Introduction to Business Exam Preparation Guide
Course Introduction
Introduction to Business provides students with a comprehensive overview of the principles, concepts, and functions that form the foundation of the business world. The course covers key topics such as organizational structures, management, marketing, accounting, finance, operations, and the legal and ethical environment of business. Students will gain an understanding of how businesses are created, managed, and grown within a dynamic global marketplace. Through real-world case studies, practical applications, and interactive discussions, learners will develop critical thinking and problem-solving skills essential for success in various business careers.
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) Economic indicators help to assess the performance of an economy.
A)True
B)False
Answer: True
Q2) What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?
A) Unemployment
B) Stability
C) Deflation
D) Inflation
E) Oversupply
Answer: B
Q3) If productivity increases, prices charged to consumers will tend to increase as well.
A)True
B)False
Answer: False
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Page 3
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 allows for financial sanctions against businesses or business officials who engage in bribery?
A) Sarbanes-Oxley Act
B) SEC Act
C) U.S. Foreign Corrupt Practices Act
D) NRA
E) Political Action Committees
Answer: C
Q2) Though an individual feels that his behavior is ethical, that behavior may still be considered unethical if social norms consider it to be so.
A)True
B)False
Answer: True
Q3) Some ethical and unethical behaviors fall into gray areas, while others are widely agreed upon.
A)True
B)False
Answer: True
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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) A corporation must be managed on the principles of corporate governance. Explain what this is.
Answer: Corporate governance is the role of shareholders, directors, and other managers in corporate decision making and accountability. This governance is established by a firm's bylaws and usually involves stockholders, the board of directors, and officers.
Q2) Most businesses in the United States are large businesses with more than 500 employees.
A)True
B)False
Answer: False
Q3) What is the main reason why women start new businesses?
A) Need to earn more money
B) Preference for working alone
C) Opportunities for family members
D) Control in organizing their time
E) Desire to employ other women
Answer: D
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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) Which of the following helps to create a more visible public presence in foreign countries and customers?
A) Developing a strategic alliance
B) Outsourcing
C) Licensing products
D) Investing directly in a foreign venture
E) Opening a local branch office
Q2) The terms outsourcing and offshoring can be used interchangeably, as they have the same meaning.
A)True
B)False
Q3) What is the result when a country can produce goods more efficiently or better than other nations?
A) Balance of trade deficit
B) Absolute advantage
C) Increased globalization
D) Comparative advantage
E) National competitive advantage
Q4) Explain a floating exchange rate.
Q5) What is the difference between balance of trade and balance of payments?
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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) Information managers are responsible for getting products from producers to consumers.
A)True
B)False
Q2) What are the basic steps in decision making?
Q3) What are the purposes of having a strong corporate culture?
Q4) When conducting a SWOT analysis of an organization, which question can help management brainstorm for the opportunities section of the analysis?
A) What external changes present interesting possibilities?
B) What aspect of the organization's vision can be altered?
C) What necessary skills do the organization's employees currently lack?
D) What does the organization offer that makes it stand out from other organizations?
E) What external economic forces can affect the organization's bottom line?
Q5) Corporate culture influences management's philosophy, style, and behavior.
A)True
B)False
Q6) Define the term management.
Q7) Discuss the art of management and how it is supported by the science of management.
7
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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) Describe the four basic forms of organizational structure.
Q2) Reporting relationships within a company are indicated on an organization chart and represent
A) organizational structure.
B) mission and strategy responsibility.
C) areas of specialization.
D) chain of command.
E) decision making responsibility.
Q3) The informal organization is not as powerful as the formal structure.
A)True
B)False
Q4) A separate company unit responsible for its own cost and revenue is referred to as which of the following?
A) Centralized organization
B) Decentralized organization
C) Department
D) Job specialty
E) Profit center
Q5) Discuss the types of grapevines within an organization and how accurate the grapevine can be.
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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) Which of the following is patterned after the successful Japanese concept of quality circles?
A) Supply chain management
B) Quality improvement team
C) Total quality management
D) Quality ownership
E) Value-added analysis
Q2) Which term describes the idea that quality belongs to each person who creates it while performing a job?
A) Quality control
B) Quality ownership
C) Quality circles
D) Total quality management
E) Quality improvement teams
Q3) Differentiate between high- and low-contact processes. Give an example of each.
Q4) Value-added analysis might focus on both the elimination of waste and cost minimization.
A)True
B)False
Q5) Explain how JIT production and lean manufacturing are related.
Page 9
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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) How does Maslow's hierarchy of needs model explain employee motivation?
Q2) Why is workplace violence increasing?
Q3) Which of the following theories focuses on people evaluating their treatment by the organization relative to the treatment of others?
A) Equity theory
B) Hierarchy of needs
C) Expectancy theory
D) Goal-setting theory
E) X and Y theory
Q4) Discuss management by objectives (MBO).
Q5) Organizational commitment reflects an individual's identification with the organization and its mission.
A)True
B)False
Q6) Hygiene factors affect motivation only if they are absent or fail to meet expectations.
A)True
B)False
Q7) How are equity theory and the psychological contract connected?
Page 10
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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) Which of the following models of leadership is based on the expectancy theory of motivation and suggests that the function of a leader is to make rewards available to the workplace?
A) Supportive
B) Path-goal
C) Decision tree
D) Employee-focused
E) Leader-member exchange
Q2) Leadership researchers in the late 1940s believed that leaders should engage in which of the following behaviors?
A) Mostly employee-focused leader behavior
B) Mostly task-focused leader behavior
C) Both employee-focused leader behavior and task-focused leader behavior in equal amounts
D) A variable mixture of employee-focused leader behavior and task-focused behavior depending on the task
E) A variable mixture of employee-focused leader behavior and task-focused behavior depending on the employees
Q3) Identify three crucial elements of charismatic leadership.
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Page 11
Chapter 10: Human Resource Management and Labor Relations
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124 Verified Questions
124 Flashcards
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Sample Questions
Q1) Which of the following pieces of legislation made it easier to sue an employer for discrimination, but limited how much could be awarded in damages?
A) Equal Employment Opportunity Act of 1972
B) Civil Rights Act of 1991
C) Equal Pay Act of 1963
D) Title VII of the Civil Rights Act of 1964
E) Fair Labor Standards Act
Q2) Which of the following is considered the starting point of effective human resource management?
A) External staffing
B) Recruitment
C) Planning
D) Financing
E) Compensation
Q3) What are the two types of sexual harassment as defined by the courts?
Q4) Labor relations refers to the dealing with employees who are not represented by a union.
A)True
B)False
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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) Explain the elements that comprise the marketing environment.
Q2) What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?
A) Place utility
B) Time utility
C) Value utility
D) Possession utility
E) Form utility
Q3) What is the term for the communication efforts that are designed to build goodwill and build favorable attitudes in consumers?
A) Sales promotion
B) Advertising
C) Promotion
D) Public relations
E) Personal selling
Q4) What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?
Q5) Explain how marketers identify different market segments.
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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) In which of the following ways is product development different for services than for physical goods?
A) Instead of gathering product ideas, the company goes immediately to the testing phase.
B) Instead of screening ideas, the company tests all of them, since no prototype is needed.
C) Instead of creating a prototype, the company develops a service process design.
D) The business analysis step is not needed, since there are no production costs with services.
E) The commercialization step is gradual for services, but rapid for physical goods.
Q2) How can a good or service provider stimulate demand during off-peak seasons?
A) Price lining
B) Discounts
C) Skimming
D) Odd-even pricing
E) Bundling
Q3) Why would a firm want to set its price above competitors' prices?
Q4) What is involved in service process design?
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Page 14
Chapter 13: Distributing and Promoting Products
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116 Flashcards
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Sample Questions
Q1) Interactive marketing is nonpersonal selling that tries to get consumers to make purchases from home, at work, or by using a mobile device while traveling.
A)True
B)False
Q2) Discuss the differences in the three types product line retailers.
Q3) Summarize the steps in the personal selling process for creative selling.
Q4) When getting a good or service to market, who is most powerful in determining the roles and rewards of others in the system?
A) Channel captain
B) Exclusive distributer
C) Selective distributer
D) Merchant wholesaler
E) Sales agent
Q5) One drawback of nondirect distribution is higher prices.
A)True
B)False
Q6) Why would one expect a product sold at a specialty store to cost more than the same product at a department store?
Q7) Explain the primary difference between a retailer and a wholesaler.
Page 15
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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) Hardware consists of programs that tell a computer how to function.
A)True
B)False
Q2) Which component directs the computer to the correct resources to use and how to use them?
A) An application program
B) System software
C) An electronic spreadsheet
D) A database
E) Management information systems
Q3) What advantage does a super Wi-Fi network offer over other wireless technologies?
A) Signals flow freely through physical objects.
B) Software tells the computer what resources and applications to use.
C) More data can be stored and converted.
D) A wireless local area network can be used instead of a wide area network.
E) The client-server network can link other resources, such as printers.
Q4) What is the purpose of a knowledge information system?
Q5) 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) Financial statements that do not include interpretation and explanation by management are in violation of which GAAP principle?
A) Principle of sincerity
B) Principle of continuity
C) Principle of full disclosure
D) Principle of regularity
E) Principle of prudence
Q2) A tax service can provide management advisory services ranging from personal financial planning to planning corporate mergers.
A)True
B)False
Q3) Which of the following terms refers to the formal recording and reporting of revenues in financial statements?
A) Full disclosure
B) Revenue recognition
C) Compliance
D) Ethical practice
E) Materiality
Q4) Identify the potential users of accounting information.
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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) In mutual savings banks, all depositors are considered owners of the bank.
A)True
B)False
Q2) Which of the following is a consequence of the divisibility characteristic of money?
A) Units of money do not expire after a certain time limit.
B) Units of money can be accurately matched with the value of goods.
C) Units of money are easily carried.
D) Units of money have relatively stable value.
E) Units of money of different nations are easily converted to other units of money.
Q3) Which of the following affects the movement of funds between international buyers and sellers?
A) Buyer's home country government trade policies
B) Seller's home country government policies
C) International government policies
D) Currency exchange rates
E) International payment process
Q4) How does the Fed's monetary policy influence banks' willingness to loan money?
Q5) What are the components of the M-1 money supply?
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Chapter 17: Managing Business Finances
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) How are federal and state projects, such as roads and schools, typically financed?
A) Municipal bonds
B) Common stock
C) Angel investors
D) Corporate bonds
E) TARP loans
Q2) What is the formula for measuring a firm's working capital?
A) Current assets = working capital /current liabilities
B) Working capital = current assets - current liabilities
C) Current liabilities = current assets + working capital
D) Working capital = current assets × current liabilities
E) Current liabilities = current assets / working capital
Q3) When an investment bank engages in underwriting, that investment bank is taking on risk in the process of launching new securities.
A)True
B)False
Q4) Explain the Rule of 72.
Q5) Differentiate between market value and book value.
Q6) Explain how dividend yield and interest dividend yield are computed.
Page 19
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