Business Essentials
Final Exam Questions
Course Introduction
Business Essentials provides a comprehensive introduction to the fundamental concepts and practices that form the foundation of modern business. Covering core topics such as marketing, management, finance, operations, and entrepreneurship, this course is designed to equip students with the knowledge and skills essential for success in todays dynamic business environment. Through real-world case studies, interactive discussions, and practical assignments, students will develop a holistic understanding of how businesses operate, make decisions, and achieve their objectives, laying the groundwork for further study or entry-level professional roles in the business sector.
Recommended Textbook Business in Action 6th Edition by Courtland L. Bovee
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Page 2
Chapter 1: Developing a Business Mindset
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Q1) Population trends that change the composition of consumer markets and the workforce are a part of a company's ________ environment.
A) economic
B) regulatory
C) cultural
D) social
E) political
Answer: D
Q2) A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.
A)True
B)False
Answer: True
Q3) A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Understanding Basic Economics
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Q1) ________ laws limit what businesses can and cannot do to ensure that all competitors have an equal chance of succeeding.
A) Fiscal
B) Discrimination
C) Antitrust
D) Stabilization
E) Equilibrium
Answer: C
Q2) ________ policy involves adjusting the nation's money supply by increasing or decreasing interest rates.
A) Fiscal
B) Taxation
C) Cyclical
D) Antitrust
E) Monetary
Answer: E
Q3) Capital is the collective intelligence of an organization.
A)True
B)False
Answer: False
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Chapter 3: The Global Marketplace
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Q1) Describe the importance of the World Trade Organization.
Answer: The World Trade Organization (WTO)is a permanent forum for negotiating,implementing,and monitoring international trade procedures and for mediating trade disputes among its more than 150 member countries.The organization's work is guided by five principles:preventing discriminatory policies that favor some trading partners over others or a country's own products over others',reducing trade barriers between countries,making trade policies more predictable and less arbitrary,discouraging unfair practices,and helping less developed countries benefit from international trade.
Q2) Which of the following is an objective of protectionism?
A) reducing the purchasing power of individuals
B) guard specific industries in a nation
C) enhancing trade between nations
D) increasing foreign direct investment
E) helping developing nations engage in global trade
Answer: B
Q3) Exporting is the least risky form of international business activity.
A)True
B)False
Answer: True
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Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) The Magnuson-Moss Warranty Act (1975)requires complete written warranties in ordinary language and requires warranties to be ________.
A) applicable for minimum one year
B) supported by the manufacturer
C) supported by the retailer
D) available before purchase
E) contained on package labeling
Q2) The CEO of a pharmaceutical firm learns that the FDA is going to deny approval for one of the company's drugs.He knows this will have a negative effect on the company's stock,so he quickly tells his broker to sell all of his shares of stock in the company before the news is announced.This is an example of ________.
A) strategic CSR
B) whistle-blowing
C) utilitarianism
D) a code of ethics
E) insider trading
Q3) Whistle-blowing is illegal.
A)True
B)False
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Chapter 5: Forms of Ownership
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Q1) A disadvantage of the corporate structure is that it ________.
A) limits the business's ability to raise capital
B) limits the liquidity that businesses have
C) increases the risk of conducting business
D) involves strict reporting requirements
E) imposes unlimited liability on the owners
Q2) Owner has limited personal liability for the business's financial obligations in sole proprietorships.
A)True
B)False
Q3) Robert owns three restaurants in Atlanta.He pays taxes for the income from the restaurants as his personal income.Robert's business is an example of a ________.
A) personal partnership
B) sole proprietorship
C) joint venture
D) small corporation
E) limited liability firm
Q4) Distinguish between strategic alliances and joint ventures.
Q5) Explain the advantages of operating as a sole proprietorship.
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Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) SCORE is an acronym for the Service Corps of Retired Entrepreneurs.
A)True
B)False
Q2) An advisory board differs from a corporate board of directors,because ________.
A) an advisory board has legal responsibilities
B) you don't have to incorporate to establish an advisory board
C) you usually require high amounts of financial compensation to consult an advisory board
D) members of an advisory board lack subject-area expertise
E) advisors are required to obtain certification from SBA
Q3) 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
Q4) Compare and contrast venture capitalists with angel investors.
Q5) Compare and contrast small companies with large ones?
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Chapter 7: Management Roles, Functions, and Skills
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Q1) Cognitive intelligence is a measure of a person's awareness of and ability to manage his or her own emotions.
A)True
B)False
Q2) Choosing a candidate from several job applicants is an example of the ________ role of managers.
A) interpersonal
B) instructional
C) collaborative
D) decisional
E) informational
Q3) Under ________ leadership,subordinates have little or no freedom to make decisions,deviate from plans,or provide contrary input.
A) democratic
B) autocratic
C) laissez-faire
D) transformational
E) participative
Q4) Compare and contrast an organization's strengths with opportunities.
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Chapter 8: Organization and Teamwork
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Q1) The ________ stage is a period of orientation and ice-breaking,when members get to know each other.
A) storming
B) forming
C) norming
D) performing
E) adjourning
Q2) Linda,a marketing analyst at Chase Manufacturing,has been assigned to work on a new project team that includes employees from engineering,accounting,and manufacturing teams.Linda will continue to report to the marketing manager,and she will also report to the team leader for the new project team.Thus,she would be a part of a functional group as well as a project team.It would appear that Chase Manufacturing has a(n)________ organizational structure.
A) matrix
B) flat
C) informal
D) line
E) network
Q3) Compare and contrast line organization and line-and-staff organization.
Q4) What is a team? How does a functional team differ from a cross-functional team?
Page 10
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Chapter 9: Production Systems
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Q1) Compare and contrast the production of goods and services.
Q2) In batch-of-one production,the producer creates a unique good or service for each customer.
A)True
B)False
Q3) Estimates of future demand for a company's products or services are referred to as production forecasts.
A)True
B)False
Q4) Outsourcing and offshoring are synonymous terms.
A)True
B)False
Q5) In a PERT diagram,the critical path is the shortest sequence of operations.
A)True
B)False
Q6) The period of time that elapses between placing an order and actual receipt is the product's lag time.
A)True
B)False
Q7) Describe lean systems and just-in-time (JIT)inventory systems.
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Chapter 10: Employee Motivation
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Q1) ________ refers to the combination of forces that moves individuals to take certain actions and avoid other actions.
A) Engagement
B) Reinforcement
C) Aptitude
D) Motivation
E) Ethics
Q2) The fundamental motivational need called the "drive to defend" can be both positive and negative.
A)True
B)False
Q3) The Hawthorne studies were simpler and less influential than suggested by the Hawthorne effect.
A)True
B)False
Q4) Discuss the risks and limitations of the goal-setting theory.
Q5) What is the difference between negative reinforcement and punishment?
Q6) Compare and contrast scientific management with Hawthorne effect.
Q7) List the managerial strategies that are vital to maintaining a motivated workforce.
Page 12
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Chapter 11: Human Resources Management
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Q1) The ________ provides retirement,disability and medical coverage for employees and their dependents and is jointly funded by employers and employees.
A) Fair Labor Standards Act
B) Civil Rights Act
C) Employee Retirement Income Security Act
D) Social Security Act
E) Lilly Ledbetter Fair Pay Act
Q2) Employee retention programs ________.
A) aim to increase the turnover rate
B) list potential replacements for key positions in a firm
C) evaluate job requirements and create job specifications
D) aim to hire more contingent employees
E) ensure a steady supply of experienced employees for new opportunities
Q3) Flextime allows two employees to share a single full-time job and split the salary and benefits.
A)True
B)False
Q4) What is a 401(k)plan? How does it differ from an employee stock-ownership plan?
Q5) Discuss some of the contemporary staffing challenges.
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Chapter 12: Labor Relations
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Q1) Lothex Manufacturing is a firm that produces automobile accessories such as seat belts,leather seats,and cushions.The company has a collective bargaining agreement with the labor union and the contract has specified steps for punishing employees.The firm has to give a warning to an employee for his or her first offence.The employer can issue a suspension if the employee commits the mistake again and the employee is terminated on committing the mistake for a third time.This is an example of ________.
A) employee mediation
B) progressive discipline
C) labor arbitration
D) grievance procedure
E) total quality management
Q2) Which of the following statements is true of the long-term trends observed in organized labor?
A) Labor unions have become stronger in private sector than in public sector.
B) Businesses have become tolerant to unionization in workplaces.
C) The trend has been against unions in the private sector.
D) Unions have been eradicated fully from the public sector.
E) Labor unions have become stronger in both public and private sectors.
Q3) Compare and contrast a closed shop with a union shop.
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Page 14
Chapter 13: The Art and Science of Marketing
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Q1) Successful marketers try to identify sources of competitive advantage and areas that need improvement.
A)True
B)False
Q2) Compare and contrast marketing concept with product and sales concept.
Q3) Solitaire Jewellers,a jewelry store in New York,sells custom-made jewelry.Customers are involved in the design process and can order one-of-a-kind jewels made of platinum,gold,and silver,as well as precious (diamonds,rubies,sapphires,emeralds)and semi-precious (tanzanite,etc.)gemstones.Every customer can order jewelry that is different from the friends of previous and future customers,and made to match their tastes.Solitaire Jewellers uses which of the following targeting strategies?
A) mass marketing
B) differentiated marketing
C) concentrated marketing
D) micromarketing
E) undifferentiated marketing
Q4) At one time or another,all consumers suffer from cognitive dissonance.
A)True
B)False
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Chapter 14: Product and Pricing Strategies
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Q1) Which of the following is a key difference between product mix and product line?
A) Product line is the complete set of the products in an industry, whereas product mix is an incomplete set of products.
B) Product mix contains products that are similar, whereas product line may contain dissimilar products also.
C) A product mix is used by larger companies, whereas a product line is used by smaller companies.
D) Product line is a set of heterogeneous goods or services whereas product mix is a set of homogenous products.
E) Product mix includes all products from a single manufacturer, whereas product line contains a group of similar products.
Q2) Explain how a business analysis is carried out.
Q3) Compare and contrast cost-based pricing and value-based pricing.
Q4) A firm uses the brand of an existing product on a new product in a different new category.This is an example of line filling.
A)True
B)False
Q5) Explain loss-leader pricing.
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Chapter 15: Distribution and Marketing Logistics
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Q1) ________ refers to the planning,movement,and flow of goods and related information throughout the supply chain.
A) Logistics
B) Distribution mix
C) Wheel of retailing
D) Marketing mix
E) Multichannel retailing
Q2) Compare and contrast intensive distribution with selective distribution.
Q3) 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
Q4) The shortest distribution channel is from the producer,to the retailer,to the consumer.
A)True
B)False
Q5) What is the wheel of retailing?
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Chapter 16: Customer Communication
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Q1) Advertising that seeks to create goodwill and to build a desired image for a company,rather than to promote specific products is termed as ________.
A) product advertising
B) institutional advertising
C) comparative advertising
D) bait and switch advertising
E) reminder advertising
Q2) Compare and contrast the conventional promotion model with the new social model of customer communication.
Q3) According to the FTC,you can support claims for your product by offering a money-back guarantee or providing letters from satisfied customers.
A)True
B)False
Q4) Sales promotion consists of two basic categories: consumer promotion and trade promotion.
A)True
B)False
Q5) What is public relations?
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Chapter 17: Financial Information and Accounting Concepts
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Q1) Robert Consultants was incorporated in the year 2010.The company is now performing a formal evaluation to ensure and certify the integrity and reliability of the company's financial statements.This formal evaluation is referred to as ________.
A) cost accounting
B) control
C) bookkeeping
D) audit
E) management accounting
Q2) Which of the following reports is best suited to analyze an organization's profitability over a period of time?
A) statement of financial position
B) balance sheet
C) cash flow statement
D) income statement
E) statement of current assets
Q3) What is GAAP?
Q4) Owners' equity refers to the total assets of a company.
A)True
B)False
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Chapter 18: Financial Management
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Q1) Which of the following is a valid observation of venture capital?
A) Venture Capital counts on getting very high returns from a few winners.
B) Venture is a specialized form of public equity.
C) Venture capital is the most common type of funding in the United States.
D) Venture capital is one of the least specialized forms of funding.
E) Venture capital is one of the most widely available forms of funding.
Q2) A financial plan outlines the funds needed for a certain period of time.
A)True
B)False
Q3) ________ can be exchanged at the investor's option for a certain number of shares of the corporation's common stock.
A) Collateralized bonds
B) Protected bonds
C) Bills of exchange
D) Debentures
E) Convertible bonds
Q4) Compare and contrast various types of budgets.
Q5) Short-term financing is financing that will be repaid within one year.
A)True
B)False
Page 20
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Chapter 19: Financial Markets and Investment Strategies
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Q1) ________ refer to short-term debt securities issued by the federal government.
A) Municipal bonds
B) Treasury bills
C) TIPS
D) Treasury notes
E) Treasury bonds
Q2) Compare and contrast a money market and derivatives market.
Q3) In your portfolio,you own 450 shares of General Electric.The company announces that each share of stock is being divided into three new shares,so you now own 1,350 shares.This is known as a stock ________.
A) option
B) buyback
C) valuation
D) dilution
E) split
Q4) Explain the advantages and disadvantages of investing in mutual funds rather than in individual stocks.
Q5) Compare and contrast blue chip,income,growth and cyclical stocks.
Q6) Explain the advantages and disadvantages of investing in bonds rather than in stocks.
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Chapter 20: The Money Supply and Banking Systems
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Q1) In an adjustable rate mortgage,________.
A) collateral is not accepted as security
B) initial interest rates are very high
C) amortization is always positive
D) borrowers will have a low credit rating
E) people can buy more house than they can afford
Q2) The ________ is the federal agency responsible for protecting money in customer accounts and managing the transition of assets whenever a bank fails.
A) Federal National Loan Corporation
B) Federal Deposit Insurance Corporation
C) Federal Home Loan Association
D) Federal Mortgage Corporation
E) Federal National Mortgage Association
Q3) 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
Q4) Explain how selective credit controls can control stock market transactions.
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