Introduction to Business Final Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental principles and practices essential to the world of business. The course explores topics such as the nature of business organizations, economic systems, entrepreneurship, management, marketing, accounting, and finance. Through real-world examples and case studies, students gain insights into how businesses operate, make decisions, and respond to various internal and external challenges. The course also emphasizes ethical considerations, the role of technology, and the impact of globalization, preparing students for further study in business and for future participation in the business community.
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BUSN 10th Edition by Marcella Kelly
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Page 2
Chapter 1: Business
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Q1) Melina and Carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. Melina and Carl are willing to invest their own resources in this project. In the context of factors of production, the given scenario exemplifies the concept of _____.
A)deployment
B)entrepreneurship
C)situational analysis
D)capital creation
Answer: B
Q2) Torino Mex, a men's fashion boutique, is renowned for creating designer clothes for Latino Americans. However, it introduced a new line of designer clothing that especially caters to young Hispanic Americans to widen its customer base. Which of the following dimensions of the social environment is highlighted in this scenario?
A)Age
B)Diversity
C)Social responsibility
D)Ethics
Answer: B
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Chapter 2: Economics: the Framework for Business
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Q1) The economic system of the East Asian nation of Xinzen calls for public ownership of all businesses. The government has complete control over the market, and individuals do not have individual rights and the freedom to make choices. In this scenario, the economic system followed by Xinzen is _____.
A)socialism
B)distributism
C)capitalism
D)communism
Answer: D
Q2) In the context of fundamental principles of a free market system, which of the following statements is true of a supply curve?
A)It shows the relationship between price and quantity from a supplier standpoint.
B)It refers to the point where the supply of products starts exceeding demand due to excessive production.
C)It shows the relationship between price and quantity from a buyer standpoint.
D)It refers to the point where the supply of products is no longer possible due to exhaustion of resources.
Answer: A
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4
Chapter 3: The World Marketplace: Business Without Borders
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Q1) In the context of global trade, which of the following statements is true of balance of payments?
A)It includes foreign borrowing and lending.
B)Its surplus indicates more money flowing out than in.
C)It excludes overseas investments.
D)Its deficit indicates more money flowing in than out.
Answer: A
Q2) Quotas are taxes levied against imports.
A)True
B)False
Answer: False
Q3) Brentia, an East Asian country, exported goods worth $50 million and imported goods worth $5 million in the last fiscal year. It also provided a loan of $25 million to another country. In this scenario, Brentia most likely had a _____ in the last fiscal year.
A)negative balance
B)balance of payments decumulation
C)trade deficit
D)balance of payments surplus
Answer: D
Page 5
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Chapter 4: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Q1) Trotin Langdon Corp., a leading car dealer, operates in many countries. The company has a clearly written mandate for all its contractors abroad. According to this, all contractors must ensure that standardized safety measures are implemented in their factories and workers are made to work only for nine hours a day. In this scenario, Trotin Langdon Corp. has set _____ for its vendors.
A)universal legal standards
B)a code of conduct
C)opportunistic attributes
D)greenwashing strategies
Q2) After being stagnant for a few years, a clothing company started making profits consistently. Following this, the CEO of the company decided to contribute to the growth of the community by starting an apprenticeship program in tailoring. The program involved providing training to a batch of ten uneducated, underprivileged people free of cost every year. In this scenario, the company's gesture exemplifies _____.
A)green marketing
B)corporate philanthropy
C)social responsibility
D)corporate opportunism
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Chapter 5: Business Communication: Creating and Delivering Messages That Matter
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Q1) The employees of Marconium Inc. often feel that they cannot comment on the management of the company even though there is no rule that prevents them from being critical about the management. In the given scenario, the employees of Marconium Inc. are facing a(n) _____.
A)physical barrier
B)organizational barrier
C)cultural barrier
D)body language barrier
Q2) In face-to-face communication, the verbal content of a message conveys much more meaning to the listener than the tone of voice and body language.
A)True
B)False
Q3) In the context of creating and delivering successful verbal presentations, which of the following statements is true of dynamic delivery?
A)It is a natural skill for everyone.
B)It is uncommon in business presentations.
C)It begins and ends with preparation.
D)It is a nonvibrant form of presentation delivery.
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Chapter 6: Business Formation: Choosing the Form That Fits
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Q1) CofBean Corp. and Coffeedust Inc. are leading producers and distributors of coffee beans. They join together to become the world's largest distributor of coffee. This association allows the amalgamated company to increase its size and market power within the coffee industry. This is an example of a(n) _____.
A)acquisition
B)horizontal merger
C)conglomerate consolidation
D)divestiture
Q2) Green Haven is an organization whose earnings are exempt from federal and state income taxes. Individuals who contribute money to the organization can avail the benefit of tax deduction. However, the organization is barred from distributing dividends to its members. Given this information, Green Haven is most likely a(n):
A)S corporation.
B)C corporation.
C)not-for-profit corporation.
D)statutory close corporation.
Q3) It is possible to establish a corporation by a simple verbal agreement.
A)True
B)False
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Page 8
Chapter 7: Small Business and Entrepreneurship: Economic
Fuel
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Q1) In the context of entrepreneurs, which of the following statements is a difference between an internal locus of control and an external locus of control?
A)An internal locus of control is an entrepreneurial trait, whereas an external locus of control is not.
B)An internal locus of control does not involve self-reliance, whereas an external locus of control does.
C)An internal locus of control involves personal responsibility, whereas an external locus of control does not.
D)An internal locus of control is not applicable in market niches, whereas an external locus of control is.
Q2) Caroline owns an online jewelry store. She has developed a smartphone application for her business that allows her customers to take their pictures and try out virtual jewelry over those pictures before placing the orders. The opportunity of _____ is highlighted in the given scenario.
A)providing personal customer service
B)having lower overhead costs
C)using technology
D)exploiting market niches
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Chapter 8: Accounting: Decision Making by the Numbers
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Q1) Prenora Inc., a newly established company, is set to prepare its first budget. The top management of the company decides to use a budgeting approach that will seek active participation from the middle and supervisory managers of the company. In the given scenario, Prenora Inc. will most likely use the _____ to budgeting.
A)top-down approach
B)incremental approach
C)bottom-up approach
D)zero-based approach
Q2) Dylan is a supervisory manager in the production department of a tea manufacturing company. Each year, he actively participates in the budgeting process of the company. His input is valued by the top management as he is able to identify the issues in his department. In this scenario, it can be said that Dylan's company follows the _____ to budgeting.
A)top-down approach
B)incremental approach
C)bottom-up approach
D)zero-based approach
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Chapter 9: Finance: Acquiring and Using Funds to Maximize Value
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Q1) The time value of money reflects the fact that:
A)spontaneous financing is a particularly important source of financing for small businesses.
B)it is best to have money today, so it can be put to work sooner to make even more money.
C)a covenant requires the borrower to agree not to borrow any additional funds until the specified length of the current loan..
D)long-term investments are more profitable than short-term investments.
Q2) Rudolf and Martin, a finance management company, offers funds to corporations that require a permanent source of funding. However, it required the company to make fixed payments on a regular schedule to ensure that the amount borrowed and interest are repaid. Which of the following sources of long-term funds is being offered by Rudolf and Martin in the given scenario?
A)Line of credit
B)Commercial paper
C)Term loans
D)Trade credit
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11
Chapter 10: Financial Markets: Allocating Financial Resources
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Q1) Which of the following is a disadvantage of market timing?
A)It requires investors to make frequent trades.
B)It has steady but very low returns because the investments are low-risk.
C)It lets investors take away bigger earnings than brokers.
D)It is time-consuming as the stockholders have to wait for the market situation to be profitable.
Q2) A health and fitness startup company goes for an initial public offering. For assistance, it enters into a firm commitment arrangement with an investment bank. As per the agreement, the investment bank itself will purchase all the shares at a specified price. This will guarantee that the company will receive a fixed amount of new funds. This scenario exemplifies a(n) _____.
A)underwriting
B)proxy selling
C)follow-on offering
D)corporate spin-off
Q3) A__________is the most common depository institution.
A)not-for-profit organization
B)savings and loan association
C)credit union
D)commercial bank
Page 12
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Chapter 11: Marketing: Building Profitable Customer
Connections
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Q1) _____ demands that marketers actively contribute to the needs of the broader community.
A)Social responsibility
B)Ethical consumerism
C)Corporate sustainability
D)Shareholder primacy
Q2) In the context of customer satisfaction, which of the following will happen if a marketer falls into the trap of underpromising?
A)The product's price will reduce drastically.
B)Competitors will start manufacturing similar products.
C)Fewer customers will try the product.
D)The product will lose its importance.
Q3) Consumer marketers direct their efforts to customers who are buying products to use either directly or indirectly to produce other products.
A)True
B)False
Q4) People marketing involves drawing people to a particular place.
A)True
B)False
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Q1) For successful product differentiation,:
A)the difference between a product and its competitor products should be large rather than small.
B)marketers should put most of their efforts into developing an appropriate brand name.
C)a product should not only be different from its competitor products but also be better.
D)a product should have a higher cost than its competitor products.
Q2) _____ tools include premiums, promotional products, samples, coupons, rebates, and displays.
A)Product placement
B)Consumer promotion
C)Personal selling
D)Sponsorship
Q3) A downside of publicity is that:
A)it is often perceived by consumers as an untrustworthy and unethical practice.
B)the marketer has no control over how the media present the company or its products.
C)it is a highly expensive affair.
D)it lacks proper planning.
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Page 14
Chapter 13: Distribution and Pricing: Right Product Right
Person Right Place Right Price
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Q1) Kiddiecon is a company that makes stationery products for children. The company relies on door-to-door sales strategy to sell its products. It is evident that Kiddiecon is engaged in _____.
A)e-tailing
B)direct response retailing
C)direct selling
D)vending
Q2) Rosy's Sweet Treats is a small-scale restaurant that gets its supplies from Widget Suppliers that takes legal possession of the goods it distributes. The employees of Rosy's Sweet Treats make a monthly trip to Widget Suppliers to cart their own products back to the restaurant because Rosy's Sweet Treats is too small to merit in-person sales calls from customer care reps. In this scenario, Widget Suppliers is a(n) _____.
A)agent
B)broker
C)drop shipper
D)cash and carry wholesaler
Q3) Sales above the breakeven point will generate a profit.
A)True
B)False
Page 15
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Chapter 14: Management Motivation and Leadership: Bringing Business to Life
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Q1) An assumption of Theory Y is that:
A)coercion and threats are vital to get people to work toward company goals.
B)workers dislike work and will do everything they can to avoid it.
C)people can accept and even seek responsibility.
D)people prefer to be directed.
Q2) Which of the following statements is true of job enrichment?
A)It is the creation of jobs with more meaningful content, under the assumption that creative work will motivate employees.
B)It refers to bringing one's personal knowledge and dexterity to perform a particular job task.
C)It is the level of financial stability that individuals gain from a job.
D)It refers to increasing the value of a particular job role by increasing the responsibilities associated with it.
Q3) Psychologist Douglas McGregor proposed that managers should use Theory Y assumptions to:
A)capitalize on the intelligence of every worker.
B)instigate fear in employees.
C)direct and supervise the workers who dislike work.
D)punish workers who avoid responsibility.
Page 16
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Chapter 15: Human Resource Management: Building a Top-Quality Workforce
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Q1) Which of the following statements is true of telecommuting?
A)It decreases the productivity of employees.
B)It makes it easier to foster teamwork among employees.
C)It allows employees to strongly connect to the company culture.
D)It increases annual cost savings for employers.
Q2) Employers may share accountability for sexual harassment if they do not take "reasonable care." Taking "reasonable care" means:
A)taking the initiative to transfer the victim to a subsidiary of the company.
B)taking proactive steps to ensure that everyone in the company understands that the firm has a system in place for complaints.
C)taking preventive measures to keep the incident from becoming public and damaging the image of the company.
D)offering compensation to the victim and warning the harasser.
Q3) According to the Equal Employment Opportunity Commission (EEOC), sexual harassment includes the presence of a hostile work environment.
A)True
B)False
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Page 17
Chapter 16: Managing Information and Technology: Finding
New Ways to Learn and Link
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Q1) An advantage of an expert system is that it is capable of solving a wide variety of problems, including those that are quite different from the problems it was originally designed to solve.
A)True
B)False
Q2) Spedex, an on-rent cab provider company, launches a new feature on its website that can help its customers track their cabs online. The feature requires a sign-in process. Since the feature is new, many customers face problems in figuring out a way to access this feature. To solve this problem, Spedex creates a customer-support page on its website that will resolve the issues of its customers. In this scenario, the customer-support page on Spedex's website is an example of a(n) _____.
A)business intelligence system
B)expert system
C)cybermediary
D)data warehouse
Q3) Cloud resources are not confined to a specific platform or operating system.
A)True
B)False
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Chapter 17: Operations Management: Putting It All Together
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Q1) Which of the following statements is true of enterprise resource planning (ERP) systems?
A)They help manage activities along an entire supply chain.
B)They are inexpensive and easy to implement.
C)They require users to enter and access data in traditional ways.
D)They are the software version of the critical path method.
Q2) Kidzo Inc., a toy car company, has several groups in its manufacturing unit dedicated to do different tasks. For example, it has a group that makes toy car wheels, another group that takes care of the contour of cars, and a separate group that assembles all the parts together. In this scenario, Kidzo uses a _____.
A)cellular layout
B)process layout
C)product layout
D)combined layout
Q3) Computer-aided design/computer-aided manufacturing (CAD/CAM) is a combination of software that can be used to design output and send instructions to automated equipment to perform the steps needed to produce this output.
A)True
B)False
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Page 19
Chapter 18: Appendix: Personal Finance
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Q1) Genelia holds shares in a motorcycle manufacturing company. Genelia gets a stated amount of dividend from the company only if the board of directors declares it. In this case, Genelia is a(n) _____.
A)exchange trader
B)preferred stockholder
C)full-service stock broker
D)trade union partner
Q2) A _____ allows the cardholder to make a purchase now and pay the card issuer later.
A)credit card
B)check card
C)bank card
D)debit card
Q3) Which of the following is a condition included in a credit card agreement?
A)A charge is levied just for the privilege of having a credit card.
B)Transfer of balance from one credit card to another is not charged.
C)A late fee is not assessed if a payment is not received within the grace period.
D)An annual fee is charged only if your charges exceed your credit limit.
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