Introduction to Business Exam Preparation Guide
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental principles and operations of the modern business environment. The course covers key topics such as business organization and structure, the role of entrepreneurship, fundamentals of marketing, finance, management, and business ethics. Students will explore real-world business cases and gain insights into the challenges and opportunities that businesses face in a dynamic global marketplace. By the end of the course, students will have a foundational understanding of how businesses are formed, how they operate, and the critical thinking skills needed to analyze business scenarios.
Recommended Textbook
Business A Changing World 9th Edition by
O. C. Ferrell
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16 Chapters
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Chapter 1: The Dynamics of Business and Economics
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Sample Questions
Q1) The function concerned with obtaining and managing money and using it effectively is called
A) management.
B) marketing.
C) finance.
D) production and operations.
E) personnel.
Answer: C
Q2) Why are entrepreneurs important to the economy?
Answer: Entrepreneurs are important to the economy because they are willing to take the risks necessary to bring ideas for new goods,services,and business practices into the marketplace.They bring together all the factors of production to produce new products.
Q3) After World War II,the United States became an agricultural economy.
A)True
B)False
Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) What are the four dimensions of social responsibility?
Answer: Economic,legal,ethical,and voluntary concerns represent the four dimensions of social responsibility.Earning profits is the foundation of these dimensions and complying with the law is the next step.A business whose sole objective is to maximize profits is not likely to consider its social responsibility,although its activities will probably be legal.Voluntary responsibilities are additional activities that may not be required,but they promote human welfare or goodwill.
Q2) Which of the following statements about business ethics is false?
A) It concerns the impact of a business's activities on society.
B) It refers to principles and standards that define acceptable behavior in business organizations.
C) It relates to an individual's values and moral standards and the resulting business decisions he or she makes.
D) What is ethical is determined by the public,government regulators,interest groups,competitors,and each individual's personal moral values.
E) Studying it can help you recognize ethical issues and understand how others make unethical decisions.
Answer: A
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Chapter 3: Business in a Borderless World
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Sample Questions
Q1) The World Trade Organization agreements are the optional ground rules for international commerce.
A)True
B)False
Answer: False
Q2) Not all countries trading in international markets package goods in the same measurement units.Unlike the United States,most countries rely on
A) currency.
B) gold.
C) the metric system.
D) bartering.
E) color coding.
Answer: C
Q3) The primary problem with a trade deficit is
A) that a country is exporting more than it is importing.
B) that more cash is leaving the country than is entering.
C) that a country is spending more than saving.
D) that a country is saving more than spending.
E) the large amount of export taxes.
Answer: B
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Chapter 4: Options for Organizing Business
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Sample Questions
Q1) Which organizational form do you think would be best for Thomas and Bryan's company and why?
Q2) Selling an interest in a partnership may be difficult because
A) partnerships are subject to unlimited liability.
B) partnerships can't issue bonds.
C) regulatory controls are strict.
D) it is difficult to place a value on a share of a partnership.
E) double taxation occurs.
Q3) Which characteristic of a sole proprietorship can be considered both an advantage and a disadvantage?
A) Taxation
B) Fund sources
C) Liability
D) Continuity
E) Secrecy
Q4) A limited partnership involves a complete sharing in the management of a business.
A)True
B)False
Q5) What are the advantages and disadvantages of their forming a partnership?
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Chapter 5: Small Business, entrepreneurship, and Franchising
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Sample Questions
Q1) Which of the following is not an advantage of small-business ownership?
A) Lower cost of formation
B) Flexibility in decision making
C) Ability to focus on specific groups of customers
D) Low failure rate
E) Ability to gain a solid reputation
Q2) The money used to start a business and keep it running is also called
A) capital.
B) trade.
C) currency.
D) leverage.
E) stock.
Q3) The lack of funds to operate a business normally is called
A) discounting.
B) creative financing.
C) financial pessimism.
D) undercapitalization.
E) overcapitalization.
Q4) What are some of the advantages of small-business ownership?
Q5) Why do small businesses have a high failure rate?
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Chapter 6: The Nature of Management
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Sample Questions
Q1) Decisions regarding adding new products,acquiring companies,and moving into foreign markets would most typically be made by
A) first-line management.
B) a sales manager.
C) middle management.
D) a production manager.
E) top management.
Q2) All of the following steps are a part of the decision-making process except
A) defining the situation.
B) developing options.
C) analyzing options.
D) delegating the decision.
E) implementing the decision.
Q3) To train employees,answer questions,and provide guidance in doing a task,managers need
A) technical expertise.
B) conceptual skills.
C) analytical skills.
D) leadership skills.
E) creative skills.
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Chapter 7: Organization, teamwork, and Communication
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Sample Questions
Q1) Companies that have flat organizations tend also to have
A) tall spans of management.
B) minimal spans of management.
C) narrow spans of management.
D) short spans of management.
E) wide spans of management.
Q2) Adam Smith illustrated improvements in efficiency through the application of
A) departmentalization.
B) specialization.
C) generalization.
D) registration.
E) delegation.
Q3) When superiors and subordinates are not in close proximity and the manager has many responsibilities in addition to supervision,the appropriate span of management would be
A) big.
B) wide.
C) narrow.
D) flat.
E) circular.
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Chapter 8: Managing Service and Manufacturing Operations
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Sample Questions
Q1) What is sustainability and how does it pertain to manufacturing?
Q2) Transformation processes occur
A) only in manufacturing organizations.
B) only in marketing departments.
C) in all organizations.
D) only in service providers.
E) only in industrial plants.
Q3) Different kinds of transformation processes take place in organizations that provide services.
A)True
B)False
Q4) Describe the transformation process,from inputs to outputs,for a good or service of your choosing.
Q5) Production refers to all the activities involved in producing products,while operations refers to the physical process of transforming resources into goods and services.
A)True
B)False
Q6) What is the economic order quantity model?
Q7) What is operations management?
10
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Chapter 9: Motivating the Workforce
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Sample Questions
Q1) Maslow's hierarchy is important to managers because
A) it is an economic motivator.
B) workers won't be motivated to contribute to the organization's goals until their basic needs are met.
C) it debunked Hawthorne's theory of motivation.
D) workers are able to satisfy higher needs and forget about the lower levels,which are costly.
E) it is efficient.
Q2) What does the classical theory of employee motivation state? Who was the father of this theory?
Q3) Which of the following adds tasks to a job instead of treating each task as a separate job?
A) Job rotation
B) Job enlargement
C) Job enrichment
D) Job design
E) Job reduction
Q4) What is expectancy theory?
Q5) What is the importance of motivational strategies?
Q6) Which motivational theories are in use at Eagle?
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Chapter 10: Managing Human Resources
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Sample Questions
Q1) The performance appraisal provides information about
A) employees' personal lives.
B) the informal organization.
C) what is on the grapevine.
D) the quality of selection programs.
E) product quality.
Q2) Subjective evaluation tools include
A) ranking systems.
B) number of defective products turned out.
C) number of houses sold.
D) sales volume in dollars.
E) number of customer referrals.
Q3) Internal recruiting has advantages over external sources,one of which is A) improved employee morale.
B) higher costs.
C) a longer period of adjustment to the new job.
D) more time to find the right candidate.
E) higher turnover rate.
Q4) What are some of the reasons employees separate from an organization? List as many as you can think of.
Page 12
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Describe the exchange process.What does it involve and what conditions are required?
Q2) Briefly describe the evolution of the marketing concept from the Industrial Revolution to the twenty-first century.
Q3) Why is marketing inherently risky? What kinds of risks are involved in engaging in marketing?
Q4) What is the marketing mix? Briefly describe its elements.
Q5) The textbook refers to building 'mousetraps.' What does this have to do with the marketing concept?
Q6) Marketing creates value by allowing individuals and organizations to obtain what they want and need.
A)True
B)False
Q7) What is the marketing environment?
Q8) Transporting includes warehousing goods.
A)True
B)False
Q9) Evaluate the role of the marketing mix in the Olympus introduction.
Q10) What are the functions of marketing?
13
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Chapter 12: Dimensions of Marketing Strategy
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Sample Questions
Q1) Why are wholesalers an important part of many marketing channels?
Q2) What might allow Deluxe Chips to spend its marketing dollars more effectively?
A) Hiring a really low-end advertising agency
B) Making its products available to a very limited area
C) Promoting its new products only on Facebook
D) Matching products to neighborhoods and conducting micromarketing campaigns
E) Relying solely on word-of-mouth
Q3) Which of the following is not a common pricing objective?
A) Maintaining the status quo
B) Boosting market share
C) Maximizing profits and sales
D) Survival
E) Outsourcing
Q4) The pricing policy that allows a company to cover a product's development costs most quickly is
A) penetration pricing.
B) price skimming.
C) psychological pricing.
D) discount pricing.
E) emotional pricing.
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Chapter 13: Digital Marketing and Social Networking
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Sample Questions
Q1) The Internet is a new ________ for making products available at the right time,at the right place,and in the right quantities.
A) pricing strategy
B) promotional device
C) distribution channel
D) promotion channel
E) marketing mix
Q2) Define the terms "digital media" and "digital marketing." Describe their increasing value in strategic planning.
Q3) __________ are audio or video files that can be downloaded from the Internet via a subscription that automatically delivers new content to listening devices or personal computers.
A) Podcasts
B) Wikis
C) Blogs
D) Social networking sites
E) Virtual realities
Q4) What was IOWatch designed to do? How would it make money?
Q5) What is Freeware?
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Chapter 14: Accounting and Financial Statements
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Sample Questions
Q1) In double-entry bookkeeping,after gathering together and analyzing source documents and recording each financial transaction in a journal,a financial manager,bookkeeper,or accountant next
A) closes out the books.
B) posts transactions in a journal.
C) posts transactions in a ledger.
D) prepares a trial balance.
E) balances the accounting equation.
Q2) Do-It-Yourself Home Repair Shop started the accounting period with $10,000 worth of shovels in inventory.During the accounting period,it purchased $5,000 worth of shovels and sold $7,500 worth.What is its cost of goods sold?
A) $15,000
B) $2,500
C) $5,000
D) $7,500
E) $10,000
Q3) Discuss why the financial statement called the "balance sheet" was given the name and explain the two different formats that this statement can have.
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Chapter 15: Money and the Financial System
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Q1) Which of the following unprecedented actions did the Federal Reserve take during the most recent financial crisis?
A) Firing all CEOS of bailed-out banks
B) Compensating all investors who lost money in the crisis
C) Further reducing regulation of the financial industry
D) Lending money at the discount window to nonbanking institutions like brokerage firms
E) Keeping interest rates high to help improve bank health
Q2) Money market funds are a form of mutual fund that
A) invests in short-term debt securities issued by governments and corporations.
B) dispenses cash and allows balance inquiries.
C) buy and sell stocks,bonds,and other securities and provide other services.
D) is set aside by corporations to provide retirement income.
E) protects clients against financial losses from certain specified risks.
Q3) The Federal Reserve provides all of the following services except
A) using monetary policy to control the money supply.
B) regulating financial institutions.
C) managing regional and national check clearing.
D) managing the deposit insurance of banks in the Federal Reserve System.
E) offering certificates of deposit for interested individuals.
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Chapter 16: Financial Management and Securities Markets
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Sample Questions
Q1) The dollar amount printed on a stock certificate is known as its A) dividend yield.
B) capital in excess of par value.
C) market value.
D) par value.
E) dividend value.
Q2) Which of the following is an example of a long-term liability?
A) Stock
B) Bond
C) Marketable security
D) Eurodollar
E) Trade credit
Q3) A method of long-term financing that requires repaying funds with interest is A) issuing bonds.
B) using retained earnings.
C) issuing stocks.
D) buying insurance.
E) using trade credit.
Q4) What types of bonds are there? Describe each type briefly.
Q5) Explain the difference between common and preferred stock.
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