Essentials of Business Exam
Materials
Course Introduction
Essentials of Business provides a comprehensive introduction to core business concepts and practices, including management, marketing, finance, and operations. The course explores the fundamentals of organizational structures, business environments, and economic systems, equipping students with the knowledge and skills needed to understand how businesses operate and succeed in a competitive marketplace. Through real-world case studies and interactive activities, students gain insight into ethical decision-making, effective communication, and problem-solving techniques essential for future business professionals.
Recommended Textbook
Business Essentials 11th Edition by Ronald J. Ebert
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17 Chapters
1916 Verified Questions
1916 Flashcards
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Page 2
Chapter 1: The US Business Environment
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) The primary measure of growth in the business cycle is inflation.
A)True
B)False
Answer: False
Q2) What occurs when the quantity demanded exceeds the quantity supplied?
A) Demand deficit
B) Surplus
C) Equilibrium point
D) Shortage
E) Supply schedule
Answer: D
Q3) Tax increases and decreases are a form of fiscal policy.
A)True
B)False
Answer: True
Q4) The point at which the supply curve and the demand curve intersect is the market price.
A)True
B)False
Answer: True
Page 3
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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 includes provisions that control air pollution by members?
A) Sarbanes-Oxley
B) GAAP
C) Code of ethics
D) NAFTA
E) FTC
Answer: D
Q2) What stance do firms who do as little as possible to solve social or environmental problems take?
A) Social accommodation
B) Obstructionist
C) Defensive
D) Accommodative
E) Proactive
Answer: B
Q3) 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.
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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124 Verified Questions
124 Flashcards
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Sample Questions
Q1) What is considered to be a significant disadvantage of owning a franchise?
A) Start-up costs
B) Operational guidelines
C) Difficulty obtaining loans
D) Double taxation
E) Competition
Answer: A
Q2) Many new businesses are started by people who have left big corporations.
A)True
B)False
Answer: True
Q3) The number of minority-owned businesses has decreased in recent years.
A)True
B)False
Answer: False
Q4) Most successful entrepreneurs have a strong desire to be their own bosses.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Understanding the Global Context of Business
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Cultural values and beliefs are often unspoken.
A)True
B)False
Q2) Which of the following directly affect the price and quantity of foreign made product in a country, by restricting the amount of product that can be imported?
A) Local content law
B) Quotas
C) Cartels
D) Subsidies
E) Protectionism
Q3) In assessing a country's national competitive advantage, what is meant by factor conditions?
Q4) Critics of protectionism charge that it drives up prices by reducing competition.
A)True
B)False
Q5) Explain a floating exchange rate.
Q6) What are the four components of national competitive advantage?
Q7) Discuss the five dimensions of social behavior that differ across cultures.
Page 6
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Chapter 5: Managing the Business
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Which business constituents analyze their competitive environments and plan, organize, direct, and control the operations of their organizations?
A) Stockholders
B) Managers
C) Regulators
D) Agents
E) Customers
Q2) SWOT analysis is usually conducted before strategic goals have been established.
A)True
B)False
Q3) Which variable of SWOT analysis identifies changing consumer tastes, hostile takeover offers, and new government regulations?
A) Threats
B) Opportunities
C) Strategies
D) Internal factors
E) Weaknesses
Q4) Identify and discuss five recommendations for companies that wish to grow.
Q5) What can managers do to incorporate a scientific approach to management?
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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 reporting relationships within an organization follow a chain from the highest level to the lowest level in the organization, known as chain of command.
A)True
B)False
Q2) A snack food firm has one division for the United States, one for Europe, and another for Asia. How is this firm departmentalized?
A) By customer
B) By process
C) By geography
D) By function
E) By productivity
Q3) Describe the four basic forms of organizational structure.
Q4) As organizations grow and become larger, jobs tend to become less specialized.
A)True
B)False
Q5) Departmentalization refers to the process of grouping jobs into logical units.
A)True
B)False
Q6) What is informal organization and how does it relate to the formal structure?
Page 8
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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) Differentiate between goods production and service operations.
Q2) The biggest challenge of total quality management is motivating employees throughout the company to achieve quality goals.
A)True
B)False
Q3) What type of planning has the greatest effect on production costs and flexibility?
A) Capacity
B) Layout
C) Quality
D) Location
E) Process
Q4) In which type of system must the customer be actively involved in order to receive the good or service?
A) Make-to-stock
B) High-contact
C) Intangible
D) Low contact
E) Operations process
Q5) Explain competitive product analysis.
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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) According to McClelland, what is the need for achievement based on?
A) The desire to control one's environment
B) The desire to increase job satisfaction
C) Recognition for a job well done
D) The desire to accomplish a goal or task as effectively as possible
E) The need for human companionship
Q2) Scientific management is best described as a theory of motivation which states
A) job satisfaction depends on two factors, hygiene and motivation.
B) people are motivated to work toward rewards that they want and that they have a reasonable chance of obtaining.
C) people evaluate their treatment by the organization relative to the treatment of others.
D) managers should analyze jobs to find the most efficient methods and use money as a primary motivator.
E) people will work more productively as long as they receive some kind of attention from management.
Q3) How can managers minimize the chance of workplace violence?
Q4) How does expectancy theory explain employee motivation?
Q5) 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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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The behavioral approach to leadership assumes that appropriate leader behavior varies from one situation to another.
A)True
B)False
Q2) Leaders at the now defunct energy company Enron were recognized as having demonstrated exemplarily high ethical leadership.
A)True
B)False
Q3) Describe a situation in which a leader would choose a more transactional approach to her leadership over a more transformational one.
Q4) When there is little ambiguity in the decision-making process, what decision-making condition exists?
A) A state of recognition
B) A state of risk
C) A state of rationality
D) A state of certainty
E) A state of uncertainty
Q5) How can norms and cohesiveness in a work group neutralize leadership?
Q6) Explain the concept and importance of ethical leadership.
Page 11
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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) What are independent contractors, on-call workers, temporary employees, contract employees, and leased employees all examples of?
A) Union workers
B) Contingent workers
C) Migratory workers
D) Ancillary workers
E) International workers
Q2) 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
Q3) Wage reopener clauses are not required by law.
A)True
B)False
Q4) The National Labor relations Board was established by the Wagner Act to enforce the provisions of the Act.
A)True
B)False
Page 12
Q5) How do human resource managers use job analysis for human resource planning?
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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) Personal influences on consumer behavior include lifestyle, personality, and economic status.
A)True
B)False
Q2) 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) Cultural factors
Q3) Discuss the three categories of B2B markets.
Q4) Before products reach consumers, what market, consisting of wholesalers and retailers, do products pass through?
A) Services markets
B) Industrial markets
C) Reseller markets
D) Government markets
E) Institutional markets
Q5) Describe the three types of competition faced by marketers.
Q6) Explain how marketers identify different market segments.
Page 13
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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) Product placement includes showing actors on television shows using a name-brand product.
A)True
B)False
Q2) 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
Q3) If prices are set too high, the company will make a large profit on each item, but will sell fewer units.
A)True
B)False
Q4) Shopping goods are purchased more often than convenience goods.
A)True
B)False
Q5) Why is speed to market so important?
Q6) Differentiate between fixed costs and variable costs.
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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 intermediaries matches numerous sellers and buyers as needed, often without knowing in advance who they will be?
A) Producer representative
B) Retailer
C) Syndicated seller
D) Sales agent
E) Broker
Q2) Which of the following represents the use of online displays of products, allowing customers instant access to information and purchasing options?
A) Cybermalls
B) Virtual storefronts
C) E-catalogs
D) Video retailing
E) Electronic storefronts
Q3) Many firms have turned to distribution through supply chains as a cornerstone of business strategy.
A)True
B)False
Q4) List one advantage of using trucks for transportation and one disadvantage.
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Chapter 14: Information Technology (IT)for Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Microsoft's Live Messenger and IBM's Visualization Data Explorer are examples of groupware.
A)True
B)False
Q2) Which of the following is a disadvantage of wireless local area networks?
A) There is often a fee to access the hotspot.
B) The network is only available for an area of about 30 miles.
C) The hotspot must be able to utilize the worldwide interoperability for microwave access system.
D) The connection can be interrupted by walls and beams.
E) There are limited natural-sounding voice interface capabilities.
Q3) What type of network links computers and workstations, usually within one building?
A) Satellite communication
B) Global positioning
C) Personal digital
D) Wide area
E) Local area
Q4) Describe the ways in which businesses protect themselves from the threats and risks information technology poses.
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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 is the difference between revenues and the cost of revenues?
A) Net income
B) Gross profit
C) Accounts payable
D) Interest expense
E) Cash flow
Q2) When valuing assets, the U.S. GAAP allows an asset to be decreased if its value decreases, but cannot be increased if the value increases later. What is the IASB standard for this activity?
A) The value of the asset must remain as initially recorded.
B) The value of the asset must be increased annually.
C) The value of the asset can be averaged over time.
D) The value of the asset can be increased to reflect the increased market value.
E) The value of the asset must remain the same for four accounting cycles, then can be changed to reflect current market value.
Q3) Explain fixed assets and how accountants spread the cost of an asset over the years of its useful life.
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Page 17
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 would a consumer utilize trust services offered by commercial banks?
Q2) Which of the following reasons is the primary motivator for a commercial bank to acquire new depositors?
A) A new deposit account will make more funds available to pay the interest on other deposit accounts.
B) A new deposit account will make more funds available to pay the bank's employees.
C) A new deposit account will make more funds available to give out in loans.
D) A new deposit account will make more funds available to give out in dividends to its investors.
E) A new deposit account will make more funds available to facilitate brokerage transactions.
Q3) Which of the following transactions are NOT included among Automated Clearing House payments?
A) ATM deposits
B) Business-to-business electronic payments
C) Checks
D) Internet-initiated debit card payments
E) Local tax payments
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18
Chapter 17: Managing Business Finances
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) When issuing shares of stock, what is being given to stock holders in exchange for their investment in the organization?
A) Dividends
B) Voting rights
C) Increased par value
D) Tax advantages
E) Long-term growth on investments
Q2) More Americans are investing in the stock market through online trading. Explain the value of online trading.
Q3) Which of the following is considered to be one of the riskiest of all investments?
A) Blue-chip stock
B) Mutual funds
C) No-load funds
D) Common stock
E) Load funds
Q4) Describe the services provided by investment banks.
Q5) Explain how dividend yield and interest dividend yield are computed.
Q6) What do angel investors receive in return for their investment?
Q7) Explain the difference between angel investors and venture capital.
Page 19
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