Business Fundamentals
Exam Practice Tests
Course Introduction
Business Fundamentals provides an essential introduction to the core concepts, principles, and practices that drive modern organizations. This course explores key areas such as management, marketing, finance, accounting, operations, and entrepreneurship. Students will gain insight into how businesses are structured and operated, how decisions are made in a competitive marketplace, and the ethical and legal considerations facing organizations today. Through real-world examples, case studies, and interactive activities, learners will develop foundational knowledge and practical skills necessary to understand and participate effectively in the world of business.
Recommended Textbook Business Now 1st Edition by Amit Shah
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13 Chapters
1151 Verified Questions
1151 Flashcards
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) Missy owns and operates her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Missy is an example of a(n)__________.
Answer: Entrepreneur
Q2) To stay competitive in world markets,companies must:
A) Provide the greatest variety of products
B) Spend more money on marketing
C) Focus their resources on achieving zero defects
D) Offer both high quality products and outstanding service at competitive prices.
Answer: D
Q3) Which one of the following is NOT a means by which businesses can be classified?
A) Size
B) Profit motive
C) Profit margin
D) Sector
Answer: C
Q4) An electronic storage file where information is kept is called a (n)__________.
Answer: database
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3
Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
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Sample Questions
Q1) ___________ looks at the operation of a nation's economy as a whole.
Answer: Macroeconomics
Q2) In a free market __________ has/have immense power to determine the price of items and the availability of items.
A) The government
B) Producers
C) Consumers
D) Entrepreneurs
Answer: C
Q3) Gross Domestic Product is the total value of final goods and services produced in a country in a given year.
A)True
B)False
Answer: True
Q4) Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Competing in the Global Marketplace
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Sample Questions
Q1) ____________ are private individuals who invest their own money in potentially hot new companies before these firms become larger,publicly traded companies.
A) Leveraged buyout specialists
B) Angel investors
C) Venture capitalists
D) Corporate raider investors
Answer: B
Q2) List and define three types of business ownership.
Answer: The three types of business ownership are sole proprietorship,partnerships and corporations.A sole proprietorship is a form of ownership that involves one individual.A partnership is defined as a legal form of business with two or more owners.There are several forms of partnership.A corporation is a form of business ownership that provides limited liability.There are several corporate forms.
Q3) Entrepreneurship is:
A) Managing businesses for others
B) A controlling interest in the ownership of a corporation
C) Managing businesses that operate in multiple countries
D) Accepting the risk of starting and running a business
Answer: D
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Page 5
Chapter 4: Forms of Business Ownership
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Sample Questions
Q1) __________ is the creation of real or perceived product differences.
A) Product assimilation
B) Product differentiation
C) Product demarcation
D) Product discrimination
Q2) Product differentiation is the creation of real or perceived product differences.
A)True
B)False
Q3) A category killer refers to stores that offer a wide selection of goods in a specific category at competitive prices.
A)True
B)False
Q4) Dividing the market by geographic area is called demographic segmentation.
A)True
B)False
Q5) One of marketing's 4 Ps is place,which refers to where advertising is bought to support a product.
A)True
B)False
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Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
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Sample Questions
Q1) A(n)__________ is a tactic by unions to negotiate a labor contract.It occurs when workers collectively refuse to go to work.
Q2) Which of the following statements about workplace law is true?
A) It is against the law to discriminate against people on the basis of any physical or mental disability.
B) An employee can have up to 12 weeks of unpaid leave upon the birth of his or her child.
C) It is against the law to discriminate against a person over the age of 40 in the workplace.
D) All of the responses are correct
Q3) Recruiting is not easy because:
A) Some organizations operate under union regulations
B) People with the necessary skills are not available
C) It is important to hire not only people who are skilled, but also those who fit the culture of the organization
D) All of the responses are correct
Q4) __________ is the combination of salary,vacation time,paid health care and other benefits.
Q5) Define "training and development" and list the three steps in the process.
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Chapter 6: Management and Leadership in Todays
Organizations
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Sample Questions
Q1) W.Edwards Deming is most responsible for the prevention approach to quality.
A)True
B)False
Q2) Quality is defined the same way by everyone.
A)True
B)False
Q3) Only manufacturers are eligible to apply for the Malcolm Baldridge Award.
A)True
B)False
Q4) A company becomes lean by ______ its capacity to produce high-quality goods,while _______ its need for resources.
A) Investigating; planning
B) Increasing; decreasing
C) Decreasing; increasing
D) Planning; investigating
Q5) The Malcolm Baldridge Award was established by Congress to enhance the competitiveness of U.S.organizations.
A)True
B)False
Q6) What is the Malcolm Baldridge Award? Page 8
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Page 9
Chapter 7: Designing Organizational Structures
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Sample Questions
Q1) An intranet is a companywide network,closed to public access that uses Internet-type technology.
A)True
B)False
Q2) In the 1970s business technology was known as:
A) Data processing
B) Information systems
C) Data analysis
D) Information technology
Q3) A(n)__________ is a semiprivate network that uses Internet technology and allows more than one company to access the same information or allows people on different servers to collaborate.
Q4) In the early 2000s business technology became known as information systems.
A)True
B)False
Q5) In the 1990s the name given to business technology was __________.Its role became the way of doing business,rather than just using technology to help with business functions.
Q6) Raw,unanalyzed and unorganized facts and figures are called __________.
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Q7) __________ are people who break into computer systems for illegal purposes.
Chapter 8: Managing Human Resources and Labor Relations
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Sample Questions
Q1) Credit card debt is a liability.
A)True
B)False
Q2) If a firm lists current assets of $600,000 and current liabilities of $300,000,the firm has a current ratio of 0.5.
A)True
B)False
Q3) A balance sheet is a type of financial statement.
A)True
B)False
Q4) Financial statements are primarily as result of:
A) The ongoing work of bookkeepers and managerial accountants
B) The ongoing work of bankers
C) IT
D) Marketing efforts
Q5) A copyright is an example of a current asset.
A)True
B)False
Q6) _____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business. Page 11
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Chapter 9: Motivating Employees
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Sample Questions
Q1) Management is not a powerful position since anyone can be a manager.
A)True
B)False
Q2) __________ planning is the process of developing detailed,short-term statements about what is to be done,who is to do it and how it is to be done.
Q3) The CEO is responsible for all top-level decisions in the firm.
A)True
B)False
Q4) Which of the following statements about management is true?
A) It is an appointed position
B) All effective managers must be leaders
C) There are six functions of management
D) All of the responses are correct
Q5) When employees know the job very well and trust exists among management and employees,the free-rein or laissez-faire leadership style is likely used.
A)True
B)False
Q6) Explain what SMART,SWOT and PEST are and how each is used.
Q7) List and define the four functions of management.
Page 13
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Chapter 10: Achieving World-Class Operations Management
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Sample Questions
Q1) Which of the following can be thought of as employee improvement theories?
A) Hawthorne's theory
B) Frederick Taylor's scientific management
C) MBO
D) Herzberg's two factor theory
Q2) Equity theory deals with questions like,"If I do a good job,will it be worth it"?
A)True
B)False
Q3) Goal setting theory is based on the idea that setting ambitious but attainable goals can motivate workers and improve performance.
A)True
B)False
Q4) Leadership and employee motivation are key factors in an organization's success.
A)True
B)False
Q5) Google's employees enjoy their jobs because they can be themselves. A)True
B)False
Q6) __________ is the process of offering guidance or direction.
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Chapter 11: Creating Products and Pricing Strategies to Meet Customers Needs
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Sample Questions
Q1) The global market is smaller than the American market.
A)True
B)False
Q2) A tariff is a tax on imported goods.
A)True
B)False
Q3) __________ refers to selling products to another country.
A) Demand
B) Importing
C) Exporting
D) Expropriation
Q4) The difference between a joint venture and a strategic alliance is that typically a joint venture does not involve sharing costs,risks,management or even profits.
A)True
B)False
Q5) Companies that engage in partnerships (such as joint ventures)grow more slowly than their counterpart companies that do not.
A)True
B)False
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Chapter 12: Distributing and Promoting Products and Services
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Q1) Measuring a company's performance in social audits is simple.
A)True
B)False
Q2) Religion and culture are generally our source of ethics.
A)True
B)False
Q3) Compliance-based ethics codes emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.
A)True
B)False
Q4) Which of the following companies was part of an ethical scandal?
A) Enron
B) WorldCom
C) Tyco International
D) All of the responses are correct
Q5) __________ are people who report illegal or unethical behavior.
Q6) The __________ approach to ethical standards suggests that the ethical action is the one that best protects and respects the moral rights of those affected.
Q7) Define ethics and describe the sources of ethics in the U.S.
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Chapter 13: Using Technology to Manage Information
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Sample Questions
Q1) Present value is the worth of an investment at some future point in time.
A)True
B)False
Q2) Once people buy a home,the payments are relatively fixed.
A)True
B)False
Q3) The least expensive and simplest form of life insurance is whole life insurance.
A)True
B)False
Q4) A Keogh retirement plan is designed for those who work for the government.
A)True
B)False
Q5) __________ is the worth of an investment right now.
A) Current value
B) Present value
C) Amortized value
D) Future value
Q6) List and explain the six steps to controlling your assets.
Q8) Discuss the difference between a will and a power of attorney. Page 17
Q7) Explain the difference between term,whole life and universal life insurance.
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Page 18