Business Management
Midterm Exam
Course Introduction
Business Management is an interdisciplinary course that explores the fundamental principles, practices, and skills necessary for effective leadership and operation within organizations. It covers core topics such as organizational structure, strategic planning, human resource management, marketing, financial analysis, and decision-making. Students learn to analyze business environments, develop business strategies, manage teams, and solve real-world problems through case studies and practical exercises. The course is designed to equip future managers and entrepreneurs with the knowledge and tools required to drive organizational success in a dynamic global marketplace.
Recommended Textbook
Better Business 3rd Edition by Michael R. Solomon
Available Study Resources on Quizplus
21 Chapters
1726 Verified Questions
1726 Flashcards
Source URL: https://quizplus.com/study-set/2019
Page 2
Chapter 1: Business Basics
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/40166
Sample Questions
Q1) Chris orders a salad at a restaurant.What is the BEST definition of what he is buying?
A) Chris is buying a good.
B) Chris is buying a service.
C) Chris is buying a service, but not a good.
D) Chris is buying neither a good nor a service.
E) Chris is buying both a good and a service.
Answer: E
Q2) Which of the following problems is potentially posed by an aging population?
A) higher taxes
B) lower deficit
C) labor surpluses
D) fewer business opportunities
E) decreased demand for social services
Answer: A
Q3) Local businesses are prone to bankruptcy because they are likely to be undercapitalized.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Economics and Banking
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/40168
Sample Questions
Q1) Explain the relationship between monopoly as a form of economic competition and the failures of communism as an economic system.
Answer: A monopoly occurs when there is only one provider of a good or service and no substitutes for the good or service exist.Because there is only one supplier,there is less abundant supply in general and the supplier is more susceptible changes in resource prices.In the communist system,the government is the sole supplier of all goods and services across the economic spectrum and is responsible as well for controlling prices and distributing those goods and services.The entire economy (rather than just a single product or service)is therefore in some sense a monopoly,and because competition is limited to nonexistent,incentives to produce goods are limited and severe shortages of goods and services may result.
Q2) The consumer price index (CPI)tracks changes in price at the wholesale level.
A)True
B)False
Answer: False
Q3) Population changes are a key determinant of demand for goods and services.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Ethics in Business
Available Study Resources on Quizplus for this Chatper
98 Verified Questions
98 Flashcards
Source URL: https://quizplus.com/quiz/40170
Sample Questions
Q1) At the Kaplan Thaler advertising agency,one of the firm's ethical principles is that their employees be empathetic.
A)True
B)False
Answer: True
Q2) Corporate social responsibility is mainly concerned with how a company affects the
A) family
B) investor
C) community
D) vendors
E) stockholders
Answer: C
Q3) When the Nobel Prize-winning economist Milton Friedman said,"Asking a corporation to be socially responsible makes no more sense than asking a building to be," what did he mean?
Answer: He argued that an abstract idea,like a corporation,cannot perform human functions,such as meeting responsibilities.
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Business in a Global Economy
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40172
Sample Questions
Q1) Culture is the complex set of values,behaviors,lifestyles,arts,beliefs,and institutions of a population that are passed on from generation to generation.
A)True
B)False
Q2) Aesthetics encompasses all of the following EXCEPT ________.
A) etiquette
B) religion
C) language
D) protocol
E) customs
Q3) Socioeconomic factors that must be considered by international companies include all of the following EXCEPT ________.
A) cultural behaviors
B) income distribution
C) birthrates
D) ethnicity
E) unit labor cost
Q4) Give an example of a subsidy used as a trade barrier.
Q5) What are the effects of depreciation of the U.S.dollar?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Small Business and the Entrepreneur
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40174
Sample Questions
Q1) Which of the following is ALWAYS TRUE about the purchases of existing businesses?
A) Once under new ownership, existing businesses outperform initial revenue projections.
B) Once under new ownership, any underlying problems are the responsibility of the new owner.
C) Once under new ownership, consumer curiosity about the new ownership will cause a spike in sales.
D) Once under new ownership, remaining staff are suspicious or fearful of the new owner.
E) Once under new ownership, existing customers will be resentful toward the new owner.
Q2) ________ is the process of performing research and analysis of a business to uncover any hidden problems associated with it.
A) Business assessment
B) Due diligence
C) Risk auditing
D) Valuation
E) Demographic surveying
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40175
Sample Questions
Q1) In a sole proprietor ownership,if business assets are not enough to pay business debts,then personal assets,such as the sole proprietor's house,personal investments,and retirement plans can be used to pay the debt.This is called ________.
A) unlimited liability
B) limited liability
C) non-liability
D) double taxation
E) sole liability
Q2) Kris and Amy own a workout facility in which they are co-owners.Both take an active role in the management of the business and each accepts unlimited liability.Kris and Amy operate as a ________.
A) joint venture
B) general partnership
C) limited partnership
D) cooperative
E) dual proprietorship
Q3) Sarah,Mike and Mark are dentists who would like to form a partnership.They have decided to form a limited liability corporation.Explain why this is a good choice for their dental practice.
To view all questions and flashcards with answers, click on the resource link above.
Page 8
Chapter 7: Business Management and Organization
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40176
Sample Questions
Q1) ________ and organizing are two of a manager's most important responsibilities.
A) Planning
B) Recruiting
C) Training
D) Writing
E) Inspiring
Q2) Once long-term goals and objectives have been determined,middle management generates ________.
A) strategic plans
B) short-term targets
C) tactical plans
D) resource evaluations
E) incentive programs
Q3) How are companies able to be more responsive when they have a horizontal structure?
Q4) The basic steps in a formal decision-making process are identifying and analyzing the problem,generating possible solutions,examining the alternatives,selecting the best plan of action,and finally implementing it.
A)True
B)False
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Motivation, Leadership, and Teamwork
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/40177
Sample Questions
Q1) Which of the following is NOT part of Stephen Covey's Seven Habits model?
A) Begin with the end in mind and stay focused on the ultimate goal.
B) Be reactive to the environment as often as possible.
C) Think about win-win solutions so all parties are content.
D) Synergize and think about creative cooperation.
E) Seek first to understand and then to be understood.
Q2) How is group flow achieved?
Q3) Which of the following is NOT a hygiene factor according to Herzberg?
A) safe working environment
B) promotion opportunities
C) proper pay
D) positive relationships
E) appropriate benefits
Q4) Julio is a supervisor known for being an excellent listener and collaborator.His company will soon acquire a whole new product line,which may increase workload.In order to build a consensus for this new situation,Julio asks for employee input and participation.Which of the four leadership styles best describes Julio in this example? Why?
Q5) Define the concept of flow.
Q6) What was R.M.Belbin's contribution to the study of work teams?
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Human Resource Management
Available Study Resources on Quizplus for this Chatper
107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/40178
Sample Questions
Q1) Alexander needs to determine the current supply of employees.He consults a computerized file that details information about each employee-ages,educational backgrounds,training,specialized skills,etc.The file Alexander consults is the workforce profile.
A)True
B)False
Q2) Peter is 67 years old and works for a retail firm,which is looking to cut staff.The company decides to encourage Peter to retire by offering him financial incentives.This is known as a golden parachute.
A)True
B)False
Q3) What are work/life benefits? Give some examples.
Q4) Suki earns $52,000 per year for her work as an associate marketing manager.Suki's compensation is called a ________.
A) salary
B) wage
C) commission
D) bonus
E) defined contribution plan
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Online Business and Technology
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/40179
Sample Questions
Q1) As a chief information officer,Bob looks for ways that his company's technological resources can generate bigger returns on its information technology investments.Which aspect of the CIO's role is he addressing?
A) currency of systems
B) e-commerce
C) system design
D) budget
E) privacy and security
Q2) Products like Brandwatch and UberView are used by companies to ________.
A) expand the possibilities of cloud computing
B) create apps for mobile devices
C) generate automatic Tweets
D) detect crowdsource opportunities
E) perform social media monitoring
Q3) Phishing is MOST OFTEN used to ________.
A) install adware
B) install spyware
C) steal credit card numbers
D) gather e-mail addresses for use by spammers
E) track the websites a user visits
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Production, operations, and the Supply Chain
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/40180
Sample Questions
Q1) Mass customization allow companies to respond quickly to the individual needs of consumers.
A)True
B)False
Q2) Sam owns a factory that manufactures screen doors.He is currently thinking about changing his production system.His customers' orders vary from square to round openings and from plain weaving to twilled weaving.Sam also notices that customer demand for wire screens increases in the spring and summer and dwindles during fall and winter.Which type of production system would be BEST for his factory?
Q3) ________ is the use of techniques,activities,and processes to guarantee that a certain good or service meets a specified standard.
A) Inventory control
B) Supply line control
C) Quality control
D) Management control
E) Enterprise resource planning
Q4) What effect has the introduction of CAD and CAM had on production?
Q5) What is a supply chain system?
Q6) Why is supply chain management important?
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Marketing and Consumer Behavior
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40181
Sample Questions
Q1) Secondary marketing data,which has already been collected and processed,is usually more expensive to obtain than primary data.
A)True
B)False
Q2) Environmental influences are variables under the direct control of an organization.
A)True
B)False
Q3) Describe the kinds of utility that marketing provides to customers.
Q4) Prudent firms follow domestic markets exclusively in order to keep their focus on immediate sales and to avoid the additional expenses incurred in the global marketplace.
A)True
B)False
Q5) An ideal marketing objective is ________.
A) idealistic, quantifiable, and consumer-oriented
B) realistic, qualitative, and competitive
C) time specific, realistic, and quantifiable
D) quantifiable, research-based, and without regard to ethics
E) situational, unattainable, and internal
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Product Development and Pricing Strategies
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/40182
Sample Questions
Q1) A bulldozer is an example of ________.
A) raw and processed materials
B) equipment
C) component parts
D) MRO products
E) specialized professional services
Q2) Salespeople bringing suggestions for a new fast food item to the headquarters of their food manufacturer is an example of ________.
A) product analysis
B) commercialization
C) idea generation
D) idea screening
E) concept testing
Q3) Give an example of a company that uses the pricing strategy of bundling.
Q4) A Ferrari sports car is an example of an unsought good.
A)True
B)False
Q5) Consumers only need to consider tangible benefits when buying products.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Promotion and Distribution
Available Study Resources on Quizplus for this Chatper
96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/40183
Sample Questions
Q1) What is MOST often the lowest cost transportation mode?
A) railroads
B) waterways
C) trucks
D) airways
E) pipelines
Q2) What is the last step in the personal selling process?
A) closing the sale
B) following up
C) meeting customer's needs
D) asking for referrals
E) overcoming objections
Q3) One of the disadvantages of Internet advertising is that it is difficult to measure how many people see the advertisement.
A)True
B)False
Q4) What is an integrated marketing communication (IMC)and why is it important to an organization?
Q5) Name at least three forums in which semi-controlled messages can be placed.
Q6) What distinguishes agents from brokers?
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Financing and Tracking Business Operations
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40184
Sample Questions
Q1) Double entry bookkeeping recognizes that for every transaction that affects an asset,an equal transaction must also affect either a liability or owners' equity.
A)True
B)False
Q2) Current assets at New Fashion Stores,Inc.are $20 million,and current liabilities are $10 million.The company's current ratio is ________.
A) 0.50
B) 10.00
C) 2.00
D) 20.00
E) 5.00
Q3) Short-term liabilities are obligations a company is responsible for paying
A) between one year and two years
B) after three years
C) within a year or less
D) never
E) after five years
Q4) How does financial management compare to other business activities?
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Investment Opportunities in the Securities Market
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40185
Sample Questions
Q1) A futures contract ________.
A) typically involves individual stocks
B) is usually held until it expires
C) is an obligation to purchase the underlying asset
D) is the same as an options contract
E) deals only with commodities
Q2) List the main types of stocks and discuss the important characteristics of each.
Q3) Is it possible to have money in a savings account and actually lose purchasing power in the long run?
Q4) Both the New York Stock Exchange and the NASDAQ use only electronic methods for stock trading.
A)True
B)False
Q5) An asset allocation of 50% stocks,45% bonds,and 5% cash is considered ________ risk.
A) conservative low B) moderate
C) moderate high
D) aggressive high
E) zero
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Business Law
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/40165
Sample Questions
Q1) ________ is most often associated with manufacturing defects,design or marketing defects,and a failure to warn.
A) Intentional tort
B) Negligence
C) Product liability
D) Uniform commercial code
E) Patents
Q2) Which of the following is an example of the acceptance of an offer?
A) a handshake
B) a price
C) an advertisement
D) a trade
E) capacity
Q3) Regulatory bodies like the SEC and the FTC have the power to pass ________ law.
A) constitutional
B) statutory
C) administrative
D) common
E) case
Q4) How are trademarks protected?
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Constructing an Effective Business Plan
Available Study Resources on Quizplus for this Chatper
37 Verified Questions
37 Flashcards
Source URL: https://quizplus.com/quiz/40167
Sample Questions
Q1) Information on personnel recruitment belongs in the management team section of the business plan.
A)True
B)False
Q2) What should a potential owner do BEFORE writing a business plan?
A) determine whether personal goals and business goals are aligned
B) ensure that the key components of the plan will be addressed
C) determine the best location and pricing structure for the business
D) make sure there is enough information to prepare financial statements
E) decide which appendices to include in the final pages
Q3) All of the following are included within the business plan BEFORE the appendices EXCEPT ________.
A) marketing strategy
B) professional references
C) core production strategy
D) table of contents
E) company profile and strategy
Q4) First describe a potential business you would like to start.Then describe three ways a business plan could help you be more successful.
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 19: Business Communications
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/40169
Sample Questions
Q1) Although social networks,wikis,podcasts,and blogs are becoming increasingly popular in the business world,e-mail is still arguably the most used form of digital communication.Why do you think this is the case?
Q2) What are some of the advantages of videoconferencing for business communications?
Q3) Peter needs to speak to his supervisor before they sit in on a client call in about an hour.Peter's office is down the hall from his supervisor's office and he's not sure how tight his supervisor's schedule is and whether he has time to talk things over.There are a few controversial issues to be discussed on the call and Peter is anxious to learn his supervisor's point of view on these issues.Which form of communication would be the best way for Peter to communicate with his supervisor: instant messaging,a brief telephone call,face-to-face chat,or e-mail? Explain your answer.
Q4) "No e-mail" days have been highly successful in providing better customer service.Discuss some of the reasons why.
Q5) E-mail is a highly useful tool in business communication; however,it can cause problems in the workplace.Discuss some of these problems.
To view all questions and flashcards with answers, click on the resource link above.
Page 21
Chapter 20: Finding a Job
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/40171
Sample Questions
Q1) What are the steps to take to get the best results from cold calling?
Q2) For a job applicant who has extensive work experience,the ideal cover letter will be ________ long.
A) one page
B) two pages
C) three pages
D) four pages
E) no maximum number of pages
Q3) Which of the following is the BEST resource for college students to use when exploring potential career paths and trying to find current job openings?
A) human resources department
B) campus career resources center
C) student services office
D) academic support center
E) bursar's office
Q4) A cover letter is unimportant in an interviewer's eyes; it is the resume that really counts.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 21: Personal Finance
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/40173
Sample Questions
Q1) An arrangement that pays to replace your possessions if they are stolen is ________ insurance.
A) health
B) homeowner's
C) life
D) disability
E) malpractice
Q2) To use a credit card wisely,pay off the balance in full every ________.
A) year
B) month
C) quarter
D) ten years
E) two years
Q3) If you are insuring an older car,it always makes financial sense to carry the cost of collision and comprehensive coverage.
A)True
B)False
Q4) Money management is critical for corporations,but not for individuals.
A)True
B)False
Page 23
To view all questions and flashcards with answers, click on the resource link above.