Introduction to Business Mock Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts and practices that underpin the modern business environment. Topics include the structure and functions of businesses, the roles of entrepreneurship and innovation, business ethics, management and leadership principles, marketing, accounting, finance, and human resources. Through real-world examples and case studies, students will gain an understanding of how businesses operate, compete, and adapt in a dynamic global marketplace, preparing them for further study or entry-level positions in the field of business.
Recommended Textbook
Business Now 1st Edition by Amit Shah
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13 Chapters
1151 Verified Questions
1151 Flashcards
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Page 2
Chapter 1: Introduction
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Currently,the richest group in the United States consists of people between the ages of:
A) 25 and 34
B) 35 and 44
C) 45 and 64
Answer: C
Q2) Return on investment means the money gained from taking a business venture risk.
A)True
B)False
Answer: True
Q3) Which one of the following is not an element in the business environment?
A) The economic and legal environment
B) The technological environment
C) The agricultural environment
D) The social environment
Answer: C
Q4) __________ is the buying and selling of goods over the Internet.
Answer: E-COMMERCE
Q5) An electronic storage file where information is kept is called a (n)__________. Answer: database
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Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) ___________ examines the behavior of people and organizations in particular markets.
Answer: Microeconomics
Q2) Mixed economies exist where some allocation of resources is made by the market and some by the government.
A)True
B)False
Answer: True
Q3) __________ refers to the quantity of products that people are willing and able to buy at different prices at a specific time.
A) Profit
B) Supply
C) Demand
D) Resource equivalence
Answer: C
Q4) The invisible hand is a theory developed by Thomas Malthus.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Competing in the Global Marketplace
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) In business,a market is the place where businesspeople purchase inventory.
A)True
B)False
Answer: False
Q2) List and define three types of business ownership.
Answer: The three types of business ownership are sole proprietorship,partnerships and corporations.A sole proprietorship is a form of ownership that involves one individual.A partnership is defined as a legal form of business with two or more owners.There are several forms of partnership.A corporation is a form of business ownership that provides limited liability.There are several corporate forms.
Q3) A conventional (C)corporation is a state chartered legal entity with the authority to act and have liability separate from its owners.
A)True
B)False
Answer: True
Q4) A partnership of only limited liability partners will pay higher income taxes.
A)True
B)False
Answer: False
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Chapter 4: Forms of Business Ownership
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77 Flashcards
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Sample Questions
Q1) The 4 Ps are product,price,place and promotion.
A)True
B)False
Q2) A channel of distribution consists of the whole set of marketing intermediaries that join together to support and store goods in their path from producers to consumers.
A)True
B)False
Q3) The break-even point is how many units of a product would have to be sold in order to make neither a profit nor a loss.
A)True
B)False
Q4) Define market segmentation and explain three of the methods marketers use to segment the market.
Q5) Which of the following is part of IMC?
A) Jingles
B) Sales promotions
C) Logo
D) All of the responses are correct
Q6) List the five major ways in which retailers compete for the consumer's dollar.
Page 6
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Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Vestibule training is also called near-the-job training.
A)True
B)False
Q2) The Family Medical Leave Act stipulates that companies with more than 50 employees must provide up to 12 weeks of unpaid leave to an employee upon birth or adoption of a child or upon serious illness of a parent,spouse or child.
A)True
B)False
Q3) Human resource management is the process determining human resource needs and then recruiting,selecting,training and developing,compensating,evaluating and scheduling employees to achieve organizational goals.
A)True
B)False
Q4) The purpose of the FMLA is to protect disabled employees.
A)True
B)False
Q5) Explain the concept of comparable worth.
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Q6) __________ training is done in classrooms where employees are taught on equipment similar to that used on the job.
Chapter 6: Management and Leadership in Todays
Organizations
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74 Flashcards
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Sample Questions
Q1) _________ manufacturing is a systematic approach to identifying and eliminating waste and no-value-added activities.
Q2) Which of the following statements best describes the distinction between production management and operations management? Production management involves:
A) Activities managers perform to help create services while operations management involves the activities managers perform to produce goods.
B) Activities managers perform to obtain physical resources while operations management involves the activities managers perform to obtain the financial resources.
C) Activities managers perform to help create goods while operations management is a broader term that involves the activities involved in producing services as well as goods.
D) Activities managers perform to help create intangible products while operations management involves the activities managers perform to produce tangible products.
Q3) Only manufacturers are eligible to apply for the Malcolm Baldridge Award.
A)True
B)False
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Chapter 7: Designing Organizational Structures
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87 Flashcards
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Sample Questions
Q1) In the 1970s business technology was known as:
A) Data processing
B) Information systems
C) Data analysis
D) Information technology
Q2) It is important for information provided to be relevant to the issue at hand.
A)True
B)False
Q3) Programming codes inserted into other programming to cause unexpected events are called:
A) Viruses
B) Beetles
C) Phishes
D) Gorillas
Q4) Data are the processed facts and figures that can be used for managerial decision making.
A)True
B)False
Q5) The phenomenon of information overload in business is called __________.
Q6) Raw,unanalyzed and unorganized facts and figures are called __________.
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Chapter 8: Managing Human Resources and Labor Relations
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Accountants within the organization often perform internal _______ to ensure that proper accounting procedures and financial reporting are being followed.
A) Ratios
B) Audits
C) Statements
D) Annual reports
Q2) A ledger is a record book in accounting where the transactions are kept for each day,week or month.
A)True
B)False
Q3) Missy is a managerial accountant for ABC Corp.She found that the transactions of the firm balanced by doing a trial balance.
A)True
B)False
Q4) Managerial accounting generates information for use outside the organization.
A)True
B)False
Q5) List and define 5 key areas of accounting.
Q6) ___________ are what the business owes to others (debts).
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Chapter 9: Motivating Employees
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) List and define the four functions of management.
Q2) Explain what management is and why it is important.
Q3) __________ planning is the setting of major,long-term goals for the company.
Q4) The traditional way to departmentalize organizations is by functions.
A)True
B)False
Q5) When employees know the job very well and trust exists among management and employees,the free-rein or laissez-faire leadership style is likely used.
A)True
B)False
Q6) The CEO is responsible for all top-level decisions in the firm.
A)True
B)False
Q7) Planning teams help businesses:
A) Find business opportunities
B) Monitor the environment
C) Watch for challenges
D) All of the responses are correct
Q8) List the unique challenges that managers face today.
Q9) Explain what SMART,SWOT and PEST are and how each is used. Page 11
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Chapter 10: Achieving World-Class Operations Management
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88 Verified Questions
88 Flashcards
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Sample Questions
Q1) Informal leadership occurs when someone may not have official authority or position but chooses to lead for a variety of reasons.
A)True
B)False
Q2) A transformational leader is successful by providing clear structure and guidelines to employees.
A)True
B)False
Q3) Google is the number one ranked place to work on Fortune's 2007 list.Which of the following is true of the Google workforce?
A) Employees are fully engaged toward accomplishing Google's mission, which they know well
B) Google employees come to work to get energized by their co-workers
C) Google employees are themselves at work
D) All of the responses are correct
Q4) An example of an intrinsic reward is personal satisfaction.
A)True
B)False
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Q5) A __________ leader is more likely to promise rewards for good performance.
Chapter 11: Creating Products and Pricing Strategies to Meet Customers
Needs
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) A tariff is a tax on imported goods.
A)True
B)False
Q2) To be successful,the firms entering a strategic alliance need to be roughly the same size.
A)True
B)False
Q3) Economics tells us that it is a poor idea to trade globally.
A)True
B)False
Q4) The attitude that one's own culture is superior to all others is called __________.
Q5) The strategy for reaching global markets with the least amount of risk is contract manufacturing.
A)True
B)False
Q6) Mercosur is an example of a common market.
A)True
B)False
Q7) List the six different strategies for reaching global markets.
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Chapter 12: Distributing and Promoting Products and Services
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Sample Questions
Q1) It is in the best interest of companies to be socially responsible,as it creates more loyal customers,shareholders and employees and benefits society.
A)True
B)False
Q2) __________ define the organization's guiding values,create an environment that supports ethically sound behavior and stress a shared accountability among employees.
A) Accountability-based ethics codes
B) Integrity-based ethics codes
C) Value-based ethics codes
D) Compliance-based ethics codes
Q3) Religion and culture are generally our source of ethics.
A)True
B)False
Q4) Corporate philanthropy includes the actions the company takes that could affect others.
A)True
B)False
Page 15
Q5) List and define the five sources of ethical standards.
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Chapter 13: Using Technology to Manage Information
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62 Verified Questions
62 Flashcards
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Sample Questions
Q1) Another name for Social Security is Old-Age,Survivors and Disability Insurance Program.
A)True
B)False
Q2) Whole life insurance is insurance where some part of the money you pay goes toward pure insurance and another part goes toward savings,so you are buying both insurance and a savings plan.
A)True
B)False
Q3) Mortgage payments shouldn't amount to more than 28% of your net income.
A)True
B)False
Q4) A Roth IRA is an investment that gets tax deductions when the money is deposited in the account.
A)True
B)False
Q5) Explain the type of information that is contained in a credit report.
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Q6) __________ insurance is pure insurance protection with no savings feature for a given number of years that typically costs less the younger you buy it.