Introduction to Business Mock Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts and principles that underpin the world of commerce. This course explores the structure, functions, and roles of businesses in society, covering areas such as entrepreneurship, management, marketing, finance, and operations. Students learn about the various types of business organizations, the impact of economic and legal environments, and the importance of ethical decision-making. By examining real-world examples and engaging in practical activities, students gain foundational knowledge that prepares them for further study or careers in the dynamic field of business.
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BUSN 10th Edition by Marcella Kelly
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18 Chapters
1701 Verified Questions
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Page 2
Chapter 1: Business
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97 Verified Questions
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Sample Questions
Q1) Value is the relationship between the price of a good or a service and the benefits that it offers its customers.
A)True
B)False
Answer: True
Q2) Picxellate, a retail store chain, introduced a new mobile application that allows its customers to make online purchases. It also shows available products at every Picxellate store in the city for customers who wish to collect the products themselves. In this context, which dimension of the business environment is affected the most?
A)The global environment
B)The political environment
C)The social environment
D)The technological environment
Answer: D
Q3) In the context of making a career choice, following one's passion guarantees a fat paycheck.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Economics: the Framework for Business
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Sample Questions
Q1) Normander Corp. is a large media corporation that owns all the media outlets in Liecheben and a few news agencies internationally. Any new media company that tries to establish itself in Liecheben soon runs out of business because of the overpowering presence of Normander Corp. This scenario exemplifies _____.
A)pure competition
B)monopoly
C)monopolistic competition
D)oligopoly
Answer: B
Q2) Giovani, a baker, makes exactly 20 loaves of brown bread each day. These loaves of bread are delivered to the 20 individuals who have placed an order with him. The quantity associated with such a demand and supply pattern is called _____.
A)a vector quantity
B)the reserve requirement quantity
C)the equilibrium quantity
D)a latent quantity
Answer: C
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Chapter 3: The World Marketplace: Business Without Borders
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100 Verified Questions
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Sample Questions
Q1) Although a trade deficit signals the wealth of an economy that can afford to buy huge amounts of foreign products, a large deficit can be destabilizing.
A)True
B)False
Answer: True
Q2) In the context of barriers to international trade, _____ include differences among countries in language, attitudes, and values.
A)economic differences
B)sociocultural differences
C)political differences
D)legal differences
Answer: B
Q3) A firm that contracts with foreign producers has an obligation to ensure that those factories adhere to ethical standards.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Sample Questions
Q1) The personal needs, the culture, and the family of an individual influence his or her ethical choices.
A)True
B)False
Q2) Rudolf, a Polish manager in a company based in China, is admired by his colleagues for the way he interacts with people, his considerate nature, and his tolerance toward other cultures. In the context of universal ethical standards, Rudolf possesses the core value of _____.
A)subservience
B)foresight
C)accountability
D)respect
Q3) Heleus Oil & Gas Company routinely performs emission tests to keep a check on the emissions produced by its corporate operations and find new ways to reduce them significantly. In this scenario, Heleus Oil & Gas Company is tracking its:
A)Scope 1 emissions.
B)Scope 2 emissions.
C)Scope 3 emissions.
D)Scope 4 emissions.
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Chapter 5: Business Communication: Creating and Delivering Messages That Matter
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Sample Questions
Q1) Ron, an employee of Orifeon Corporation, is involved in various fraudulent activities. Recently, his team members found out about Ron's behavior and reported it to their manager, Jaden. Jaden decides to discuss this issue with Ron. In this scenario, which of the following communication channels is Jaden most likely to use?
A)Telephone
B)Face-to-face meeting
C)Memo
D)Text message
Q2) Before starting his presentation on the benefits of taxi services, Mark engages the spectators by asking them to imagine themselves driving in a drunken state. He goes on to ask them the possible outcomes that they can imagine. This exercise ensures that Mark gets the spectators' complete attention. In the given scenario, Mark uses _____ to open his presentation.
A)audience involvement
B)statistics
C)engaging questions
D)a simile
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Chapter 6: Business Formation: Choosing the Form That Fits
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Sample Questions
Q1) Which of the following is a characteristic of limited liability companies (LLCs)?
A)They are made to pay an annual franchise tax in many states.
B)They are subject to double taxation.
C)They do not allow foreign investors to serve as owners.
D)They are required to produce a larger amount of paperwork than corporations.
Q2) John and Lena sign a contract with the owner of Little Fairy, a well-known preschool chain, to start a preschool in their city. They take permission from the owner to use the name and products of Little Fairy. They also furnish their preschool in Little Fairy's trademark style. In this scenario, John and Lena are starting a _____.
A)corporation
B)sole proprietorship company
C)limited liability company
D)franchise
Q3) Franchising is used by companies to move into foreign markets.
A)True
B)False
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Chapter 7: Small Business and Entrepreneurship: Economic
Rocket Fuel
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Sample Questions
Q1) Priscilla is a trader of silver and diamond jewelry. Due to a recessionary trend in the industry, her business has not been making any profits for a few months. As the end of this economic trend cannot be easily ascertained, she decides to get her house mortgaged so that she can add a new line of business of trading in semi-precious stones. This financial risk appetite of Priscilla illustrates her _____ as an entrepreneur.
A)high energy levels
B)tolerance of uncertainty
C)tolerance of failure
D)deep visionary sense
Q2) Wendy quit her job as the regional manager of Rubicon Inc., a multinational company, and started her own fashion boutique. Within two years, she began earning more than what she earned during her tenure at Rubicon. Which of the following advantages of entrepreneurship is highlighted in the given scenario?
A)Survival
B)Greater flexibility
C)Independence
D)Greater financial success
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Page 9
Chapter 8: Accounting: Decision Making by the Numbers
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Sample Questions
Q1) Daniel, the owner of a bookstore, decides to reinvest his personal profits from the current fiscal year toward renovating the store and expanding its inventory. In the context of owners' equity, the profits that Daniel reinvests in the bookstore are called:
A)bonus shares.
B)retained earnings.
C)current liabilities.
D)equity releases.
Q2) Andrew is performing an audit of the financial statements of a cosmetics company. While analyzing the financial statements, he identifies some minor concerns. However, he believes that on balance the company's statements are accurate and its accounting methods are consistent with the generally accepted accounting principles. In this scenario, the independent auditor's report will most likely offer a(n) _____.
A)qualified opinion
B)unqualified opinion
C)adverse opinion
D)concurring opinion
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Chapter 9: Finance: Acquiring and Using Funds to Maximize
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Sample Questions
Q1) A budgeted income statement is a detailed forecast of future cash flows that helps financial managers identify when their firm is likely to experience temporary shortages or surpluses of cash.
A)True
B)False
Q2) Which of the following statements is true of current ratio?
A)The larger a firm's current ratio, the harder it is for the firm to pay its short-term debts.
B)The current ratio is a type of leverage ratio.
C)A current ratio that is below 1.0 signifies a company's inability to pay its short-term liabilities with its current assets.
D)The current ratio is computed by dividing a firm's current liabilities by its current assets.
Q3) Return-on-equity indicates how much net income a firm earned per share of common stock outstanding.
A)True
B)False
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11
Chapter 10: Financial Markets: Allocating Financial Resources
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Sample Questions
Q1) 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
Q2) VIO is a giant aviation company based in the United Kingdom. It is listed on the London Stock Exchange among the most actively traded companies. Albert has recently invested in the company shares of VIO. Therefore, he wants to keep a track on how the company stocks are performing. In this scenario, which of the following stock price indices would be helpful to Albert?
A)The FTSE 100
B)The SSE Composite
C)The Nikkei 225
D)The Russell 2000
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Chapter 11: Marketing: Building Profitable Customer
Connections
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Horizon Inc., an automobile designer and developer, conducted a survey to understand customer requirements. With the help of the survey data, the company has manufactured cars that suit the needs of its customers. Its newly designed cars are integrated with an advanced technology that lets customers choose the color of the interiors. The company has also designed touchscreens to control the navigation and climate in the cars. Which of the following concepts has Horizon Inc. employed?
A)Green marketing
B)Place marketing
C)Mass customization
D)Form utility
Q2) Boncidio Inc., a cell phone manufacturer, introduced a new cell phone model. 85 percent of this phone is made from biodegradable materials. This product attracts customers who give importance to using environment-friendly products in their daily lives. In the context of social responsibility and technology, Boncidio best illustrates
A)mass customization
B)cognitive dissonance
C)green marketing
D)behavioral segmentation
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) Consumers tend to view sponsorships in a positive light because:
A)they allow the consumers to get a first-hand experience of a product.
B)they are clearly connected to events that matter to the target audience.
C)they do not involve any form of transaction in either cash or kind.
D)only the premium brands opt for sponsorship.
Q2) Which of the following best defines a product life cycle?
A)It refers to the shelf life of a product.
B)It refers to the journey of a product from production to sale.
C)It refers to the process of recycling damaged products into new products.
D)It refers to the dynamic pattern of sales and profits of a product.
Q3) Clembor AgroSciences, an agrochemical company, mainly focuses on selling its products in rural markets. The company promotes goodwill by sending teams of salespeople to instruct farmers on the right usage of the products and responding to their agriculture-related queries. In this scenario, Clembor AgroSciences is engaged in
A)social selling
B)green marketing
C)cause-related marketing
D)missionary selling
Page 14
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Chapter 13: Distribution and Pricing: Right Product Right
Person Right Place Right Price
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Sample Questions
Q1) Which of the following statements is true of penetration pricing?
A)Penetration pricing makes sense only in categories that have a significant group of consumers who would be willing to pay a premium.
B)Penetration pricing involves increasing product prices to target upscale consumers.
C)A company using penetration pricing makes profit from the volume of sales.
D)A company using penetration pricing gains a very high profit on each individual sale.
Q2) Determine the fixed cost of a pencil manufacturing company per year if its breakeven point is 300,000 packets of pencils, selling price of each packet of pencil is $3, and the cost of equipment and labor to manufacture one packet of pencil is $1.
A)$300,000
B)$400,000
C)$500,000
D)$600,000
Q3) No firm can determine upfront how much money it needs to make for each item it sells.
A)True
B)False
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Page 15
Chapter 14: Management Motivation and Leadership: Bringing Business to Life
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Sample Questions
Q1) Although as a manager Anette may not have the best technical skills, she makes up for it through her excellent communication, team building, and coaching skills. Thus, in the context of management skills, Anette exhibits strong _____.
A)human skills
B)intrapersonal skills
C)life skills
D)cognitive skills
Q2) Geraldo is a vice president at Magnolis Inc. He, along with a few other individuals in his rank, is responsible for setting the overall direction of his company. He establishes a clear vision for the company and the milestones that the company needs to achieve over a period of time. In this scenario, Geraldo belongs to the _____ management in the management hierarchy.
A)general
B)middle
C)top
D)first-line
Q3) Departmentalization means breaking workers into logical groups.
A)True
B)False
16
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Chapter 15: Human Resource Management: Building a Top-Quality Workforce
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Sample Questions
Q1) _____ refer to noncash compensation, including programs such as health insurance, vacation, and childcare.
A)Gratuities
B)Bonuses
C)Commissions
D)Benefits
Q2) In the context of employee selection, which of the following statements is true of employment testing?
A)It rarely includes drug testing.
B)It takes place either before or after the evaluation process.
C)Physical exams are highly regulated by state and federal law.
D)Skills testing and personality testing do not carry any legal risk.
Q3) Irrespective of their performance, the salespeople at Carolyma, a baby products manufacturer, are always rated low during their appraisals by the sales manager. In the context of performance appraisals, which of the following does this scenario best illustrate?
A)Halo effect
B)Affirmative action
C)Employee separation
D)Negative leniency
Page 17
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Chapter 16: Managing Information and Technology: Finding
New Ways to Learn and
Link
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Sample Questions
Q1) Breto Lupix, a graphic design company, installed a new software in its computers that enabled them to design three-dimensional logos, brochures, and banners. In this scenario, Breto Lupix has installed _____ in its computers.
A)system software
B)antivirus software
C)applications software
D)copylefted software
Q2) Cloud resources are not confined to a specific platform or operating system.
A)True
B)False
Q3) Identify a true statement about radio frequency identification.
A)It improves the processing speed of a computer device.
B)It stores information on a microchip and transmits it to a reader.
C)The frequency covers vast areas and can be propagated across long distances.
D)The chips are usually powered by batteries.
Q4) Data become information when they are processed, organized, and presented in a way that makes them useful to a decision maker.
A)True
B)False
Page 18
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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) _____ software enables users to test, analyze, and optimize their designs through computer simulations.
A)Enterprise resource planning
B)Computer-aided engineering
C)System-aided manufacturing
D)Computer-integrated manufacturing
Q3) LightZone Inc., a manufacturer of LED lamps, uses a software to create programmed instructions for its automated equipment to ensure that the final product comes out as efficiently as possible. In this scenario, LightZone uses _____.
A)computer-aided engineering software
B)computer-aided design software
C)computer-aided processing software
D)computer-aided manufacturing software
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Page 19
Chapter 18: Appendix: Personal Finance
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Sample Questions
Q1) Taking a pay cut from your temporary job to get experience in your career field most often lowers your chances of landing a good job.
A)True
B)False
Q2) __________are expenditures for which the spender has significant control in terms of the amount and timing.
A)Obligatory payments
B)Irremissible payments
C)Discretionary payments
D)Compulsory payments
Q3) _____ is a distribution of profits paid out to stockholders by a corporation.
A)Capital appreciation
B)A capital gain
C)A salary
D)A dividend
Q4) The Federal Deposit Insurance Corporation (FDIC) insures individual deposits up to $250,000 per account in FDIC-insured banks.
A)True
B)False
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