Introduction to Business Final Exam

Course Introduction

Introduction to Business provides students with a comprehensive overview of the fundamental concepts and practices in the modern business environment. The course explores key topics such as management, marketing, finance, entrepreneurship, ethics, and global business, offering insight into how organizations operate and succeed in competitive markets. Through real-world examples, case studies, and group projects, students develop essential skills and knowledge to understand the roles of businesses in society and the diverse career opportunities within the field. This foundation prepares students for further study in business and related disciplines.

Recommended Textbook

Understanding Business 12th Edition by William G Nickels

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Page 2

Chapter 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Sample Questions

Q1) The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community.

A)True

B)False

Answer: True

Q2) Blockbuster stores shuttered their doors but Netflix is still growing. Both companies participated in the video rental business. Netflix evaluated the lifestyle needs of video customers, understanding that time, family, and work obligations called for more convenient methods to receive video entertainment. Netflix embraced the opportunity to stream videos directly to customers and create their own content. The company also managed to keep customer costs down, by passing along the savings it realized in labor. Blockbuster did not pay enough attention to competitor movements, permitting Netflix to quickly capture video market share. Which external environment probably had the least effect on Netflix's success?

A) Social environment

B) Competitive environment

C) Economic and legal environment

D) Technological environment

Answer: C

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Chapter 2: Understanding Economics and How It Affects Business

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Sample Questions

Q1) The nation of Forlornia is in the middle of a severe financial crisis. The prime minister has increased government spending by trillions, in order to revive the ailing economy. Her strategy followed the economic theory known as

A) Malfusian.

B) Bernankeism.

C) Keynesian.

D) Greenspanian.

Answer: C

Q2) Fiscal policy involves increases or decreases in A) the money supply.

B) interest rates.

C) government spending and taxes.

D) exports and imports.

Answer: C

Q3) Free-market capitalism has made it more difficult for individuals to gain wealth.

A)True

B)False

Answer: False

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Chapter 3: Doing Business in Global Markets

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Sample Questions

Q1) Which of the following represents the value of one nation's currency relative to the currencies of another country?

A) Euro rate

B) Currency rate

C) Exchange rate

D) Standard of living

Answer: C

Q2) Technological differences can prevent some companies from successfully doing business abroad.

A)True

B)False

Answer: True

Q3) Absolute advantage is the basis for most global trade today.

A)True

B)False

Answer: False

Q4) Contract manufacturing is a form of outsourcing.

A)True

B)False

Answer: True

Page 5

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Chapter 4: Demanding Ethical and Socially Responsible Behavior

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Sample Questions

Q1) Ethical behavior requires more than following the law.

A)True

B)False

Q2) Megan is concerned about the legality of her idea of firing union workers in order to hire employees willing to work for less pay. Megan values ________ ethics, but has little concern for other types.

A) integrity-based

B) compliance-based

C) socially based

D) policy-based

Q3) In the long run, a firm's loyalty to their employees can pay off financially.

A)True

B)False

Q4) Many businesses have developed internal procedures to enforce their ethical policies. Which of the following is an example of an outside group urging ethical behavior in businesses?

A) Management teams

B) Union officials

C) Suppliers

D) Foreign trade representatives

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Chapter 5: How to Form a Business

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Sample Questions

Q1) Foreign investment in U.S. companies continues to be strong. When Belgian-based In-Bev purchased the largest beer company in the U.S., Anheuser-Busch, this action constituted a(n) ________ with a negotiated selling price of $52 billion.

A) merger

B) aggregate

C) acquisition

D) unequivocal buy-in

Q2) The most popular type of business for franchising is

A) consumer wholesale firms.

B) restaurants.

C) specialty steel manufacturing.

D) medical services.

Q3) One disadvantage of a limited liability company is that it

A) requires all earnings of the business be taxed at the corporate rate.

B) has a limited life span.

C) requires the owners to divide up profits and losses in a fixed proportion.

D) has a more restrictive ownership requirement than S corporations.

Q4) If a partner in a limited partnership dies, the partnership ceases to exist.

A)True

B)False

Page 7

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Chapter 6: Entrepreneurship and Starting a Small Business

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Sample Questions

Q1) If you have managerial skills and leadership ability, you also possess the personality to be an entrepreneur.

A)True

B)False

Q2) For prospective entrepreneurs, enrolling in an introduction to business or small business management course offered through their community college

A) is likely to be wasted time since college courses tend to be too theoretical. B) can be helpful by offering them an opportunity to meet experienced small business owners.

C) serves as supplementary information, only after starting their business venture. D) seldom provides you with information to help make small business decisions.

Q3) One reason we have seen continued growth in home-based businesses is A) the location offers a more secure operational environment. B) affordable technology makes it easier to compete.

C) people need something to do while they wait to return to work for a large corporation.

D) it is less risky to start a home-based business than other types of entrepreneurial ventures.

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Chapter 7: Management and Leadership

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Sample Questions

Q1) The first step to developing a knowledge management system is to develop the technology to keep information secure.

A)True

B)False

Q2) One example of tactical planning is setting annual budgets and deciding on other details and activities necessary to meet the strategic objectives.

A)True

B)False

Q3) A basic difference between goals and objectives is that goals are

A) precise, while objectives are vague.

B) set by tactical plans, while objectives are set by strategic plans.

C) set by middle management, while objectives are set by first-line managers.

D) concerned with broad, long-term accomplishments, while objectives focus on specific short-term details.

Q4) One step in the rational decision-making model is to develop alternatives. A)True B)False

Q5) What is empowerment? How has the movement toward empowerment changed the role of the manager?

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Chapter 8: Structuring Organizations for Todays

Challenges

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Sample Questions

Q1) Farm to Table Foods is a wholesaler serving grocery stores nationwide. Communications technology allows Farm to Table to work closely with its suppliers and customers in real time. Networking allows these organizations to operate more efficiently.

A)True

B)False

Q2) Division of labor is difficult to achieve in small businesses.

A)True

B)False

Q3) ________ is the term used to describe those functions that a firm can do as well or better than others. It performs these functions in-house, rather than outsourcing.

A) Benchmarks

B) Standard responsibilities

C) Operational requirements

D) Core competencies

Q4) Bureaucratic organizations establish rules and regulations that everyone is expected to follow.

A)True

B)False

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Chapter 9: Production and Operations Management

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Sample Questions

Q1) Ices Creamery combines sugar, cream, and the best natural flavorings, then churns and freezes the resulting mixture at a very low temperature, creating ice cream. The method Ices uses is an example of

A) an analytic production system.

B) process manufacturing.

C) an assembly process.

D) a symbiotic process.

Q2) Enterprise resource planning (ERP) goes beyond the capabilities of materials requirement planning (MRP) because it

A) gives much more precise cost estimates.

B) finds the critical path and computes its length.

C) monitors the computerized functions of all the divisions and subsidiaries of the firm in a single software program.

D) handles research data about more than one product at the same time.

Q3) PERT is a popular technique for analyzing the tasks involved to complete a given project, estimating the time required to complete each task, and identifying the minimum time needed to complete the project.

A)True

B)False

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Page 11

Chapter 10: Motivating Employees

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Sample Questions

Q1) ________ attempts to increase task efficiency by breaking down jobs into simple steps and assigning people to each of those steps.

A) Job simplification

B) Job segmentation

C) Task restriction

D) Roundabout production

Q2) ________ is the term William Ouchi used to refer to the management approach typically used by firms in the United States.

A) Type A

B) Type Z

C) Theory Q

D) Theory J

Q3) Maslow would classify the need for recognition from others and for self-respect as ________ needs.

A) social

B) esteem

C) security

D) physiological

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Chapter 11: Human Resource Management: Finding and

Keeping the Best Employees

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Sample Questions

Q1) The ultimate resource of a firm is its

A) business plan.

B) marketing mix.

C) capital budget.

D) employees.

Q2) Which of the following statements is the most accurate description of the impact the Americans with Disabilities Act of 1990 (ADA) has had on businesses?

A) ADA has had no real impact, since most businesses have always been sensitive to the needs of disabled workers.

B) Most firms have found that the structural changes needed to comply with ADA requirements have been very difficult and expensive to implement.

C) Most firms are finding that some accommodations required by ADA are more difficult to implement than the structural changes.

D) Businesses have found that even with the changes required by ADA, disabled workers are simply not capable of handling most types of jobs.

Q3) Identify and describe three common methods of training and developing employees.

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Page 13

Chapter 12: Dealing With Employeemanagement Issues

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Sample Questions

Q1) Today labor unions have seen a revitalization of support and union membership has increased significantly.

A)True

B)False

Q2) Labor unions and management hope to resolve issues through collective bargaining. Each side comes to the table with a range of options they are willing to consider, some more appealing than others. All options that each will consider fall within the ________.

A) the LRB list of possibilities.

B) the cases of consideration.

C) the lands of indifference.

D) bargaining zone.

Q3) A(n) ________ is a union official who works permanently in an organization and represents employee interests on a daily basis.

A) arbitrator

B) shop steward

C) mediator

D) president

Q4) Identify and discuss three controversial employee-management issues.

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Chapter 13: Marketing: Helping Buyers Buy

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Sample Questions

Q1) A firm that uses ________ segmentation divides a market into groups based on values, attitudes, or interests.

A) demographic

B) benefit

C) psychographic

D) normative

Q2) Rick, a marketing manager for Fix-It Tools, is discouraged with the way his organization markets its products. Currently Fix-It-Tools utilizes a strategy aimed toward the largest possible number of people. The company also relies heavily on television and online advertising. Rick protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. What does Fix-It currently practice?

A) a constant change strategy

B) relationship marketing

C) mass marketing

D) market segmentation

Q3) A phone or online survey is an example of primary data collection.

A)True

B)False

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Page 15

Chapter 14: Developing and Pricing Goods and Services

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Sample Questions

Q1) The trend toward self-service retailers has increased the importance of packaging.

A)True

B)False

Q2) Cutter's Catering Services advertises that they are the "friendliest caterers in town." Though their prices are no lower than the rates of competitors, they put a great deal of emphasis on getting to know the needs of their customers. They tailor their efforts to meet these needs, providing a unique dining experience that exactly matches the customer's expectations. Cutter's Catering is likely to find that this approach is more effective in achieving its goals than the use of aggressive price cutting.

A)True

B)False

Q3) When consumers reach the point of brand ________, the product becomes a specialty good.

A) association

B) desire

C) awareness

D) insistence

Q4) What is a brand? What is a brand name? What is meant by brand equity?

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Chapter 15: Distributing Products

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Sample Questions

Q1) Social commerce is a form of electronic commerce that involves social media.

A)True

B)False

Q2) ________ utility adds value to goods by having them available where people want them.

A) Spatial

B) Location specific

C) Place

D) Geographic

Q3) After developing a new jewelry design, Christina and Julee were fortunate to get the attention of a large online retailer. The retailer was willing to fund the production of the jewelry abroad, as long as the designers agreed to sell their design through its outlets for the first two years. The retailer was asking Christina and Julee to agree to

A) intensive distribution.

B) exclusive distribution.

C) multi-level distribution.

D) selective distribution.

Q4) Identify and describe the four basic types of distribution systems that are used to link firms in a formal relationship.

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Chapter 16: Using Effective Promotions

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Sample Questions

Q1) One of the distinct differences between ________ and other forms of advertising is the fact that the medium used allows for a dialogue exchange of information between buyers and sellers, instead of a monologue type approach.

A) product placement

B) direct mail

C) interactive promotion

D) infomercials

Q2) Which of the following is a consumer sales promotion activity?

A) contests

B) advertising

C) vending sales

D) direct mail

Q3) Independent producers can create self-published syndicated shows using A) webcasting.

B) email.

C) podcasting.

D) electronic production.

Q4) One problem with newspaper advertisements is that they have a short life span.

B)False

Q3) Which of the following terms best describes the relationship between the New York Stock Exchange and the NASDAQ?

A) cooperative

B) dependent

C) competitive

D) disastrous

Q4) Another name for the fixed rate of interest attached to a bond is the A) yield to maturity.

B) dividend.

C) coupon rate.

D) security rate.

Q6) Discuss the role of investment bankers in the securities markets. Page 21

Q5) Explain the differences between preferred stock and common stock.

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Page 22

Chapter 20: Money, Financial Institutions, and the Federal Reserve

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Q1) Everything else held constant, an international bank based in San Francisco would prefer to loan money to an efficient firm operating in Amsterdam, Holland, than an inefficient firm operating in New York.

A)True

B)False

Q2) The president of the U.S. is in control of the money supply in the U.S.

A)True

B)False

Q3) The Federal Reserve, which was established in 1907 and was to be a "lender of last resort," loans money to small businesses that are unable to obtain loans through private banks.

A)True

B)False

Q4) A demand deposit is the technical name for a checking account.

A)True

B)False

Q5) A significant increase in the money supply creates inflationary pressures in the economy.

A)True

B)False

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Chapter 21: Appendix: Working Within the Legal Environment

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Sample Questions

Q1) A warranty guarantees that

A) the seller will replace or repair the product at no charge if the customer finds a cheaper substitute.

B) the buyer has read and understood the information provided in the owner's manual.

C) consumers will have access to a customer complaint resolution hot line.

D) the product sold will be acceptable for the purpose for which the buyer intends to use it.

Q2) Trial courts hear cases involving criminal and civil law.

A)True

B)False

Q3) One result of deregulation in the airline industry has been A) less-intense competition.

B) increased aviation-related fatalities.

C) higher prices for consumers.

D) lower prices for consumers.

Q4) Unlike a patent, trademarks are not protected from infringement. A)True

B)False

Q5) Describe bankruptcy and three sections of the Bankruptcy Code.

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Chapter 22: Appendix: Using Technology to Manage Information

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Sample Questions

Q1) Steve has convinced top management at his company that they can use data-mining techniques to develop new marketing strategies. One of the keys to the success of his suggestion is

A) obtaining a powerful mainframe computer that can perform sophisticated statistical analysis on huge amounts of data.

B) converting all data into a quantitative format so that it can be easily manipulated.

C) outsourcing all IT functions to an outside expert that can look at the data with "fresh eyes."

D) finding a way to access and integrate information from all of the different departments and divisions within the organization.

Q2) Relevance is one of the key characteristics of useful information.

A)True

B)False

Q3) Intranets use a different, less sophisticated, type of technology than the Internet. A)True

B)False

Q4) What are the four characteristics of useful information?

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Chapter 23: Appendix: Managing Risk

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Sample Questions

Q1) Pure risk involves the chance of either a profit or a loss.

A)True

B)False

Q2) A surety bond protects employers from employee dishonesty.

A)True

B)False

Q3) Atlanta Appliances produces all of its products in one gigantic production facility near an earthquake fault line. Atlanta Appliances is the classic example of a firm that should use self-insurance to manage its risks.

A)True

B)False

Q4) A mutual insurance company is owned by its policyholders.

A)True

B)False

Q5) Enterprise risk management is

A) important to business.

B) irrelevant to business.

C) only used by nonprofit organizations.

D) only used by the Department of Homeland Security.

Q6) Explain what makes the acceptance of risk possible for insurance companies.

Page 26

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Chapter 24: Appendix: Managing Personal Finances

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Sample Questions

Q1) Everything else constant, the higher the deductible on your car insurance policy, the higher the premium for your car insurance.

A)True

B)False

Q2) Variable annuities offer investment choices identical to mutual funds.

A)True

B)False

Q3) One strategy used to lower car insurance premiums is to choose a policy with a large deductible.

A)True

B)False

Q4) Excessive debt is as much a problem of young consumers as it is of other age groups.

A)True

B)False

Q5) Ryan is in need of advice regarding investments, taxes, and insurance for himself and his family. He would be well advised to seek the advice of an insurance salesperson.

A)True

B)False

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