Introduction to Business Midterm Exam
Course Introduction
Introduction to Business offers a comprehensive overview of the fundamental principles and practices that shape the modern business environment. This course covers key topics such as business structures, management, marketing, finance, entrepreneurship, ethics, and the impact of globalization on business operations. Students will explore how businesses are planned, launched, organized, and managed while developing critical thinking and problem-solving skills necessary for todays dynamic workplace. By the end of the course, learners will have a solid foundation in business concepts and be better prepared to understand and participate in the business world.
Recommended Textbook
Better Business 3rd Edition by Michael
R. Solomon
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21 Chapters
1726 Verified Questions
1726 Flashcards
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Page 2
Chapter 1: Business Basics
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Sample Questions
Q1) The private enterprise system assumes that competition benefits consumers.
A)True
B)False
Answer: True
Q2) Which of the following problems is potentially posed by an aging population?
A) higher taxes
B) lower deficit
C) labor surpluses
D) fewer business opportunities
E) decreased demand for social services
Answer: A
Q3) Labor is a factor of production that refers to any physical or ________ work people contribute to a business's production.
A) intellectual
B) emotional
C) unionized
D) entrepreneurial
E) technological
Answer: A
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Page 3
Chapter 2: Economics and Banking
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Sample Questions
Q1) Cyclical unemployment measures those out of work during the off-season,such as those employed in agriculture and snow-,beach-,or holiday-related industries.
A)True
B)False
Answer: False
Q2) Macroeconomics is the study of how certain occurrences affect the economy as a whole.
A)True
B)False
Answer: True
Q3) The main function of economics is to study ________.
A) the exchange of goods and services between individuals, businesses, and nations
B) the exchange of cultural information in a diverse society
C) the stock exchange
D) the exchange of diplomatic relations between nations
E) the exchange of ideas about motivation and behavior in the workplace
Answer: A
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Chapter 3: Ethics in Business
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Sample Questions
Q1) What does it mean when a firm goes "green"?
A) It becomes eco-friendly.
B) It becomes political.
C) The business shifts to bigger profit goals.
D) The type of product sold by the business changes.
E) It gets out of "the red" and starts making a profit.
Answer: A
Q2) Which of the following best defines the essential task of self-reporting?
A) to define values and ethical standards in the workplace
B) to report the company's actions regarding corporate social responsibility to its stockholders
C) to donate profits or resources to socially conscious and environmental organizations
D) to submit all financial accounts to public scrutiny
E) to use social media to raise awareness of and funds for worthy causes
Answer: B
Q3) In effect,ethics are the guidelines you use to make daily decisions.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business in a Global Economy
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Sample Questions
Q1) The nation of North Xi has a ________ currency that cannot be exchanged in a foreign exchange market.
A) countertrade
B) nonconvertible
C) flexible
D) fixed
E) freely floating
Q2) What are the advantages and disadvantages of joint ventures?
Q3) Describe the theory of comparative advantage.
Q4) An American company enters the Mexican market by sharing ownership of a subsidiary firm with a Mexican company.This is an example of a(n)________.
A) contract manufacturing arrangement
B) joint venture
C) strategic alliance
D) export agreement
E) franchise
Q5) How do most economists feel about protectionist trade barriers?
Q6) In addition to exchange rates,what are three economic challenges to conducting international business?
Page 6
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Chapter 5: Small Business and the Entrepreneur
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Sample Questions
Q1) If an individual needs funds to finance a small business and does not want to finance the business using loans,what other sources of funding might be available? Briefly describe each potential source of funding and indicate what kind of business enterprise would be the ideal candidate for each source of funding.
Q2) There are a number of different categories of entrepreneurs operating today.Identify and describe the different types of entrepreneurs.
Q3) Many e-commerce businesses failed in the late 1990s because ________.
A) their online stores were a source of identity fraud
B) they were owned by young entrepreneurs
C) there was an economic decline called the "dot-com bust"
D) they did not plan for rapid growth and lacked sufficient inventory to fulfill orders
E) they had too many other online competitors
Q4) What is an entrepreneurial team? Describe the major reasons why an entrepreneurial team might be formed.
Q5) Small businesses are becoming increasingly important to the economy.Describe several specific ways that small business is contributing to the American economy.
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Chapter 6: Forms of Business Ownership
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Sample Questions
Q1) Which of the following is the limit of liability of a limited partner?
A) the amount of their investment
B) the amount of business capital
C) the amount of their shared profits
D) the amount of their personal assets
E) the amount of his/her share of the profits
Q2) Lizzie is the CEO of a large corporation that offers accounting services to several companies.She has tried to acquire her closest rival,but her rival's management is opposed to the idea.In order to gain a competitive edge,Lizzie starts a campaign to persuade her rival company's shareholders to vote out its existing management in the hopes of replacing it with a management team more sympathetic to the goals of the acquiring company.Which method of acquiring a company is Lizzie using?
A) conglomeration
B) proxy fight
C) tender offer
D) synergistic value
E) cooperative takeover
Q3) An advantage of S corporations over C corporations is they avoid double taxation.Explain how this works.
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Page 8
Chapter 7: Business Management and Organization
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Sample Questions
Q1) What type of business is suited to a network organization?
Q2) Sally Hodges manages the housekeeping staff at a luxury resort.Most of the workers she interacts with are originally from Guatemala.Sally has decided to take a course in Spanish in order to communicate better with her staff.She is developing her ________ skills.
A) interpersonal
B) technical
C) leadership
D) conceptual
E) decision-making
Q3) When is the annual budget for an organization developed?
A) during strategic planning
B) during tactical planning
C) during operational planning
D) during contingency planning
E) during SWOT analysis
Q4) What are some challenges to the vertical organizational structure?
Q5) It is important for a marketing manager to have strong accounting skills.
A)True
B)False
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Chapter 8: Motivation, Leadership, and Teamwork
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Sample Questions
Q1) Luis works as a marketing manager for a consumer products company.He feels strongly about the product lines he manages and is dedicated to the company's mission and ideals.Luis' product lines are among the best sellers in the company.According to the Q12,Luis is classified as ________.
A) engaged
B) not engaged
C) actively disengaged
D) moderately disengaged
E) unengaging
Q2) Eric's new job really interests him.He finds himself completely immersed in his work and so focused that the tasks seem effortless.What term describes this state of rapt attention?
A) flow
B) expectancy
C) resonance
D) valence
E) disengagement
Q3) Describe a good work team.Why are they valuable to the workplace?
Q4) How has technology changed the design of work teams?
Q5) Compare and contrast organizational and industrial psychology.
10
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Chapter 9: Human Resource Management
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Sample Questions
Q1) Tyrone is an African American and,during a recent job interview,was told that he would not be hired because the interviewer had issues with the color of his skin.Which federal law was created to combat this kind of discrimination?
A) Civil Rights Act of 1964
B) Americans with Disabilities Act
C) Age Discrimination in Employment Act
D) Race Discrimination in Employment Act
E) Workplace Diversity Act
Q2) Kyle has just accepted a job as an accountant for a large firm.He is deaf,so his employer is expected to accommodate Kyle's needs with some modified telephone equipment.These reasonable accommodations are legislated under the ________.
A) Civil Rights Act of 1964
B) Americans with Disabilities Act
C) Age Discrimination in Employment Act
D) Discrimination Act of 1999
E) Workplace Diversity Act
Q3) Why might performance management systems be preferred to the performance appraisal system?
Q4) What kinds of things happen when negotiations break down?
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Chapter 10: Online Business and Technology
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Sample Questions
Q1) What is the role of the information technology (IT)department?
Q2) What is the main difference between an IT system and an MIS system? Provide an example of how an MIS professional could contribute to a technology-related business decision.
Q3) Software that tracks your personal information and sends it to a third party without your knowledge is called ________.
A) adware
B) spyware
C) phishing
D) spam
E) viral marketing
Q4) UPS has a(n)________ that allows businesses to examine UPS services and prices and track shipments.
A) company website
B) procurement exchange site
C) specialized industry portal site
D) information site
E) brokering site
Q5) What are the advantages to the owners and customers of a "click and mortar" business?
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Chapter 11: Production, operations, and the Supply Chain
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Sample Questions
Q1) Jamie is given a routine project to manage and is told materials will become available in three weeks.She has built a strong relationship and trust level with the supplier.Her next step is to ________.
A) contact her suppliers to see if materials can be shipped sooner
B) develop a schedule and determine a shipping date
C) develop a schedule based on the shipping date
D) determine the start date based on project completion date
E) assign the job to an entire work center
Q2) Facility layout is the function of operations management that considers the physical arrangement of resources,including people,in the production process
A)True
B)False
Q3) Kim is implementing the concept of total quality management within her company.The results she expects include ________.
A) a higher standard of products and increased cost savings
B) higher prices for products due to the extra process involved
C) a one-time product improvement unlikely to reproduce
D) a limited presence in the global marketplace
E) putting the responsibility for quality on just one team
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Page 13
Chapter 12: Marketing and Consumer Behavior
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Sample Questions
Q1) The first step in the marketing process is to ________.
A) conduct market research
B) identify an unfilled market need
C) determine costs in relation to potential benefits of the product
D) establish brand recognition
E) nurture good customer relationships
Q2) What is the type of market segmentation based on lifestyles called? Provide an example of a retailer who would segment the market based on lifestyles.
Q3) Ethnicity is an example of geographic market segmentation.
A)True
B)False
Q4) Marketing is an ongoing process of tweaking a business to satisfy customers in order to ensure quality,value,and repeat business.
A)True
B)False
Q5) What are the four elements of a good marketing plan?
Q6) How can social media be used in market research?
Q7) Why is it important for a business to analyze the competition?
Q8) What are the five steps in the marketing process?
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Chapter 13: Product Development and Pricing Strategies
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Sample Questions
Q1) A store that sets its prices at the same level as the store across the mall is using the pricing objective of ________.
A) creating an image
B) status quo pricing
C) achieving greater market share
D) achieving social objectives
E) building traffic
Q2) Describe the commercialization step of product development.
Q3) Business-to-business (B2B)products are goods and services purchased by households for personal consumption.
A)True
B)False
Q4) Salespeople bringing suggestions for a new fast food item to the headquarters of their food manufacturer is an example of ________.
A) product analysis
B) commercialization
C) idea generation
D) idea screening
E) concept testing
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Chapter 14: Promotion and Distribution
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Sample Questions
Q1) The task referred to as creative selling is MOST often done by ________.
A) an order taker
B) an order getter
C) support personnel
D) a sales clerk
E) a copy writer
Q2) Personal selling is preferred over advertising when selling a technically complex product.
A)True
B)False
Q3) In the context of personal selling,what does it mean to overcome objections?
Q4) Intermediaries that facilitate negotiations between buyers and sellers of goods and services but never take ownership of products traded are called retailers.
A)True
B)False
Q5) After making a successful presentation,a salesperson will have no need to overcome objections.
A)True
B)False
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Chapter 15: Financing and Tracking Business Operations
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Sample Questions
Q1) All of the following are parts of the foundation of financial management EXCEPT
A) describing the history of double entry bookkeeping
B) tracking past financial transactions
C) controlling current revenues
D) planning for future financial needs of the company
E) controlling current expenses
Q2) Because of growing customer demand,Dave and Michelle want to double the size of their store.How can accounting help?
Q3) Factoring is the process of selling accounts receivable for cash instead of using them as collateral for a loan.
A)True
B)False
Q4) What is a cash flow budget?
Q5) How does financial management compare to other business activities?
Q6) What is debt financing?
Q7) Assets are the amounts that a company owes to its creditors.
A)True
B)False
Q8) What does GAAP stand for? Briefly describe its purpose.
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Chapter 16: Investment Opportunities in the Securities Market
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Sample Questions
Q1) Which federal agency oversees and regulates the buying and selling of stocks and bonds?
A) Federal Trade Commission
B) Commerce Department
C) Federal Reserve Board
D) Securities and Exchange Commission
E) New York Stock Exchange
Q2) Which of the following is NOT one of four main reasons why mutual funds are popular with investors?
A) government guarantees that minimize risk
B) professional management by experienced people
C) professional assurance of diversification
D) ease of buying into it with little money
E) high level of liquidity
Q3) An option requires that you purchase the asset in question unless you sell the option first.
A)True
B)False
Q4) Is it possible to have money in a savings account and actually lose purchasing power in the long run?
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Chapter 17: Business Law
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Sample Questions
Q1) A regulation passed by the Food and Drug Administration strengthening the rules for drug safety and requiring manufacturers to prove their drugs' effectiveness is an example of ________ law.
A) constitutional
B) statutory
C) administrative
D) case
E) common
Q2) Recently the Environmental Protection Agency has been focusing its attention on modifying the United States energy policy in response to global warming concerns.
A)True
B)False
Q3) What is the FTC's interest in mergers?
Q4) What does "UCC " stand for?
A) Uniform Commercial Code
B) Unintentional Commerce Claim
C) Unfair Contract Consideration
D) Undue Copyright Challenge
E) Union Corporation Credit
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Chapter 18: Constructing an Effective Business Plan
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Sample Questions
Q1) You recently graduated from business school and you want to open up a small pizzeria in a large college town.There is a perfect space to lease for the pizzeria; however,a few doors down is a very well-established Italian restaurant that has been around since 1964.Their food has been legendary for all of those years.How would a market analysis help you decide if opening up the pizzeria near the restaurant would be a good idea or not?
Q2) Which of the following points does the existence of a business plan demonstrate?
A) The business process has been carefully planned.
B) The business will be financially successful.
C) The business fulfills an important market need.
D) The business has full-time employees.
E) The business has a unique idea.
Q3) "Indulge and treat yourself to a luxurious day at Shasta Mountain Spa and experience rejuvenation and peace" is a competitive advantage statement.
A)True
B)False
Q4) Describe in a paragraph why a well-defined business plan may attract high-quality employees.
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Page 20
Chapter 19: Business Communications
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Sample Questions
Q1) To date,collaborative business communications tends to mean that people gather in conference rooms around conference tables.
A)True
B)False
Q2) What are some of the advantages of videoconferencing for business communications?
Q3) You may not know what software the recipient of your e-mail has; therefore,if you are sending an attachment you should not send it in PDF format.
A)True
B)False
Q4) Which statement BEST describes why good presentations skills are important in business?
A) You often need to persuade, educate, or inform a group about your ideas.
B) You often need to debate your ideas and theories in a group setting.
C) Your ability to successfully give presentations determines your salary.
D) Your ability to successfully give presentations will ensure that you move up in the company.
E) You will need to give presentations in every job you will hold in your career.
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Chapter 20: Finding a Job
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Sample Questions
Q1) What is a chronological resume and when is it the appropriate?
Q2) Employers generally only spend about 15 seconds reviewing a resume.
A)True
B)False
Q3) A multimedia portfolio ________.
A) should only be used by an artist or writer
B) can include papers, projects, posters, videos of presentations, or photos of you volunteering for a charitable organization
C) doesn't need to include your most exceptional work
D) can just be something thrown together for an interview
E) should always be done instead of creating your own website
Q4) What are the steps to take to get the best results from cold calling?
Q5) Which type of cover letter would you send to ask for information regarding your job search?
A) an application letter
B) a referral letter
C) a prospecting letter
D) a networking letter
E) a courtesy letter
Q6) Identify at least three negotiating strategies.
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Chapter 21: Personal Finance
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Sample Questions
Q1) Paying off all credit card debt is an example of which step of financial planning?
A) take a financial inventory
B) know where your money goes
C) execute the plan
D) monitor and assess your plan
E) create a budget
Q2) Money management is critical for corporations,but not for individuals.
A)True
B)False
Q3) One way to establish credit is to begin with a single store credit card or a single-purpose credit card,such as a gas card.
A)True
B)False
Q4) What is compound interest?
Q5) If you are self-employed or your employer does not offer retirement benefits,you should set up your own retirement program.
A)True
B)False
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