Contemporary Business
Mock Exam
Course Introduction
Contemporary Business provides an in-depth overview of the modern business environment, examining how organizations operate in a rapidly changing global landscape. The course explores current trends, challenges, and opportunities in areas such as management, marketing, finance, entrepreneurship, and technology. Students will gain an understanding of ethical decision-making, corporate social responsibility, and innovation, while analyzing the impact of globalization, digital transformation, and sustainability on businesses. Through real-world case studies and practical assignments, students develop critical thinking and problem-solving skills essential for success in todays dynamic business world.
Recommended Textbook
Business Essentials 12th Edition by Ronald
J. Ebert
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17 Chapters
1912 Verified Questions
1912 Flashcards
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Page 2
Chapter 1: The US Business Environment
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110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44838
Sample Questions
Q1) What term denotes a nation's basis for allocating its resources among its citizens?
A) Capital structure
B) Economic system
C) Ownership processes
D) Distribution network
E) National regulations
Answer: B
Q2) Which of the following would lead some to become an entrepreneur and influence the choice of goods or services to produce?
A) Competition
B) Profit
C) Degrees of competition
D) Government regulation
E) Monopolistic competition
Answer: B
Q3) Stabilization policy is made up of both monetary and fiscal policy.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Understanding Business Ethics and Social Responsibility
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Which of the following is an informal dimension for managing social responsibility?
A) Legal compliance
B) Whistle-blowing
C) PAC committees
D) Ethical compliance
E) Philanthropic giving
Answer: B
Q2) How do issues of social responsibility and ethics affect small business?
Answer: Small businesses must address,more or less,the same issues as big businesses-the differences are primarily differences of scale.
Q3) When the government dictates what organizations can and cannot do,what tactic is the government using?
A) Social responsibility
B) Taxation
C) Stakeholder support
D) Regulation
E) Socialism
Answer: D
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) What do both sole proprietorships and partnerships lack?
A) Trust
B) Legal standing
C) Continuity
D) Shared vision
E) Adaptable processes
Answer: C
Q2) To raise revenue,what can a business issue and sell to those wishing to own some of the organization?
A) Bonds
B) Profits
C) Stocks
D) Dividends
E) Loans
Answer: C
Q3) Small-business investment companies (SBICs)may be sponsored by the federal government.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Understanding the Global Context of Business
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which of the following treaties sought to eliminate trade barriers such as tariffs and quotas for most of the world's countries?
A) United Nations Development Assistance Plan
B) North American Free Trade Agreement
C) General Agreement on Tariffs and Trade
D) General Agreement on Trade in Services
E) European Union Stability and Growth Pact
Q2) Suppose the United States requires products sold in the United States be at least 51 percent made in the United States.Which of the following denotes this type of policy?
A) Business practice law
B) Deregulation law
C) Antidumping laws
D) Strategic alliance
E) Local content law
Q3) Today,fixed exchange rates are the norm for most major nations of the world.
A)True
B)False
Q4) Explain why fluctuations in exchange rates have significant influence on the balance of trade.
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Chapter 5: Managing the Business
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) What strategic management activity do company managers undertake so they can later measure success or failure at every organizational level?
A) Planning tactics
B) Setting goals
C) Devising strategies
D) Auditing skills
E) Publicizing promotions
Q2) Effective crisis management involves having a contingency plan for emergencies.
A)True
B)False
Q3) An organization retrenches by increasing its investment in a particular area.
A)True
B)False
Q4) A strong corporate culture directs employees' efforts and helps everyone work toward the same goals.
A)True
B)False
Q5) What is a mission statement?
Q6) 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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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) The building blocks of all organizations are specialization and centralization.
A)True
B)False
Q2) Which of the following is an informal communications network within the organization?
A) Work groups
B) Social groups
C) The grapevine
D) The corporate structure
E) Teams
Q3) Organization charts are graphical representations of employee salary information.
A)True
B)False
Q4) In tall organizations,which feature describes the span of control?
A) Short
B) Tall
C) Wide
D) Narrow
E) Vertical
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Chapter 7: Operations Management and Quality
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) How does outsourcing affect global supply chain management?
Q2) Which of the following is an advantage of using a product layout plan?
A) They do not require specialized equipment.
B) They can be easily rearranged for new applications.
C) They can only be used for custom products.
D) They are inflexible in nature.
E) Unskilled labor can be utilized.
Q3) In a business,whose job is it to draw up plans to transform resources into products and bring together basic resources,such as knowledge,physical materials,equipment,and labor?
A) CEO
B) Operations manager
C) Quality manager
D) Floor foreman
E) Supply manager
Q4) The sales department relies on the engineering department to send samples and quotes to prospective customers on a timely basis.The sales department may be considered the engineering department's internal customer.
A)True
B)False
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Chapter 8: Employee Behavior and Motivation
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Which of the following is based on the knowledge a person presumes to have about perceptions of truth and reality?
A) Affect
B) Intention
C) Attitude
D) Personality
E) Cognition
Q2) According to which theory are employees given a voice in how they do their jobs and how the company is managed?
A) Participative management and empowerment
B) Theory X
C) Classical theory of motivation
D) Modified work schedules
E) Scientific management
Q3) What is flextime an example of?
A) Job sharing
B) Job rotation
C) Modified work scheduling
D) Work sharing
E) Modified workplace planning
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Chapter 9: Leadership and Decision Making
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Which of the following best describes the new,modern role of a leader?
A) Overseer
B) Individualist
C) Collectivist
D) Coach
E) Autocratic
Q2) Few studies have successfully assessed the meaning and impact of charismatic leadership.
A)True
B)False
Q3) In interviews with two leadership applicants,a manager tried to determine each person's knowledge of the industry,level of energy,and level of self-esteem.With which of the following concepts of leadership is the manager MOST concerned here?
A) Charismatic leadership
B) Behavioral leadership
C) Situational leadership
D) Trait-based leadership
E) Transformational leadership
Q4) Identify the five types of leadership power and explain each.
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Chapter 10: Human Resource Management and Labor Relations
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124 Verified Questions
124 Flashcards
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Sample Questions
Q1) The National Labor Relations Board was established by the Wagner Act to enforce the provisions of the Act.
A)True
B)False
Q2) Which of the following types of training occurs while the employee is at his or her place of work?
A) On-the-job training
B) Vestibule training
C) Off-site training
D) Incentive training
E) Remote training
Q3) Why is it important for the union to include a cost-of-living adjustment clause when negotiating a union contract?
Q4) Explain the meaning of workforce diversity.
Q5) How can diversity create competitive advantage?
Q6) A work slowdown is an alternative to striking where large numbers of workers perform at a much slower pace than normal.
A)True
B)False
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Chapter 11: Marketing Processes and Consumer Behavior
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Discuss the issues of international promotion.
Q2) What is the advantage of utilizing focus groups for research?
A) They easily generate comparison data with competitors' products.
B) They offer fact-based information on products.
C) They are more structured and are easier to analyze.
D) They allow for more in-depth discussion on complex issues.
E) They are less costly and time consuming.
Q3) Which is usually the first step in the marketing strategy that allows marketers to focus efforts on a particular group of people or organizations?
A) Distribution
B) Product differentiation
C) Target market selection
D) Pricing
E) Integration
Q4) Product differentiation is selecting the best price at which to sell a product.
A)True
B)False
Q5) Economic conditions greatly influence marketing plans for product offerings.
A)True
B)False
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Chapter 12: Developing and Pricing Products
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) When developing the marketing mix,what is the basis for any successful marketing strategy?
A) Customer needs and wants
B) Value packaging
C) Product mix offerings
D) Features and benefits
E) Offering the best product for the least amount of money
Q2) 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
Q3) Why is new product development expensive?
Q4) Describe the three types of brand names and give an example of each.
Q5) Describe three ways to extend a product's life as it nears the end of the maturity stage.
Q6) How do expense items differ from capital items?
Q7) What is branding? Explain what branding is and give an example of branding.
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Chapter 13: Distributing and Promoting Products
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Which of the following refers to the total message any company sends to customers about products and services?
A) Promotion
B) Communication mix
C) Positioning
D) Pull strategy
E) Push strategy
Q2) What is the advantage of shopping at a wholesale club?
A) There is a large discount on a wide range of merchandise.
B) Customers can view samples and place orders.
C) There are a wide variety of products at competitive prices.
D) The manufacturer owns the store and prices are discounted.
E) Merchandise is sold directly from the factory to the consumer.
Q3) Which of the following represents a popular form of direct-response retailing?
A) E-retailing
B) Specialty store retailing
C) Catalog showroom retailing
D) Mail-order retailing
E) Brokered retailing
Q4) Describe the services provided by e-intermediaries.
15
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Chapter 14: Information Technology Itfor Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) What is a management information system?
A) A system that supports managers by providing daily reports, schedules, plans, and budgets that can be used for making decisions
B) An easy-access application of an information system designed for instant access by upper-level managers
C) An information processing application for use in business activities involving well-defined processing steps
D) An interactive system that locates and presents information needed to support the decision-making process
E) A repository of information resources related to the collection of data
Q2) A computer-aided design (CAD)system could help a sales manager learn what sales levels will likely result from various levels of advertising expenditures.
A)True
B)False
Q3) What is the difference between data and information?
Q4) What is a decision support system?
Q5) Identify the threats and risks information technology poses on businesses.
Q6) Discuss the impacts information technology has had on the business world.
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Chapter 15: The Role of Accountants and Accounting Information
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Which of the following terms refers to the examination of a company's accounting system to determine whether its financial reports fairly represent its operations?
A) Financial analysis
B) Forensic accounting
C) Portfolio analysis
D) Audit
E) Preliminary investigation
Q2) Which of the following terms refers to any economic resource that is expected to benefit a firm or individual who owns it?
A) Asset
B) Liability
C) Equity
D) Account
E) Deposit
Q3) In general,the accounting standards from the IASB and from the U.S.GAAP align nearly perfectly.
A)True
B)False
Q4) What two sources of capital make up owners' equity?
Page 17
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Chapter 16: Understanding Money and the Role of Banking
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) Why does a government lower interest rates to affect the value of the currency?
A) To strengthen the value of the currency in the world market
B) To make goods cheaper and more attractive in the world market
C) To stimulate inflation
D) To increase the number of foreign imports, thereby increasing trade
E) To offset the price of must-have commodities, such as oil
Q2) What is a debit card?
Q3) What recourse is available to the FDIC when a bank fails?
A) Funds can be taken from the insurance deposit fund to pay off creditors.
B) Employee behavior is monitored and analyzed to ensure ethical behavior.
C) Interest rates can be raised to offset the cost of payouts.
D) Other banks are purchased to cover the cost of the failure.
E) Bank assets can be disposed of in order to pay off debt.
Q4) Which of the following terms refers to the percentage of its deposits a bank must hold,in cash or on deposit,with a Federal Reserve Bank?
A) Discount rate
B) Key rate
C) Prime rate
D) Federal insurance premium
E) Reserve requirement
Page 18
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Chapter 17: Managing Business Finances
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) Aggressive growth funds are designed for investors who can accept the risk of loss inherent in common stock investing with severe price fluctuations,but also the potential for superior returns over time.
A)True
B)False
Q2) What is the term for a division of stock that gives stockholders a greater number of shares but does not change each individual's proportionate share of ownership?
A) Stock dividend
B) Stock split
C) Stock yield
D) Stock warrant
E) Stock exchange
Q3) Because of the uncertainties involved in stock prices,investment professionals believe day-to-day prices to be a generally poor indicator of any stock's real value.
A)True
B)False
Q4) Differentiate between market value and book value.
Q5) What do angel investors receive in return for their investment?
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