Business Strategy
Chapter Exam Questions
Course Introduction
Business Strategy is a comprehensive course that explores how organizations develop, formulate, and implement long-term plans to achieve competitive advantage and organizational objectives. Students will examine foundational concepts such as industry analysis, core competencies, strategic positioning, and value creation. The course emphasizes real-world application through case studies, encouraging critical thinking about market dynamics, innovation, leadership, and the impact of external and internal factors on strategic decision-making. By the end of the course, students will be equipped with the analytical tools and frameworks necessary to assess strategic issues, make informed decisions, and drive organizational success in a rapidly changing business environment.
Recommended Textbook
Essentials of Contemporary Business 1st Edition by Louis E. Boone
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Page 2
Chapter 1: The Changing Face of Business
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Sample Questions
Q1) List and describe the four basic rights in the private enterprise system.
Answer: The right to private property guarantees every participant the right to own,use,buy,sell,and bequeath most forms of property.The right to profits ensures business owners the right to all profits (after taxes)they earn through their activities.Freedom of choice means that a private enterprise system relies on the potential for citizens to choose their own employment,purchases,and investments.Finally,the private enterprise system permits fair competition by allowing the public to set rules for competitive activity,including laws that prohibit "cutthroat" competition.
Q2) The private enterprise system encourages government intervention.
A)True
B)False
Answer: False
Q3) Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?
A)The marketing era was more consumer-oriented.
B)The production era occurred after World War II.
C)The marketing era advocated price discrimination.
D)The production era was more consumer-oriented.
Answer: A
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Mangers who practice social responsibility still realize the larger importance in considering profits.
A)True
B)False
Answer: False
Q2) Regulation FD ("Fair Disclosure")is an SEC rule that:
A)requires publicly traded companies to announce major financial information to major investors first
B)requires privately traded companies to announce major financial information to minor investors first
C)requires publicly traded companies to announce major financial information to the general public first
D)penalizes companies for announcing any major financial information
Answer: C
Q3) Starbucks' efforts to go green with recyclable cups is an example of social responsibility.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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Sample Questions
Q1) Economics deals only with the allocation of abundant resources by business.
A)True
B)False
Answer: False
Q2) If buyers' incomes increase,the demand curve will shift to the ________ and the price will ________.
A)right;rise
B)left;fall
C)right;fall
D)left;rise
Answer: A
Q3) A shortage will occur when ________.
A)production quantities are rising
B)prices are falling
C)price is below the equilibrium point
D)the demand curve is shifting to the left
Answer: C
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Page 5
Chapter 4: Competing in World Markets
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Sample Questions
Q1) Amit,CEO of Charter Chemical,has recognized the financial opportunities in China.Amit has hired a foreign freight forwarder to coordinate selling Charter Chemical's products outside the United States.Charter Chemical is now involved in ________.
A)overseas marketing
B)international production
C)direct exporting
D)foreign licensing
Q2) Which of the following groups is likely to be hurt economically if the value of the U.S.dollar rises relative to the euro?
A)American firms with euro-dominated loans
B)American farmers exporting goods to Europe
C)European firms exporting goods to the United States
D)American tourists visiting Europe
Q3) Identify and describe the major types of obstacles confronting international trade.
Q4) A superior education system has proven to have no effect on comparative advantages in human resources.
A)True
B)False
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Chapter 5: Small Business and Forms of Business
Ownership
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Sample Questions
Q1) Isabella owns 100 shares of IBM ________ stock,which means she has voting rights on company decisions at IBM,but only residual claims on the company's assets.
A)preferred
B)principal
C)management
D)common
Q2) Many of today's most successful high-technology companies began as small businesses.
A)True
B)False
Q3) Small businesses that provide ________ have experienced the greatest increase in new jobs.
A)goods
B)services
C)products
D)retailing merchandise
Q4) Describe three primary reasons a small business might fail.
Q5) Describe how small businesses help create new jobs.
Q6) Describe how to identify a small business from a large one.
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Chapter 6: Starting Your Own Business
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Sample Questions
Q1) Entrepreneurs tolerate the uncertainties associated with starting a new business.
A)True
B)False
Q2) The desire to work fewer hours is one of the main drivers for those who choose to become entrepreneurs
A)True
B)False
Q3) Pat routinely bids on contracts even though most of the other bidders are extremely large firms.Pat believes his company offers better service at lower prices.He is exhibiting which personality trait common in entrepreneurs?
A)creativity
B)tolerance for failure
C)high energy level
D)self-confidence
Q4) Internal locus of control involves the personal belief that you control your own destiny.
A)True
B)False
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Chapter 7: Management, Leadership, and the Internal Organization
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Sample Questions
Q1) Empowerment is an important part of democratic leadership.
A)True
B)False
Q2) Which type of departmentalization organizes work units according to business functions?
A)process
B)geography
C)product
D)function
Q3) Planning helps businesses:
A)avoid costly mistakes
B)seize opportunities
C)focus its mission
D)all of the above
Q4) The managerial process of assigning work to employees is called A)parceling
B)decision making
C)delegation
D)centralization
Q5) Provide examples of tools managers might use to reinforce corporate culture.
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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Sample Questions
Q1) A union's bargaining process must end upon the rejection of a contract.
A)True
B)False
Q2) Using outside specialists to perform functions previously performed by company employees is called _____.
A)job requirements
B)equity theory
C)collective bargaining
D)Theory Y
E)downsizing
F)outsourcing
G)flexible work plans
H)grievance
I)wage
J)human resource management
K)performance appraisal
L)employee separation
M)lockout
N)arbitration
Q3) On what factors do firms based their compensation policies?
Page 10
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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Sample Questions
Q1) An effective way of empowering employees is to share financial information about the organization with them.
A)True
B)False
Q2) Which stage of team development is marked by conflicts over the team's mission and the roles of team members?
A)norming stage
B)forming stage
C)performing stage
D)storming stage
Q3) During the forming stage,team members focus on solving problems and accomplishing tasks.
A)True
B)False
Q4) High-context cultures including the United States and Germany pay attention to the conditions that surround the message,including nonverbal cues and personal relationships between the parties.
A)True
B)False
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Chapter 10: Production and Operations Management
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Sample Questions
Q1) A plant where plastic 2-liter bottles are manufactured probably uses a ________ layout.
A)customer-oriented
B)product
C)process
D)fixed-position
Q2) Computer chip manufacturers,such as Intel,must be primarily concerned with ________.
A)availability to energy
B)proximity to markets
C)community living conditions
D)availability of water supply
Q3) Implementing a production plan involves all of the following steps EXCEPT ________.
A)creating a feasible budget
B)controlling inventory
C)selecting the best suppliers for materials
D)deciding whether to make,buy,or lease components
Q4) Describe the major tasks of production and operations managers.
Q5) Describe a flexible manufacturing system.
12
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) _____ involves developing close bonds with customers,suppliers,and employees.
A)secondary data
B)affinity program
C)market segmentation
D)demographic
E)target market
F)utility
G)marketing mix
H)data mining
I)consumer behavior
J)ownership utility
K)exchange process
L)B2B
M)lifetime value of a customer
N)relationship marketing
O)frequency marketing
P)product-related segmentation
Q2) The production era stressed efficiency in producing quality products.
A)True
B)False
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Page 13
Chapter 12: Product and Distribution Strategies
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Sample Questions
Q1) Barnes and Noble starts earning 30 percent more profit a month after their new e-reader hit the shelves.Consumers continuously recommend the new product to friends.The e-reader is in the growth stage.
A)True
B)False
Q2) Describe the supply chain.
Q3) Which of the following is NOT a benefit of marketing intermediaries?
A)Costs of buying and selling are decreased.
B)Makers of a product can contact customers cost effectively.
C)Marketing utility is created.
D)Services such as transporting merchandise to convenient locations are performed
Q4) Complex,expensive products generally require long distribution channels.
A)True
B)False
Q5) Differentiate between a merchant wholesaler and an agent or broker in terms of title to the goods.
Q6) Water transportation is generally more expensive than transportation by truck.
A)True
B)False
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Chapter 13: Promotion and Pricing Strategies
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Sample Questions
Q1) A gift product distributed by mail,door to door,in a demonstration,or inside packages of another product is called a(n):
A)coupon.
B)premium.
C)sample.
D)expensive product.
Q2) Explaining the hidden benefits of ownership can enhance a product's value.
A)True
B)False
Q3) On the end cap of an aisle at a grocery store,there is a display of breakfast cereals.This is called ________.
A)point of purchase advertising
B)trade show
C)premiums
D)specialty advertising
Q4) According to economic theory,the market price will be set according to: A)supply and demand.
B)prestige.
C)EDLP.
D)pushing and pulling.
Page 15
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Chapter 14: Using Technology to Manage Information
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Sample Questions
Q1) An advantage of using VoIPs is that if your broadband connection goes out,your phone service will not necessarily go out too.
A)True
B)False
Q2) Provide examples of ethical concerns regarding technology and information systems.
Q3) An especially powerful midrange computer is called a supercomputer.
A)True
B)False
Q4) All Wal-Mart stores have satellite dishes that link stores together with the company's headquarters.Wal-Mart is using a(n)________.
A)wide area network
B)enterprise resource system
C)expert system
D)local area network
Q5) An estimated two-thirds of American households own at least one personal computer.
A)True
B)False
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Chapter 15: Understanding Accounting and Financial Statements
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Sample Questions
Q1) The ________ was created by the Sarbanes-Oxley Act of 2002.
A)Securities & Exchange Commission
B)Public Accounting Oversight Board
C)GAAP
D)FASB
Q2) Kwane wants to assess his firm's ability to meet its short-term obligations.Which of the following ratios are the most relevant?
A)activity ratios
B)debt ratios
C)liquidity ratios
D)profitability ratios
Q3) The natural progression of a business begins with ________.
A)operating
B)investing
C)financing
D)selling
Q4) Accountants play a role in all three business activities: financing,investing,and operating.
A)True
B)False
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Chapter 16: The Financial System
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Sample Questions
Q1) Securities are sold to the investing public in two ways: in open auctions and through investment bankers.
A)True
B)False
Q2) ________ is defined as the use of material nonpublic information about a company to make investment profits.
A)Outsider trading
B)Insider trading
C)Cheating
D)Poor regulation
Q3) ________ is a form of short-term financing sold by corporations that matures from 1 to 270 days after the date of issue.
A)Bond
B)CD
C)Treasury bill
D)Commercial paper
Q4) M1 consists of currency in circulation and balances in bank checking accounts.
A)True
B)False
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Chapter 17: Financial Management
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Sample Questions
Q1) Kaitlyn's company needs to obtain funds in order to keep the business going;however,she does not want stockholders influencing the direction of her company.What type of financing should Kaitlyn acquire?
A)angel investor
B)combination of debt and equity capital
C)debt capital
D)equity capital
Q2) Virtually all financial decisions involve a trade-off between risk and return.
A)True
B)False
Q3) Short-term sources of funds are loans that are repaid within one year.
A)True
B)False
Q4) Why do firms divest assets?
Q5) Leverage ________ the return to shareholders and ________ the risk of their investment.
A)lowers;lowers
B)lowers;raises
C)raises;lowers
D)raises;raises
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