Contemporary Business
Pre-Test Questions
Course Introduction
Contemporary Business explores the dynamic and evolving landscape of modern organizations, examining how current economic, technological, ethical, legal, and social trends influence business decision-making. Students learn about the challenges and opportunities businesses face in a global economy, including topics such as entrepreneurship, corporate social responsibility, leadership, digital innovation, and sustainability. The course emphasizes critical thinking, effective communication, and practical problem-solving skills, preparing students to understand and navigate the complexities of todays business environment.
Recommended Textbook
Business Essentials 10th Edition by Ronald J. Ebert
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17 Chapters
2016 Verified Questions
2016 Flashcards
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Chapter 1: The USBusiness Environment
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Sample Questions
Q1) Which of the following BEST gives the meaning of the term gross national product?
A) total quantity of goods and services produced by an economic system
B) total quantity of goods and services produced within a given period by a national economy, not including foreign production
C) total value of all goods and services produced within a given period by a national economy through domestic factors of production
D) total value of all goods and services produced within a given period regardless of where the factors of production are located
E) total value of all goods and services that are exported
Answer: D
Q2) Stabilization policy is made up of both monetary and fiscal policy.
A)True
B)False Answer: True
Q3) Tax increases and decreases are a form of fiscal policy.
A)True
B)False
Answer: True
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3
Chapter 2: Understanding Business Ethics and Social Responsibility
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Sample Questions
Q1) How do top managers BEST demonstrate a commitment to ethical business practices?
A) by adopting written codes of ethics
B) by reading employees' e-mails
C) by decentralized decision-making practices
D) by cooperating with other companies
E) by monitoring employees' Web searches
Answer: A
Q2) How might this situation have been different in the event that MKD had initially adopted a proactive stance to social responsibility?
Answer: MKD may have directed its ships to stay clear of environmentally sensitive areas,such as the coast of Belize,even if it lengthened routes and increased costs.They may have also installed extra equipment on their tankers to prevent leaks from occurring and to detect leaks as soon as possible.
Q3) There is general consensus within the United States that social responsibility must take precedence over profits.
A)True
B)False
Answer: False
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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Sample Questions
Q1) Answers to which of the following questions would be LEAST relevant to determining whether Christina has located a good opportunity in starting Redenda Pizza?
A) Are there other pizza restaurants in the immediate vicinity of the planned location?
B) Is the business of other pizza restaurants in the city growing?
C) Does the planned location of the restaurant have competitive rent?
D) Will Redenda Pizza offer unique ingredients in its food offerings?
E) Would Christina bring unique talents and ideas to a restaurant business?
Answer: C
Q2) Should the Miller brothers develop a business plan? Why or why not?
Answer: A business plan would help the brothers develop and describe their business strategy and demonstrate how it will be implemented.It would also describe the abilities and experiences each of the brothers can contribute to running the cotton farm.Three different people probably have three different areas of expertise.The business plan would also define legal elements,describe how the business will be organized,and address accounting and finance issues.It would specifically address what the three men's goals and objectives are,what strategies they will use to attain these,and how the strategies will be implemented.
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Page 5
Chapter 4: Understanding the Global Context of Business
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Sample Questions
Q1) Transportation costs have relatively little impact on a domestic firm's decision to go international,compared to other possible factors.
A)True
B)False
Q2) The vice president further argues that more reasons exist for not expanding Fembooks on a global basis.Which of the following statements,if true,would NOT support the vice president's argument?
A) Bandwidth variability can cause technical problems with ordering through the Internet.
B) Some countries require Internet users to pay by the minute, which further necessitates a rapid ordering and payment procedure.
C) Web censoring, which could impact feminist books, occurs in China, Saudi Arabia, Iran, and Malaysia.
D) The rate of access to computers is increasing on a global basis and now stands at 34 percent.
E) Local Internet Web page writers would need to ensure that all offensive colors, words and images were removed to ensure cultural adaptation.
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6
Chapter 5: Managing the Business
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Sample Questions
Q1) When conducting a SWOT analysis of an organization,which question can help management brainstorm for the threats section of the analysis?
A) What external changes present interesting possibilities?
B) What aspect of the organization's vision can be altered?
C) What necessary skills do the organization's employees currently lack?
D) What does the organization offer that makes it stand out from other organizations?
E) What external economic forces can affect the organization's bottom line?
Q2) Which type of business constituent has titles such as President and CEO?
A) first-line managers
B) top managers
C) middle managers
D) power brokers
E) stockholders
Q3) Describe Best Buy's "centricity" initiative.
Q4) A firm first sets its strategies and then focuses attention on goals to accomplish them.
A)True
B)False
Q5) What can Donna learn by undertaking an organizational analysis?
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Chapter 6: Organizing the Business
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Sample Questions
Q1) How do the job duties of line employees and staff employees differ?
Q2) The functional organizational structure is the approach to organizational structure used by most small to medium-sized firms.
A)True
B)False
Q3) Which of the following types of structure entails a second chain of command?
A) divisional
B) departmental
C) committee
D) matrix
E) team
Q4) Firms with what structure are structured around departments for each basic business action?
A) divisional structure
B) matrix structure
C) functional structure
D) international structure
E) regional structure
Q5) List three factors that may affect a manager's span of control.
Q6) What are three factors that may impact span of control at Ace Products?
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Chapter 7: Operations Management and Quality for Producing Goods and Services
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Sample Questions
Q1) When Ford assembles parts into a Ford Focus,it creates which type of utility?
A) time
B) form
C) possession
D) place
E) ownership
Q2) In which of the following is the customer part of the system during service delivery?
A) a high-contact system
B) a low-contact system
C) a customer system
D) a quality system
E) a utility system
Q3) What changes can be expected in General Motors and Chrysler's distribution networks as a result of leaner operations?
Q4) For manufacturing firms,typical materials costs make up 50 to 75 percent of total product costs.
A)True
B)False
Q5) What is a Gantt chart?
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Chapter 8: Employee Behavior and Motivation
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Sample Questions
Q1) Macmoo's compensation structure is based on which of the following principles?
A) People will act to accomplish a goal when they have a stake in the accomplishment of that goal.
B) An incentive structure should be as simple as possible.
C) An incentive structure is more effective when it encourages people to act in ways that benefit society in general as well as themselves.
D) Compensation policies should always follow the specific requirements of all applicable laws.
E) People will be more likely to follow a policy when they have had some input into the creation of that policy.
Q2) Which of the following aspects of the psychological contract is provided by the organization?
A) competency
B) effort
C) loyalty
D) status
E) talent
Q3) Discuss modified work schedules and how they increase job satisfaction.
Q4) According to the two-factor theory,how should managers enhance motivation?
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Chapter 9: Leadership and Decision Making
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Sample Questions
Q1) Anne bought stock in ABC Company in hopes of making a profit.Although the stock's price steadily continued to drop,she refused to sell her stock.What does this illustrate?
A) risk propensity
B) escalation of commitment
C) intuition
D) perception
E) caution
Q2) How can norms and cohesiveness in a work group neutralize leadership?
Q3) The Leadership Consultant's criticism of other definitions of leadership is based on the fact that the Leadership Consultant has a different definition of which of the following?
A) "influence"
B) "others"
C) "goals"
D) "people"
E) "threats"
Q4) What variables in the scenario indicate that a situational approach to leadership may be advisable?
Q5) Mary realizes she will have to play the role of "mentor." What does this mean?
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Chapter 10: Human Resource Management and Labor Relations
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Sample Questions
Q1) Which of the following,if true,would strengthen the Kryptos CEO's argument?
A) Mergers are more common in the financial services industry than in many other industries.
B) Mergers are easier to execute when the merged organizations have similar corporate cultures.
C) At Kryptos, Accounting, Operations, and Human Resources are among the departments that already have the capacity to serve a much larger organization.
D) Overcoming resistance to change by using threats and other forms of coercion is usually considered only after all other options have been considered.
E) Kryptos offers employees the opportunity to serve for a year or more in overseas offices.
Q2) When the engineers came back to work at 3: 00 p.m.on Friday,which management tactic did the company employ? What message did management send through this tactic?
Q3) How do human resource managers use job analysis for human resource planning?
Q4) If Super TV Channel 6 is unable to come to agreement with the engineers,how might a third party assist in the process?
Q5) How does the employment-at-will doctrine apply at Super TV Channel 6?
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Chapter 11: Marketing Processes and Consumer Behavior
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Sample Questions
Q1) Benefits add value by providing features that increase the customer's satisfaction.
A)True
B)False
Q2) A company decides to introduce a line of crackers made with organically grown grains and vegetables.What environmental trend is the company responding to?
A) competitive
B) sociocultural
C) political-legal
D) economic
E) technological
Q3) Product differentiation is selecting the best price at which to sell a product.
A)True
B)False
Q4) Time utility is created by a sales agreement that stipulates where products will be delivered to customers.
A)True
B)False
Q5) Why is product placement important?
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Chapter 12: Developing and Pricing Products
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Sample Questions
Q1) For a restaurant making pizzas,the cost of the cheese is a fixed cost.
A)True
B)False
Q2) Betty's Breads is trying to calculate its breakeven point.Monthly fixed costs are $5,255.The cost of making one loaf of bread,considering labor and materials,is $3.50.Betty's sells the bread at $6 per loaf.How many loaves does Betty's need to sell each month in order to break even?
A) 251
B) 626
C) 1502
D) 2102
E) 2200
Q3) After a product has been in the maturity stage for a few decades,marketers must accept that the product will begin to decline.
A)True
B)False
Q4) In the past,the price for the Superior V has been slightly higher than similar products offered by competitors.Why would a company use this strategy?
Q5) What are three functions of packaging?
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Chapter 13: Distributing and Promoting Products
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Q1) A farmers' market is an example of which type of distribution channel?
A) direct distribution
B) retail distribution
C) wholesale distribution
D) distribution by brokers
E) distribution by sales agents
Q2) Which of the following are examples of premiums?
A) contests that reward winners with free samples of the product
B) free items given out at trade shows
C) coupons for reduced prices on certain products
D) reduced-price items available upon purchase of a product
E) reduced-price items available during a sales promotion
Q3) Sales promotions are short-term promotional activities designed to stimulate consumer buying or cooperation from distributors,sales agents,or other members of the trade.
A)True B)False
Q4) E-intermediaries include syndicated sellers and shopping agents.
A)True
B)False
Page 15
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Chapter 14: Information Technology (IT)for Business
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Sample Questions
Q1) In order for a virus to spread from computer to computer,what must it always attach itself to first?
A) all available computer memory
B) a worm
C) a router
D) a piece of hardware
E) a program
Q2) Which of the following is at issue between Marquand and Stevenson?
A) whether online selling is an important factor in business today
B) whether information technology has made a significant difference to businesses
C) whether doing business is significantly helped by online communications
D) what the most important effect of information technology has been on business
E) what has changed in business since the advent of the latest information technology
Q3) A company's security policy can prevent certain data from passing through its firewall.
A)True
B)False
Q4) How can companies use computer-aided design to produce better products?
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Page 16
Chapter 15: The Role of Accountants and Accounting Information
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Q1) What are the six ethics-related areas enforced by the American Institute of Certified Public Accountants?
Q2) Which of the following documents would MOST likely come from a planning strategy meeting?
A) income statement
B) flow of cash statement
C) balance sheet
D) budget
E) statement of projected earnings
Q3) Joe has good reason to suspect that his investments in XYZ Manufacturing are being fraudulently recorded and used by the accountants of that company.In order to start a legal investigation,he needs to go to the American Institute of Certified Public Accountants.
A)True
B)False
Q4) The auditor has also found annual budgets for the company from the past few years.How can Mary Ann benefit from these?
Q5) Give three examples of management advisory services.
Q6) For what types of organizations do forensic accountants work?
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Chapter 16: Understanding Money and the Role of Banking
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Sample Questions
Q1) The M-2 money supply includes everything that is in the M-1 money supply.
A)True
B)False
Q2) Which of the following,if true,MOST weakens the CEO's argument?
A) Over the last ten years, investments in the yuan have only marginally outperformed investments in the euro.
B) Research shows that a vast majority of American voters approve of European governments and disapprove of the Chinese government.
C) The amount of capital the company currently has invested in the euro is significantly larger than the amount invested in the yuan.
D) In the past six months, Europe has shown signs of recovering from a financial crisis while China has shown signs of entering one.
E) A competing firm recorded record profits after shifting its investments from Japanese yen to U.S. dollars.
Q3) Why are savings accounts not considered a component of M-1,whereas checking accounts are?
Q4) What happens to demand and price during times of inflation?
Q5) What is Check 21?
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Chapter 17: Managing Business Finances
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Sample Questions
Q1) Bankruptcy is the court-granted permission not to pay some or all debts.
A)True
B)False
Q2) What are low grade bonds usually called?
A) bankruptcy
B) default bonds
C) junk bonds
D) corporate bonds
E) grade B bonds
Q3) Which of the following allows after-hours trading and protects traders' anonymity?
A) National Association of Securities Dealers Automated Quotation (NASDAQ)
B) New York Stock Exchange (NYSE)
C) Electronic Communication Networks (ECNs)
D) Standard & Poor's 500
E) mutual funds
Q4) The NASDAQ is the largest exchange.
A)True
B)False
Q5) Describe the differences between primary and secondary securities markets.
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