Business Fundamentals
Final Exam
Course Introduction
Business Fundamentals introduces students to the core principles and practices that underpin the world of commerce. This course explores essential topics such as management, marketing, finance, operations, and entrepreneurship, providing a comprehensive overview of how businesses operate within various environments. Through real-world case studies and interactive activities, students will develop a foundational understanding of business terminology, decision-making processes, and critical thinking skills necessary for success in any business-related field. By the end of the course, students will be equipped with the knowledge to analyze business situations, understand the roles within an organization, and appreciate the dynamic nature of today's global business landscape.
Recommended Textbook
Business Essentials 11th Edition by Ronald J. Ebert
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Page 2
Chapter 1: The US Business Environment
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Sample Questions
Q1) Which economic system emphasizes the private ownership of most factors of production?
A) Socialism
B) Communism
C) Capitalism
D) Marxism
E) Federalism
Answer: C
Q2) How can price be best determined?
Answer: The demand and supply schedule can be used to construct demand and supply curves. A demand curve shows how many products will be demanded at different prices. A supply curve shows how many of the items will be supplied at different prices. Demand increases as price decreases; supply increases as price increases. When demand and supply curves are plotted on the same graph, the point at which they intersect is the market price (also called the equilibrium price), the price at which the quantity of goods demanded and the quantity of goods supplied are equal.
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3
Chapter 2: Understanding Business Ethics and Social Responsibility
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Sample Questions
Q1) Which government agency regulates advertising and pricing practices to protect consumers?
A) Generally Accepted Accounting Principles
B) North American Free Trade Agreement
C) Food and Drug Administration
D) Federal Trade Commission
E) Children's Online Privacy Protection Act
Answer: D
Q2) What is the practice of injecting water and chemicals into underground rock in order to break the rock apart called?
A) Recycling
B) Toxic waste elimination
C) Fracking
D) Zero-landfill support
E) Repurposing
Answer: C
Q3) What would constitute a conflict of interest in a business setting?
Answer: An activity that benefits the individual to the detriment of his or her employer would be considered a conflict of interest.
Page 4
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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Sample Questions
Q1) If a business owner needs money for expansion, but does not want to give up sole control over the business, what type of partnership would be best?
A) General partnership
B) Limited partnership
C) Active partnership
D) Master limited partnership
E) Cooperatives
Answer: B
Q2) Small businesses impact key aspects of the U.S. economy including A) bank loans, and contributions to big business.
B) international trade and the service industry.
C) bank loans and innovation.
D) the service industry and job creation.
E) job creation and innovation.
Answer: E
Q3) The failure rate among small businesses has been increasing in recent years.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Understanding the Global Context of Business
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Sample Questions
Q1) The primary purpose of the World Trade Organization is to impose tariffs on imported products.
A)True
B)False
Q2) In assessing a country's national competitive advantage, what is meant by factor conditions?
Q3) China and India require that when foreign firms enter into joint ventures with local firms, the local partners must have the controlling ownership stake. What is this an example of?
A) Local content laws
B) Business practice laws
C) Fair trade agreements
D) Quotas
E) Subsidies
Q4) If the United States exports more to the Netherlands than it imports from the Netherlands, the United States has a trade deficit with the Netherlands.
A)True
B)False
Q5) What is the difference between balance of trade and balance of payments?
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Chapter 5: Managing the Business
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Sample Questions
Q1) Which business constituents analyze their competitive environments and plan, organize, direct, and control the operations of their organizations?
A) Stockholders
B) Managers
C) Regulators
D) Agents
E) Customers
Q2) An organization retrenches by increasing its investment in a particular area.
A)True
B)False
Q3) When conducting a SWOT analysis of an organization, which question can help management brainstorm for the weaknesses section of the analysis?
A) What external changes present interesting possibilities?
B) What aspect of the organization's vision can be altered?
C) What necessary skills do the organization's employees currently lack?
D) What does the organization offer that makes it stand out from other organizations?
E) What external economic forces can affect the organization's bottom line?
Q4) Discuss the four main purposes of organizational goal setting.
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Chapter 6: Organizing the Business
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Sample Questions
Q1) An international organization is one in which traditional boundaries and structures are minimized or eliminated altogether.
A)True
B)False
Q2) Organizational structure is a function of the organization's mission and strategy.
A)True
B)False
Q3) International organizational structures are an approach to organizational structure developed in response to the need to manufacture, purchase, and sell in global markets.
A)True
B)False
Q4) Firms typically use the same form of departmentalization at upper and lower levels. A)True
B)False
Q5) Briefly describe the five basic forms of departmentalization.
Q6) What does a divisional structure rely on and why does it rely on this feature?
Q7) How can a firm utilize and control an informal company grapevine?
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Chapter 7: Operations Management and Quality
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Sample Questions
Q1) Which of the following BEST describes competitive product analysis?
A) The principle that quality belongs to each person who creates it while performing a job
B) The consistency of a product's quality from unit to unit
C) The process by which a company analyzes a different company's products to identify desirable improvements
D) The sum of all activities involved in getting a high-quality product into the marketplace
E) Examining a product to improve its form utility
Q2) If parts A, B, and C must be produced this week, a detailed schedule will indicate the sequence of work.
A)True
B)False
Q3) Describe two alternatives for production facility layouts.
Q4) Materials management involves the flow of materials inside of the production facility, while distribution management involves the flow of finished goods.
A)True
B)False
Q5) Explain time, place, and form utility.
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Chapter 8: Employee Behavior and Motivation
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Sample Questions
Q1) Which of these behaviors BEST indicates good organizational citizenship?
A) Being willing to help new employees
B) Asking for a pay raise
C) Meeting job performance standards
D) Keeping regular hours
E) Using office supplies for business use
Q2) If an employee needs to feel that she is a part of a team and yet her position involves working alone, which of the following may NOT be right?
A) The pay scale
B) The person-job fit
C) The employee's attitude
D) The organization's plan
E) The team structure
Q3) Which of the following works to achieve a more satisfactory fit between workers and their jobs?
A) Job redesign
B) Team management
C) MBO
D) Training
E) Job enrichment programs
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Chapter 9: Leadership and Decision Making
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Sample Questions
Q1) Which of the following represents an informal alliance of individuals who seek to achieve a common goal?
A) Lobbying
B) Escalation of commitment
C) Political force
D) Coalition
E) Leadership
Q2) The behavioral approach to the study of leadership identified two main areas of effective leadership behavior: trait-focused behavior and goal-focused behavior.
A)True
B)False
Q3) What is the difference between employee-focused leadership and task-focused leadership?
Q4) Few studies have successfully assessed the meaning and impact of charismatic leadership.
A)True
B)False
Q5) Contrast leadership substitutes with leadership neutralizers.
Q6) Explain the concept and importance of ethical leadership.
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Chapter 10: Human Resource Management and Labor Relations
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Sample Questions
Q1) If a firm ends its fiscal year with profit, which plan can the firm use to distribute part of the excess to employees?
A) Gainsharing plan
B) Profit-sharing plan
C) Cafeteria plan
D) Insurance plan
E) Salary-sharing plan
Q2) Explain the difference between labor relations and a labor union.
Q3) What is the process of working with employees who are represented by a union?
A) Labor relations
B) Human resource management
C) Negotiation
D) Arbitration
E) Contingency recruitment
Q4) What options are available to the union when contract negotiations break down?
Q5) Explain commonly offered benefits and identify at least two benefits that are mandated by the Federal government.
Q6) Many firms say that merit raises are a better motivator than variable pay.
A)True
Page 12
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Chapter 11: Marketing Processes and Consumer Behavior
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Sample Questions
Q1) Which of the following is the BEST example of a B2B market transaction?
A) A college student buys dorm furniture from an on-campus store.
B) A group of teenage girls buy new clothes for the upcoming school year.
C) A high-school coach borrows sports equipment from a neighboring school.
D) A dentist provides free toothbrushes to patients.
E) A chain of ice cream parlors regularly purchases napkins from the same supplier.
Q2) What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?
A) Place utility
B) Time utility
C) Value utility
D) Possession utility
E) Form utility
Q3) Discuss the issues of international promotion.
Q4) A description such as single, age 20-34, earning $30,000 a year is an example of a psychographic variable.
A)True
B)False
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Page 14
Chapter 12: Developing and Pricing Products
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Sample Questions
Q1) What is branding? Explain what branding is and give an example of branding.
Q2) What are products that are consumed rapidly and regularly classified as?
A) Industrial goods
B) Shopping goods
C) Specialty goods
D) Convenience goods
E) Production goods
Q3) The breakeven point is the price at which a company earns the maximum profits.
A)True
B)False
Q4) How can a firm increase the life of a product without involving product changes?
A) Product extension
B) Product adaption
C) Rebranding
D) New product placement
E) Reintroduction
Q5) Most ideas for new products eventually reach the market.
A)True
B)False
Q6) Why is speed to market so important?
Page 15
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Chapter 13: Distributing and Promoting Products
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Sample Questions
Q1) Which of the following BEST characterizes the difference between the roles of advertising and personal selling in the promotional mix of a firm?
A) Advertising is, at its worst, very expensive with little return, whereas personal selling is also very expensive, at its worst, but with better returns.
B) Advertising, at its best, targets a specific audience about a product, whereas personal selling, at its best, is always dependent on the clients that a seller has.
C) Advertising involves public relations with the overall population of consumers, whereas personal selling involves personalized relationships with select individuals.
D) Advertising is a relatively new method of promotion, whereas personal selling is the oldest method of promotion.
E) Advertising is nonpersonal in its communication about a product, whereas personal selling is highly individualized.
Q2) Explain direct-response retailing.
Q3) Explain the primary difference between a wholesaler and a sales agent.
Q4) Explain the difference between an electronic storefront and a cybermall.
Q5) Discuss the differences in the three types product line retailers.
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Page 16
Chapter 14: Information Technology (IT)for Business
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Sample Questions
Q1) Which of the following BEST describes enterprise resource planning?
A) An information processing application for routine business activities of a company's business units
B) An information system for organizing and managing a firm's activities across product lines, departments, and geographic locations
C) A system used for transforming data into information for use in decision making
D) A computer-based electronic technology that assists in designing products by simulating a real product and displaying it in three-dimensional graphics
E) An internal inventory of a company's product lines
Q2) One pitfall with VSAT satellite communications is that they tend to lack privacy. A)True B)False
Q3) Compare wide area networks with local area networks and indicate why a firm would use one over the other.
Q4) Why is electronic conferencing a desirable alternative for business?
Q5) How do companies use intranets to improve productivity and performance?
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Chapter 15: The Role of Accountants and Accounting Information
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Sample Questions
Q1) Which of the following describes a liability?
A) The potential profit from selling a firm's assets and settling all of its debts
B) A debt owed by a firm to an outside organization or individual
C) Any economic resource expected to benefit a firm or an individual who owns it
D) Any economic deficit expected to cost a firm or an individual who owns it
E) The amount of money originally invested in a business by its owners
Q2) The primary goal for the standard practices and principles in accountant reporting is to ensure external users that the information is accurate and has meaning.
A)True
B)False
Q3) Give three examples of management advisory services.
Q4) Which of the following ratios evaluates management's use of resources?
A) Short-term solvency ratio
B) Long-term solvency ratio
C) Activity ratio
D) Profitability ratio
E) Equity ratio
Q5) For what types of organizations do forensic accountants work?
Page 18
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Chapter 16: Understanding Money and the Role of Banking
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Sample Questions
Q1) Which of the following actions can the Federal Deposit Insurance Company take in the event of a failure of one of its insured banks?
A) The FDIC can seize the assets of the bank and its investors and settle the bank's debts.
B) The FDIC can allow the bank to stay afloat by granting a loan of federal money.
C) The FDIC can conduct an inquiry into the investors' assets and actions to determine if there was any malfeasance that caused the bank failure.
D) The FDIC can allow another bank to take responsibility for the failed bank's liabilities through sale of the failed bank.
E) The FDIC can settle the bank's debts through its insurance deposit fund and regulate the bank's transactions more strictly.
Q2) Individual retirement accounts can be opened only by self-employed people such as doctors, small business owners, and consultants.
A)True
B)False
Q3) What is the difference between a public pension fund and a private pension fund?
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Chapter 17: Managing Business Finances
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Sample Questions
Q1) Which of the following is considered by many to be the BEST single indicator of the U.S. equities market?
A) NASDAQ Composite
B) Russell 2000
C) Dow Jones Industrial Average
D) Standard & Poor's 500
E) New York Stock Exchange
Q2) What value of a stock is calculated by dividing total shareholders' equity by the total number of shares of stock issued?
A) Par value
B) Market value
C) Book value
D) Dividend value
E) Total value
Q3) How does a corporate raider attempt to take control of a company and its assets?
A) Buying shares of stock on the open market
B) Joining the Board of Directors
C) Attend the annual shareholders' meeting to solicit support
D) Increase the value of shares on the market prompting a large sell off
E) Buying stock in competitor's companies
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