Business Environment
Exam Solutions
Course Introduction
Business Environment explores the complex external and internal factors that influence how organizations operate and make decisions. This course examines the economic, legal, political, social, technological, and global contexts within which businesses function. Students will analyze the ways in which government policy, regulatory frameworks, market structures, and cultural trends impact business strategies and operations. Emphasis is placed on understanding dynamic market forces, ethical considerations, and the importance of sustainability in responding to environmental challenges. By the end of the course, students will be equipped to assess and adapt to the changing business landscape to ensure organizational success.
Recommended Textbook
BUSN 9th Edition by Marcella
Kelly
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Page 2
Chapter
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Sample Questions
Q1) Identify a true statement about e-commerce.
A)Business-to-consumer selling companies have the larger share of profits arising from the total e-commerce sales.
B)E-commerce has completely eliminated the individualized buying experience.
C)Business-to-business selling companies comprise the vast majority of total e-commerce sales.
D)E-commerce excludes the sales of goods and services through websites or online portals.
Answer: C
Q2) As competition has become truly global, free trade has resulted in _____ across virtually every product category.
A)lower prices and lower quality
B)higher prices and lower quality
C)lower prices and higher quality
D)higher prices and higher quality
Answer: C
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3
Chapter 2: Economics: The Framework for Business
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Q1) _________ is a market structure with just a single producer completely dominating the industry.
A)Oligopoly
B)Monopoly
C)Monopolistic competition
D)Pure competition
Answer: B
Q2) Define and describe productivity.
Answer: Productivity refers to the relationship between the goods and services that an economy produces and the resources needed to produce them. The amount of output-goods and services-divided by the amount of input equals productivity. The goal, of course, is to produce more goods and services, using fewer hours and other inputs. A high level of productivity typically correlates with healthy GDP growth, while low productivity tends to correlate with a more stagnant economy.
Over the past couple of decades, the United States has experienced strong productivity growth, due largely to infusions of technology that help workers produce more output, more quickly. But keep in mind that that productivity does not measure quality. That's why it is so important to examine multiple measures of economic health rather than relying on simply one or two dimensions.
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Chapter 3: The World Marketplace: Business Without Borders
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Q1) Vieorien, a Swedish company, has allowed Loineker, an American company, the rights to produce Vieorien's products and use the Vieorien trademark. However, Vieorien does not have the authority or the rights to dictate the business operations of Loineker. In this scenario, Loineker is the _____.
A)lessor
B)lessee
C)licensee
D)licensor
Answer: C
Q2) Which of the following statements is true about the markets around the world?
A)India's subscriber base for cell phones has grown explosively over the past five years.
B)China has lower gross domestic product (GDP) growth rate than the U.S.
C)China and India have a smaller opportunity to attract investments because of to their economic growth.
D)Most of the developing countries remain ahead of the United States in terms of development and prosperity.
Answer: A
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Chapter 4: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Q1) The spectrum of socially responsible behavior of firms may vary from:
A)no profits to generous profits.
B)no contributions to proactive contributions.
C)intangible ideas to tangible ideas.
D)business initiatives to proactive business dealings.
Q2) The Sarbanes-Oxley Act was created to set higher ethical standards for public corporations and accounting firms.
A)True
B)False
Q3) The view a firm has on social responsibility can influence the way its employees make decisions.
A)True
B)False
Q4) _________ refer to sets of beliefs about good and bad that are shaped by the social group and culture in which an individual functions.
A)Dilemmas
B)Mnemonics
C)Dissonances
D)Ethics
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Chapter 5: Business Communication: Creating and Delivering Messages that Matter
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Q1) Who among the following is most likely to spend most of their time listening?
A)Weekly employees
B)Executives
C)Hourly employees
D)Managers
Q2) _________ has a high degree of channel richness and uses state-of-the-art equipment to reach multiple people with complex or high-priority content.
A)Emailing
B)Videoconferencing
C)Blogging
D)Instant messaging
Q3) Which of the following communication channels has a high degree of channel richness?
A)Memos
B)Videoconferencing
C)Reports
D)Emails
Q4) What are communication channels and what determines which one you select to carry your message?
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Chapter 6: Business Formation: Choosing the Form that Fits
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Q1) Red Tide Inc., an electronics manufacturer, merges with Dew Corp., a food brand, to make the firms less susceptible to unfavorable market conditions in any single market. This is an example of a _____ merger.
A)horizontal
B)vertical
C)conglomerate
D)macro
Q2) The individuals who are elected by stockholders of a corporation to represent their interests are known as _____.
A)sole proprietors
B)a board of directors
C)limited liability partners
D)conglomerates
Q3) Which of the following is an advantage of general partnerships?
A)Partners can share the burden of running the business.
B)All partners have limited liability.
C)If a partner withdraws, his investment stays with the company.
D)Partnerships have no scope for disagreements.
Q4) List and describe any two forms of business ownership.
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Chapter 7: Small Business and Entrepreneurship: Economic
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Q1) The primary reason many people become entrepreneurs is to:
A)avoid difficult challenges.
B)avoid risk uncertainty.
C)make more money.
D)revolutionize business models.
Q2) Which of the following is a powerful contribution made by small businesses to the U.S. economy?
A)Vitalizing rural towns
B)Powering the stock market
C)Vitalizing inner cities
D)Accounting for all private sector output
Q3) Local offices affiliated with the Small Business Administration (SBA)that provide comprehensive management assistance to current and prospective small business owners are known as _________.
A)Small Business Development Centers
B)Small Business Incubation Offices
C)Small Business Advancement Stations
D)Small Business Creation Sites
Q4) Identify the core questions a business plan should address.
Q5) Describe two basic qualities that define successful entrepreneurs.
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Chapter 8: Accounting: Decision Making by the Numbers
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Q1) Betty's job entails detecting problems such as embezzlement, waste, mismanagement, and employee theft at her organization. In this case, Betty is a(n)_____.
A)management consultant
B)government accountant
C)internal auditor
D)certified public accountant
Q2) Alexis decides to check with his accountant how much money his company owes to the raw materials supplier. To determine that, Alexis needs to ask his accountant to provide him with the company's balance sheet.
A)True
B)False
Q3) What is the accounting equation? Define each term in the equation.
Q4) Describe any three users of a firm's accounting information.
Q5) Which of the following refers to the claims that stockholders have against their firm's assets?
A)Loans payable
B)Owners' equity
C)Liabilities
D)Explicit costs
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Chapter 9: Finance: Acquiring and Using Funds to Maximize Value
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Q1) Financial managers should focus solely on meeting the financial needs of their firms in the short run, leaving the long-term financial issues to the top management.
A)True
B)False
Q2) Ashton is working on a project at PowerTek Inc., a well-known multinational corporation. He is using capital budgeting to estimate the project's future cash flows. He finds that the present value of the estimated future cash flows is greater than the cost of the project. How likely is he to gain approval from the board?
A)He will quite certainly gain approval since the project has a positive net present value.
B)Approval is probable but not likely as he failed to account for the time value of money.
C)He will not gain approval as he failed to consider whether the project is leading edge or not.
D)Approval is probable but not likely as the project has been constructed on estimates instead of facts.
Q3) Define the two primary sources of equity financing.
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Chapter 10: Financial Markets: Allocating Financial Resources
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Q1) Which of the following is a drawback of private placements?
A)They are more complex and expensive than public offerings.
B)Complex registration documents need to be prepared for their financing.
C)They are required to register with the Securities and Exchange Commission (SEC).
D)Unregistered securities cannot be sold to anyone except accredited investors.
Q2) Investors who use analytical techniques to try to predict when prices of particular stocks are likely to rise and fall are relying on the _________ strategy.
A)market timing
B)buy-and-hold
C)market making
D)value investing
Q3) Explain how securities are issued in the primary market and traded on secondary markets.
Q4) National Association of Securities Dealers Automated Quotation System (NASDAQ)is a physical location where brokers meet to buy and sell stocks for their clients.
A)True
B)False
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Chapter 11: Marketing: Building Profitable Customer
Connections
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Q1) The type of marketing where public and private organizations market thoughts that are meant to change how people think or act is known as _________ marketing.
A)people
B)place
C)event
D)idea
Q2) Which of the following scenarios exemplifies green marketing?
A)Janet sells homemade pickles and jams.
B)Claire sells solar-powered watches.
C)Sam volunteers at a local self-help group.
D)Christine gives money to a nonprofit organization.
Q3) Demographic segmentation divides the market:
A)based on measurable characteristics aboutpeople.
B)based on where consumers live.
C)based on the behavior of people toward certain products.
D)based on people's attitudes and lifestyles.
Q4) Define consumer market segmentation and describe the four types of segments.
Q5) People marketing involves drawing people to a particular place.
A)True
B)False
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Q1) Which of the following identifies how reliably a product delivers its promised level of quality?
A)Product features
B)Customer benefit
C)Quality level
D)Product consistency
Q2) When Bonanza Bakery reached an agreement with Candy Conniption to include the candy in one of its ready-to-bake cookie dough products, the two companies were using a strategy known as cobranding.
A)True
B)False
Q3) The two key aspects of product quality are level and value.
A)True
B)False
Q4) Marketers can control promotional tools such as TV advertising and telephone sales.
A)True
B)False
Q5) Define and describe the three types of Internet advertising.
Q6) Explain public relations and personal selling.
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Chapter 13: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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Q1) A specialty store:
A)offers a small range of everyday and impulse products at easy-to-access locations.
B)offers a wide range of food products, plus limited nonfood items.
C)sells a wide selection of merchandise within a narrow category.
D)sells a complete selection of food and general merchandise at a steep discount in a single enormous location.
Q2) Gregory works for Ocan Foods, a food supplier. His main responsibility is to make tactical decisions involving the actual movement of goods along his company's supply chain. In this case, Gregory is involved in:
A)logistics.
B)vending.
C)direct selling.
D)direct response retailing.
Q3) Which of the following is a disadvantage of online retailing?
A)It is more expensive than on-ground retail.
B)Online-only brands do not offer effective customer service.
C)Consumers cannot exchange products once they are bought.
D)Product delivery does not happen immediately.
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Chapter 14: Management, Motivation and Leadership: Bringing Business to Life
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Q1) Theory X and Theory Y refer to a motivation theory that suggests that management attitudes toward workers fall into two opposing categories based on management assumptions about worker capabilities and values.
A)True
B)False
Q2) Sharon started her career as a shift leader at Timeline Vintage. Over the years, she moved up the management hierarchy and was recently promoted to a position in top-level management. In her new position, she strategically plans, interprets marketplace trends, and plans for the future of her organization. Which of the following management skills does Sharon demonstrate in her new position?
A)Conceptual skills
B)Tactical skills
C)Technical skills
D)Human skills
Q3) The _________ refers to the number of people a manager supervises.
A)span of control
B)strategic model
C)organization chart
D)degree of centralization
Page 16
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Chapter 15: Human Resources Management: Building a Top Quality Workforce
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Q1) In the context of employee separation, which of the following statements is true?
A)Employees who experience success will not leave the companies they work for.
B)In response to changing business needs, employers transfer or lay off employees.
C)An employee cannot be fired without any proof of failure in his or her performance.
D)Employers should not share the reasons for termination with the concerned employees.
Q2) Explain how employers evaluate workers' performance. Describe some of the potential appraisal goofs that can arise during this process.
Q3) The United States has one of the lowest wage gaps among all developed countries. A)True
B)False
Q4) Firms that experience a fluctuating need for workers are less likely to hire contingent workers than firms that have a relatively stable need for workers.
A)True
B)False
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Chapter 16: Managing Information and Technology: Finding
New Ways to Learn and Link
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Q1) List and describe the ethical and legal challenges that information technology raises.
Q2) The approach to make e-commerce sites more interactive and collaborative, with customers providing most of the content, as well as a richer, more interesting, and more useful experience is known as _____.
A)Web 2.0
B)Internet5
C)Internet2
D)Web 2.2
Q3) Firms create _____ by offering limited access to certain areas of their intranets to select groups of people.
A)open systems
B)expert systems
C)horizontally integrated networks
D)extranets
Q4) _____ is often referred to as the world's largest computer network.
A)A cloud-based network
B)The Internet
C)An extranet
D)The kernel
Chapter 17: Operations Management: Putting It All Together
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Q1) How are leading firms trying to become "greener" in their approach?
Q2) Discuss the role of operations management in business.
Q3) A large drilling machine is being built to dig a tunnel below ground level. The machine will be big and is unlikely to be used after this project. It is being built close to the project site on the river bank. The _________ layout should be used to produce the drilling machine.
A)product
B)process
C)fixed position
D)cellular
Q4) Identify and describe key factors operations managers consider when choosing a location for a business facility.
Q5) Computer-integrated manufacturing software is the result when:
A)computer-aided design is integrated with a critical path method.
B)computer-aided design or computer-aided manufacturing is integrated with a production unit.
C)computer-aided design or computer-aided manufacturing is integrated with robots.
D)computer-aided design is integrated with a cellular layout.
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