Contemporary Business Issues
Exam Questions
Course Introduction
Contemporary Business Issues explores the dynamic challenges and opportunities facing modern organizations in the global marketplace. This course covers topics such as globalization, ethical decision-making, corporate social responsibility, technological advancements, environmental sustainability, and the impact of social and political changes on business operations. Students will analyze case studies, engage in critical discussions, and develop problem-solving skills to understand how businesses adapt to and influence current trends and issues. The course aims to equip students with the knowledge and tools to navigate and respond effectively to the rapidly evolving business environment.
Recommended Textbook Business Essentials 9th Edition by Ronald
J. Ebert
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16 Chapters
2037 Verified Questions
2037 Flashcards
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Page 2
Chapter 1: The Us Business Environment
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) In the United States, milk is produced on thousands of farms, with no producer dominating the market. Producers sell milk at the going price and are unable to influence this price. Millions of gallons of milk are purchased every day. What type of competition is the market for milk?
A) a monopoly
B) an oligopoly
C) perfect competition
D) monopolistic competition
E) a cooperative
Answer: C
Q2) Explain the roles of demand and supply in a market economy.
Answer: On all economic levels of a market economy, decisions about what to buy and what to sell are determined primarily by the forces of demand and supply. Demand is the willingness and ability of buyers to purchase a product; supply is the willingness and ability of producers to offer a good or service for sale. The law of demand states that buyers will purchase more of a product as its price drops and less as its price increases. The law of supply states that producers will offer more of a product for sale as its price rises and less as its price drops.
Explanation:
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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135 Verified Questions
135 Flashcards
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Sample Questions
Q1) Small businesses must answer many of the same social responsibility questions as big businesses.
A)True
B)False
Answer: True
Q2) What is the term used to describe a situation when increased demand leads to overly steep and often unwarranted price increases?
A) price fixing
B) price matching
C) price stabilization
D) price gouging
E) price comparison
Answer: D
Q3) Most companies have concluded that ethics training programs are not worthwhile.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Approximately what percent of all U.S. businesses employ 20 or fewer people?
A) 86 percent
B) 66 percent
C) 46 percent
D) 26 percent
E) 16 percent
Answer: A
Q2) What is the most important source of money for new business start-ups?
A) banks
B) the SBA
C) personal resources
D) government grants
E) venture capital
Answer: C
Q3) What is an entrepreneur?
Answer: An entrepreneur is a business person who accepts both the risks and the opportunities involved in creating and operating a new business venture.
Explanation:Entrepreneurs are people who assume the risk associated with business ownership.
Page 5
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Chapter 4: The Global Context of Business
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Sample Questions
Q1) What is it called when a company sends some of its own managers overseas to conduct business in a local office?
A) developing a strategic alliance
B) outsourcing
C) licensing products
D) investing directly in a foreign venture
E) opening a branch office
Q2) U.S. imports of Canadian softwood timber are limited to 14.7 billion board feet per year. What is this practice called?
A) tariff
B) embargo
C) subsidy
D) dumping
E) quota
Q3) What are the four components of national competitive advantage?
Q4) Local content laws guarantee that products sold in a country are at least partly made there.
A)True
B)False
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Chapter 5: Business Management
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125 Flashcards
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Sample Questions
Q1) Increasing sales by 4 percent in the next eight months is an example of what kind of goal?
A) tactical
B) strategic
C) short-term
D) intermediate
E) long-term
Q2) Why is corporate culture an important feature for Donna to examine? Can Donna significantly influence the corporate culture at the Westminster Inn?
Q3) An organization retrenches by increasing its investment in a particular area.
A)True
B)False
Q4) In the "Samuel Adams Makes Headway" case study, how has Koch likely used technical skills in developing his product?
Q5) Corporate culture is largely a result of state and local laws and regulations. A)True
B)False
Q6) Define the term corporate culture.
Q7) What is the difference between a goal and a strategy?
Page 7
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Chapter 6: Organizing the Business
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Sample Questions
Q1) Frequently, the informal organization effectively alters a company's formal structure.
A)True
B)False
Q2) Which of the following, if True, would strengthen the argument that TLS should change its organizational structure?
A) TLS values corporate social responsibility as well as profitability.
B) New product offerings have been neglected as divisions have focused on traditional revenue sources.
C) TLS division managers have focused on short-term revenue at the expense of developing profitable relationships with long-term customers.
D) The markets TLS serves have different requirements in different geographic areas.
E) The expected revenue of some of the regional divisions is higher than that of some of the other divisions.
Q3) A team organization typically does not utilize functional hierarchy.
A)True
B)False
Q4) Why is company size a critical factor in fostering intrapreneuring?
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8
Chapter 7: Operations Management and Quality
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) Quality improvement teams are groups of employees from various work areas who define, analyze, and solve common production problems.
A)True
B)False
Q2) Which term refers to the strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or services?
A) outsourcing
B) reengineering
C) controlling
D) scheduling
E) warehousing
Q3) When a worker at Toshiba takes apart a Xerox copier and tests each component, it is engaging in what activity?
A) competitive product analysis
B) benchmarking
C) total quality management
D) quality reliability analysis
E) value-added analysis
Q4) Describe the five most commonly used tools for TQM.
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Chapter 8: Employee Behavior and Motivation
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105 Flashcards
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Sample Questions
Q1) Organizational commitment reflects an individual's identification with the organization and its mission.
A)True
B)False
Q2) Which of the following lists Maslow's Hierarchy of Human Needs in order, starting with the most basic?
A) physiological, security, social, esteem, self-actualization
B) social, security, physiological, esteem, self-actualization
C) physiological, self-actualization, security, esteem, social
D) physiological, esteem, security, social, self-actualization
E) esteem, self-actualization, social, physiological, security
Q3) Which of these is one of the "big five" personality traits?
A) openness
B) logic
C) creativity
D) organization
E) musical talent
Q4) With job sharing, companies often experience increased turnover.
A)True
B)False
Page 10
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Chapter 9: Leadership and Decision Making
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Sample Questions
Q1) Which states the correct definition of individualism?
A) a greater focus on individual characteristic than on cultural characteristics
B) a greater focus on the individual than on the group
C) a greater focus on the individual within a group than on the individual without a group
D) a greater focus on individuals who have been present for the longest time
E) a greater focus on individuals who are in leadership roles
Q2) Which of the following is the name for choosing one alternative from among several options?
A) decision making
B) assessment
C) evaluation
D) discernment
E) arbitration
Q3) As the weeks progress, Mary makes many assumptions about her employees based on intuition. Should she rely on intuition? Explain.
Q4) Are any leadership neutralizers evident in this scenario? Explain.
Q5) What is the difference between leadership and management within an organization?
Q6) What is the difference between employee-focused leadership and task-focused leadership?
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Chapter 10: Human Resource Management and Labor Relations
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Sample Questions
Q1) How is NetFlix different from Hastings' first start-up, Pure Software?
Q2) Wage reopener clauses are required by federal and state law.
A)True
B)False
Q3) Plants Galore is a business selling a range of indoor plants. In the past there has been a problem with plants being stolen by staff. Which of the following represents the biggest limitation in reference checks as a reliable way of assessing the value of prospective employees?
A) Reference checks are illegal in a number of states.
B) Reference checks obtained from previous employers are out of date.
C) Some previous employers may no longer be in business.
D) Some reference checks can be time consuming.
E) Reference checks tend to only tap positive recommendations.
Q4) When selecting someone to hire, the first step in selection is usually asking the candidate to take a test.
A)True B)False
Q5) Many firms say that merit raises are a better motivator than variable pay.
A)True B)False
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Chapter 11: Marketing Processes and Consumer Behavior
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Sample Questions
Q1) Why is it important for a company to develop new products?
Q2) Which is usually the first step in the marketing strategy?
A) distribution
B) product differentiation
C) target markets
D) pricing
E) integration
Q3) The formula for value is benefits divided by costs.
A)True
B)False
Q4) How does a product mix differ from a product line?
Q5) What is branding? Give an example to clarify your response.
Q6) Describe the three types of brand names and give an example of each.
Q7) Which of the following is the LEAST important influence on consumer behavior?
A) psychological factors
B) personal factors
C) social factors
D) technological factors
E) corporate factors
Q8) Describe the three types of competition faced by marketers.
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Chapter 12: Pricing, Distributing, and Promoting Products
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Sample Questions
Q1) A highly successful bakery specializes in making cherry tarts. Which of the following costs at the bakery is NOT variable?
A) cost of cherries
B) cost of flour
C) cost of wax paper liners
D) cost of the oven
E) cost of heating the oven
Q2) Which of the following denotes small retail stores carrying only one product line or category of related products?
A) department stores
B) bargain retailers
C) supermarkets
D) convenience stores
E) specialty stores
Q3) When putting together the promotion campaign for Superior, what purposes of promotion should managers at Superior keep in mind?
Q4) When making pizzas, the cost of the cheese is a fixed cost.
A)True
B)False
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Chapter 13: Information Technology for Business
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Sample Questions
Q1) Greg feels comfortable that no one can open and read his e-mails. What does Greg have installed in his computer?
A) anti-virus software
B) spyware
C) encryption software
D) a Trojan horse
E) a worm
Q2) Which type of IT threat can spread without a computer user needing to open any software?
A) worms
B) Trojan horses
C) spam
D) spyware
E) computer viruses
Q3) How can Worldwide benefit from enterprise resource planning (ERP)?
Q4) Hardware are programs that tell the computer how to function.
A)True
B)False
Q5) Discuss the impacts information technology has had on the business world.
Page 15
Q6) Differentiate between dataconferencing and videoconferencing.
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Chapter 14: The Role of Accountants and Accounting Information
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Sample Questions
Q1) Rolanda suggests that, even with the negative owners' equity, this business might still be worth buying. What other indicators within the auditor's report should they consider for this decision?
Q2) The auditor has also found annual budgets for the company from the past few years. How can Mary Ann benefit from these?
Q3) Which of the following describes assets such as patents and trademarks?
A) liquid assets
B) fixed assets
C) intangible assets
D) current assets
E) limited assets
Q4) Which of the following bodies formulates the generally accepted accounting principles ?
A) Accounting Disclosure Board
B) Financial Accounting Standards Board
C) Association of Certified Fraud Examiners
D) Securities and Exchange Commission
E) American Institute of Certified Public Accountants
Q5) What two sources of capital make up owners' equity?
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Chapter 15: Money and Banking
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Sample Questions
Q1) When buying from a supplier in France, LTD, based in Cleveland, Ohio, has arranged for its bank to pay the supplier the cost of the desired material when it has passed customs in the United States. Which of the following terms is this type of bank promise called?
A) banker's acceptance
B) bank trust service
C) certified check
D) letter of credit
E) currency exchange agreement
Q2) What happens to demand and price during times of inflation?
Q3) Which of the following, if True, would weaken the case for Munschausen's seeking to acquire capital by equity financing?
A) The equity capital market in Europe is currently very strong.
B) Equity financiers expect a consistent return on their investments.
C) Many of the companies in Germany get financing from equity capital.
D) Only the largest companies are listed on Germany's public stock exchange.
E) Most of the companies in Germany are listed on its stock exchange.
Q4) Why are savings accounts not considered a component of M-1, whereas checking accounts are?
Q5) How does the Fed's monetary policy influence banks' willingness to loan money?
Page 17
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Chapter 16: Managing Finances
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Sample Questions
Q1) Which of the following is a summary of price trends in a specific industry and/or the stock market as a whole?
A) investment index
B) average index
C) market indicator
D) market index
E) prospectus
Q2) When are corporate bonds attractive to a firm?
Q3) Stock brokers earn commissions from the individuals and organizations for whom they place orders.
A)True
B)False
Q4) The NASDAQ is the largest exchange.
A)True
B)False
Q5) When giving an unsecured loan, what might a bank require?
Q6) In 2008, each share of GE stock was receiving annual dividends payments of $1.24. If on a particular day, the share price was $33.82, what would the current yield be?
Q7) Describe the services provided by investment banks.
Page 18
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