Introduction to Business Concepts Practice Exam
Course Introduction
Introduction to Business Concepts provides students with a foundational understanding of the principles and functions that drive the modern business world. The course explores key topics such as management, marketing, finance, operations, entrepreneurship, and the impact of globalization on business practices. Through a mix of theoretical frameworks and real-world case studies, students will develop critical thinking and analytical skills essential for understanding how businesses operate and make decisions in dynamic environments. This course lays the groundwork for more advanced business studies and helps students make informed decisions about future career pathways in the field of business.
Recommended Textbook
Business A Changing World 8th Edition by
O. C. Ferrell
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Page 2
Chapter 1: The Dynamics of Business and Economics
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Sample Questions
Q1) Owners always manage their businesses.
A)True
B)False
Answer: False
Q2) _________________ is the study of how resources are distributed for the production of goods and services within a social system.
A)Financial resources
B)Human resources
C)Economic system
D)Communism
E)Economics
Answer: E
Q3) In a capitalist system,individuals own and operate ____ businesses.
A)no
B)few
C)about half
D)many
E)the majority of
Answer: E
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) The most basic ethical concerns have been formalized through laws and regulations that encourage conformity to society's values and norms.
A)True
B)False
Answer: True
Q2) Which of the following statements is false?
A)Ethical issues are limited to for-profit organizations.
B)Business ethics goes beyond legal issues.
C)Ethical conduct builds trust among individuals and in business relationships.
D)Ethical conflicts may evolve into legal disputes.
E)Regardless of what an individual feels about a particular action,if society judges it to be unethical,that judgment affects the organization's ability to achieve its objectives.
Answer: A
Q3) Ethical decisions in an organization are influenced by three key factors.
A)True
B)False
Answer: True
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Chapter 3: Business in a Borderless World
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Sample Questions
Q1) Sociocultural differences,such as variations in spoken language and body language,have no impact on international business.
A)True
B)False
Answer: False
Q2) McDonald's had to adapt its menus to reflect local preferences in India because
A)Indians do not like hamburgers.
B)all Indians are vegetarians.
C)Indians only like to eat diet food.
D)cows are sacred to many Indians and many are vegetarians.
E)McDonald's had a bad reputation before opening franchises in India.
Answer: D
Q3) Maquiladoras are possible under the Asia-Pacific Economic Cooperation.
A)True
B)False
Answer: False
Q4) Exporting is the purchase of products from another nation.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Options for Organizing Business
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Sample Questions
Q1) Why is it more difficult to value a partnership share than a share of stock in a corporation,for example?
Q2) Which organizational form do you think would be best for Thomas and Bryan's company and why?
Q3) What is a limited liability company (LLC),and why do some consider it the best form of business ownership?
Q4) A sole proprietorship has limited sources of funds,which may affect the growth of the business.
A)True
B)False
Q5) In most states,corporations must have "corporation," "incorporated," or "limited" in their names to show that their owners have limited liability.
A)True
B)False
Q6) Taking a company public means announcing its creation to the public.
A)True
B)False
Q7) How does the taxation of partnerships work? How is this different than with a corporation?
6
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Chapter 5: Small Business, Entrepreneurship, and Franchising
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Sample Questions
Q1) Which of the following is an advantage of a small business?
A)Greater flexibility to change.
B)Highly trained staff.
C)Better products.
D)More diverse employees.
E)Small businesses have not advantages over large ones.
Q2) How important is small business to the U.S.economy?
Q3) ________ has helped small businesses compete with larger businesses.
A)Well-managed inventory
B)Friendly customer service
C)Technology
D)Good management
E)A diverse workforce
Q4) Targeting small niches or product needs is a dangerous strategy for a small business to follow.
A)True
B)False
Q5) The entrepreneurship movement is declining because of technological advances. A)True
B)False
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Chapter 6: The Nature of Management
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Sample Questions
Q1) What is Infinity Computers' problem in this case?
A)Infinity's computers are too expensive.
B)The strategies that originally made the company successful are no longer successful anymore.
C)Infinity has no problem;the company is doing great.
D)The president and CEO is a poor leader.
E)Infinity's products are ahead of their time and there is no market for it.
Q2) Joe met with all of his department heads to listen to their opinions about buying a new machine.Although they all thought it was a good idea,Joe did not buy the machine because his employees did not think it necessary.Joe's leadership style is
A)democratic.
B)autocratic.
C)free-rein.
D)bad.
E)good.
Q3) Autocratic leaders involve their employees in decisions.
A)True
B)False
Q4) Describe the major functions of management.
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Chapter 7: Organization, Teamwork, and Communication
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Sample Questions
Q1) All groups are teams,but not all teams are groups.
A)True
B)False
Q2) The line-and-staff structure divides general managing duties into functional areas,each with a separate supervisor.
A)True
B)False
Q3) When managers assign work activities to groups and individuals and coordinate the diverse activities required to attain organizational objectives,they contribute to the development of organizational
A)structure.
B)informality.
C)spontaneity.
D)growth.
E)accountability.
Q4) Communication flows within an organization are always formal.
A)True
B)False
Q5) What is a self-directed work team?
Q6) How can managers use the "grapevine" to their advantage?
Page 9
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Chapter 8: Managing Service and Manufacturing Operations
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Sample Questions
Q1) Money,employees,time,and equipment represent an airline's ________ to the transformation process.
A)outputs
B)inputs
C)products
D)services
E)intangibles
Q2) What is the problem with McKing's plan to start selling 16" pizzas at its drive throughs?
A)There is no market for 16" fast food pizzas
B)McKing's target market does not eat very much pizza
C)The pizzas are too expensive for the average consumer
D)The pizzas are too large to be passed through existing drive-through windows
E)There is no problem with McKing's plan to expand into pizza
Q3) If you were an executive at McKing,how would you proceed with the introduction of pizza into the restaurants?
Q4) Determining quality can be difficult.
A)True
B)False
Q5) How do operations for manufacturers and service providers differ?
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Chapter 9: Motivating the Workforce
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Sample Questions
Q1) Flextime is associated with a number of unexpected consequences.One of the major ones is
A)better communication between managers and employees.
B)less commuter traffic and congestion.
C)more physical activity and better sleeping habits.
D)greater productivity in operations management.
E)more efficiency.
Q2) Anand believes that he can get some extra work completed before the deadline by withholding his workers' vacation schedules until the job is completed.Anand could be described as
A)a Theory X manager,according to McGregor.
B)a Theory Y manager,according to McGregor.
C)a real pain in the neck.
D)a company man.
E)a person concerned about morale.
Q3) Studies conducted by Taylor and the Gilbreths led to the application of scientific principles to management.
A)True
B)False
Q4) What is expectancy theory?
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Chapter 10: Managing Human Resources
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Sample Questions
Q1) To achieve its objectives,labor may use all of the following except A)picketing.
B)strikes.
C)boycotts.
D)lockouts.
E)collective bargaining.
Q2) What are some of the benefits associated with having a culturally diverse work force?
Q3) A lockout is a court order that keeps employees from striking.
A)True
B)False
Q4) Secondary characteristics of diversity
A)cannot be discarded.
B)cannot be acquired.
C)are inborn.
D)cannot be changed.
E)can be changed.
Q5) Recruiters can find internal sources of applicants outside the firm.
A)True
B)False
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Chapter 11: Customer Driven Marketing
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Sample Questions
Q1) When an organization hauls canned goods from the manufacturer to grocery stores,it is involved with which marketing function?
A)Buying
B)Selling
C)Transporting
D)Storing
E)Grading
Q2) Secondary data are information observed and recorded or collected regularly from sources inside and outside the organization.
A)True
B)False
Q3) If an exchange is to occur,each participant must be willing to give up something of value to receive something the other has.
A)True
B)False
Q4) The marketing concept is the basic philosophy that guides all marketing activities.
A)True
B)False
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Page 13
Chapter 12: Dimensions of Marketing Strategy
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Sample Questions
Q1) Distribution channels for consumer products and business products are the same.
A)True
B)False
Q2) Miller targets its MBG 64 beer at those who want to drink beer without consuming many calories.This is
A)institutional advertising.
B)promotional positioning.
C)a push strategy.
D)a pull strategy.
E)publicity.
Q3) Price is an important factor in the marketing mix for all of the following reasons except
A)it affects product image.
B)it is very flexible.
C)it directly affects revenue and profits.
D)it is the most visible element in the firm's marketing mix.
E)it requires long-term commitments with other members of the supply chain.
Q4) Price is the most flexible variable in the marketing mix.
A)True B)False
Page 14
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Chapter 13: Digital Marketing and Social Networking
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Sample Questions
Q1) Which of the following is a downside to digital media?
A)It is expensive to implement and to operate
B)Most managers do not know how to use digital media
C)Too much employee access to information about the company
D)Employees waste time at work on social networking sites and downloading music X
E)Communications become too rapid Employees are surfing the Internet for as much as an hour during each workday.Many firms are trying to curb this practice by limiting employees' access to certain online content.
Q2) When seeking out information on a new product,consumers tend to trust _________ over _________.
A)corporations,other consumers
B)other consumers,corporations
C)their neighbors,online reviews
D)online reviews,printed reviews
E)television infomercials,websites Consumers often rely on the recommendations of friends,family,and fellow consumers over corporations when making purchasing decisions.
Q3) Why did Paul decide to accept the position at Penteverate?
Q4) What is Freeware?
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Chapter 14: Money and the Financial System
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Sample Questions
Q1) Profitability ratios are used to measure
A)how efficiently a firm uses its assets to generate sales.
B)the speed with which a company can turn its short-term assets into cash to pay off its short-term debts.
C)how much income (net or operating)a firm generates relative to its assets,equity,and sales.
D)how much debt the firm is using relative to other sources of financing.
E)the performance of the firm relative to others on a per-share basis.
Q2) A forensic accountant
A)investigates crime scenes.
B)works for a public corporation.
C)analyzes financial documents in search of fraudulent entries or financial misconduct.
D)investigates workplace accidents to determine fault.
E)analyzes annual reports to ensure that corporations have adequate corporate governance mechanisms.
Q3) Balance sheets show assets,liabilities,and expenses over a period of time.
A)True
B)False
Q4) What are income statements temporary in nature?
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Chapter 15: Accounting and Financial Statements
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Q1) A checking account is also called a demand deposit account.
A)True
B)False
Q2) The major difference between banks and credit unions is that
A)credit unions are owned and controlled by depositors.
B)banks distribute their profits to depositors.
C)credit unions make large loans to corporations.
D)bank depositors vote for the bank officers.
E)credit unions have higher default rates than banks.
Q3) Which was not a problem during the most recent financial crisis?
A)Dramatic declines in bank assets
B)Collapse of the subprime mortgage market
C)Declining home values and foreclosures
D)Total confidence in the long-term health of U.S.financial markets
E)Excessively risky securities
Q4) A savings account is the same thing as a money market account.
A)True
B)False
Q5) What are the different types of checking accounts outlined in your text?
Q6) What are the three functions of money?
Page 17
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Chapter 16: Financial Management and Securities Markets
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Sample Questions
Q1) Which of the following is not a long-term asset?
A)Eurodollars
B)A factory
C)An automobile
D)Furniture
E)Heavy machinery
Q2) Stockholders who may receive dividends but cannot vote are called
A)common stockholders.
B)uncommon stockholders.
C)standard stockholders.
D)majority stockholders.
E)preferred stockholders.
Q3) Why would a firm want to invest its idle cash?
Q4) Good financial managers minimize the amount of cash available to pay bills in
A)marketable securities.
B)transaction balances.
C)inventory.
D)the float.
E)banker's acceptances.
Q5) What are the different ways which companies can invest their idle cash?
Page 18
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