Contemporary Business Issues
Exam Solutions
Course Introduction
Contemporary Business Issues provides an in-depth exploration of current and emerging challenges impacting the global business environment. The course examines topics such as ethical decision-making, corporate social responsibility, technological innovation, sustainability, globalization, and regulatory trends. Students will analyze real-world case studies, assess the implications of rapidly changing markets, and develop critical thinking skills to propose strategic solutions to complex business problems. Through discussions and research, learners will gain a comprehensive understanding of how contemporary issues shape business strategy, operations, and leadership in both domestic and international contexts.
Recommended Textbook Essentials of Contemporary Business 1st Edition by Louis
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17 Chapters
2453 Verified Questions
2453 Flashcards
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Page 2
E. Boone
Chapter 1: The Changing Face of Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Which of the following is considered to be the most fundamental right of the private enterprise system?
A)the right to private property
B)the right to guaranteed profits
C)freedom of choice
D)the right to fair competition
Answer: A
Q2) All are advantages of the relationship era practices EXCEPT:
A)less expensive to service existing customers than find new ones
B)increased production through faster means
C)receive new customer through customer referrals rather than costly marketing
D)improved understanding of what customers need and want
Answer: B
Q3) Technology,tools,information,and physical facilities for the operation of a business are examples of ________.
A)profits
B)wages
C)capital
D)interest
Answer: C
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Chapter 2: Business Ethics and Social Responsibility
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Having _____ means adhering to deeply felt ethical principles in all business situations.
A)Securities and Exchange Commission (SEC)
B)Occupational Safety and Health Administration (OSHA)
C)Sarbanes Oxley
D)integrity
E)corporate philanthropy
F)social responsibility
G)business ethics
H)sexual harassment
I)code of conduct
J)conflict of interest
K)product liability
L)post-conventional stage
M)Regulation FD
N)whistle-blowing
O)discrimination
Answer: D
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.
A)True
B)False
Answer: True
Q2) Socialism is one of the four market structures found in a private enterprise system.
A)True
B)False
Answer: False
Q3) The graph showing the relationship between different prices and quantity sellers offer for sale at each price is called a demand curve.
A)True
B)False
Answer: False
Q4) If productivity rises,profits and wages can rise without inflation.
A)True
B)False
Answer: True
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Chapter 4: Competing in World Markets
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) 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
Q2) The social and cultural differences among nations range from language and customs to educational background and religious holidays.
A)True
B)False
Q3) Allison,a U.S.citizen,travels to Europe and spends $2,000 on souvenirs.She is contributing to the ________.
A)U.S.trade surplus
B)growing exchange rate
C)U.S.balance of payments surplus
D)U.S.balance of payments deficit
Q4) Discuss why the World Trade Organization (WTO)has been the object of controversy in recent years.What concerns have been expressed?
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Chapter 5: Small Business and Forms of Business
Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The Small Business Administration (SBA)is the major lending source for small businesses needing additional funds.
A)True
B)False
Q2) Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.
A)government owned
B)Large
C)partnerships
D)Small
Q3) Compared to large businesses,which of the following statements regarding small businesses is CORRECT?
A)Small businesses are less likely to hire young employees.
B)Small businesses are less likely to develop new products.
C)Small businesses are more likely to be eligible for government loans or for government purchasing programs.
D)Small businesses are more likely to be franchises.
Q4) Explain why women are drawn to owning their own businesses.
Q5) Provide an example of how innovation drives small business.
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Chapter 6: Starting Your Own Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Growth in entrepreneurship is a worldwide phenomenon. A)True B)False
Q2) The current outlook for becoming an entrepreneur is positive. A)True B)False
Q3) Entrepreneurs and small-business owners both have all of the following qualities EXCEPT:
A)desire to succeed.
B)creative energy.
C)growth of their company.
D)drive toward a goal.
Q4) Most entrepreneurs are skeptical of using social media to promote their businesses. A)True
B)False
Q5) Franchised businesses account for over 9 million jobs in the United States. A)True B)False
Q6) What is intrapreneurship,and why is it important today?
Page 8
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Chapter 7: Management, Leadership, and the Internal Organization
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) New Target employees learn during training that they are referred to as team members rather than workers,and that customers are called guests.This is an example of preserving corporate culture.
A)True
B)False
Q2) The principles of management apply to both Wal-Mart and United Way.
A)True
B)False
Q3) Autocratic leaders ________.
A)involve subordinates in making decisions
B)are open-minded leaders
C)believe in minimal supervision
D)make decisions on their own,often without consulting others
Q4) Hewlett Packard (HP)is subdivided by its different lines (such as laptops,desktops,mobile devices,printers,and servers).HP is departmentalized by
A)process
B)function
C)product
D)customer
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) A union complaint that management is violating a provision of the union contract is called a(n)_____.
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
Q2) Describe collective bargaining.
Q3) Discuss the significance of the National Labor Relations Act.
Q4) Describe the core responsibilities of human resource management.
Q5) What types of benefits are mandated by law?
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) Federal laws allow stock options to be granted to hourly and salaried employees.
A)True
B)False
Q2) Most company recruiters rank job performance more important than communication skills.
A)True
B)False
Q3) Kellie is the leader of a problem-solving team.She is encouraging every member of the team to openly express differences and work through conflicts.Kellie's team is likely in the ________ stage.
A)norming
B)performing
C)storming
D)forming
Q4) Feedback is crucial in determining whether a message was decoded properly.
A)True
B)False
Q5) Explain the importance of the storming stage of team development.
Page 11
Q6) Describe the communication process.How does noise interfere with the communication process?
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Chapter 10: Production and Operations Management
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) The final supplier decision often rests on factors such as the firm's experience with each supplier,speed of delivery,warranties on purchases,and other services.
A)True
B)False
Q2) Which of the following would probably be the most important consideration in determining where to locate Hefferin Paper mill Company?
A)labor supply
B)location of customers
C)physical characteristics
D)proximity to raw materials
Q3) Describe a flexible manufacturing system.
Q4) Define continuous production processes and intermittent production processes,and provide an example of each.
Q5) Robert owns a small art gallery with only a few components.His company does not necessarily need an inventory system based on materials requirement planning.
A)True
B)False
Q6) Define physical variables that affect facility locations and provide an example.
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Chapter 11: Customer-Driven Marketing
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) A firm's _____ blends four strategies to fit the needs and preferences of a specific target market.
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) In your own words,define marketing.
Q3) Define external data and how this helps companies.
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Chapter 12: Product and Distribution Strategies
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) Packaging and labeling play a major role in a firm's overall Products and Services.
A)True
B)False
Q2) _______________refer(s)to those items typically purchased often by consumers,with little effort.
A)Marketing intermediary
B)Test marketing
C)Brand insistence
D)Product life cycle
E)Brand name
F)Wholesaler
G)Trademark
H)Product
I)Convenience products
J)Product line
K)Supply chain
L)Logistics
Q3) Describe methods used to extend life cycle of a product.
Q4) Differentiate among a brand,a brand name,and a trademark.
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Chapter 13: Promotion and Pricing Strategies
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) The promotional mix consists of two major components: personal selling and non-personal selling.
A)True
B)False
Q2) The use of literature and unusual visual aids is part of the ________.
A)approach
B)demonstration
C)closing
D)qualifying stage
Q3) Television ads by State Farm warning drivers against texting while driving are a type of institutional advertisement.
A)True
B)False
Q4) Loews utilizes a pricing strategy of maintaining continuous low prices rather than relying on sales.This strategy is an example of ________.
A)skimming pricing
B)psychological pricing
C)everyday low pricing
D)penetration pricing
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Chapter 14: Using Technology to Manage Information
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) A virtual private network provides secure communication connections between two points on the Internet.
A)True
B)False
Q2) An outside supplier used to provide computer and application support for managing an information system is known as ________.
A)an application service provider
B)an application maintenance provider
C)utility computing
D)on-demand computing
Q3) Drew purchases a new game for his computer.He will load the program onto the computer's hard drive.Drew is buying ________.
A)an output device
B)a warranty
C)application software
D)an operating system
Q4) Credit card applications are often evaluated using executive systems.
A)True
B)False
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Chapter 15: Understanding Accounting and Financial Statements
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) An international firm's consolidated financial statements must reflect any gains or losses due to changes in exchange rates during specific periods of time.
A)True
B)False
Q2) Explain the purpose of the Sarbanes-Oxley Act.
Q3) The right side of the balance sheet lists claims against assets.
A)True
B)False
Q4) Samantha works for a mid-sized manufacturing company.Her responsibility is to examine the firm's financial practices to ensure that records include accurate data and that the firm's operations are in compliance with federal,state,and local laws and regulations.Samantha is a ________.
A)government accountant
B)cost accountant
C)tax accountant
D)internal auditor
Q5) Accounting is the language of business.
A)True
B)False
Page 18
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Chapter 16: The Financial System
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) _____ are backed only by the financial reputation of the issuing corporation.
A)bonds
B)commercial banks
C)NASDAQ
D)credit unions
E)financial system
F)common stock
G)insider trading
H)secondary markets
I)securities
J)New York Stock Exchange
K)online banking
L)limit order
M)debentures
N)primary market
O)net savers
Q2) When evaluating loan applications,banks consider the borrower's ability and willingness to repay the loan.
A)True
B)False
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Page 19
Chapter 17: Financial Management
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Explain the concept of risk-return trade-off.
Q2) When a firm receives goods or services from a supplier and agrees to pay for them at a later date,this arrangement is called ________.
A)a short-term loan
B)a repurchase agreement
C)trade credit
D)commercial credit
Q3) Whenever a company borrows money,it creates leverage.
A)True
B)False
Q4) Interest rates on short-term sources of funds move up and down frequently.
A)True
B)False
Q5) In most firms the controller is the chief accounting manager.
A)True
B)False
Q6) The major purpose of cash is to pay day-to-day expenses.
A)True
B)False
Q7) Explain each role in the hierarchy of financial management at a large firm.
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