Introduction to Business Exam Practice Tests
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamentals of the business world. The course explores key concepts such as management, marketing, finance, accounting, and entrepreneurship, offering insights into how businesses operate in local and global contexts. Through real-world case studies and interactive activities, students develop an understanding of business structures, decision-making processes, and the ethical and social responsibilities of organizations. This foundation prepares students to critically analyze business situations and equips them with the knowledge needed for further studies or entry-level positions in the field of business.
Recommended Textbook Essentials of Contemporary Business 1st Edition by Louis E. Boone
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17 Chapters
2453 Verified Questions
2453 Flashcards
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Page 2
Chapter 1: The Changing Face of Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Solid profits is one,but not all,of the accomplishments that makes a company admired.
A)True
B)False
Answer: True
Q2) It is more expensive to maintain loyal customers than to market to potential new customers.
A)True
B)False
Answer: False
Q3) Today,workers are much less likely to remain with the same employer throughout their entire careers.
A)True
B)False Answer: True
Q4) The private enterprise system is enhanced by maximized government participation. A)True
B)False Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) How could loyalty versus truth create an ethical dilemma for a businessperson?
Answer: Businesses expect their employees to be loyal and to act in the best interests of the company.An ethical conflict can arise when an individual must decide between loyalty to the company and truthfulness in business relationships.
Q2) Describe the factors that influence business ethics.
Answer: An individual's business ethics is shaped by a huge number of factors.Experiences help shape responses to ferent situations.A person's family,educational,cultural,and religious backgrounds also can play a role,as can the environment within the firm.Ethical climate of the company also plays a role.
Q3) After meeting with employees,a manager realizes she has set performance goals unrealistically high for her department's employees.If she makes employee performance goals more realistic,what will likely happen to the department's ethical climate?
A)It will stay about the same.
B)It will improve.
C)Not enough information is provided to determine the effect.
D)It will deteriorate.
Answer: B
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) During an economic recession,consumer spending ________ and unemployment
A)increases;increases
B)increases;decreases
C)decreases;increases
D)decreases;decreases
Answer: C
Q2) If the equilibrium price is below the market price,a shortage of a good or service will likely result.
A)True
B)False
Answer: True
Q3) A supply curve is a(n)________.
A)upward sloping curve
B)downward sloping curve
C)vertical line
D)horizontal line
Answer: A
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Chapter 4: Competing in World Markets
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) Even though the United States manufactures textiles,China is able to produce them more efficiently.Thus,China has a(n)________________ in manufacturing textiles.
A)tariff
B)Quota
C)trade restriction
D)comparative advantage
Q2) The U.S.imports more services than it exports services.
A)True
B)False
Q3) The ________ promotes trade by providing financial assistance and waiving debt payments.
A)United Nations
B)European Union
C)World Bank
D)International Monetary Fund
Q4) Economically speaking,unlike countries included in the EU,the United States is a national market with a single economy.
A)True
B)False
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Chapter 5: Small Business and Forms of Business
Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The majority of all U.S.firms employ:
A)more than 5,000 employees
B)1,000 to 3,000 employees
C)3,000 to 5,000 employees
D)500 or fewer employees
Q2) In 2009,Walmart started doing business in India by forming a __________ with Bharti Enterprises,Inc. ,one of India's leading business groups.
A)joint venture
B)subsidiary
C)horizontal merger
D)vertical merger
Q3) Women leave large corporations when they feel blocked from opportunities for advancement-when they hit the so-called "glass ceiling."
A)True
B)False
Q4) Describe how small businesses help create new jobs.
Q5) Owners of preferred stock receive dividends after owners of common stock.
A)True
B)False
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Chapter 6: Starting Your Own Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) When entrepreneurs use _____,they borrow money from banks,finance companies,and credit card companies,which must be repaid.
A)seed capital
B)globalization
C)angel investor
D)venture capitalist
E)debt financing
F)information technology
G)Debt financing
H)social entrepreneur
I)classic entrepreneur
J)business incubator
K)crowd funding
L)Skunkworks
M)intrapreneurship
N)business plan
Q2) The Small Business Administration recommends avoiding the use of personal credit cards for business expenses.
A)True
B)False
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Chapter 7: Management, Leadership, and the Internal Organization
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Not-for-profit organizations generally avoid organizing through formal structures.
A)True
B)False
Q2) Managers engage in planning on a situational basis.It's not an everyday activity.
A)True
B)False
Q3) Supervisors are near the top of the management pyramid.
A)True
B)False
Q4) Corporate culture is typically shaped by those who founded and developed the company and those who succeed them.
A)True
B)False
Q5) In an organization,authority and responsibility tend to move downward,while accountability moves upward.
A)True
B)False
Q6) Distinguish among autocratic,democratic,and free-rein leadership.
Page 9
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Internet recruiting is a quick but expensive way to reach a large pool of job seekers.Human resource plans can affect the way a company adapts to new technology.
A)True
B)False
Q2) Even with a large number of job candidates competing for a small number of openings,companies often have trouble finding the right person for each job.
A)True
B)False
Q3) John received a companywide award for his idea to improve worker safety.This award will help satisfy John's social needs.
A)True
B)False
Q4) A firm's human resource plans often correspond with competitive strategies. A)True
B)False
Q5) Occasional office parties help fulfill employees' social needs.
A)True
B)False
Page 10
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) When verbal and nonverbal cues conflict,receivers of the communication generally tend to believe the verbal content.
A)True
B)False
Q2) Tom is an operating room nurse and notices the head surgeon is exhausted and disoriented.Tom decides to speak up,even though his actions defy the team ________ that surgeons outrank nurses.
A)theory
B)belief
C)norm
D)standard
Q3) Lilly's supervisor sends her an e-mail requesting updated financial figures as soon as possible.When Lilly interprets the message as meaning by the end of the day,she is decoding the message.
A)True
B)False
Q4) Describe the communication process.How does noise interfere with the communication process?
Q5) Distinguish between cognitive and affective conflict.
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Chapter 10: Production and Operations Management
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Yusted's company uses a computer to control its production process.The computer transmits signals to machines for performing the appropriate steps in the correct order.This is an example of ________.
A)computer-aided design
B)computer-aided manufacturing
C)flexible manufacturing
D)computer-integrated manufacturing
Q2) In a just-in-time system,most of the responsibility for carrying inventory falls on the purchasers.
A)True
B)False
Q3) Provide two examples of uses for robots.
Q4) A typical machine shop generally has separate departments where machines are grouped by functions such as grinding,drilling,pressing,and lathing.This is an example of a process layout.
A)True
B)False
Q5) Explain perpetual inventory control systems.
Q6) Describe a flexible manufacturing system.
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Chapter 11: Customer-Driven Marketing
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) The most common method of market segmentation is _____ segmentation.
A)secondary data
B)affinity program
C)market segmentation
D)demographic
E)target market
F)utility
G)marketing mix
H)data mining
I)consumer behavior
J)ownership utility
K)exchange process
L)B2B
M)lifetime value of a customer
N)relationship marketing
O)frequency marketing
P)product-related segmentation
Q2) In your own words,define marketing.
Q3) Define consumer products and business products,and provide an example of how a product could be classified as both.
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Chapter 12: Product and Distribution Strategies
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167 Verified Questions
167 Flashcards
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Sample
Questions
Q1) The Pampered Chef sells gourmet cooking supplies to consumers through the use of cooking parties at the homes of its salespeople.The Pampered Chef is a ________ retailer and uses ________.
A)store;direct selling
B)store;direct-response retailing
C)non-store;direct selling
D)non-store;direct-response retailing
Q2) Water transportation is generally more expensive than transportation by truck.
A)True
B)False
Q3) Barnes and Noble starts earning 30 percent more profit a month after their new e-reader hit the shelves.Consumers continuously recommend the new product to friends.The e-reader is in the growth stage.
A)True
B)False
Q4) A product line is a group of ________ products marked by physical ________.
A)related;similarities
B)unrelated;similarities
C)related;differences
D)unrelated;differences
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Chapter 13: Promotion and Pricing Strategies
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) McDonalds including a toy in each Happy Meal purchase is an example of a premium.
A)True
B)False
Q2) Melissa is a marketing manager for the Small Business Network at American Express and regularly sends materials to various companies to participate in credit card promotions.Melissa is employing a ________ strategy.
A)sales promotion
B)pulling
C)public relations
D)pushing
Q3) Positioning is an attempt by marketers to establish unique places for their products in the minds of consumers.
A)True
B)False
Q4) Order processing involves identifying customer needs,pointing them out to customers,and completing orders.
A)True
B)False
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Chapter 14: Using Technology to Manage Information
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) ________ software controls the basic workings of the computer system.
A)Expert
B)Executive information system
C)Database
D)Operating
Q2) A firewall scrambles data,making it difficult for unauthorized users to view the data.
A)True
B)False
Q3) Describe the average company's balance between high tech and low tech.
Q4) Explain the differences among a virus,a worm,and a Trojan horse.
Q5) Which of the following is considered information rather than data?
A)projected population growth in a target market
B)a measure of the effectiveness of a promotional strategy
C)income distribution in a target market
D)product sales in various categories
Q6) Operational support systems are different from transaction processing systems.
A)True
B)False
Q7) Describe at least two ways that common e-crimes occur:
Page 16
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Chapter 15: Understanding Accounting and Financial Statements
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) If Topeka Enterprises has a debt ratio of 40 percent,it means that for every $1 in ________,the firm has 40 cents in ________.
A)owners' equity;liabilities
B)assets;liabilities
C)owners' equity;assets
D)assets;owners' equity
Q2) Julie is evaluating which state her company will expand into next.She is engaged in the ________ activity.
A)accounting
B)operating
C)marketing
D)investing
Q3) Accrual accounting recognizes revenues and expenses when cash changes hands. A)True
B)False
Q4) Explain the differences between public accountants and management accountants.
Q5) Define GAAP and explain its purpose.
Q6) A firm's balance sheet shows its financial position over a period of time.
A)True
B)False Page 17
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Page 18
Chapter 16: The Financial System
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Money market instruments are generally high-risk securities and are purchased by investors when they are in need of a quick resell.
A)True
B)False
Q2) This new monetary policy tool makes extra funds available to banks at low interest rates.
A)open market operations
B)discount rate
C)term auction facility
D)reserve requirement
Q3) With online banks,customers can transfer money,check account balances,and pay bills at any time rather than just during bank operating hours.
A)True
B)False
Q4) Commercial banks obtain most of their funds from ________.
A)the government
B)the sale of securities
C)depositors
D)stockholders
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Chapter 17: Financial Management
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) The sovereign wealth fund is a variation of ________.
A)market securities
B)the private equity fund
C)private placements
D)debt capital
Q2) The gain or loss that results from an investment over a specified period of time is known as ________.
A)risk
B)return
C)uncertainty
D)expected value
Q3) Two types of divestitures are ________.
A)sell-offs and trade-offs
B)trade-offs and spin-offs
C)buy-offs and spin-offs
D)sell-offs and spin-offs
Q4) All short-term bank loans are secured,meaning that the borrower pledges specific assets as collateral.
A)True
B)False
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