Business Environment
Test Preparation
Course Introduction
Business Environment is an introductory course that examines the external and internal factors influencing modern organizations. It explores economic, political, legal, social, technological, and global environments, analyzing how these elements impact business operations and decision-making. Students will learn to identify opportunities and threats within a dynamic environment, assess the effects of regulatory and competitive forces, and understand the ethical and cultural considerations shaping business strategies. Through case studies and real-world examples, the course equips learners with critical thinking skills essential for navigating the complexities of todays business landscape.
Recommended Textbook
Business Essentials 8th Edition by Ronald J. Ebert
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15 Chapters
3283 Verified Questions
3283 Flashcards
Source URL: https://quizplus.com/study-set/820
Page 2
Chapter 1: The USBusiness Environment
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205 Verified Questions
205 Flashcards
Source URL: https://quizplus.com/quiz/16268
Sample Questions
Q1) ________ is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate.
A) Unemployment
B) Stability
C) Deflation
D) Expansion
Answer: B
Q2) The key difference between economic systems is the different ways in which they manage ________.
A) the factors of production
B) the transportation of goods within their borders
C) government rules and regulations
D) the payment of workers
Answer: A
Q3) Define the term unemployment.
Answer: Unemployment is the level of joblessness of people actively seeking work in an economic system.
Q4) What is the main measure of growth in the business cycle?
Answer: The main measure of growth in the business cycle is aggregate output.
Page 3
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Chapter 2: Business Ethics and Social Responsibility
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177 Verified Questions
177 Flashcards
Source URL: https://quizplus.com/quiz/16269
Sample Questions
Q1) Under a defensive stance to social responsibility,companies meet only their minimum legal requirements.
A)True
B)False
Answer: True
Q2) Describe the stakeholder model of social responsibility.
Answer: Companies that strive to be responsible to their stakeholders concentrate on five main groups: customers,employees,investors,suppliers,and the local communities where they do business.To be responsible toward their customers,businesses strive to be fair in their pricing,honor warranties,meet delivery commitments,and stand behind the quality of their products.Businesses that are socially responsible toward their employees treat them fairly,make them a part of the team,and respect their dignity and basic human needs.To be responsible toward investors,businesses follow proper accounting procedures,provide appropriate information to shareholders about financial performance,and manage the organization to protect shareholders rights and investments.Businesses are responsible toward suppliers when they provide realistic delivery schedules and reduced profit margins; many businesses keep their suppliers informed about future plans and work to partner with them.To be responsible toward communities,businesses often give back through charitable programs and local causes.
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Page 4
Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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208 Verified Questions
208 Flashcards
Source URL: https://quizplus.com/quiz/16270
Sample Questions
Q1) Small Business Development Center (SBDC)is an SBA program that consolidates information for small businesses to access.
A)True
B)False
Answer: True
Q2) Shirley Rathke is opening a flower shop and has decided to operate as a sole proprietorship.Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?
A) freedom
B) simple to form
C) limited liability
D) low start-up costs
Answer: C
Q3) Which of the following is NOT an advantage of the corporate form of organization?
A) continuity
B) professional management
C) limited liability
D) low startup costs
Answer: D
Page 5
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Chapter 4: The Global Context of Business
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181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/16271
Sample Questions
Q1) What countries comprise NAFTA?
Q2) A trade deficit occurs when a nation imports more than it exports.
A)True
B)False
Q3) Explain absolute advantage and comparative advantage.
Q4) Under ________,Canada,the United States,and Mexico will gradually eliminate tariffs and all other trade barriers.
A) the EURO Agreement
B) the Pan-American Agreement
C) NAFTA
D) CMA
Q5) Which of the following exists when a country can produce something more cheaply and/or of higher quality than any other country can?
A) balance of payments
B) national competitive advantage
C) absolute advantage
D) comparative advantage
Q6) What are the advantages and disadvantages of globalization?
Q7) What is the difference between balance of trade and balance of payments?
Page 6
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Chapter 5: Business Management
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220 Verified Questions
220 Flashcards
Source URL: https://quizplus.com/quiz/16272
Sample
Questions
Q1) A strong corporate culture directs employees' efforts and helps everyone work towards the same goals.
A)True
B)False
Q2) Business strategy focuses on improving the company's competitive position.
A)True
B)False
Q3) Define the term management.
Q4) Corporate culture reflects an organization's reason for being.
A)True
B)False
Q5) Titles such as plant manager,operations manager,and division manager designate which of the following levels of management?
A) first-line managers
B) middle managers
C) top managers
D) supervisors
Q6) What are the three basic levels of management?
Q7) Why is controlling an important activity for managers?
Q8) What types of goals will Donna likely make?
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Chapter 6: Organizing the Business
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209 Verified Questions
209 Flashcards
Source URL: https://quizplus.com/quiz/16273
Sample Questions
Q1) What are three factors that may impact span of control at Ace Products?
Q2) Line departments are linked directly to the production and sales of a specific product.
A)True
B)False
Q3) Describe centralization and decentralization,delegation,and authority as the key ingredients in establishing the decision-making hierarchy.
Q4) Explain where retail stores derived their generic name and why?
Q5) Silver Designs is a high-end clothing manufacturer.They have three divisions producing clothes for men,women,and teens.This is an example of ________.
A) functional departmentalization
B) process departmentalization
C) customer departmentalization
D) geographic departmentalization
Q6) As organizations grow in size,it is both normal and necessary that they become at least somewhat flatter.
A)True
B)False
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Chapter 7: Operations Management and Quality
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199 Verified Questions
199 Flashcards
Source URL: https://quizplus.com/quiz/16274
Sample Questions
Q1) A detailed schedule will indicate how many employees will be working on a given shift.
A)True
B)False
Q2) An assembly line is an example of a custom-products layout.
A)True
B)False
Q3) Dell Computers uses ________ to improve performance by sharing information.
A) distribution chain management
B) total quality management
C) supply chain management
D) service channel analysis
Q4) What is an operations capability?
Q5) ________ is the acquisition of the raw materials a company needs to produce its products.
A) Development
B) Purchasing
C) Goods control
D) Quality control
Q6) What is JIT production?
Page 9
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Chapter 8: Employee Behavior and Motivation
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196 Verified Questions
196 Flashcards
Source URL: https://quizplus.com/quiz/16275
Sample Questions
Q1) Which of the following is NOT an advantage of flextime?
A) employee freedom in professional and personal lives
B) an increased sense of control
C) greater coordination among employees
D) a reduction in traffic congestion
Q2) According to Maslow's hierarchy of needs,once a set of needs has been satisfied,it ceases to motivate behavior.
A)True
B)False
Q3) In terms of a psychological contract,inducements represent what employees will contribute to an organization.
A)True
B)False
Q4) High levels of job satisfaction inevitably lead to higher levels of productivity.
A)True
B)False
Q5) Does the scenario indicate whether Bridget is a Theory Y manager? Explain.
Q6) Explain the human resources model (Theory X and Theory Y).
Q7) Under what conditions might the use of work teams be inappropriate?
Page 10
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Chapter 9: Leadership and Decision Making
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174 Verified Questions
174 Flashcards
Source URL: https://quizplus.com/quiz/16276
Sample Questions
Q1) Explain the trait approach to leadership.
Q2) Leadership ________.
A) refers to a manager choosing one alternative from among several options
B) refers to both processes and behaviors used by someone to motivate, inspire, and influence the behavior of others
C) means the same thing as management
D) focuses on outlining procedures, creating structure, monitoring results, and working toward tangible outcomes
Q3) All managers are leaders but not all leaders are managers.
A)True
B)False
Q4) The premise of the leadership substitutes perspective is that leader behaviors may be ________ in some situations.
A) ineffective
B) irreplaceable
C) neutralizers
D) mandatory
Q5) As the weeks progress,Mary makes many assumptions about her employees based on intuition.Should she rely on intuition? Explain.
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Chapter 10: Human Resource Management and Labor Relations
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227 Verified Questions
227 Flashcards
Source URL: https://quizplus.com/quiz/16277
Sample Questions
Q1) Dennis is paid a fixed amount each week no matter how many hours he works under a(n)________ system.
A) wage
B) incentive
C) salary
D) fringe benefit
Q2) Enforcement of equal employment opportunity legislation is handled by ________.
A) the Office of Federal Contract Compliance Programs only
B) the OSHA Administration only
C) the Equal Employment Opportunity Commission only
D) both the Office of Federal Contract Compliance Programs and the Equal Employment Opportunity Commission
Q3) Collective bargaining is the process through which a union is chosen to represent a group of employees.
A)True
B)False
Q4) What is the difference between mediation and arbitration?
Q5) How can an interview be a poor predictor of job success and how can an organization overcome this limitation?
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Chapter 11: Marketing Processes and Consumer Behavior
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252 Verified Questions
252 Flashcards
Source URL: https://quizplus.com/quiz/16278
Sample Questions
Q1) Discuss the issues of international promotion.
Q2) Benefits add value by providing features that increase the customer's satisfaction.
A)True
B)False
Q3) "Speed to market" is ________.
A) a firm's success in responding to customer demand or market changes
B) truck and rail speed that gets products to the retailer fresh
C) consumer urgency created by effective advertising
D) being able to open a market early in the morning
Q4) Why do companies devote so many resources to exploring product possibilities,rejecting many seemingly good ideas along the way?
Q5) Positioning is the process of dividing the market into segments that have common buying objectives.
A)True
B)False
Q6) Why do smaller companies have advantages over larger competitors when it comes to the distribution aspect of the marketing mix?
Q7) What external environmental factors influence any marketing program?
Page 13
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Chapter 12: Pricing, Distributing, and Promoting Products
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451 Verified Questions
451 Flashcards
Source URL: https://quizplus.com/quiz/16279
Sample Questions
Q1) Social networking media are not appropriate tools for conducting a job search.
A)True
B)False
Q2) A local area network (LAN)requires ________.
A) one computer system with one database
B) two computer systems with one database
C) one computer system with two databases
D) two or more software systems
Q3) If a firm's goal is to place a new product into the hands of as many consumers as possible quickly,then its best pricing strategy would be ________.
A) penetration pricing
B) psychological pricing
C) price lining
D) price skimming
Q4) Advertising is paid communication used by an identified sponsor to inform an audience about a product.
A)True
B)False
Q5) Who are the founders of wowOwow.com?
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Chapter 14: The Role of Accountants and Accounting Information
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197 Verified Questions
197 Flashcards
Source URL: https://quizplus.com/quiz/16280
Sample Questions
Q1) Retained earnings are net profits minus dividend payments to stockholders.
A)True
B)False
Q2) The income statement is sometimes called a profit-and-loss statement.
A)True
B)False
Q3) Explain the difference between financial accounting and managerial accounting.
Q4) ________ are funds that flow into a business from the sale of goods or services.
A) Net profits
B) Cost of goods sold
C) Revenues
D) Assets
Q5) The primary concern behind the CPA Vision Project was ________.
A) a decline in the number of people entering the accounting profession
B) low salaries for mid- and upper-level accounting managers
C) ethical lapses by private accountants
D) a surplus of CPAs and declining revenues
Q6) What is market shutdown?
Q8) What two conditions must exist for revenue recognition? Page 15
Q7) After what two conditions is the earnings cycle complete?
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Page 16
Chapter 15: Money and Banking
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204 Verified Questions
204 Flashcards
Source URL: https://quizplus.com/quiz/16281
Sample Questions
Q1) All nationally chartered banks are members of the Federal Reserve System,as are some state-chartered banks.
A)True
B)False
Q2) A smart card has an embedded computer chip that can be programmed with "electronic money." These cards are also known as
A) electronic purses
B) stored value cards
C) both A and B
D) none of the above
Q3) Explain the three functions of the Federal Reserve.
Q4) Banks are subject to prosecution when they fail to maintain systems for identifying and reporting suspicious activities.
A)True
B)False
Q5) How does an increased reserve requirement affect money supply?
Q6) Consumers using debit cards instead of writing personal checks enjoy EFT's convenience and speed at the checkout.In addition,what else do EFT systems provide?
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Chapter 16: Managing Finances
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183 Verified Questions
183 Flashcards
Source URL: https://quizplus.com/quiz/16282
Sample Questions
Q1) A stock's book value is ________.
A) the current price of a share of stock in the stock market
B) the average price of one share of stock over the past year
C) the face value of a share of stock, set by the issuing company's board of directors
D) the value of a common stock expressed as total stockholders' equity divided by the total number of shares of stock issued
Q2) A stock split is a stock dividend paid in additional shares to shareholders.
A)True
B)False
Q3) Municipal bonds may be issued by federal,state,or local governments.
A)True
B)False
Q4) The stocks of approximately 3,800 companies,both emerging and well known,are traded by NASDAQ.
A)True
B)False
Q5) What do angel investors receive in return for their investment?
Q6) Explain the difference between angel investors and venture capital.
Q7) Why are there such differences in stock share prices?
Page 18
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