
B)False
Answer: True
Q3) The capitalist system relies heavily on:
A) protectionist policies with respect to world markets.
B) minimizing government intervention in corrupt business practices.
C) making sure that currencies are never under-valued.
D) honesty, integrity, and high ethical business standards.
Answer: D
Q4) Since all businesses make a profit, starting a business is not risky.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Understanding Economics and How It Affects Business
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Sample Questions
Q1) A basic right under capitalism is the right of businesses to receive government funding.
A)True
B)False
Answer: False
Q2) __________ unemployment refers to unemployment caused by the restructuring of firms or by a mismatch between the skills of job seekers and the requirements of available jobs.
A) Frictional
B) Structural
C) Cyclical
D) Seasonal
Answer: B
Q3) Large educated populations can contribute to an economy by offering knowledge and entrepreneurship.
A)True
B)False Answer: True
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Chapter 3: Doing Business in Global Markets
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Sample Questions
Q1) For a firm to be considered a multinational corporation, which of the following conditions must be true?
A) It must have manufacturing facilities and a physical presence in several countries.
B) Its marketing arm must be based at the company's world corporate headquarters.
C) Stock ownership must be domestic.
D) All transactions must be financed by the International Monetary Fund.
Answer: A
Q2) __________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell the parent company's product or service to others in a given territory in a specified manner.
A) Franchising
B) Contract manufacturing
C) Import trading
D) Export trading
Answer: A
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Chapter 4: Demanding Ethical and Socially Responsible Behavior
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Sample Questions
Q1) Jake and his college friends frequent a small pub on weekends. Last weekend, after a few beers, one of his friends decided to take the salt and pepper shakers from their table because they needed a set at their apartment. In this situation, this was not a particularly questionable activity because it was a restaurant where one pays for these extras.
A)True B)False
Q2) International issues of social responsibility and ethical behavior are:
A) the result of greed found in capitalist countries.
B) found primarily in countries with a low standard of living.
C) a concern only of business professors.
D) difficult and not as clear-cut as U.S. firms would like them to be.
Q3) To improve America's business ethics:
A) Congress must pass an ethics bill.
B) ethics must be taught in every business school around the globe.
C) a company's suppliers must be thoroughly investigated for ethical violations.
D) company leaders should adopt and support a corporate code of ethics.
Q4) A public good is one that everyone gets to enjoy regardless of who pays for it.
A)True B)False
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Chapter 5: How to Form a Business
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Sample Questions
Q1) Connie is a general partner in a retail cookie store. Her personal assets are legally protected from the debts of the business.
A)True
B)False
Q2) Midas Muffler sells franchises to prospective businesspersons who want to use the Midas name and offer Midas products. In a franchise arrangement, Midas would be the __________, and the buyer of the franchise is the __________.
A) owner; limited partner
B) co-signer; co-signee
C) franchisor; franchisee
D) franchisee; franchisor
Q3) Limited liability companies have both flexibility in tax treatment of earnings and limited liability protection for owners.
A)True
B)False
Q4) What is a limited liability company (LLC)? How does it compare to an S corporation? What are the major advantages and disadvantages of an LLC?
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Chapter 6: Entrepreneurship and Starting a Small Business
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Sample Questions
Q1) Most entrepreneurs are more interested in personal achievement than in power.
A)True
B)False
Q2) The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.
A)True
B)False
Q3) The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.
A)True
B)False
Q4) The goal of an intrapreneur is:
A) to improve quality control in a corporation's production process.
B) to develop new products and generate new profits for the corporation.
C) to implement cost control policies for existing products.
D) to create smaller companies within larger companies.
Q5) Successful entrepreneurs rely on others for direction and support.
A)True
B)False
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Chapter 7: Management and Leadership
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Sample Questions
Q1) Which of the following should form the foundation of a firm's control system?
A) Accounting and finance
B) Marketing and production
C) Human resources and finance
D) Computing and production
Q2) Progressive managers consider planning to be of little importance in today's rapidly changing business environment.
A)True
B)False
Q3) In traditional organizations, ____________ involves giving explicit instructions to workers, telling them what to do to meet the goals and objectives of the organization
A) directing
B) organizing
C) budgeting
D) controlling
Q4) Because of their importance and skills, few managers lost their jobs in the recent economic crisis.
A)True
B)False
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Chapter 8: Structuring Organizations for Todays
Challenges
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Sample Questions
Q1) Introducing change into an organization is an easy task for a manager.
A)True
B)False
Q2) All organizations have two organizational systems:
A) the command system and the control system.
B) the formal organization and the informal organization.
C) the functioning system and backup system.
D) the primary organization and secondary organization.
Q3) An organization chart shows who is accountable for the completion of specific work and who reports to whom.
A)True
B)False
Q4) The informal organization of a business is probably best suited to:
A) give workers a clear idea of where they stand in the organization.
B) provide helpful guidelines about how to handle routine problems.
C) provide a mechanism that generates careful reasoned decisions about critical issues.
D) create a feeling of camaraderie among employees and encourage teamwork.
Page 10
Q5) Discuss Max Weber's views on organization theory.
Q6) Describe two major issues that are important in organizational design.
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Chapter 9: Production and Operations Management
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Sample Questions
Q1) The main idea in the Making Ethical Decisions box "Do We Stay or Do We Go?" indicates:
A) a need for firms to place a higher level of importance on time-to-market when choosing facilities locations.
B) that the goal of finding the lowest cost location should never be overshadowed by other concerns if the firm is to remain loyal to its stockholders.
C) that many locations do not meet ISO 14000 standards.
D) a need for firms to consider the economic impact of their existence and/or departure from a particular location.
Q2) Production management is the traditional term used to describe all the activities managers do to help their firms create:
A) resources.
B) goods.
C) services.
D) equities.
Q3) For many firms, operations management has become an interfirm process.
A)True
B)False
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Chapter 10: Motivating Employees
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Sample
Questions
Q1) Douglas McGregor observed that all managers tend to share common assumptions about employees.
A)True
B)False
Q2) The purpose of management by objectives is to:
A) enable top management to set goals for the entire organization.
B) simplify the jobs of middle management by providing them with predetermined goals and objectives.
C) help employees motivate themselves with a goal-setting model that involves discussion, review, and evaluation by management and employees.
D) allow employees to set their own goals without consulting with management.
Q3) Theory Y managers assume that the main factor that motivates most employees is the desire to earn more money.
A)True
B)False
Q4) In Maslow's view, social needs include the need to feel loved and accepted.
A)True
B)False
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Page 13
Chapter 11: Human Resource Management: Finding and
Keeping the Best Employees
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Sample Questions
Q1) In a compressed workweek, employees work more hours each day, but work fewer days each week.
A)True
B)False
Q2) _____________ workers do not have the expectation of regular, full-time employment.
A) Contingent
B) Apprenticed
C) Indentured
D) Underemployed
Q3) Almost 13 million U.S. workers now work from home at least one day a week.
A)True
B)False
Q4) Besides increasing productivity, a good training program can increase a firm's retention rates.
A)True
B)False
Q5) The federal government has minimized its role in human resource management. A)True
B)False
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Chapter 12: Dealing With Union and Employeemanagement Issues
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Sample Questions
Q1) In the next few years, unions are likely to find that they must adopt a tough, confrontational approach in order to get what they want from management.
A)True
B)False
Q2) One of the things that labor is interested in is fair and competent management.
A)True
B)False
Q3) During an interview with Zytex company representative, Hillary was told that Zytex faces intense competition and management believes that the only way the company can survive is to have a nonunion workforce. Therefore, all workers Zytex hires must sign an employment contract stating that they agree not to join a union while they work for Zytex. This requirement by Zytex is illegal in the United States.
A)True
B)False
Q4) The Dodd-Frank Wall Street Reform and Consumer Protection Act was intended to give shareholders more say in executive compensation.
A)True
B)False
15
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Chapter 13: Marketing: Helping Buyers Buy
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Sample Questions
Q1) Relationship marketing is rather easy to implement in the B2B market but almost impossible to use in the consumer market due to the sheer size of the consumer market.
A)True
B)False
Q2) The purchase of a cash register is likely a B2B product.
A)True
B)False
Q3) The marketing concept emphasizes that everyone from the president of the firm to the delivery people should be customer oriented.
A)True
B)False
Q4) Firms adopting a relationship marketing strategy often establish a database of information about each customer.
A)True
B)False
Q5) The main concern of the marketing mix is to please firm's stockholders.
A)True
B)False
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Chapter 14: Developing and Pricing Goods and Services
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Sample Questions
Q1) For small businesses, product differentiation:
A) is more difficult than it is for larger firms because of the high cost of product research and development.
B) usually concentrates on the pricing component of the total product offer.
C) can be an important strategy to gain market share.
D) is less important than it is for big firms with multiple product lines.
Q2) When people consider purchasing a good, they:
A) are responding to the market forces of supply and demand.
B) are most influenced by the price of the product or service.
C) will not consider goods that require them to make a special effort to purchase. D) may evaluate and compare a variety of factors.
Q3) Discuss the role of packaging in a firm's total product offer.
Q4) Webster Industries is one of the first producers of a unique consumer product. The company has chosen a low-price strategy, hoping this will enable them to quickly attract many customers while discouraging potential competitors from entering the market. Webster's approach to pricing is a classic example of the skimming strategy.
A)True
B)False
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Chapter 15: Distributing Products
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Sample Questions
Q1) Retailers such as jewelry stores, shoe stores, and bicycle shops are:
A) department stores.
B) discount stores.
C) warehouse clubs.
D) specialty stores.
Q2) Water transportation is the least expensive way to send goods overseas.
A)True
B)False
Q3) In multilevel marketing upliners recruit downliners and receive a commission on the sales their downliners make.
A)True
B)False
Q4) With the current emphasis on product development, pricing, branding, and promotion, the physical distribution of materials and goods is no longer a major concern of marketing.
A)True
B)False
Q5) Some freight forwarders offer warehousing and customs assistance.
A)True
B)False
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Chapter 16: Using Effective Promotions
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Sample Questions
Q1) Marla has developed a new advertising message for one of her firm's new products. She has sent copies of the ad to all of the salespeople in the firm and asked them to stress the benefits mentioned in the ad when they call on their customers. Finally, the ad includes a free sample coupon to encourage people to try this new product. She is attempting to create one positive, unified brand image for the new product. Marla is practicing brand communication.
A)True
B)False
Q2) Xer-Wise markets and promotes its products to consumers online. Melody and Tom are considering a more aggressive approach to generate enthusiasm for the MuscleMaster over the Internet. They have discussed offering young adults free T-shirts and special discounts on Xer-Wise equipment if they will agree to hype the benefits of the MuscleMaster on Facebook. They are even considering setting up a program in which customers get commissions for directing friends to the Xer-Wise website. If they adopt these strategies, Tom and Melody would be utilizing:
A) secondary marketing.
B) viral marketing.
C) unified marketing.
D) extended reach marketing.
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Page 19
Chapter 17: Understanding Accounting and Financial Information
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Sample Questions
Q1) Peak Performance Sporting Goods Company continues to perform well in spite of an economic recession. Company executives credit this to the strong partnerships it enjoys with category killer and large discount chains. Last week Peak Performance reported basic EPS [earnings per share] = $.80/share. If the firm has 4,000,000 shares outstanding, <u>net income after taxes</u> for the same period = ______.
A) $80,000
B) $5,000,000
C) $3,200,000
D) $32,000
Q2) Good decisions are based on good information. Organizations need accounting-to provide good financial information.
A)True
B)False
Q3) Posting is a step in the accounting cycle that involves transferring information from the journal into the appropriate accounts in a ledger.
A)True
B)False
Q4) Thoroughly describe each of six parts of the accounting cycle.
Page 20
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Chapter 18: Financial Management
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Sample
Questions
Q1) The primary focus of a cash flow forecast is the firm's revenue and costs for the current operating period.
A)True
B)False
Q2) Efficient cash management requires firms to pay their bills as quickly as possible, and delay the collection of accounts receivable.
A)True
B)False
Q3) Budgets assist managers in performing the functions of planning and control.
A)True
B)False
Q4) Offering cash discounts to customers who pay their bills by a certain date represents an effective technique to manage accounts receivable.
A)True
B)False
Q5) The cost to a retailer of accepting credit cards is generally greater than the benefits provided.
A)True
B)False
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Chapter 19: Using Securities Markets for Financing and Investing Opportunities
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Sample Questions
Q1) Bond interest is usually paid in two times each year, even though the interest rate that is usually quoted is an annual rate.
A)True
B)False
Q2) When reading mutual fund quotations, the ________ is the price per share.
A) NAV (Net Asset Value)
B) PSV (Per Share Value)
C) MFV (Mutual Fund Value)
D) PAV (Partial Asset Value)
Q3) The Securities and Exchange Commission requires that all prospective investors receive a copy of a firm's prospectus prior to investing.
A)True
B)False
Q4) Stock certificates identify per share dividends, expressed as a percentage of par value.
A)True
B)False
Q5) Bonds represent a major source of long-term financing. What is a bond? Explain the major elements that must be in a bond issue.
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Chapter 20: Money, Financial Institutions, and the Federal Reserve
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Sample Questions
Q1) When Mrs. Sweet exchanges her famous chocolate chip cookies for the lawn care services of her neighbor, she engages in a barter transaction.
A)True
B)False
Q2) The Bank of Bramblewood promotes a sustainability initiative encouraging all transactions increasingly to be paperless. Each time the bank issues checks or sends out a paper statement, it includes a promotion asking customers to support methods that eliminate paperwork. The bank encourages customers to use debit cards, smart cards, direct deposit and direct payments, as well as online statement retrieval. All of these tools are used in conjunction with the bank's ________________.
A) electronic funds transfer system.
B) automated deposit system.
C) check clearinghouse system.
D) limited documentation checking program.
Q3) A demand deposit is the technical name for a checking account.
A)True
B)False
Q4) Identify and discuss the tools and products that electronically transfer funds.
Page 23
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Chapter 21: Managing the Marketing Mix: Product, Price,
Place and Promotion
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Sample Questions
Q1) Tom and Melody have decided to work together to write a news release that describes the benefits of MuscleMaster and cites the rave reviews of the fitness experts who have already tried the equipment. They intend to send the release to a list of columnists who write in fitness magazines or have health and fitness columns in newspapers, hoping that some of these writers will include information about the MuscleMaster in their articles. Tom and Melody hope to utilize:
A) publicity.
B) a push strategy.
C) viral marketing.
D) swag promotion.
Q2) While packaging innovations benefit the consumer, they have vastly increased the workload of retailers.
A)True
B)False
Q3) As consumers evaluate a product, price plays a small role.
A)True
B)False
Q4) What is a wholesaler? Describe the difference between merchant wholesalers and agents and brokers.
Page 24
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Chapter 22: Extension: Working Within the Legal Environment
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Sample Questions
Q1) The Dodd-Frank Wall Street Reform and Consumer Protection Act evolved from the mortgage industry meltdown, which was the consequence of deceptive behavior of professionals on Wall Street and uninformed consumers who risked too much and purchased homes whose future monthly payments were more than they could afford. The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as the _____________________.
A) Consumer Financial Protection Bureau (CFPB).
B) Federal Trade Commission (FTC).
C) Due Diligence Agency (DDA).
D) Financial Fairness Consortium (FFC).
Q2) James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In this case:
A) the two parties have created a legally enforceable contract.
B) Eric's offer represents an acceptance of the original terms.
C) there is no agreement and no contract.
D) there is no agreement, but there is a valid contract.
Q3) Explain two of the major U.S. antitrust laws.
Q4) What is the Uniform Commercial Code and why is it important?
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Chapter 23: Extension: Using Technology to Manage Information
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Sample Questions
Q1) One problem with telecommuting is that it can cause workers to feel like they are isolated and left out of the office loop.
A)True
B)False
Q2) Which of the following issues is least likely to be a concern when a company uses a network computer system?
A) Longer hours at the office for most workers
B) Concerns about security issues from hackers and computer viruses
C) Concerns about loss of privacy
D) Lost productivity due to glitches and system crashes
Q3) It is illegal for companies to scan e-mails written by their employees at work unless the employees have given permission in advance or the firm has received approval from a federal judge.
A)True
B)False
Q4) During the 1970s, the purpose of data processing was to support the existing business by improving the flow of financial information.
A)True
B)False
26
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Chapter 24: Extension: Managing Risk
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Sample Questions
Q1) An uninsurable risk is one that no insurance company will cover.
A)True
B)False
Q2) Workers' compensation insurance guarantees payment of wages, medical care, and rehabilitation services for employees who are injured on the job.
A)True
B)False
Q3) ________ insurance guarantees payment of wages, medical care, and rehabilitation services for employees who are injured on the job.
A) Product liability
B) Workers' compensation
C) Professional liability
D) Malpractice
Q4) ________ risk involves the threat of loss with no chance for profit.
A) Minimum
B) Pure
C) Speculative
D) Managed
Q5) Explain what makes the acceptance of risk possible for insurance companies.
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Chapter 25: Extension: Managing Personal Finances
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Sample Questions
Q1) Earnings from traditional IRA investments are taxable at the time they are earned.
A)True
B)False
Q2) When purchasing with a credit card, it's important to remember that ________ if you do not pay the balance in full within a stated time period.
A) the credit limit is reduced
B) no returns are allowed
C) interest is charged on the remaining balance
D) discounts are available
Q3) MyIRA is a Roth IRA-type retirement savings plan for low and middle-income individuals.
A)True
B)False
Q4) Roberta has just opened a 401(k) retirement plan. The money she invests in this plan will reduce Roberta's present taxable income.
A)True
B)False
Q5) Compare the basic features of the traditional IRA and Roth IRA.
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