Introduction to Business Practice Questions
Course Introduction
Introduction to Business provides students with a comprehensive overview of the core principles and functions of the modern business environment. The course covers fundamental topics such as management, marketing, finance, entrepreneurship, operations, and ethical decision-making. Students will explore the role of businesses in society, examine the economic and legal contexts in which businesses operate, and analyze how globalization, technology, and innovation influence organizational success. Through real-world examples, case studies, and group discussions, students gain practical insights and foundational skills necessary for further study or entry into the business world.
Recommended Textbook
Business A Changing World 9th Edition by
O. C. Ferrell
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16 Chapters
1518 Verified Questions
1518 Flashcards
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Page 2
Chapter 1: The Dynamics of Business and Economics
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Sample Questions
Q1) Increased unemployment can reduce consumer demand for goods and services,leading to
A) economic expansion.
B) inflation.
C) deflation.
D) a budget deficit.
E) recovery.
Answer: C
Q2) A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.
A)True
B)False
Answer: True
Q3) An oligopoly exists when there are many small businesses selling one standardized product.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Consumers vote against firms they view as socially irresponsible by not
A) boycotting the company's products.
B) expressing dissatisfaction by protesting.
C) writing their representatives in Congress.
D) buying the company's products.
E) filing complaints with the company.
Answer: D
Q2) Without a code of ethics or formal policy on ethics,employees are likely to base their decisions on how their peers and superiors behave.
A)True
B)False
Answer: True
Q3) The following behavior is an example of ethical consideration within business relationships:
A) keeping company secrets.
B) communicating with customers.
C) whistleblowing.
D) obeying environmental laws.
E) donating to local charities.
Answer: A
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Chapter 3: Business in a Borderless World
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Sample Questions
Q1) An absolute advantage exists when a country has a monopoly on a natural resource.
A)True
B)False
Answer: True
Q2) Around the globe,completely free trade is common.
A)True
B)False
Answer: False
Q3) Define the terms "balance of trade" and "balance of payments." What is the difference between these terms? Why are they important measures?
Answer: A nation's balance of trade is the difference in value between its exports and imports.The difference between the flow of money into and out of a country is called its balance of payments.The balance of payments is a much broader measure because it also takes into account foreign investments,foreign aid,loans,military expenditures,and money spent by tourists.It is important for nations to pay attention to both of these measures,as they can indicate economic health or weaknesses.A country with a highly negative balance of trade or of payments may be concerned about liquidity issues and the health of its overall economy.
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Chapter 4: Options for Organizing Business
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Sample Questions
Q1) The group of individuals elected by the stockholders to oversee the general operation of a corporation are known as the
A) middle managers.
B) top managers.
C) board of directors.
D) shareholders.
E) owners.
Q2) A leveraged buyout is an organization composed of small businesses that have banded together to reap the benefits of belonging to a larger organization.
A)True
B)False
Q3) According to the Internal Revenue Service,
A) profitable partnerships pay taxes before distributing profits.
B) partners report their share of profits as personal income.
C) partners pay no taxes.
D) partners have the most advantageous tax structure.
E) partnerships do not have to report their income on a tax return.
Q4) How do preferred stockholders differ from the common stockholders of a corporation?
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Chapter 5: Small Business, entrepreneurship, and Franchising
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Sample Questions
Q1) A license to sell another's products or to use another's name in business is called a A) franchise.
B) franchisee.
C) venture capital.
D) mortgage.
E) franchiser.
Q2) The business plan should do all of the following except
A) explain the business.
B) include estimates of income and expenses.
C) establish a strategy for acquiring sufficient funds.
D) include an analysis of the competition.
E) act as a constraint that limits the business's flexibility and decision making.
Q3) Retailing,services,manufacturing,and high technology are attractive to entrepreneurs because these fields tend to be relatively easy to enter and require low initial financing.
A)True
B)False
Q4) Evaluate the idea of a low-fat cookie and muffin retail store.
Page 7
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Chapter 6: The Nature of Management
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Sample Questions
Q1) When providing benefits,a manager is most closely involved with which of the following resources?
A) Natural
B) Physical
C) Human
D) Financial
E) Structural
Q2) Top managers spend most of their time performing which of the following management functions?
A) Directing
B) Controlling
C) Organizing
D) Staffing
E) Planning
Q3) What is a major weakness of the firm?
A) Having a poor quality product
B) Having a difficult leader
C) Having too many employees and excessive reliance on one product
D) Having too few employees
E) Offering too many products
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Chapter 7: Organization, teamwork, and Communication
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Sample Questions
Q1) Downward communication conveys
A) information about the grapevine.
B) explanations of decisions and orders.
C) complaints.
D) status reports.
E) policy questions.
Q2) Organizational culture is expressed informally through a firm's mission statement or code of ethics.
A)True
B)False
Q3) Which of the following is not part of organizational culture?
A) Values
B) Beliefs
C) Role models
D) Religion
E) Traditions
Q4) What is the difference between line structure and line-and-staff structure?
Q5) Organizational structures are always explicitly defined.
A)True
B)False
Page 9
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Chapter 8: Managing Service and Manufacturing Operations
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Sample Questions
Q1) What is quality control?
Q2) Viewed from the perspective of operations,the money used to purchase a carpenter's tools and the electricity used to run his power saw are A) processes. B) outputs.
C) inventory.
D) inputs.
E) maintenance costs.
Q3) Quality is a critical element of operations management.
A)True
B)False
Q4) Taxes are an important consideration when deciding where to locate a production facility.
A)True
B)False
Q5) The transformation process is at the heart of operations management.
A)True
B)False
Q7) What is operations management? Page 10
Q6) What mistake did McKing make in approaching the introduction of pizza?
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Chapter 9: Motivating the Workforce
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Sample Questions
Q1) Mary called her work group together and presented a problem to them: They need to accomplish some extra work in less time than usual.Her employees suggest a plan for handling the situation,and she accepts it.According to McGregor's Theory,Mary could be described as
A) a Theory X manager.
B) a Theory Y manager.
C) a pushover.
D) negligent.
E) a company person.
Q2) Hygiene factors include achievement,recognition,the work itself,responsibility,and advancement.
A)True
B)False
Q3) Human relations is important in business primarily because
A) it can prevent unions.
B) it affects worker morale and productivity.
C) employees like it,although management doesn't.
D) the government mandates it.
E) improves ethics.
Q4) What were the Hawthorne Studies?
Page 12
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Chapter 10: Managing Human Resources
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Sample Questions
Q1) On a performance appraisal,an objective assessment is quantifiable and must take into account the work environment.
A)True
B)False
Q2) All of the following would likely be requested on an employment application form except
A) name.
B) address.
C) religion.
D) previous work experience.
E) education.
Q3) What were laid-off employees at Medallion not given to help them in their transition?
A) Classes
B) One month severance pay
C) A free tropical vacation
D) An additional month of work
E) Job search and résumé support
Q4) What is the difference between a job description and a job specification?
Q5) Discuss tactics labor and management may use to gain their objectives.
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Acme Inc.is surveying customers as to what kinds of services they would like the company to add.It is involved in the marketing function of
A) buying.
B) storing.
C) financing.
D) marketing research.
E) risk taking.
Q2) How can new Internet technologies such as on online social networking be used in marketing research?
Q3) The marketing mix is a combination of
A) product,price,promotion,and distribution.
B) compensation,regulation,segmentation,and ethics.
C) sales,advertising,and publicity.
D) product,price,advertising,and distribution.
E) product,sales,advertising,and segmentation.
Q4) What is the marketing mix? Briefly describe its elements.
Q5) Why is marketing inherently risky? What kinds of risks are involved in engaging in marketing?
Q6) What is the marketing environment?
14
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Chapter 12: Dimensions of Marketing Strategy
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Sample Questions
Q1) Penetration pricing is less flexible than price skimming.
A)True
B)False
Q2) Miller targets its MGD 64 beer at those who want to drink beer without consuming many calories.This is
A) institutional advertising.
B) promotional positioning.
C) a push strategy.
D) a pull strategy.
E) publicity.
Q3) Maximizing profits and sales,boosting market share,maintaining the status quo,and survival are common pricing objectives.
A)True
B)False
Q4) Why are wholesalers an important part of many marketing channels?
Q5) Advertising is direct,two-way communication with buyers and potential buyers.
A)True
B)False
Q6) Describe the difference between a pull and a push promotional strategy.
Q7) What identifies products and distinguishes them from other products?
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Chapter 13: Digital Marketing and Social Networking
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Sample Questions
Q1) Which of the following is not a reason why a Fortune 500 company might maintain a blog?
A) To answer consumer concerns and questions
B) To spread negative information
C) To build enthusiasm for its products
D) To highlight positive company news and information
E) To defend corporate reputation
Q2) All of the following firms are examples of businesses that could not exist without digital media except
A) Best Buy.
B) YouTube.
C) Second Life.
D) Amazon.
E) Hulu.
Q3) What is not a popular service offered by social networking sites?
A) Download music
B) Send messages
C) Play games
D) Buy groceries
E) Upload photos
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Chapter 14: Accounting and Financial Statements
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Sample Questions
Q1) Profitability ratios measure how efficiently a firm uses its assets to generate $1 of sales.
A)True
B)False
Q2) Billy Banker has to decide whether to lend the Safe Toy Company $10,000 to pay suppliers.He will
A) review the company's financial statements.
B) give it the loan because he likes its toys.
C) see if its gum blows good bubbles.
D) ask its competition what to do.
E) turn down the loan application.
Q3) The debts Anna's Flowers owes to the Small Business Administration and her company's suppliers represent which of the following?
A) Owners' equity
B) Assets
C) Liabilities
D) Stock
E) Bonds
Q4) What is the accounting equation? Please describe each part.
Q5) How do managers and owners use financial statements?
Page 17
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Chapter 15: Money and the Financial System
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Sample Questions
Q1) The U.S.government created the Troubled Asset Relief Program (TARP)in an effort to prevent economic collapse during the most recent financial recession.
A)True
B)False
Q2) A credit union is owned and controlled by a larger bank.
A)True
B)False
Q3) Using commodities such as corn,livestock,or artisanal goods is not an effective means of exchange because the system lacks A) divisibility.
B) stability.
C) perishability.
D) durability.
E) counterfeitability.
Q4) Certificates of deposit are accounts with funds that usually cannot be withdrawn without advance notice and/or have limits on the number of withdrawals per period.
A)True
B)False
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Chapter 16: Financial Management and Securities Markets
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Sample Questions
Q1) What are some management techniques applied to current liabilities that Glasspray might use to improve its working capital position?
Q2) Which of the following is a current asset?
A) Accrued taxes
B) Short-term bank loans
C) Accounts payable
D) Accounts receivable
E) Accrued salaries
Q3) The goal of financial managers who focus on current assets is to
A) maximize returns on short-term assets.
B) minimize returns on short-term liabilities.
C) minimize returns on short-term assets.
D) decrease returns on working capital.
E) have as much cash as possible.
Q4) Stockholders who may receive dividends but cannot vote are called
A) common stockholders.
B) uncommon stockholders.
C) standard stockholders.
D) majority stockholders.
E) preferred stockholders.
Page 19
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