Business Environment
Chapter Exam Questions
Course Introduction
Business Environment explores the complex and dynamic external factors that influence business operations and decision-making. This course examines key components such as economic systems, legal and regulatory frameworks, technological developments, societal trends, and global issues impacting businesses. Students will analyze how political, economic, social, and technological environments affect organizational strategies and performance. Through case studies and real-world examples, participants will gain a comprehensive understanding of how businesses adapt to and shape their environments to achieve competitive advantage and sustainability.
Recommended Textbook
Essentials of Contemporary Business 1st Edition by Louis E. Boone
Available Study Resources on Quizplus
17 Chapters
2453 Verified Questions
2453 Flashcards
Source URL: https://quizplus.com/study-set/2485
Page 2
Chapter 1: The Changing Face of Business
Available Study Resources on Quizplus for this Chatper
154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/49399
Sample Questions
Q1) When customers enter a supermarket and select their favorite brand of laundry detergent,they are exercising their right to freedom of choice.
A)True
B)False
Answer: True
Q2) Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.
A)relationship management
B)marketing management
C)a strategic alliance
D)transaction management
Answer: D
Q3) During the Industrial era,the focus was on agriculture and other rural activities.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Business Ethics and Social Responsibility
Available Study Resources on Quizplus for this Chatper
172 Verified Questions
172 Flashcards
Source URL: https://quizplus.com/quiz/49400
Sample Questions
Q1) Management's acceptance of the obligation to consider profit,consumer satisfaction,and societal well-being of equal value in evaluating the firm's performance is _____.
A)Securities and Exchange Commission (SEC)
B)Occupational Safety and Health Administration (OSHA)
C)Sarbanes Oxley
D)integrity
E)corporate philanthropy
F)social responsibility
G)business ethics
H)sexual harassment
I)code of conduct
J)conflict of interest
K)product liability
L)post-conventional stage
M)Regulation FD
N)whistle-blowing
O)discrimination
Answer: F
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
Available Study Resources on Quizplus for this Chatper
184 Verified Questions
184 Flashcards
Source URL: https://quizplus.com/quiz/49401
Sample Questions
Q1) The four different types of market structure in a private enterprise system are
A)pure competition,monopolistic competition,oligopoly,and monopoly
B)communism,socialism,capitalism,and mixed systems
C)socialism,oligopoly,monopoly,and pure competition
D)mixed,socialism,communism,and pure competition
Answer: A
Q2) By changing ________,the Federal Reserve can expand or shrink funds available to lend.
A)interest rates
B)spending
C)fees charged on household and business checking and savings accounts
D)taxes
Answer: A
Q3) Natural resources include technology,tools,information,physical facilities,and financial capabilities.
A)True
B)False
Answer: False
Page 5
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Competing in World Markets
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/49402
Sample Questions
Q1) A country that cannot maintain a monopoly from producing a certain good can still have an absolute advantage.
A)True
B)False
Q2) If the value of the Canadian dollar falls relative to the U.S.dollar,Canadian exports to the United States should increase.
A)True
B)False
Q3) All of the following are included in the top five nations the United States trades with EXCEPT ________.
A)China
B)Spain
C)Mexico
D)Canada
Q4) Distinguish between absolute advantage and comparative advantage.Provide an example of each.
Q5) Describe the role of the European Union (EU).
Q6) Define balance of trade and its relation to trade surplus and trade deficit.
Q7) Explain the advantages and disadvantages of imposing trade restrictions.
Page 6
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Small Business and Forms of Business
Ownership
Available Study Resources on Quizplus for this Chatper
145 Verified Questions
145 Flashcards
Source URL: https://quizplus.com/quiz/49403
Sample Questions
Q1) Cooperatives rarely exist in the agricultural business field.
A)True
B)False
Q2) Women leave large corporations when they feel blocked from opportunities for advancement-when they hit the so-called "glass ceiling."
A)True
B)False
Q3) Some women start their own businesses so they can spend more time with their families.
A)True
B)False
Q4) Twenty-first century innovations developed by small businesses include social networking sites and green energy industries.
A)True
B)False
Q5) Securing adequate financing is a major problem for most small businesses.
A)True
B)False
Q6) Explain why women are drawn to owning their own businesses.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Starting Your Own Business
Available Study Resources on Quizplus for this Chatper
108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/49404
Sample Questions
Q1) All of the following are important characteristics of entrepreneurs EXCEPT:
A)tolerance for failure.
B)internal locus of control.
C)creativity.
D)dependence on others.
Q2) Venture capitalists take an equity stake in businesses in which they invest their funds.
A)True
B)False
Q3) Angie wants to be her own boss,but she doesn't have an idea for a profitable business.What could Angie do to help her identify a successful business idea?
A)Identify the most popular companies in her area and create a replica business
B)Ask her friends and family for suggestions
C)Make a list of her interests and abilities and a list of businesses that match these interests and abilities
D)Pick an industry that is not experiencing a lot of change
Q4) Discuss the four motives frequently cited as major reasons why people become entrepreneurs.
Q5) Explain the difference between debt financing and equity financing.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Management, Leadership, and the Internal Organization
Available Study Resources on Quizplus for this Chatper
191 Verified Questions
191 Flashcards
Source URL: https://quizplus.com/quiz/49405
Sample Questions
Q1) By using a(n)________,Starbucks addressed the threat of fluctuating consumer trends by offering a variety of beverages and merchandise beyond coffee.
A)mission statement
B)Matrix
C)SWOT analysis
D)contingency plan
Q2) Top management usually spends the majority of time on ________ plans.
A)tactical
B)contingency
C)strategic
D)operational
Q3) The process of dividing work activities into units is known as ________.
A)organizational management
B)programming structure
C)streamline management
D)departmentalization
Q4) Explain what is meant by span of management.Describe the trend in determining span of management.
Q5) Provide examples of tools managers might use to reinforce corporate culture.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
Available Study Resources on Quizplus for this Chatper
138 Verified Questions
138 Flashcards
Source URL: https://quizplus.com/quiz/49406
Sample Questions
Q1) A key premise of Maslow's hierarchy of needs theory is that ________.
A)people's needs are based on their wants
B)people's needs are based on an order of importance
C)not all people have basic needs
D)a satisfied need is a motivator
Q2) Internet recruiting is a quick but expensive way to reach a large pool of job seekers.Human resource plans can affect the way a company adapts to new technology.
A)True
B)False
Q3) Which of the following is the first step in the employee recruitment process?
A)review applications and résumés
B)interview candidates
C)conduct employment tests
D)identify job requirements
Q4) Picketing of any form is considered unconstitutional.
A)True
B)False
Q5) What types of benefits are mandated by law?
Q6) Describe the core responsibilities of human resource management. Page 10
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
Available Study Resources on Quizplus for this Chatper
134 Verified Questions
134 Flashcards
Source URL: https://quizplus.com/quiz/49407
Sample Questions
Q1) All of the following are used to empower employees EXCEPT ________.
A)giving them decision-making authority about company relocation
B)rewarding them based on company performance
C)giving them decision-making authority about hiring decisions
D)sharing company information
Q2) "Spinning" bad news to make it look better almost always backfires.
A)True
B)False
Q3) ________ percent of the typical manager's day is spent engaged in communications.
A)Less than 25
B)About 50
C)About 75
D)More than 75
Q4) Feedback is crucial in determining whether a message was decoded properly.
A)True
B)False
Q5) Cognitive and affective conflict can occur together in the same team.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 10: Production and Operations Management
Available Study Resources on Quizplus for this Chatper
149 Verified Questions
149 Flashcards
Source URL: https://quizplus.com/quiz/49408
Sample Questions
Q1) Harriet uses a computer-based production planning system by which a firm can ensure that it has needed parts and materials available at the right time and place and in the correct amounts.Harriet uses:
A)materials requirement planning
B)just-in-time inventory system
C)computer-aided manufacturing
D)vendor-managed inventory
Q2) A Gantt chart is associated with which step in production control?
A)routing
B)scheduling
C)dispatching
D)follow-up
Q3) Snyder Industries uses 100,000 widgets each year.If Snyder decides to place more orders each year,ordering fewer widgets each time,Snyder will be carrying ________ inventory on average and the risk of running out of inventory will ________.
A)less;rise
B)less;fall
C)more;fall
D)more;rise
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 11: Customer-Driven Marketing
Available Study Resources on Quizplus for this Chatper
132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/49409
Sample Questions
Q1) ________ refers to the actions of consumers directly involved in obtaining,consuming,and disposing of products and the decision processes that precede and follow these actions.
A)Buyer behavior
B)Consumer behavior
C)Marketing management
D)The marketing mix
Q2) Personal and interpersonal determinants affect which step(s)in the consumer behavior process?
A)recognition of problem or opportunity
B)purchase decision
C)purchase act
D)each step in the consumer behavior process
Q3) Primary data refer to data collected firsthand through such methods as observation and surveys.
A)True
B)False
Q4) Marketing is rarely useful as an education tool.
A)True
B)False
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Product and Distribution Strategies
Available Study Resources on Quizplus for this Chatper
167 Verified Questions
167 Flashcards
Source URL: https://quizplus.com/quiz/49410
Sample Questions
Q1) In which stage of the product life cycle do profits generally first appear?
A)decline stage
B)introductory stage
C)growth stage
D)maturity stage
Q2) Advertising slogans,such as "Just Do It" or "Obey Your Thirst," are ________ that are given legal protection solely to the brand's owner.
A)catchphrases
B)registered phrases
C)brand names
D)trademarks
Q3) Services are always classified as business products.
A)True
B)False
Q4) Describe two things a manufacturer should take into consideration before designing a product's packaging and labeling.
Q5) Physical distribution is a major focus for logistics management.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 13: Promotion and Pricing Strategies
Available Study Resources on Quizplus for this Chatper
138 Verified Questions
138 Flashcards
Source URL: https://quizplus.com/quiz/49411
Sample Questions
Q1) Assume fixed costs equal $480,000.The price per unit is $10,and the variable cost per unit equals $8.Find the breakeven point in terms of both units sold and sales revenue.
Q2) Advertising is a form of non-personal selling.
A)True
B)False
Q3) An integrated marketing communications strategy focuses on customer needs to create unified promotional messages.
A)True
B)False
Q4) In breakeven analysis,the costs that change with the level of production are considered ________ costs.
A)variable
B)recoverable
C)labor
D)fixed
Q5) Trade shows and are different than major trade promotions.
A)True
B)False
Q6) Explain what point-of-purchase (POP)advertising is and why it is effective.
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Using Technology to Manage Information
Available Study Resources on Quizplus for this Chatper
112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/49412
Sample Questions
Q1) In addition to making and receiving calls and text messages,smart phones allow users to surf the Internet,receive and send e-mail,check their schedules,and open and edit documents.
A)True
B)False
Q2) A familiar example of wide area networks is long-distance telephone service.
A)True
B)False
Q3) A computer program that imitates human thinking is a(n)________.
A)information interface
B)decision support system
C)enterprise resource planning system
D)expert system
Q4) Virtual private networks are more expensive to install than wide area networks.
A)True
B)False
Q5) Identify four significant trends regarding information systems.
Q6) Theft of equipment is a type of malware.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 15: Understanding Accounting and Financial Statements
Available Study Resources on Quizplus for this Chatper
134 Verified Questions
134 Flashcards
Source URL: https://quizplus.com/quiz/49413
Sample Questions
Q1) A(n)________ is a financial statement that is directly based on the accounting equation.
A)balance sheet
B)income statement
C)statement of cash flows
D)statement of changes in retained earnings
Q2) Identify and briefly describe the four categories of financial ratios.
Q3) All of the following are profitability ratios EXCEPT ________.
A)inventory turnover
B)return on equity
C)return on assets
D)gross profit margin
Q4) Accounting information can be as important to those outside the organization as it is to those inside the organization.
A)True
B)False
Q5) Accountants play a role in all three business activities: financing,investing,and operating.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 16: The Financial System
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/49414
Sample Questions
Q1) M2 is defined as balances in saving accounts and money market mutual funds minus M1.
A)True
B)False
Q2) The Treasury sells government bonds that mature in 2,5,10,and 30 years from the date of issue.
A)True
B)False
Q3) In which stock exchange does trading and selling take place through an intranet rather than on a trading floor?
A)NASDAQ
B)New York Stock Exchange
C)neither NASDAQ nor the New York Stock Exchange
D)both NASDAQ and the New York Stock Exchange
Q4) Who participates in the financial system?
A)businesses
B)governments
C)individuals
D)all of the above
Q5) Explain what a credit union is and give an example of one.
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Financial Management
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/49415
Sample Questions
Q1) A(n)________ is the reverse of a merger.
A)tender offer
B)LBO
C)divestiture
D)acquisition
Q2) A(n)________ is a document that specifies the funds a firm will need for a period of time,the timing of inflows and outflows,and the most appropriate sources and uses of funds.
A)asset management plan
B)budget
C)strategic plan
D)financial plan
Q3) The senior financial manager has the title of ________.
A)chief financial officer
B)chief operations officer
C)treasurer
D)controller
Q4) Describe a disadvantage of equity capital.
Q5) Explain each role in the hierarchy of financial management at a large firm.
Q6) List the major sources of short-term and long-term funds.
Page 20
To view all questions and flashcards with answers, click on the resource link above.