Business Environment
Exam Bank
Course
Introduction
Business Environment explores the dynamic external and internal factors that influence organizational operations and decision-making. This course examines political, economic, social, technological, legal, and environmental (PESTLE) forces, as well as the impact of globalization, ethical considerations, and competitive dynamics. Students will analyze case studies and contemporary issues to understand how businesses adapt strategies in response to changing environments. By the end of the course, learners will be equipped to assess environmental trends and challenges, enabling informed and strategic business decisions.
Recommended Textbook
Foundations of Business 6th Edition by William
M. Pride
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20 Chapters
3720 Verified Questions
3720 Flashcards
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Page 2
Chapter 1: Exploring the World of Business and Economics
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251 Verified Questions
251 Flashcards
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Sample Questions
Q1) An oligopoly is a market situation in which there is one producer and a few large buyers.
A)True
B)False
Answer: False
Q2) Increased competition from firms in other nations is an example of the A) technological environment.
B) global environment.
C) command environment.
D) laissez-faire environment.
E) mixed environment.
Answer: B
Q3) How the price of homes affects the number of homes built and sold would be an economic issue studied in a Macroeconomics course.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Ethics and Social Responsibility in Business
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282 Flashcards
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Sample Questions
Q1) The Sarbanes-Oxley Act of 2002 deals with corporate responsibility,conflicts of interest,and corporate accountability.
A)True
B)False
Answer: True
Q2) All of the following are arguments against increased social responsibility except A) social issues are the responsibility of government officials elected for that purpose. B) companies should maximize profits,not solve society's problems,with their time,money,and talent.
C) because social problems affect society in general,businesses should not be expected to solve these problems.
D) social responsibility by firms can prevent increased government intervention.
E) business managers are primarily responsible to stockholders and providing them a good return.
Answer: D
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Chapter 3: Global Business
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Sample Questions
Q1) What is the General Agreement on Tariffs and Trade (GATT)? What is its primary objective?
Answer: The General Agreement on Tariffs and Trade (GATT)is an international organization of 153 nations organized at the end of World War II.The primary objective of GATT is to reduce or eliminate tariffs and other barriers to world trade.
Q2) Because it controls the world's diamond deposits,the DeBeers Consolidated Mines,Ltd.,has a(n)
A) absolute advantage.
B) comparative advantage.
C) advantage based on efficient production.
D) trade deficit.
E) lot of diamonds.
Answer: A
Q3) Comparative advantage is the ability to produce a specific product more efficiently than any other nation.
A)True
B)False
Answer: False
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Chapter 4: Choosing a Form of Business Ownership
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) Suppose Bill Gates,founder of Microsoft,is interested in a small software company.He may offer to purchase the stock of this company at a price that is just high enough to tempt the current stockholders.This action would be called a
A) monopoly.
B) tender offer.
C) proxy fight.
D) hostile takeover.
E) white knight offer.
Q2) A common tactic of corporate raiders is to start a proxy fight.
A)True
B)False
Q3) Unlimited liability means
A) there is no limit on the amount an owner can borrow.
B) creditors will absorb any loss from nonpayment of debt.
C) the business can borrow money for any type of purchase.
D) the owner is responsible for all business debts.
E) stockholders can borrow money from the business.
Q4) The purchase of one corporation by another is called a merger.
A)True
B)False
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Chapter 5: Small Business,Entrepreneurship,and Franchises
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Sample Questions
Q1) The SBA places special emphasis on aid to A) new businesses.
B) those in production industries.
C) minority-owned businesses.
D) franchise outlets.
E) those in need of guaranteed loans.
Q2) The industry concerned with the movement of goods from producer to consumer is A) service.
B) distribution.
C) production.
D) agriculture.
E) wholesaling.
Q3) Refer to Personal Wellness.When Jackie suggested that the company contact a group,what type of group was she referring to?
A) Strategic institute
B) Small-business institute
C) HR institute
D) Management institute
E) Business institute
Q4) What is a business plan? What are its components? Why is it so important?
Page 7
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Chapter 6: Understanding the Management Process
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Sample Questions
Q1) Zach notices that sales of the company's best products are declining.He gathers together his sales staff to generate solutions to the decline in sales.He encourages all the participants to generate as many new ideas as possible and forbids anyone from criticizing or ridiculing the ideas of others.Zach is using
A) Blast! Then Refine.
B) trial and error.
C) generation.
D) group think.
E) brainstorming.
Q2) When looking at the company's sales figures,Marisol sees that her salespeople have not achieved high sales in Japan.She is at what stage in the managerial decision-making process?
A) Evaluating the problem
B) Generating a problem
C) Selecting a solution
D) Identifying the problem
E) Implementing the problem
Q3) Describe the style of the democratic leader.
Q4) Why would technical skills be important to first-line managers?
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Chapter 7: Creating a Flexible Organization
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Sample Questions
Q1) Tony and two of his friends are starting a new tech business and are meeting to decide the firm's organizational structure.During the meeting they will most likely discuss issues related to
A) job design,departmentalization,delegation,span of management,and chain of command.
B) departmentalization,delegation,and span of control.
C) flexibility,notoriety,delegation,and span of control.
D) chain of command,span of management,and advisory control.
Q2) A relatively permanent committee charged with performing some recurring task is called a(n)
A) cluster structure.
B) ad hoc committee.
C) informal group.
D) task force.
E) standing committee.
Q3) The span of control is the number of subordinates who report directly to one manager.
A)True
B)False
Q4) What are some of the primary advantages of a network structure?
Page 9
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Chapter 8: Producing Quality Goods and Services
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221 Flashcards
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Sample Questions
Q1) ____ include(s)stocks of completed goods,work in process,and raw materials.
A) Supplies
B) Holding goods
C) Inventories
D) Processed goods
E) Stock
Q2) A Boeing factory in Everett,Washington,manufactures 787 Dreamliner jet aircrafts.What type of layout is most likely in this factory?
A) Output
B) Fixed-position
C) Product
D) Process
E) Cell-rotation
Q3) Describe the operations of a flexible manufacturing system (FMS).
Q4) Capacity to a service business means something completely different from capacity to a production business.
A)True
B)False
Q5) Define design planning.How does it differ from operational planning?
Q6) What activities does operations management involve?
Page 10
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Chapter 9: Attracting and Retaining the Best Employees
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227 Verified Questions
227 Flashcards
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Sample Questions
Q1) A list of key personnel as well as possible successors within a firm is called
A) a replacement chart.
B) a skills inventory.
C) management inventory.
D) a wage survey.
E) performance appraisal.
Q2) One of the common errors made by managers appraising employees is
A) overusing one portion of an evaluation instrument.
B) being unfair.
C) only saying nice things.
D) failing to tell the employee where to improve.
Q3) Performance feedback is most effective when managers
A) communicate tactfully and honestly with employees being appraised.
B) stress the feedback interview more than the evaluation interview.
C) stress positive performance and downplay negative performance.
D) stress the evaluation interview more than the feedback interview.
E) evaluate their subordinates on a daily basis.
Q4) To learn the exact nature of a job,we may use job analysis,a job description,and a job specification.For what purpose is each used?
Q5) What is the job evaluation process in terms of the wage structure decision?
Page 11
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Chapter 10: Motivating and Satisfying Employees
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Sample Questions
Q1) At Tom's Automotive Repair,the mechanics rarely interacted directly with customers.Work orders were processed by the customer service department and passed on to the mechanics.After experiencing excessive customer complaints about the poor quality of work,Tom realized he was not motivating his mechanics to do quality work.To rectify the situation,Tom designated all of his employees as customer service representatives.The mechanics' roles were expanded to include direct customer contact.This motivational technique is called
A) job enlargement.
B) job redesign.
C) behavior modification.
D) employee empowerment.
E) management by objectives (MBO).
Q2) First Tennessee Bank introduced a new program that allowed employees to determine their own work schedules.This type of program is called as A) job modification.
B) job redesign.
C) job sharing.
D) flextime.
E) telecommuting.
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Page 12
Chapter 11: Building Customer Relationships Through Effective Marketing
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Consumers are usually better informed than business buyers about the products they buy.
A)True
B)False
Q2) From time to time,some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process.
A)True
B)False
Q3) Which of the following indicates a customer orientation?
A) Increasing advertising
B) Taking orders from customers
C) Distributing goods to customers
D) Intensifying sales techniques
E) Developing products that fulfill customers' needs
Q4) One way to segment a market is according to whether the purchaser is a consumer or a business-to-business user.
A)True
B)False
Q5) What is a market?
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Chapter 12: Creating and Pricing Products That Satisfy Customers
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281 Verified Questions
281 Flashcards
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Sample Questions
Q1) Which of the following is a manufacturer brand?
A) Sam's Choice soft drinks
B) Kenmore appliances
C) Diehard batteries
D) Gap clothing
E) Doritos chips
Q2) Price leaders
A) are sold at the highest possible price.
B) maximize profits.
C) lead to increased revenue or lower costs when prices are increased or decreased.
D) are sometimes sold at less than cost in hopes that sales of other products will increase.
E) lead the industry in sales.
Q3) The same price will be charged no matter what pricing objective is used.
A)True
B)False
Q4) Describe non-price competition.When might it be used?
Q5) Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term,and state how they differ.
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Chapter 13: Distributing and Promoting Products
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Sample Questions
Q1) A frequent-user incentive is a gift that a producer offers a customer in return for using its product.
A)True
B)False
Q2) Trask,Inc.,sells luggage and other related equipment online.When it receives an order,the order automatically goes to Williams Distribution.Williams gets the merchandise from its warehouse and ships it to the customer.Trask is in charge of all other aspects of the purchase.Williams Distribution is a _____ wholesaler.
A) full-service
B) limited-service
C) specialty-line
D) limited-line
E) commission merchant
Q3) Staples,Babies 'R' Us,and Petsmart are examples of _____.
A) discount stores
B) traditional specialty stores
C) superstores
D) department stores
E) category killers
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Page 15
Chapter 14: Exploring Social Media and E-Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) The Wall Street Journal's online edition is not provided free to Internet users.Therefore,the primary revenue stream for this online version is probably
A) sales of business products.
B) sales of business services.
C) investment advice.
D) subscription fees.
E) referral services.
Q2) Social media offers extensive,nearly full control over what is said about a company and/or their products or services.
A)True
B)False
Q3) Even if a business's core customers do not use social media and social networking sites,businesses should still be devoting major resources to developing their social media presence.
A)True
B)False
Q4) Describe the term "digital native" and explain if you think the term and the definition are accurate.Provide examples to support your position.
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Page 16
Chapter 15: Using Management and Accounting Information
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Sample Questions
Q1) All of the following are classified as fixed assets except A) factory equipment.
B) a company car.
C) computers held for resale.
D) property.
E) buildings.
Q2) Resources that a firm owns are called
A) revenue.
B) liabilities.
C) owners' equity.
D) assets.
E) expenses.
Q3) A firm has $260,000 in assets and $158,000 in stockholders' equity.It owes $55,000 from a long-term loan,and this is its only long-term liability.This firm has ____ in total current liabilities.
A) $55,000
B) $103,000
C) $47,000
D) $102,000
E) $213,000
Page 17
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Chapter 16: Mastering Financial Management
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Sample Questions
Q1) A written order for a bank to pay a third party a stated amount of money on a specific date is referred to as a
A) letter of credit.
B) banker's acceptance.
C) check.
D) line of credit.
E) dividend.
Q2) Which of the following statements is incorrect?
A) The size of the investment banker's commission depends on the financial health of the corporation issuing stock.
B) Although a corporation can have only one IPO,it can sell additional stock after the IPO.
C) The cost of selling stock is referred to as flotation costs.
D) The ongoing costs associated with selling stock are low.
E) All of these statements are correct.
Q3) The most expensive form of short-term financing is factoring of accounts receivable.
A)True
B)False
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Chapter 17: Understanding Personal Finances and Investments
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Sample Questions
Q1) Jan Murphy is in her early 30s and would like some help choosing an investment that will grow over the next 10 years.Which of the following investments would you recommend for growth?
A) Savings accounts
B) Corporate bonds
C) Municipal bonds
D) Common stock
E) Government bonds
Q2) Which of the following would not satisfy the safety factor of investing?
A) Savings accounts
B) Blue-chip stocks
C) Certificates of deposit
D) Highly rated municipal bonds
E) Antiques and collectibles
Q3) Which of the following is not one of the types of bonds issued by the U.S.federal government?
A) Treasury notes
B) Savings bonds
C) Treasury municipals
D) Treasury bills
Page 19
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Chapter 18: Enhancing Union-Management Relations
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Sample Questions
Q1) What was the major accomplishment of the Industrial Workers of the World union?
A) Play a major role in politics
B) Make the AFL seem less threatening
C) Keep labor unions from growing
D) Prevent the use of strikes
E) Demand a reduced workday
Q2) The overriding theme in strategic union-management partnerships is that A) they focus on cooperative relationships,working together,and joint decision making. B) they benefit the unions more than the members they represent.
C) the unions become a weaker part of the decision-making process because their members,employees of the companies,are given more empowerment in the process. D) they are concerned more about arguing over contractual rights than working toward mutual gain.
E) unions and management argue on a broad array of issues,such as performance expectations and organizational structure,and they most often disagree because they have different sets of goals in mind.
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Chapter 19: Risk Management and Insurance
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Sample Questions
Q1) Which of the following is not an insurable loss?
A) A loss due to a windstorm
B) A loss of a key executive
C) An undeterminable or unpredictable loss
D) A measurable loss of property
Q2) Who is responsible for paying the premiums for unemployment insurance coverage that covers eligible unemployed workers?
A) The federal government
B) State governments
C) Employees
D) Employers
E) Both employees and employers
Q3) What is the purpose of no-fault insurance?
A) Provide insurance for all vehicles registered in the state
B) Reduce court case loads and premium costs
C) Eliminate finger-pointing for auto accident claims
D) Limit the rights of insured individuals
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21
Chapter 20: Business Law regulation and Taxation
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Sample Questions
Q1) New York City's law covering asbestos cleanup in residential and commercial buildings has been in effect for many years.The law requires that no apartment or commercial space be given a building permit for alterations unless it has been inspected for asbestos.What would be the classification for this kind of law?
A) Common
B) Constitutional
C) Statutory
D) Law
Q2) What is the name given to laws enacted by legislative bodies?
A) Statutory
B) Administrative
C) Common
D) Federal
Q3) Which of the following entities creates statutes?
A) Judges
B) Presidents
C) Congress
D) Government agencies
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