Business Studies
Study Guide Questions
Course Introduction
Business Studies provides students with an understanding of how businesses operate, exploring key concepts such as management, marketing, finance, human resources, and entrepreneurship. The course examines the internal and external factors influencing decision-making in organizations, the role of innovation and technology in business growth, and the importance of ethical and sustainable practices. Through case studies, projects, and practical activities, students develop analytical and problem-solving skills relevant to the modern business environment, preparing them for further study or a variety of careers in the world of commerce.
Recommended Textbook
Business in Action 6th Edition by Courtland L. Bovee
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20 Chapters
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Page 2
Chapter 1: Developing a Business Mindset
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Sample Questions
Q1) Which of the following statements is true regarding a sales professional?
A) A career in sales is limited to the retail sector of professional selling.
B) Personal characteristics are of little importance in the sales professional.
C) A sales professional is responsible for determining long-term financial goals and budgets.
D) A sales professional is responsible for building relationships with customers and helping them make purchase decisions.
E) A sales professional does not receive any immediate indicators of success or failure.
Answer: D
Q2) Difficulty in obtaining business permits or licenses to do a particular business would be an example of a barrier to entry for a firm.
A)True
B)False
Answer: True
Q3) Businesses can have both positive and negative effects on society.
A)True
B)False
Answer: True
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3
Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) ________ taxes are levied on earnings of individuals to help fund Social Security,Medicare,and unemployment compensation.
A) Excise
B) Payroll
C) Sales
D) Income
E) Property Answer: B
Q2) GDP considers who is responsible for the production; GNP considers where the production occurs.
A)True
B)False
Answer: False
Q3) Monetary policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Global Marketplace
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Sample Questions
Q1) Which of the following is a principle that governs the world trade organization's work?
A) giving preference to trading partners who provide maximum business
B) protecting domestic industries by offering financial assistance
C) making trade policies more predictable and less arbitrary
D) establishing dumping procedures to prevent pollution in developed countries
E) implementing protectionist ideologies to establish fair trade between nations
Answer: C
Q2) An embargo is a ________.
A) quantity restriction on the import of particular goods or services
B) surcharge imposed on import of certain products
C) subsidy offered to products exported from a country
D) complete ban on the import or export of certain products
E) form of financial assistance extended to domestic producers
Answer: D
Q3) Strong dollar will lower the cost of goods that the U.S.exports.
A)True
B)False
Answer: False
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Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) ________ refers to the degree to which information flows freely within an organization,among managers and employees,and outward to stakeholders.
A) Philanthropy
B) Materialism
C) Whistle-blowing
D) Transparency
E) Utilitarianism
Q2) What are cap and trade programs?
Q3) Compare and contrast cap and trade programs and sustainable development.
Q4) Seeking the greatest good for the most people is utilitarianism.
A)True
B)False
Q5) The use of unpublicized information that an individual gains from the course of his or her job to benefit from fluctuations in the stock market is called ________.
A) a code of ethics
B) whistle-blowing
C) insider trading
D) utilitarianism
E) strategic CSR
Page 6
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Chapter 5: Forms of Ownership
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Sample Questions
Q1) RK Associates is a firm incorporated in the state of Delaware.The company has operations in thirteen states.However,the company does not have any facilities in countries other than the United States.RK Associates is a(n)________.
A) international company
B) local corporation
C) domestic company
D) alien corporation
E) foreign corporation
Q2) Carton Life is an insurance firm.The firm wants to enter an Asian country that recently removed protectionist barriers in the insurance industry.The company wants to enter the country with the help of a local firm.However,the company does not want to permanently integrate with another firm.Which of the following arrangements is most suited for this company?
A) amalgamation
B) acquisition
C) merger
D) joint venture
E) strategic alliance
Q3) Explain the major disadvantages of incorporating a business as a corporation.
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Page 7
Chapter 6: Entrepreneurship and Small Business Ownership
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Sample Questions
Q1) Compared to starting a new business,buying an existing business can involve more work and more risk.
A)True
B)False
Q2) SCORE is an acronym for the Service Corps of Retired Entrepreneurs.
A)True
B)False
Q3) From the perspective of the franchisee,list 3 advantages and 3 disadvantages of buying a franchise.
Q4) TechPoint,a technical writing and business documentation firm,finds it difficult to handle its training requirements.The company forms a one-year contract with Impact Inc.,a language training firm,to conduct training and refresher courses for their employees.This is an example of ________.
A) downsizing
B) outsourcing
C) vertical integration
D) market penetration
E) diversification
Q5) Compare and contrast venture capitalists with angel investors.
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Chapter 7: Management Roles, Functions, and Skills
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Sample Questions
Q1) A vision statement is a brief description of a company's present status in the market.
A)True
B)False
Q2) A manager has the capability of reducing his disruptive impulses and moods.He also has the ability to understand others' feelings.These capabilities are indicative of ________.
A) low cognitive intelligence
B) high degree of autocracy
C) low social intelligence
D) high emotional intelligence
E) high cognitive intelligence
Q3) ________ is the management function of keeping a company's activities on track toward previously established goals.
A) Organizing
B) Leading
C) Planning
D) Motivating
E) Controlling
Q4) Briefly describe the organizing function of management.
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Chapter 8: Organization and Teamwork
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Sample Questions
Q1) The stage of team development in which the team stabilizes and team members recognize and accept their roles and duties is called performing.
A)True
B)False
Q2) The diagram that shows how employees and tasks are grouped is called organizational structure.
A)True
B)False
Q3) A matrix organization uses functional and divisional patterns simultaneously.
A)True
B)False
Q4) In the ________ stage of team development,members of the team are fully committed to the team's objectives and the team achieves its full potential in terms of task accomplishment.
A) forming
B) storming
C) norming
D) performing
E) adjourning
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Chapter 9: Production Systems
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Sample Questions
Q1) Kaizen refers to ________.
A) customization of production processes
B) continuous quality improvements
C) intensification of quality control
D) use of statistical process control
E) standardization of production processes
Q2) Compare and contrast the production of goods and services.
Q3) Lean systems are systems whose productivity is relatively low.
A)True
B)False
Q4) A bank is building a new branch in a small suburb,and one of the decisions it must make is how many teller windows it needs to serve its customers effectively and cost efficiently on an average day.This is an example of ________.
A) production scheduling
B) capacity planning
C) site selection
D) critical path analysis
E) systemic risk reduction
Q5) What is production and operations management?
Q6) Compare and contrast quality control and quality assurance.
Page 11
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Chapter 10: Employee Motivation
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Sample Questions
Q1) Compare and contrast the three critical psychological states described in the job characteristics model.
Q2) ________ connects an employee's efforts to the outcome he or she thinks will result from those efforts.
A) Maslow's hierarchy
B) Herzberg's two-factor theory
C) David McClelland's three needs theory
D) Expectancy theory
E) Equity theory
Q3) John stayed late in order to finish up a project.When his manager found the completed project on her desk,she immediately sent John an email praising his good work and thanking him for going the extra mile.In this example,John's manager uses
A) chaining
B) transactional analysis
C) cognitive restructuring
D) negative reinforcement
E) positive reinforcement
Q4) Compare and contrast positive reinforcement with negative reinforcement.
Q5) Compare and contrast scientific management with Hawthorne effect.
Page 12
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Chapter 11: Human Resources Management
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Sample Questions
Q1) K.M.Retailers,an international consumer products retail chain,gives preference to women and minority owned suppliers and sub-contractors.The firm hires a large number of employees from ethnic minorities,and the human resource department keeps the interests of these groups in mind while framing company policies.In this example,K.M.Retailers uses which of the following strategies?
A) job enrichment
B) ethnocentric policies
C) decentralization
D) deregulation
E) diversity initiatives
Q2) Compare and contrast wage and salary?
Q3) Sexism refers to discrimination on the basis of gender.
A)True
B)False
Q4) Compare and contrast the terms race and ethnicity.
Q5) Layoffs involve terminating employees because of poor performance or other disciplinary reasons.
A)True
B)False
Q6) What are diversity initiatives?
Page 13
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Chapter 12: Labor Relations
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Sample Questions
Q1) Which of the following is a valid observation of the proposed Employee Free Choice Act?
A) The Act is welcomed by both employee unions and business managements.
B) The Act outlaws the use of arbitration in collective bargaining discussions.
C) The Act was subject to huge opposition from labor unions across the U.S.
D) The Act is proposed to outlaw the use of authorization cards for unionization.
E) The act would significantly alter the union election provisions of the Wagner Act.
Q2) Authorization cards are cards signed by employees to indicate interest in having a union represent them.
A)True
B)False
Q3) In an agency shop,employees aren't required to join the union but must pay the equivalent of union dues.
A)True
B)False
Q4) Do you think labor unions will survive in the long term? Frame arguments to support your claim.
Q5) Compare and contrast mediation and arbitration.
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Chapter 13: The Art and Science of Marketing
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Sample Questions
Q1) Aspirational groups are those to which consumers actually belong,such as families,networks of friends,clubs,and work groups.
A)True
B)False
Q2) Compare and contrast undifferentiated marketing with differentiated marketing.
Q3) Producers do not create needs,but they do try to shape your wants by exposing you to attractive choices.
A)True
B)False
Q4) At one time or another,all consumers suffer from cognitive dissonance.
A)True
B)False
Q5) Wants differ from needs in that wants ________.
A) are more specific
B) are independent of culture
C) create demand for products
D) are the focus of marketing efforts
E) are independent of a person's experiences
Q6) Compare and contrast consumer market with organizational market.
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Q7) What is marketing mix? Discuss the four main components of the marketing mix.
Chapter 14: Product and Pricing Strategies
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Sample Questions
Q1) ________ are everyday individual goods and services that people buy frequently without much conscious planning.
A) Convenience products
B) Shopping products
C) Expense items
D) Capital items
E) Specialty products
Q2) Which of the following is an example of a variable cost that businesses have to incur?
A) insurance premiums
B) real estate taxes
C) unit-based incentives
D) employee salaries
E) mortgage payments
Q3) Optimal pricing is a computer-based pricing method.
A)True
B)False
Q4) Explain loss-leader pricing.
Q5) Compare and contrast co-branding and licensing.
Q6) Describe how products are classified according to their intended use.
Page 16
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Chapter 15: Distribution and Marketing Logistics
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Sample Questions
Q1) Compare and contrast order processing with warehousing.
Q2) Having your products available in as many outlets as possible is known as exclusive distribution.
A)True
B)False
Q3) The coordinated use of multiple modes of transportation is known as warehousing.
A)True
B)False
Q4) Disagreement over rights and responsibilities of the organizations in a distribution channel is termed as ________.
A) shopper marketing
B) category killer
C) channel conflict
D) disintermediation
E) positioning
Q5) All activities required to move products from producer to consumer comprise the logistics function.
A)True
B)False
Q6) Discuss marketing systems.
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Chapter 16: Customer Communication
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Sample Questions
Q1) Which of the following is an advantage of using newspapers as an advertising media?
A) long lead time for placing ads
B) low visual competition from other ads
C) extensive market coverage
D) long life span
E) printed papers have rapidly increasing readership in most cities
Q2) The social communication model is limited to the consumer sector.
A)True
B)False
Q3) A promotional strategy that directly stimulates consumer demand via advertising and other communication efforts is known as ________.
A) pricing strategy
B) push strategy
C) digital strategy
D) pull strategy
E) operations strategy
Q4) Compare and contrast viral marketing with conversation marketing.
Q5) Compare and contrast institutional advertising with advocacy advertising.
Q6) Compare and contrast push strategy with pull strategy.
Page 18
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Chapter 17: Financial Information and Accounting Concepts
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Sample Questions
Q1) Working capital refers to the amount of cash an organization has in hand.
A)True
B)False
Q2) Describe double-entry bookkeeping and the matching principle.
Q3) ________ is an accounting method in which revenue is recorded when payment is received and expense is recorded when money is paid.
A) Accrual basis
B) Profit basis
C) Cash basis
D) Depreciation
E) Deferral basis
Q4) The Public Company Accounting Reform and Investor Protection Act is informally known as the ________ Act.
A) Sarbanes-Oxley
B) Mann
C) Cable
D) Basel
E) Glass-Steagall
Q5) Briefly explain trend analysis.
Q6) Compare and contrast management accounting with financial accounting. Page 19
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Page 20
Chapter 18: Financial Management
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Sample Questions
Q1) A ________ is a planning and control tool that reflects expected revenues,operating expenses,and cash receipts and outlays.
A) data structure
B) financial plan
C) cash flow
D) budget
E) capital structure
Q2) Compare and contrast secured loans and unsecured loans.
Q3) ________ is an arrangement in which a financial institution makes money available for use at any time after the loan has been approved.
A) Leasing agreement
B) Credit card
C) Secured loan
D) Line of credit
E) Commercial paper
Q4) Shareholders of a firm have prior claims on the firm's assets.
A)True
B)False
Q5) Explain why companies form hedging agreements with their suppliers.
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Chapter 19: Financial Markets and Investment Strategies
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Q1) Which of the following is the basic premise of a derivative?
A) limiting the value of an asset attached to them
B) transferring risk from one party to another
C) linking shares to governmental bonds
D) minimizing the risk for all parties involved
E) maximizing the dividend payout on equities
Q2) Companies attempt to increase the market valuation of a share by ________.
A) repurchasing some of the shares through a stock buyback
B) maintaining a lower than average price/earnings ratio
C) announcing a stock split of its shares
D) dividing the shares into multiple shares
E) reducing the percentage of dividend being paid out to investors
Q3) Stock of companies whose earnings tend to track the ups and downs of the economy in a predictable pattern are known as defensive stocks.
A)True
B)False
Q4) Compare and contrast call options and put options.
Q5) Go to a web site that allows you maintain a virtual portfolio (Example: Yahoo).Create a diversified portfolio in the web site.
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Chapter 20: The Money Supply and Banking Systems
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Q1) Thrift banks offer a variety of services related to initial public stock offerings and mergers and acquisitions.
A)True
B)False
Q2) ________ offer financial services to businesses,particularly in the area of international finance.
A) Investment banks
B) Retail banks
C) Private banks
D) Credit unions
E) Merchant banks
Q3) Jackson Group,Inc.is an American multinational banking firm.It offers such services as stock market brokerage,underwriting,and initial public offering.Jackson Group is an example of a(n)________.
A) merchant bank
B) credit union
C) thrift bank
D) private bank
E) investment bank
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Page 23