Introduction to Business Final Exam Questions
Course Introduction
Introduction to Business provides an overview of the essential concepts, functions, and practices of modern business organizations. Students explore topics such as management, marketing, finance, entrepreneurship, ethics, and the global business environment. The course emphasizes how businesses operate, make decisions, and adapt to change, offering practical insights into the roles of individuals and teams in achieving organizational goals. Through case studies and real-world examples, students gain foundational knowledge to understand the dynamic world of commerce and prepare for further study or entry-level positions in the business field.
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Business in Action 7th Edition by Courtland L. Bovee
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Page 2
Chapter 1: Developing a Business Mindset
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Q1) ________ is the quality of performing at a high level and conducting oneself with purpose and pride.
A) Business mindset
B) Professionalism
C) Job enrichment
D) Positive reinforcement
E) Etiquette
Answer: B
Q2) Compare and contrast between capital-intensive businesses and labor-intensive businesses.
Answer: Capital-intensive businesses require large amounts of money,equipment,land,and other resources to get started and to operate.Goods-producing businesses are often capital-intensive businesses.Service businesses tend to be labor-intensive businesses in that they rely more on human resources than buildings,machinery,and equipment to prosper.However,the Internet and other technologies have reduced the labor required to operate many types of service businesses.
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Chapter 2: Understanding Basic Economics
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Q1) List the major factors that affect the overall demand of a product.
Answer: The effects of some of the major factors that can cause overall demand to increase or decrease: customer income
customer preferences toward the product (fears regarding airline safety,for example) the price of substitute products (products that can be purchased instead of air travel,including rail tickets,automobile travel,or web conferencing) the price of complementary products (such as hotel accommodations or restaurant dining for the airline industry)
marketing expenditures (for advertising and other promotional efforts) customer expectations about future prices and their own financial well-being
Q2) Which of the following is an example of deregulation?
A) lifting redundant restrictions on airline competition
B) banning the sale of tobacco to minors under the age of 18
C) lowering the speed limit on an interstate highway
D) approving a proposed merger between Google and Microsoft
E) establishing economic development zones to attract new businesses
Answer: A
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Chapter 3: The Global Marketplace
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Q1) The European Union has created a currency of its own.
A)True
B)False
Answer: True
Q2) Which of the following is a principle that governs the world trade organization's work?
A) giving preference to trading partners who provide maximum business
B) protecting domestic industries by offering financial assistance
C) making trade policies more predictable and less arbitrary
D) establishing dumping procedures to prevent pollution in developed countries
E) implementing protectionist ideologies to establish fair trade between nations
Answer: C
Q3) Which of the following arguments supports the idea of free trade?
A) Dumping rules and tariffs should be stricter in developing countries.
B) International trade must take place without any interference.
C) Organizations should prefer local workers to foreign workers.
D) Local businesses should obtain help from governments.
E) Governments should subsidize exporters to promote global trade.
Answer: B
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Page 5
Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Which of the following is an example of insider trading?
A) The marketing manager of a company is accused of using company resources for personal use.
B) An executive receives a compensation comprising of cash, paid expenses, and shares of the company.
C) An employee hacks the firm's computer networks, systems, and databases to obtain customer records so that he can sell the information to rival firms.
D) The chief executive officer of an IT company purchases shares in the company as he learns that the company is being taken over by a leading, global IT firm.
E) A firm disseminates fraudulent information in chat rooms, forums, Internet boards, and via email, with the purpose of causing a dramatic price increase in thinly traded stocks of the company.
Q2) Philanthropy involves social contributions that are directly aligned with a company's business strategy.
A)True
B)False
Q3) What is defensive CSR? How is it different from proactive CSR?
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Page 6
Chapter 5: Forms of Ownership
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Q1) Compare and contrast mergers and acquisitions.
Q2) Which of the following is a key difference between a corporation and a sole proprietorship?
A) Compared to establishing a proprietorship, establishing a corporation is easier.
B) Unlike a corporation, a proprietorship is subject to double taxation.
C) Regulatory requirements are less severe for corporations than sole proprietorships.
D) Unlike a sole proprietorship, a corporation is subject to limited liability.
E) Establishing a sole proprietorship has complex legal requirements unlike a corporation.
Q3) In a(n)________,one company simply buys a controlling interest in the voting stock of another company.
A) limited partnership
B) consolidation
C) acquisition
D) joint venture
E) strategic alliance
Q4) Compare and contrast a limited liability company and a benefit corporation.
Q5) Compare and contrast sole proprietorships and general partnerships.
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Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) Money used or needed to set up a new business is ________.
A) an incubator fund
B) seed money
C) an initial public offering
D) public financing
E) an advisory board loan
Q2) Which of the following statements is TRUE about the Service Corps of Retired Executives (SCORE)?
A) It is a resource partner of the SBA.
B) It works on a contractual basis with large businesses.
C) It offers advice and one-to-one counseling to entrepreneurs, in return for company shares.
D) It offers resources and programs to minority-owned businesses.
E) It hires retired executives to work as consultants for a nominal fee.
Q3) Which of the following is most likely to encourage entrepreneurship?
A) inability to find attractive employment anywhere else
B) increased market regulations
C) inadequate protection of property rights
D) excessive market regulation
E) monopolistic business practices
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Chapter 7: Management Roles, Functions, and Skills
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Q1) Autocratic leaders allow subordinates to make all the decisions concerning their performance.
A)True
B)False
Q2) A goal is a broad,long-term accomplishment that an organization wants to achieve.
A)True
B)False
Q3) Choosing a candidate from several job applicants is an example of the ________ role of managers.
A) interpersonal
B) instructional
C) collaborative
D) decisional
E) informational
Q4) Compare and contrast mission statements,vision statements,and values statements.
Q5) Compare and contrast cognitive intelligence and social intelligence.
Q6) Compare and contrast quantitative forecasts with qualitative forecasts.
Q7) Do you think having a positive culture is important to an organization? Explain your answer.
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Chapter 8: Organization and Teamwork
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Q1) What is a team? How does a functional team differ from a cross-functional team?
Q2) Compare and contrast functional structure with divisional structure.
Q3) Core competencies are those activities in which a company excels and has the potential to create competitive advantages.
A)True
B)False
Q4) Which of the following is a measure of how committed team members are to their team's goals?
A) groupthink
B) vertical integration
C) horizontal integration
D) decentralization
E) cohesiveness
Q5) Discuss the advantages and disadvantages of work specialization.
Q6) Identify and define the stages of team development according to Bruce Tuckman.
Q7) Compare and contrast centralization with decentralization.
Q8) Define span of management.How does the span of management in flat organizations differ from that in tall organizations.
Q9) Compare and contrast a task force with a committee.
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Chapter 9: Production Systems
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Sample Questions
Q1) Customer involvement tends to be more for goods than services.
A)True
B)False
Q2) Kaizen calls for continuous quality improvements.
A)True
B)False
Q3) Buxus Auto is a U.S.manufacturer of automobiles.The company used to procure car accessories from a firm based in China.The quality of the parts the firm was receiving from China was below par and the firm decides to stop the purchase from China and procure the accessories from a U.S.based firm.This is an example of ________.
A) offshoring
B) outsourcing
C) leveraging
D) reshoring
E) external valuation
Q4) Outsourcing and offshoring are synonymous terms.
A)True
B)False
Q5) Compare and contrast the production of goods and services.
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Chapter 10: Employee Motivation
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Sample Questions
Q1) At the top of Maslow's hierarchy is self-actualization need.
A)True
B)False
Q2) Carrey works as a bank teller who handles deposits and disbursement.In an attempt to improve her motivation,Carrie's manager asks her to distribute traveler's checks and sell certificates of deposit as well.Though the additional tasks are no more challenging than what Carrey has been doing,they give her more to do.This is an example of
A) job rotation
B) cross-training
C) job enlargement
D) benchmarking
E) centralization
Q3) Compare and contrast the three critical psychological states described in the job characteristics model.
Q4) Compare and contrast management by objectives with the job characteristics model.
Q5) Discuss the criteria that must be met for goals to function as effective motivators.
Q6) Compare and contrast positive reinforcement with negative reinforcement.
12
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Chapter 11: Human Resources Management
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Sample Questions
Q1) Compare and contrast commissions with bonus.
Q2) An overall environment that results from job and work conditions is called
A) ergonomics
B) work-life balance
C) quality of work life
D) job enrichment
E) employee turnover
Q3) Karen works at Pinnacle Industries,a manufacturer of snowmobiles,ATVs,and neighborhood electric vehicles based in Minnesota.She was a victim of domestic violence,and suffered from severe depression.The firm offered her company-sponsored private psychotherapy sessions with a certified therapist.In this example,Pinnacle Industries offers Karen which of the following employee benefit plans?
A) 401(k) plan
B) sliding-scale plans
C) employee assistance program
D) health savings accounts
E) health insurance buying groups
Q4) Compare and contrast wage and salary?
Q5) Discuss the processes involved in training and developing employees.
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Chapter 12: Labor Relations
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Q1) ________ is an escalating process of discipline that gives employees several opportunities to correct performance problems before being terminated.
A) Collective bargaining
B) Labor relation
C) Progressive discipline
D) Grievance procedure
E) Total quality management
Q2) Labor unions are organizations that represent employees in negotiations with management.
A)True
B)False
Q3) Identify and discuss the "alt-labor" movement.
Q4) The term unfair labor practices refers to unlawful acts made by either unions or management.
A)True
B)False
Q5) Explain how unions use publicity campaigns to pressure management.
Q6) Compare and contrast mediation and arbitration.
Q7) Explain the importance of the Landrum-Griffith Act.
Page 14
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Chapter 13: The Art and Science of Marketing
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Q1) KLM Inc.,a textile-manufacturing firm,has been supplying mesh fabric to Clarence Furnitures for one year.KLM Inc.is delayed by two days in delivering a scheduled batch of mesh fabric to Clarence Furnitures.The firm had met all its previous supply dates,and adhered to all the required quality standards.KLM Inc.follows a relationship marketing strategy.In keeping with this strategy,KLM Inc.is most likely to ________.
A) give Clarence Furnitures a 20% discount on the material supplied B) send an email to Clarence Furnitures informing them about the delay C) ask Clarence Furnitures for an extension on future supplies as well
D) take disciplinary action against employees who were responsible for the delay E) make structural changes to enable the firm to detect and prevent such delays
Q2) Differences between a person's actual state and his or her ideal state is termed as
A) cognition
B) utility
C) needs
D) perception
E) drive
Q3) Compare and contrast product development with market development.Explain using an example.
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Page 15
Chapter 14: Product and Pricing Strategies
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Q1) Rose Perfumes is a well-known perfume brand in Europe.The firm markets a large collection of perfumes.In order to expand its business,the firm decides to enter the U.S.market.The firm keeps its prices very low to capture the market rapidly.Identify the pricing strategy that the firm is using.
A) cost-based pricing
B) value-based pricing
C) penetration pricing
D) freemium pricing
E) optimal pricing
Q2) ________ are expensive organizational products with a long useful life.
A) Shopping products
B) Capital items
C) Expense items
D) Specialty products
E) Convenience products
Q3) Shopping products are particular brands that the buyer especially wants and will seek out,regardless of location or price.
A)True
B)False
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Page 16
Chapter 15: Distribution and Marketing Logistics
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Q1) Only specially selected retailers are allowed to stock and sell the orthopedic shoes by Ace Footware Manufacturers.The firm sells through a limited number of retailers and develops solid working relationships with the retailers to ensure that the product is properly merchandised.The retailers selling the products also provide sales and service support for Ace Footware products.Ace Footware Manufacturers uses which of the following market coverage strategies?
A) strategic sourcing
B) multichannel retailing
C) selective distribution
D) retail theater
E) disintermediation
Q2) Wholesalers differ from retailers in that wholesalers ________.
A) sell products to organizational customers
B) are marketing intermediaries
C) primarily sell products to consumers for personal use
D) cannot sell products to consumers for personal use
E) create place utility and time utility
Q3) Compare and contrast full-service merchant wholesalers with limited-service merchant wholesalers.
Q4) Compare and contrast merchant wholesalers with agents and brokers.
Page 17
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Chapter 16: Customer Communication
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Q1) Targeted display advertising allows customers or website visitors to opt-in to mailing lists.
A)True
B)False
Q2) The paid display or use of products in television shows,movies,and video games is referred to as media mix.
A)True
B)False
Q3) In ________,behaviorally targeted ads follow users even as they move on to other Web sites.
A) attack ads
B) advocacy advertising
C) cooperative advertising
D) remarketing
E) search engine marketing
Q4) The measurability of direct marketing is one of its greatest appeals.
A)True
B)False
Q5) Discuss integrated marketing communications.
Q6) Compare and contrast viral marketing with conversation marketing.
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Chapter 17: Financial Information and Accounting Concepts
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Q1) Total liabilities divided by total assets will yield the ________ ratio.
A) debt-to-equity
B) current
C) acid-test
D) asset turnover
E) debt-to-assets
Q2) Charles Associates is an accounting firm that provides accounting services to many companies across the United States.The company follows an accounting system where it records revenue only when the money is actually received.Identify the accounting system that this company is using.
A) depreciation
B) deferral basis
C) accrual basis
D) profit basis
E) cash basis
Q3) Describe double-entry bookkeeping and the matching principle.
Q4) Net income refers to profit earned or loss incurred by a firm.
A)True
B)False
Q5) Explain the significance of the income statement of a business.
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Chapter 18: Financial Management
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Q1) Which of the following is a major advantage of raising funds through selling shares of ownership?
A) Selling shares to the public makes the company's operations less complicated.
B) It does not change the way a company is managed.
C) It consumes less time than other forms of financing.
D) It has tremendous potential to fuel organizational growth.
E) Owners do not risk their position in the firm when selling shares.
Q2) Highly leveraged companies will have adequate funds to spend on advertising,staffing,and product development.
A)True
B)False
Q3) Rex Associates has a poor credit rating and is finding it difficult to obtain loans.In order to fund a new project,the company decides to let out one of its buildings to a bank.The company obtains funds in return from the bank.This is an example of
A) unsecured lending
B) factoring
C) leasing
D) long-term lending
E) short-term lending
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Chapter 19: Financial Markets and Investment Strategies
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Q1) Describe the different order types you can use when you buy or sell a stock.
Q2) No-load funds are mutual funds that ________.
A) do not charge sales commission
B) offer high rates of interest
C) offer low rates of interest
D) do not invest in equity shares
E) offer huge tax benefits to investors
Q3) Albert buys the stock of an established corporation,mainly to obtain good dividends.However,the corporation's growth is limited.This stock is an example of a defensive stock.
A)True
B)False
Q4) Suppliers use futures contracts to protect themselves from future price decreases. A)True
B)False
Q5) Investing in bonds typically has higher risk than investing in stocks. A)True
B)False
Q6) Explain why companies perform stock split.
Page 21
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Chapter 20: The Money Supply and Banking Systems
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Q1) The ________ is a fundamental driver of economic behavior because it influences short-term and long-term interest rates,foreign exchange rates,and inflation.
A) retail banking manifesto
B) amortization ratio
C) global prime rate
D) federal funds rate
E) prime mortgage market
Q2) If the Fed sells Treasuries in open-market operations,the country's money supply increases.
A)True
B)False
Q3) Finance companies are non-bank institutions that lend money to consumers and businesses for a wide variety of purposes.
A)True
B)False
Q4) Identify the forces behind the real estate bubble and the Great Recession of 2007-2009.
Q5) Compare and contrast thrift banks and credit unions.
Q6) Compare and contrast retail banks and merchant banks.
Page 22
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