Contemporary Business Review
Questions
Course Introduction
This course provides an in-depth exploration of modern business practices, strategies, and challenges in today's dynamic global environment. Students will examine topics such as organizational structure, marketing, management, ethics, technology integration, and the impact of globalization. Through real-world case studies and interactive discussions, learners will develop critical thinking and decision-making skills necessary to navigate contemporary business landscapes and adapt to evolving market trends.
Recommended Textbook
Foundations of Business 6th Edition by William M. Pride
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3720 Verified Questions
3720 Flashcards
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Chapter 1: Exploring the World of Business and Economics
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Sample Questions
Q1) In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of
A) the business cycle.
B) economic stimulation.
C) monetary policy.
D) recession.
E) fiscal policy.
Answer: E
Q2) Refer to Satellite Communications.When hiring people,Steven thinks it is important to consider
A) unilateral thinking.
B) profit.
C) wage increases.
D) health benefits.
E) cultural diversity.
Answer: E
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Chapter 2: Ethics and Social Responsibility in Business
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Sample Questions
Q1) April,a recent college graduate,has always been concerned about protecting the environment and now hopes to play a major role in seeing that legislation for protecting the environment is enforced.With whom should April seek employment?
A) A large,environmentally friendly corporation
B) The Equal Employment Opportunity Commission
C) The Environmental Protection Agency
D) A recycling center
E) The Commission for Cleaner Air
Answer: C
Q2) To achieve affirmative action goals and to remedy past discrimination,hiring quotas are required.
A)True
B)False Answer: False
Q3) The right to choose means that consumers must have a choice of products offered by different manufacturers and sellers.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Global Business
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257 Flashcards
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Sample Questions
Q1) If Germany exports $100,000 of sauerkraut to Jamaica and purchases $100,000 of Blue Mountain coffee beans from Jamaica,Germany has
A) an overall favorable balance of trade.
B) an overall unfavorable balance of trade.
C) a favorable balance of trade with Jamaica.
D) neither a favorable nor an unfavorable balance of trade with Jamaica.
E) an unfavorable balance of trade with Jamaica.
Answer: D
Q2) The United States does not sell fighter jets,such as F-16s,to Libya.The rationale for this restriction is most likely to
A) protect national security.
B) protect domestic jobs.
C) protect the health of its citizens.
D) retaliate for Libya's trade restrictions.
E) protect domestic manufacturers.
Answer: A
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Chapter 4: Choosing a Form of Business Ownership
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Sample Questions
Q1) Cassandra is about to finish her degree in business management and wants to find a job that will provide her with opportunities to advance within an organization.What type of business organization should Cassandra work for?
A) A sole proprietorship
B) A small family-owned business that is incorporated
C) A partnership
D) A corporation
E) An unlimited partnership
Q2) Julio decides his business will begin staying open until 7 p.m.instead of 6 p.m.The next day,the shop stays open until 7 p.m.This environment of flexibility to quickly change is characteristic of what form of business organization?
A) Corporation
B) Partnership
C) S-corporation
D) Flexible partnership
E) Sole proprietorship
Q3) A corporation is perhaps the easiest form of business to organize.
A)True
B)False
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Page 6
Chapter 5: Small Business,Entrepreneurship,and Franchises
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Sample Questions
Q1) Luis Fisher,a recently retired corporate executive,is becoming restless in his new role and would like to make this transition smoother by participating in the business community in some limited manner.Since Luis is financially secure and primarily interested in some sort of volunteer work,he should consider becoming involved with which of the following SBA programs?
A) ACE
B) SBIC
C) SBDC
D) SBI
E) SCORE
Q2) A small business is all of the following except
A) independently owned.
B) operated for profit.
C) dominant in its field.
D) difficult to manage.
E) demanding of the owner's time and attention.
Q3) About half of small businesses are in the production industries.
A)True
B)False
Q4) What is the Small Business Administration? Who created it?
Page 7
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Chapter 6: Understanding the Management Process
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Sample Questions
Q1) The first step in benchmarking is to identify the objectives.
A)True
B)False
Q2) When the management of a large grocery store heard that Target might be coming to town,they developed alternative courses of action they could take if their competitive landscape changed.What type of plan did they develop?
A) Strategic
B) Objective
C) Contingency
D) Tactical
E) Operational
Q3) Operations managers are concerned strictly with the production of goods,not services.
A)True
B)False
Q4) The control function includes three steps: setting standards,measuring performance,and recycling the system.
A)True
B)False
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Chapter 7: Creating a Flexible Organization
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Sample Questions
Q1) After years of research,theorists have decided that the optimal span of management is one manager per twenty employees.
A)True
B)False
Q2) In a furniture factory,one worker cuts the wood according to the design,another glues the furniture together,and another stains and finishes the furniture.This is an example of
A) departmentalization.
B) decentralization.
C) job specialization.
D) job rotation.
E) an automated assembly line.
Q3) All large firms maintain complete and detailed organization charts because it is important to maintain a clear line of authority.
A)True
B)False
Q4) Informal groups are never powerful within an organization.
A)True
B)False
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Chapter 8: Producing Quality Goods and Services
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) What is the purpose of quality control? Why is it important to a firm?
Q2) Which of the following statements is true?
A) ISO is Greek for "unacceptable."
B) ISO 9000 sets guidelines for quality management procedures.
C) ISO 9000 is accepted more in Japan than in the United States or Europe.
D) ISO 14000 is a system used to notify customers who have purchased unsafe products from manufacturers in foreign nations.
E) Although ISO 9000 was popular in the early 1990s,it has been replaced with ISO 20000.
Q3) Deere and Company,the maker of John Deere tractors,was one of the first firms to combine robotics and computer-integrated manufacturing.By doing this,it achieved more efficiently utilized facilities and greater flexibility in production.The method of production that has given Deere these tremendous improvements in operations is known as
A) just-in-time inventory management.
B) flexible manufacturing.
C) PERT.
D) short cycle manufacturing.
E) Theory Z.
Q4) What activities does operations management involve?
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Chapter 9: Attracting and Retaining the Best Employees
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227 Flashcards
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Sample Questions
Q1) A large manufacturing company has found that younger employees tend to have fewer medical problems than workers over 40.Therefore,management decided to hire only workers under 40 to reduce company health insurance costs.This is illegal under the A) Civil Rights Act of 1964.
B) Occupational Safety and Health Act.
C) Age Discrimination in Employment Act.
D) Equal Pay Act.
E) Older Workers Equal Employment Opportunity Act.
Q2) The reduction in the workforce that normally occurs when employees leave a company is called
A) attrition.
B) retirement.
C) layoff.
D) termination.
E) reduction.
Q3) Subjective appraisal methods use some measurable quantity,such as dollar volume of sales,as the basis for assessing performance.
A)True
B)False
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Page 11
Chapter 10: Motivating and Satisfying Employees
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Sample Questions
Q1) Maslow's theory explains how to motivate people with money.
A)True
B)False
Q2) What happens to a problem-solving team after the assigned problem has been tackled?
A) Team members receive a promotion.
B) Team members are fired.
C) The team is disbanded.
D) The team is given another problem.
E) The team is given a party.
Q3) Use Maslow's hierarchy of needs concept to explain why you would expect to be more concerned about finding somewhere to stay after your house burned down than you would be about receiving a certificate of appreciation from the non-profit for which you volunteer.
Q4) How does a positive reinforcement differ from a negative reinforcement?
Q5) Employee empowerment replaces top-down management control,giving employees a voice in what they do and how and when they do it.
A)True
B)False
Q6) What are the advantages and disadvantages of a flextime work schedule?
Page 12
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Chapter 11: Building Customer Relationships Through Effective Marketing
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Henry Carter is trying out for his high school varsity basketball team.Henry feels he needs an extra advantage to ensure that he makes the team so he goes to Foot Locker.Once at the store,he chooses the best looking and most expensive shoes the store carries.Henry's buying process is influenced most by ____ factors.
A) socioeconomic
B) social
C) psychological
D) situational
E) aesthetic
Q2) The ingredient of the marketing mix concerned with both base prices and various kinds of discounts is A) quality. B) promotion.
C) pricing. D) product. E) distribution.
Q3) Why would relationship marketing be valuable to a company? Why would it be valuable to a customer?
Q4) What are the major forces in the marketing environment?
Page 13
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Chapter 12: Creating and Pricing Products That Satisfy Customers
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Sample Questions
Q1) Discounts given to customers who buy in large amounts are called ____ discounts. A) trade
B) cash
C) quantity
D) wholesale
E) preferential
Q2) A wrench used to make adjustments to machinery that produces copper wire is classified as
A) raw material.
B) component part.
C) process material.
D) major equipment.
E) accessory equipment.
Q3) Iron ore in a steel plant is an example of A) supplies.
B) component parts.
C) raw materials.
D) process materials.
E) accessory equipment.
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Q4) What are the major phases involved in the new product development process?
Chapter 13: Distributing and Promoting Products
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Sample Questions
Q1) A 3,000-word piece written about a product by the company that owns or is responsible for the product is a _____.
A) feature article
B) captioned photograph
C) promotional campaign
D) news release
E) public relations scheme
Q2) Sears ran a newspaper ad stating,"We are the friendliest store in town." This is an example of ____ advertising.
A) institutional
B) primary-demand
C) comparative
D) cooperative
E) long-term
Q3) Vending machines are classified as retail outlets.
A)True
B)False
Q4) Radio advertising is the most expensive advertising medium.
A)True
B)False
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Chapter 14: Exploring Social Media and E-Business
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154 Flashcards
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Sample Questions
Q1) Which of the following is not a sentiment analysis measurement?
A) Customer satisfaction score
B) Resolution time
C) Issue resolution rate
D) Number of website visitors
E) Mood measurement
Q2) Jennifer is willing to invest time and money in attracting and retaining customers for her Mary Kay cosmetics business because she knows that
A) all women love her makeup;they just need an incentive to buy it.
B) it will be worth it if each customer makes two purchases based on her investment of time and money.
C) she enjoys the work,regardless of the financial results.
D) one loyal customer's repeated purchases for life will be well worth the expense.
E) these methods will greatly increase this month's profits for her business.
Q3) Describe the term "digital native" and explain if you think the term and the definition are accurate.Provide examples to support your position.
Q4) Describe the two primary models of e-business.Provide examples.
Q5) Describe the internal and external forces that affect e-business.
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Chapter 15: Using Management and Accounting Information
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Sample Questions
Q1) Intel decides to issue new stock in order to build a new facility and expand its operations.The receipt of cash from this stock issue would appear in the ____ section of the statement of cash flows.
A) operating
B) business
C) equity
D) investing
E) financing
Q2) On a balance sheet,assets are listed in order,from the most liquid to the least liquid. A)True
B)False
Q3) Today corporations are required to send their stockholders an annual report.Assume that you are a prospective investor trying to decide if you should invest in a specific corporation.What type of information is contained in an annual report that would help you decide if this is the right investment for you?
Q4) What are the differences between managerial accounting and financial accounting? From a career standpoint,which type do you prefer and why?
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Chapter 16: Mastering Financial Management
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Sample Questions
Q1) Jef,age five,was given a share of common stock in the Walt Disney Company.As a ____ he has the right to vote on major corporate actions.
A) common stockholder
B) preferred stockholder
C) officer of the corporation
D) bondholder
Q2) It is not unusual for companies to issue ____ type(s)of common stock and ____ type(s)of preferred stock.
A) one;one
B) two;one
C) one;many
D) many;one
E) zero;several
Q3) The Electronic Funds Transfer Act protects the customer in case a bank makes an error or the customer's credit or debit card is stolen.
A)True
B)False
Q4) What is a budget? How is it used by a business firm?
Q5) What do experts consider the key to securing a long-term business loan? Explain.
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Chapter 17: Understanding Personal Finances and Investments
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Sample Questions
Q1) Which of the following is not a characteristic of common stock?
A) Shares can be sold for a capital gain if the price of the stock increases.
B) The firm has no legal obligation to pay dividends to stockholders.
C) An increase or decrease in the market value of the stock will have a corresponding effect on the value of the investment.
D) Each share of stock represents debt for the corporation.
E) Cash dividends are generally paid on a quarterly basis.
Q2) Which of the following is not one of the types of bonds issued by the U.S.federal government?
A) Treasury notes
B) Savings bonds
C) Treasury municipals
D) Treasury bills
Q3) What are the most conservative of all investments?
A) Municipal bonds
B) Bank accounts
C) Common stocks
D) Corporate bonds
E) Mutual funds
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Chapter 18: Enhancing Union-Management Relations
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Sample Questions
Q1) Unions derive their negotiating power from two sources: laws that guarantee and regulate negotiations and
A) lobbyists on Capitol Hill.
B) strong union leadership.
C) financial gifts from supporters.
D) the number of union members.
E) public support of higher wages.
Q2) If you were an over-the-road truck driver who wants to learn how to help other drivers at your company organize a union.You would most likely contact the A) United Auto Workers.
B) Teamsters Union.
C) Knights of Labor.
D) American Federation of Labor (AFL).
E) Congress of Industrial Organizations (CIO).
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Page 20
Chapter 19: Risk Management and Insurance
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Sample Questions
Q1) What is the name given to the process of evaluating risks and minimizing the costs associated with those risks?
A) Financial management
B) Risk management
C) Management planning
D) Loss prevention
Q2) What type of risk is uninsurable?
A) Speculative
B) Avoidable
C) Pure
D) Financial
Q3) What is another name for whole life insurance?
A) Term life insurance
B) Indemnity life insurance
C) Straight life insurance
D) Ordinary life insurance
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Chapter 20: Business Law regulation and Taxation
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Sample Questions
Q1) If All-City Sports is being charged a higher price for the baseball,softball,and soccer equipment by Haskins Manufacturing than the manufacturer charges larger firms,of what practice would All-City Sports be the victim?
A) Price-fixing
B) Price discrimination
C) A community of interest
D) Tying agreements
Q2) What is the name given to laws enacted by legislative bodies?
A) Statutory
B) Administrative
C) Common
D) Federal
Q3) Which of the following is a tax an individual would not pay but a business might pay?
A) Federal income taxes
B) State income taxes
C) Personal property taxes
D) Unemployment tax
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