Business Organization
Final Exam
Course Introduction
Business Organization examines the fundamental principles and structures that govern how businesses are formed, operated, and managed. The course covers a range of organizational forms, including sole proprietorships, partnerships, corporations, and limited liability companies, highlighting their respective legal, financial, and operational characteristics. Key topics include organizational hierarchy, corporate governance, decision-making processes, and the role of leadership in shaping business culture and ensuring effective management. Students will analyze real-world examples and case studies to understand the challenges and advantages associated with different business structures, preparing them to make informed choices about organizational strategies in dynamic business environments.
Recommended Textbook
Business Essentials 12th Edition by Ronald J. Ebert
Available Study Resources on Quizplus
17 Chapters
1912 Verified Questions
1912 Flashcards
Source URL: https://quizplus.com/study-set/2257
Page 2
Chapter 1: The US Business Environment
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44838
Sample Questions
Q1) Which environment is NOT an important dimension of a business organization's external environment?
A) The political-legal environment
B) The sociocultural environment
C) The technological environment
D) The corporate cultural environment
E) The global business environment
Answer: D
Q2) Aggregate output refers to a company's annual production of goods or services.
A)True
B)False
Answer: False
Q3) What is the willingness and ability of producers to offer a good for sale referred to as?
A) Private enterprise
B) Supply
C) Free market economy
D) Law of supply
E) Degrees of competition
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Understanding Business Ethics and Social Responsibility
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/44839
Sample Questions
Q1) What must every corporation do in maintaining and reporting its financial status?
A) Purchase stocks on margin
B) Use creative accounting practices
C) Support increased stock prices
D) Aim to maximize predicted profit margins
E) Conform to generally accepted accounting principles
Answer: E
Q2) What is the difference between ethics and social responsibility?
Answer: Ethics are beliefs about what is right and wrong or good and bad.Ethics affect individual behavior in the workplace.Social responsibility refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment.
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.
Q4) Define consumerism.
Answer: Consumerism is social activism dedicated to protecting the rights of consumers in their dealings with businesses.
4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
Available Study Resources on Quizplus for this Chatper
122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/44840
Sample Questions
Q1) The failure rate among small businesses has been increasing in recent years.
A)True
B)False Answer: False
Q2) What type of corporation issues stock that is held by only a few people and not available to the public?
A) Limited liability
B) Subchapter S
C) Public
D) Closely held
E) Professional Answer: D
Q3) Describe three disadvantages of operating a business as a sole proprietorship.
Answer: The disadvantages of sole proprietorships include unlimited liability,lack of continuity,and limited financing options.A sole proprietor is totally responsible for all of the debts of the business and may have to give up personal assets to repay those debts.A sole proprietorship lacks continuity because the business dissolves with the death of the owner.Finally,sole proprietors have a limited ability to secure financing,relying mostly on their personal resources.
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Understanding the Global Context of Business
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/44841
Sample Questions
Q1) Which of the following BEST describes a positive trade balance?
A) The economic condition in which a country's exports exceed its imports
B) The economic condition in which a country's imports exceed its exports
C) The economic condition in which a country's inflow of money exceeds its outflow
D) The economic condition in which a country's outflow of money exceeds its inflow
E) The economic condition in which a country's natural resources exceed its human resources
Q2) Which organization was developed to promote economic and cultural cooperation among Asian countries?
A) ASEAN
B) UAS
C) EU
D) NAFTA
E) ECOWAS
Q3) What are three basic levels of involvement available for a firm that decides to conduct business internationally?
Q4) What are the four components of national competitive advantage?
Q5) What are the advantages and disadvantages of globalization?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Managing the Business
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/44842
Sample Questions
Q1) Which of the following is the last step in the strategy formulation process and requires comparing threats and opportunities against strengths and weaknesses?
A) Organizational analysis
B) Matching the organization and its environment
C) Analyzing the organization and the environment
D) Setting strategic goals and mission statements
E) Conducting an analysis using SWOT techniques
Q2) What is SWOT analysis?
Q3) Which element of an organization is defined by shared experiences,stories,beliefs,and norms?
A) Its human resources
B) Its product philosophy
C) Its corporate culture
D) Its mission statement
E) Its organizational structure
Q4) Many managers spend as much as four hours a day in meetings.
A)True
B)False
Q5) Differentiate among strategic,tactical,and operational plans.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Organizing the Business
Available Study Resources on Quizplus for this Chatper
108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/44843
Sample Questions
Q1) Firms typically use the same form of departmentalization at upper and lower levels.
A)True
B)False
Q2) What is authority given to a decision-making body with power beyond that possessed by any one person?
A) Risk aversion
B) Committee and team
C) Line
D) Matrix
E) Product and labor
Q3) How can an organization minimize the potential damage caused by inaccurate information spread through the grapevine?
A) Ban employees from using the internet and e-mail for personal reasons.
B) Identify a list of off-limit topics.
C) Respond vigorously to inaccurate information.
D) Allow new information to be released only through formal communication channels.
E) Keep groups small and focused.
Q4) Briefly describe the five basic forms of departmentalization.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Operations Management and Quality
Available Study Resources on Quizplus for this Chatper
119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/44844
Sample Questions
Q1) A fixed-position layout is most effective when there is a large-volume make-to-stock operation in place.
A)True
B)False
Q2) Describe how a Gantt chart and a PERT chart are similar,and how they are different.
Q3) Japanese companies adapted the concept of quality circles from quality improvement teams used by U.S.companies.
A)True
B)False
Q4) A detailed schedule will consider employees' needs and the company's efficiency and cost,including demand for production.
A)True
B)False
Q5) Operations capability is a special ability that production does especially well to outperform the competition.
A)True
B)False
Q6) Explain competitive product analysis.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Employee Behavior and Motivation
Available Study Resources on Quizplus for this Chatper
114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/44845
Sample Questions
Q1) Personality includes personal attributes that vary from one person to another.
A)True
B)False
Q2) Performance behaviors contribute directly to company productivity.
A)True
B)False
Q3) What is the outcome when employees have positive attitudes towards their jobs?
A) Increased cognitive dissonance
B) Decreased morale
C) Stronger intention
D) Limited commitment
E) Increased job satisfaction
Q4) 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
Q5) How are equity theory and the psychological contract connected?
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Leadership and Decision Making
Available Study Resources on Quizplus for this Chatper
112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/44846
Sample Questions
Q1) In selecting an alternative when making a decision,what should decision makers keep in mind?
A) Finding multiple acceptable alternatives is neither possible nor efficient.
B) Finding multiple acceptable alternatives should not take very long.
C) Selecting one alternative and rejecting all others will be the decision maker's main objective.
D) Selecting one alternative and rejecting all others might not be necessary.
E) Selecting one alternative and rejecting all others should be a straightforward process.
Q2) What type of decision-making process should be used for basic operating systems,procedures,and standard organizational transactions?
A) Conditional
B) Strategic
C) Programmed
D) Ethical
E) Nonprogrammed
Q3) Identify the five types of leadership power and explain each.
Q4) Explain the concept and importance of ethical leadership.
Q5) Contrast leadership substitutes with leadership neutralizers.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Human Resource Management and Labor Relations
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/44847
Sample Questions
Q1) Which of the following allows either the employer or the employee to terminate an employment relationship for any reason and at any time?
A) Quid pro quo
B) The National Labor Relations Act
C) Employment at will
D) The Patriot Act
E) Taft- Hartley Act
Q2) The number of variable pay programs in the United States has been consistently falling for the last decade,and it is predicted that they will continue to decline in popularity.
A)True
B)False
Q3) Which of the following occurs when union members agree NOT to buy the products of a targeted employer?
A) Lockout
B) Boycott
C) Mediation
D) Arbitration
E) Slowdown
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Marketing Processes and Consumer Behavior
Available Study Resources on Quizplus for this Chatper
116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/44848
Sample Questions
Q1) What type of segmentation is more effective because of the greater number of variables and has consequently become the most common segmentation tool?
A) Demographic segmentation
B) Psychographic segmentation
C) Behavioral segmentation
D) Marketing segmentation
E) Geo-demographic segmentation
Q2) Which of the following describe(s)measurable traits about a consumer,such as income,gender,or marital status?
A) Psychographics
B) Geographics
C) Geo-demographics
D) Behavior
E) Demographics
Q3) The formula for value is benefits divided by costs.
A)True
B)False
Q4) What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Developing and Pricing Products
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44849
Sample Questions
Q1) Using symbols and names to communicate the qualities of a product is a function of what?
A) Awareness
B) Reintroduction
C) Product adaptation
D) Product extension
E) Branding
Q2) What is cost-oriented pricing?
Q3) The product life cycle describes the commercial life of services as well as goods.
A)True
B)False
Q4) Why is speed to market critical to market demand?
A) It reduces overall cost of product development.
B) It allows more time for product recalls.
C) It allows the company to conduct more concept testing.
D) It produces stronger outcomes on the business analysis process.
E) It allows the company to become entrenched in the marketplace.
Q5) How do expense items differ from capital items?
Q6) What is branding? Explain what branding is and give an example of branding.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Distributing and Promoting Products
Available Study Resources on Quizplus for this Chatper
116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/44850
Sample Questions
Q1) If a producer wants a product to have promotional advantage and increased attention in the sales effort,what distribution process should they pursue?
A) Selective
B) Conflicted
C) Exclusive
D) Intensive
E) Channel captains
Q2) If a firm is more interested in promoting a product and less interested in making a sale,what type of selling should be used?
A) Industrial selling
B) Missionary selling
C) Creative selling
D) Personal selling
E) Retail selling
Q3) Why is water the least expensive mode of transportation?
Q4) Summarize the steps in the personal selling process for creative selling.
Q5) What is a push strategy of promotion?
Q6) List and describe the three personal selling tasks.
Q7) Explain the difference between an electronic storefront and a cybermall.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Information Technology Itfor Business
Available Study Resources on Quizplus for this Chatper
108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/44851
Sample Questions
Q1) What is another name for a falsified Web page?
A) Phishing
B) Spoofing
C) Mooching
D) Pharming
E) Worming
Q2) What is used to provide privacy protection on a wireless wide area network?
A) WiMax
B) Groupware
C) Firewalls
D) Data warehousing
E) Data mining
Q3) What is the most common type of network used in businesses?
A) Intranet
B) Client-server
C) Blogs
D) Hotspot
E) Anti-virus
Q4) Describe the ways in which businesses protect themselves from the threats and risks information technology poses.
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: The Role of Accountants and Accounting Information
Available Study Resources on Quizplus for this Chatper
109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/44852
Sample Questions
Q1) Which of the following statements BEST describes the need for global accounting standards?
A) The complexity of the global market increases the risk of unethical accounting behavior by allowing accountants to choose which national GAAP standards are best for their clients.
B) The rise of the global market increases the risk of money laundering and offshore accounting.
C) The rise of the global market increases the risk of fraudulent business transactions across borders.
D) The rise of the global market increases the risk of international dumping and profit-skimming.
E) The rise of the global market increases the risk of the creation of dummy companies and accounts for the purpose of dumping toxic assets.
Q2) For what types of organizations do forensic accountants work?
Q3) Activity ratios allow investors to compare the relative efficiencies of similar companies.
A)True
B)False
Q4) Why are efforts to standardize global accounting practices important?
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Understanding Money and the Role of Banking
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44853
Sample Questions
Q1) Which of the following terms refers to the interest level at which commercial banks lend reserves to each other,usually overnight?
A) Discount rate
B) Key rate
C) Prime rate
D) Federal insurance premium
E) Reserve requirement
Q2) When a bank's assets are sold to settle debt during a bank failure,what happens to the resulting gain?
A) Remaining funds are added to the insurance deposit funds.
B) Remaining funds are deducted to those paid by the insurance deposit funds.
C) Remaining funds are used to buy and consolidate smaller banks.
D) Remaining funds are dispersed to depositors to help offset losses.
E) Remaining funds are returned to the bank to aid in recovery.
Q3) Any object can serve as money if it is portable,divisible,durable,and stable.
A)True
B)False
Q4) Why would a consumer utilize trust services offered by commercial banks?
Q5) How does the Fed's monetary policy influence banks' willingness to loan money?
Page 18
Q6) What are the components of the M-1 money supply?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Managing Business Finances
Available Study Resources on Quizplus for this Chatper
118 Verified Questions
118 Flashcards
Source URL: https://quizplus.com/quiz/44854
Sample Questions
Q1) The profit realized when the market value of an investment increases is known as which of the following?
A) Capital gains
B) Asset allocation
C) Diversification
D) Price appreciation
E) Profiteering
Q2) More Americans are investing in the stock market through online trading.Explain the value of online trading.
Q3) What is the proportion of investments in each investment alternative referred to as?
A) Portfolio
B) Dividend yield
C) Asset allocation
D) Risk-reward relationship
E) Diversification
Q4) An investment's current dividend yield plus its capital gain rate is known as its total return.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 19