Business Communication
Mock Exam
Course Introduction
Business Communication explores the principles and practices of effective communication within a business environment. This course covers key topics such as written and oral communication, workplace correspondence, report and proposal writing, business presentations, intercultural communication, and the use of digital tools for business messaging. Emphasis is placed on developing professional communication skills that foster clarity, collaboration, and persuasive messaging, enabling students to navigate and succeed in diverse organizational contexts.
Recommended Textbook
Business in Action 6th Edition by Courtland L. Bovee
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Chapter 1: Developing a Business Mindset
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Q1) Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?
Answer: Every business is affected by the legal and regulatory environment,the sum of laws and regulations at the local,state,national,and even international level.Some businesses,such as electricity and other basic utilities,are heavily regulated,even to the point of government agencies determining how much such companies can charge for their services.The degree to which various industries should be regulated remains a point of contention,year in and year out.
Government testing and approval,tightly controlled markets,strict licensing procedures can act as barriers to entry.
Businesses prefer to locate and do business in jurisdictions that offer lower costs,lower complexity,and greater stability and predictability.The policies and practices of government bodies establish an overall level of support for businesses operating within their jurisdictions.Taxation,fees,efforts to coordinate multiple regulatory agencies,the speed of granting permits and licenses,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making all affect this level of support.
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Page 3
Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) Compare and contrast between monetary and fiscal policies.
Answer: Monetary policy involves adjusting the nation's money supply,the amount of "spendable" money in the economy at any given time,by increasing or decreasing interest rates.In the United States,monetary policy is controlled primarily by the Federal Reserve Board (often called "the Fed"),a group of government officials who oversee the country's central banking system.
Fiscal policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.On the revenue side,governments can adjust the revenue they bring in by changing tax rates and various fees collected from individuals and businesses.When the federal government lowers the income tax rate,for instance,it does so with the hope that consumers and businesses will spend and invest the money they save by paying lower taxes.
Q2) GDP considers who is responsible for the production; GNP considers where the production occurs.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Global Marketplace
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Sample Questions
Q1) Which of the following acts outlaws payments with the intent of getting government officials to break the laws of their own countries?
A) Mustering-out Payment Act
B) Export-Import Bank Act
C) Foreign Corrupt Practices Act
D) Special Payment Act
E) Federal Corrupt Practices Act
Answer: C
Q2) Economies of scale are savings from not buying too much of any one thing.
A)True
B)False
Answer: False
Q3) International travel would be more expensive for U.S.residents if the dollar is strong.
A)True
B)False
Answer: False
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Chapter 4: Business Ethics and Corporate Social Responsibility
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Q1) A ________ CSR is one in which a company accused of irresponsible behavior promotes itself as being socially responsible without making significant improvements in its business practices.
A) minimalist
B) philanthropic
C) strategic
D) proactive
E) cynical
Q2) A company accused of irresponsible behavior that promotes itself as being socially responsible without improving its business practices is said to have a cynical CSR.
A)True
B)False
Q3) Discuss some of the key responsibilities that employers have regarding employees.Compare them with the responsibility they have toward consumers.
Q4) Compare and contrast philanthropy and strategic CSR.
Q5) Whistle-blowing is illegal.
A)True
B)False
Page 6
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Chapter 5: Forms of Ownership
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Q1) The number of shareholders is limited to fifty in a limited liability company.
A)True
B)False
Q2) RK Associates is a firm incorporated in the state of Delaware.The company has operations in thirteen states.However,the company does not have any facilities in countries other than the United States.RK Associates is a(n)________.
A) international company
B) local corporation
C) domestic company
D) alien corporation
E) foreign corporation
Q3) Strategic alliances are ________.
A) internal agreements formed between the subsidiaries of a company
B) not helpful when a company has to gain credibility in a new field
C) a means of permanently integrating two companies in a business
D) an alternative to mergers and acquisitions with less risk and work
E) not helpful when a company's aim is expanding its market presence
Q4) Compare and contrast private corporations and public corporations.
Q5) Compare and contrast mergers and acquisitions.
Q6) Compare and contrast sole proprietorships and general partnerships.
Page 7
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Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) Money used or needed to set up a new business is ________.
A) an incubator fund
B) seed money
C) an initial public offering
D) public financing
E) an advisory board loan
Q2) A(n)________ is a form of "group mentoring" in which you assemble a team of people with subject-area expertise or vital contacts to help review plans and decisions.
A) advisory board
B) business incubator
C) venture capitalist
D) angel investor
E) micro lender
Q3) A business plan is a written document that summarizes the ________.
A) business' cost benefit analysis
B) business' sources of finances for the business
C) proposed business venture, goals, and plans for achieving those goals
D) personal financial statements of the business owners
E) organization's exposure to internal and external threats
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Page 8
Chapter 7: Management Roles, Functions, and Skills
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Q1) The executive dashboard is a tool that provides quick-read summaries of vital performance variables.
A)True
B)False
Q2) ________ skills refer to the ability to identify a decision situation,analyze the problem,weigh the alternatives,choose an alternative,implement it,and evaluate the results.
A) Interpersonal
B) Technical
C) Administrative
D) Decision-making
E) interpersonal
Q3) Compare and contrast quantitative forecasts with qualitative forecasts.
Q4) Standards refer to the criteria against which performance is measured.
A)True
B)False
Q5) Qualitative managerial forecasts are based on historical data and involve complex statistical computations.
A)True
B)False
Page 9
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Chapter 8: Organization and Teamwork
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Q1) Texas Motors,a car manufacturing company,groups its departments around the three lines of cars it manufactures.Each product division encompasses all the major functional resources required to achieve its goals.This indicates that Texas Motors has a functional structure.
A)True
B)False
Q2) In a furniture factory,one worker cuts the wood according to the design,another worker glues and screws the pieces together,and another worker stains and polishes the wood.This is an example of ________.
A) core competencies
B) decentralization
C) work specialization
D) chain of command
E) centralization
Q3) Define span of management.How does the span of management in flat organizations differ from that in tall organizations.
Q4) Compare and contrast centralization with decentralization.
Q5) Compare and contrast functional structure with divisional structure.
Q6) Compare and contrast a task force with a committee.
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Chapter 9: Production Systems
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Questions
Q1) John's Apparel is a tailoring shop that manufactures custom-made dresses for special occasions and festivals.While ordering raw materials,John estimates that he would sell 500 Santa Claus lawn decorations in November.In this case john is performing a(n)________.
A) production forecast
B) capacity planning
C) PERT analysis
D) resource planning
E) critical path analysis
Q2) The manufacturing approach in which part of the product is mass produced and the remaining features are customized is known as ________.
A) batch-of-one production
B) mass production
C) customized production
D) mass manufacturing
E) mass customization
Q3) Explain how systems are found in a company.
Q4) Outsourcing and offshoring are synonymous terms.
A)True
B)False
Page 11
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Chapter 10: Employee Motivation
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Sample Questions
Q1) Luke is the store manager at the departmental store of Nature's Basket,a multinational retailer corporation,located in Cincinnati.He decides to use cross-training to improve motivation levels amongst people who work at the store.Luke is most likely to implement which of the following measures?
A) Luke asks people who stock the shelves to handle the cash registers, and the cashiers are taught to stock shelves.
B) Luke provides detailed feedback to all employees at the store and sets performance goals for them.
C) Luke starts a "Retail Apprenticeship Scheme" that allows employees to get certified and learn new skills.
D) Luke hires temporary workers to assist store employees during peak periods.
E) Luke implements an incentive scheme based on the individual performance of employees.
Q2) List the managerial strategies that are vital to maintaining a motivated workforce.
Q3) Cross-training involves expanding the scope of an individual job.
A)True
B)False
Q4) Discuss Maslow's hierarchy of needs.
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Page 12
Chapter 11: Human Resources Management
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Sample Questions
Q1) ________ is a euphemism used to suggest that an organization is making changes in the workforce to match its business needs more precisely.
A) Restructuring
B) Repositioning
C) Nearshoring
D) Work sharing
E) Rightsizing
Q2) Creation of a sexist environment in which employees are made to feel uncomfortable by lewd jokes,remarks,or gestures is a form of sexual harassment.
A)True
B)False
Q3) Manthis Manufacturing is losing approximately 19% of its workforce each year.This shows that it has high ________.
A) performance monitoring
B) employee alignment
C) turnover rate
D) employee retention
E) job security
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Chapter 12: Labor Relations
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Sample Questions
Q1) Which of the following is a valid observation of arbitrators?
A) Arbitrators usually represent the management rather than the union.
B) Collective bargaining contracts must specify a permanent arbitrator.
C) Most arbitrators are chosen on a case-by-case basis.
D) Most decisions by arbitrators are not legally binding.
E) Arbitrators usually represent the union rather than the management.
Q2) Which of the following is an advantage of labor unions?
A) Labor unions do not involve in direct negotiations with the management.
B) Most unions do not collect money from the members.
C) Most unions are not related to political activities.
D) Labor unions promote skill-based pay systems and promotions.
E) Union members receive greater benefits compared to nonunion employees.
Q3) In an agency shop,employees aren't required to join the union but must pay the equivalent of union dues.
A)True
B)False
Q4) "Unions have a negative impact on productivity." Do you agree with this statement? Explain your answer.
Q5) Do you think labor unions will survive in the long term? Frame arguments to support your claim.
Page 14
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Chapter 13: The Art and Science of Marketing
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Q1) Compare and contrast the influence of customer relationship management (CRM)systems on the marketing process with that of social commerce.
Q2) The sales concept is an approach to business management that stresses customer needs and wants,seeks long-term profitability,and integrates marketing with other functional units within the organization.
A)True
B)False
Q3) What are the steps involved in strategic marketing planning?
Q4) Customer lifetime value refers to the total potential revenue from each customer over a certain time span minus the cost of attracting and keeping that customer.
A)True
B)False
Q5) Selling existing products to new markets is called ________.
A) market development
B) product development
C) market segmentation
D) market penetration
E) vertical integration
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Chapter 14: Product and Pricing Strategies
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Q1) Jennifer buys such items as bread,flour,and beverages every week from nearby shops.These items are examples of a(n)________.
A) shopping product
B) expense item
C) capital item
D) specialty product
E) convenience product
Q2) Variable costs are not dependent on the magnitude of production.
A)True
B)False
Q3) A product line comprises all products from a single manufacturer.
A)True
B)False
Q4) Participative pricing allows customers to pay the amount they think a product is worth.
A)True
B)False
Q5) Product life cycle refers to the four stages through which a product progresses. A)True
B)False
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Chapter 15: Distribution and Marketing Logistics
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Sample Questions
Q1) The number of layers between producers and their target customers is known as
A) market coverage
B) channel length
C) logistics
D) wheel of retailing
E) multichannel retailing
Q2) Discuss marketing systems.
Q3) Celebrations is a store that is only open for several weeks during the summer,selling fireworks and decorations before the 4th of July.It is designed more as an attention-getting event than as an ongoing retail operation.Celebrations would be an example of a convenience store.
A)True
B)False
Q4) Compare and contrast multichannel retailing with retail theater.
Q5) Retail intermediaries collect valuable data about customer purchases: who buys,how often,and how much.
A)True
B)False
Q6) Compare and contrast department stores with specialty stores.
Page 17
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Chapter 16: Customer Communication
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Sample Questions
Q1) Compare and contrast coupons with rebates.
Q2) Some interactive purchasing systems combine product placement with direct-response retailing so that consumers can use their TV remotes to buy products shown in a program.This is an example of ________.
A) behavioral targeting
B) push strategy
C) hybrid media
D) implied claims
E) remarketing
Q3) Discuss the three trends that are likely to shape advertising media in the coming years.
Q4) Institutional advertising refers to advertising that presents a company's opinions on public issues such as education or health care.
A)True
B)False
Q5) Compare and contrast the advantages and disadvantages of newspapers as advertising media,with that of television.
Q6) Compare and contrast push strategy with pull strategy.
Q7) Discuss integrated marketing communications.
Page 18
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Chapter 17: Financial Information and Accounting Concepts
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Sample Questions
Q1) Explain the significance of the income statement of a business.
Q2) Financial accounting is concerned with preparing cost analyses,profitability reports,budgets,and other information for insiders such as management and other company decision makers.
A)True
B)False
Q3) Bookkeeping is the clerical function of recording the economic activities of a business.
A)True
B)False
Q4) Which of the following is an example of a current asset?
A) accounts receivable
B) goodwill
C) land
D) equipment
E) intellectual property
Q5) Working capital refers to the amount of cash an organization has in hand.
A)True
B)False
Q6) Describe cost of goods sold and operating expenses. Page 19
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Page 20
Chapter 18: Financial Management
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Q1) Budget reflects expected revenues,cash receipts,and outlays.
A)True
B)False
Q2) An operational budget outlines expenditures for real estate,new facilities,and major equipments.
A)True
B)False
Q3) Venture capital is an example of private equity.
A)True
B)False
Q4) Which of the following is a major advantage of raising funds through selling shares of ownership?
A) Selling shares to the public makes the company's operations less complicated.
B) It does not change the way a company is managed.
C) It consumes less time than other forms of financing.
D) It has tremendous potential to fuel organizational growth.
E) Owners do not risk their position in the firm when selling shares.
Q5) Rolling forecasts are not based on revenue budgets and cost assumptions.
A)True
B)False
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Chapter 19: Financial Markets and Investment Strategies
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Q1) A(n)________ is the purchased right,but not the obligation,to buy or sell a specified number of shares of a stock or other security at a predetermined price during a specified period.
A) credit derivative
B) secured bond
C) option
D) financial future
E) commodity future
Q2) Companies attempt to increase the market valuation of a share by ________.
A) repurchasing some of the shares through a stock buyback
B) maintaining a lower than average price/earnings ratio
C) announcing a stock split of its shares
D) dividing the shares into multiple shares
E) reducing the percentage of dividend being paid out to investors
Q3) What are derivatives?
Q4) Compare and contrast stock market and bond markets.
Q5) Describe a bull market and a bear market.
Q6) Investing in bonds typically has higher risk than investing in stocks.
A)True
B)False
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Chapter 20: The Money Supply and Banking Systems
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Q1) ________ is a market situation in which frenzied demand for an asset pushes the price of that asset far beyond its true economic value.
A) Liquidity crisis
B) Bubble
C) Default
D) Asset crisis
E) Credit freeze
Q2) The Fed sets the federal funds rate by ________.
A) lending money directly to consumers
B) issuing a mandatory directive
C) issuing a selective directive
D) buying and selling Treasuries
E) securitizing loans issued by member banks
Q3) Savings and loan associations are not-for-profit,member-owned cooperatives that focus on offering home mortgage loans.
A)True
B)False
Q4) What is a bubble?
Q5) Compare and contrast liquidity crisis and a credit freeze.
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