Introduction to Business Question Bank - 1515 Verified Questions

Introduction to Business Question Bank

Course Introduction

Introduction to Business provides students with a comprehensive overview of the principles and practices that drive the modern business world. The course covers core topics such as the business environment, organizational structures, management, marketing, accounting, finance, and entrepreneurship. Students learn about the interplay between businesses and their various stakeholders, as well as key skills such as decision-making, communication, and problem-solving. By the end of the course, students will have a foundational understanding of how businesses operate and the factors that contribute to their success in a dynamic, global marketplace.

Recommended Textbook

Business A Changing World 8th Edition by

O. C. Ferrell

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16 Chapters

1515 Verified Questions

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Page 2

Chapter 1: The Dynamics of Business and Economics

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Sample Questions

Q1) Economic expansion occurs when

A)fewer goods and services are produced than consumers demand.

B)an economy is growing and people are spending more money.

C)a nation's standard of living drops quickly.

D)employment levels decline over time.

E)prices begin to rise and incomes begin to fall.

Answer: B

Q2) What are the people and activities of business? Define each group.

Answer: The people of business are owners,employees,and customers.Owners have to put up resources-money or credit-to start a business.Employees are responsible for the work that goes on within a business.Owners can manage the business themselves or hire employees to accomplish this task.A business's most important role is to satisfy the customers who buy its goods or services.The major activities of business are: Management,Marketing and Finance.

Q3) Economic contraction occurs when

A)spending increases.

B)spending declines.

C)jobs increase.

D)inflation decreases.

Answer: B

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Chapter 2: Business Ethics and Social Responsibility

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Sample Questions

Q1) The Sarbanes-Oxley Act was passed to

A)punish those who committed accounting fraud in the late 1990s.

B)improve corporate profits.

C)help laid-off employees get their jobs back.

D)help investors recoup their losses.

E)help restore confidence in Corporate America.

Answer: E

Q2) If a manager pressures a subordinate to engage in activities that he or she may otherwise view as unethical,such as accounting fraud or stealing a competitor's secrets,there exists an ethical issue related to A)plagiarism.

B)business relationships.

C)communications.

D)fairness and honesty.

E)conflicts of interest.

Answer: B

Q3) All a business has to do to maintain ethical conduct is to follow the law.

A)True

B)False

Answer: False

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Chapter 3: Business in a Borderless World

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Sample Questions

Q1) Exporting is the purchase of products from another nation.

A)True

B)False

Answer: False

Q2) International business involves the buying,selling,and trading of goods and services across national boundaries.

A)True

B)False

Answer: True

Q3) The law that allows selected American firms desiring international trade to form monopolies to compete with foreign cartels is the

A)Webb-Pomerene Export Trade Act.

B)Bretton Woods Agreement.

C)GATT.

D)Foreign Corrupt Practices Act.

E)Sherman Antitrust Act.

Answer: A

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Chapter 4: Options for Organizing Business

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Sample Questions

Q1) Articles of partnership are required by many states for businesses that have two or more co-owners.The issues covered usually include all of the following except

A)a statement of what each partner contributes.

B)how the profits and losses will be divided.

C)what duties the partners will have.

D)provisions for leaving the partnership.

E)classes of stock to be issued.

Q2) Which of the following requires owners to perform many functions and possess diverse skills to make decisions?

A)Corporation

B)Partnership

C)Sole proprietorship

D)Cooperative

E)Holding company

Q3) Preferred stockholders receive dividends before common stockholders and have principle voting rights as well.

A)True

B)False

Q4) Define the partnership form of business organization.What are its advantages?

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Chapter 5: Small Business, Entrepreneurship, and Franchising

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Sample Questions

Q1) Intrapreneurs take responsibility for the development of innovations of any kind within larger organizations.

A)True

B)False

Q2) The most important source of funds for any new business is the employees.

A)True

B)False

Q3) Why do small businesses have a high failure rate?

Q4) A number of very successful high technology businesses began as small entrepreneurial ventures.

A)True

B)False

Q5) Advances in _____ have opened many new markets for small businesses,allowing them to more effectively expand their businesses and marketing efforts into new markets.

A)government regulation

B)demand for services

C)technology

D)consumer tastes

E)chain retail stores

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Chapter 6: The Nature of Management

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Sample Questions

Q1) The specific operations of the organization,plant,division,or department would most typically involve

A)top management.

B)middle management.

C)first-line management.

D)the board of directors.

E)stockholders.

Q2) What are the five activities,in the order delineated in your text,of the control process?

Q3) 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

Q4) What is management?

Q5) Human relations skills are highly important for managers.

A)True

B)False

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Chapter 7: Organization, Teamwork, and Communication

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Sample Questions

Q1) Quality assurance teams are groups of employees brought together to solve specific quality,productivity,or service problems.

A)True

B)False

Q2) All of the following are approaches to departmentalization except A)function.

B)product.

C)geographic region.

D)customer.

E)line.

Q3) What are the different means of organizational departmentalization? Be sure to give an illustrative example of each.

Q4) When the decisions of a company are very risky and low-level managers lack decision-making skills,the company will tend to

A)decentralize.

B)delegate.

C)centralize.

D)organize.

E)matricize.

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Chapter 8: Managing Service and Manufacturing Operations

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Sample Questions

Q1) Production refers to all the activities involved in producing products,while operations refers to the physical process of transforming resources into goods and services.

A)True

B)False

Q2) What is sustainability and how does it impact manufacturing?

Q3) Managing finished products and packaging them are activities most closely associated with marketing.

A)True

B)False

Q4) How have computers and robots influenced the operations of business?

Q5) A company performing large,complex tasks such as construction or exploration is called a(n)

A)continuous manufacturing organization.

B)intermittent organization.

C)project organization.

D)construction company.

E)oil company.

Q6) What mistake did McKing make in approaching the introduction of pizza?

Q7) Why do services tend to be more labor-intensive than manufacturing?

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Chapter 9: Motivating the Workforce

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Sample Questions

Q1) Human relations is the study of

A)organizational objectives.

B)individual and group behavior in organizations.

C)individuals in organizations.

D)groups in organizations.

E)managers in organizations.

Q2) Job sharing occurs when a company shortens the workweek of all employees by a few hours to avoid layoffs.

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)all of the above.

Q4) What is the importance of motivational strategies?

Q5) What is the difference between an intrinsic and an extrinsic reward? Provide an example of each.

Q6) What were the Hawthorne Studies?

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Chapter 10: Managing Human Resources

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Sample Questions

Q1) The performance appraisal provides information about

A)employees' personal lives.

B)the informal organization.

C)what is on the grapevine.

D)the quality of selection programs.

E)product quality.

Q2) What are some of the legal issues involved in recruiting and selecting potential employees?

Q3) Joe Johnson was recently moved to a new position in his company that involved learning new skills and work assignments even though Joe received no pay increase.This would best be called a

A)promotion.

B)transfer.

C)separation.

D)layoff.

E)movement.

Q4) Wages are based on the number of hours an employee works or the output achieved.

A)True

B)False

Page 12

Q5) What are some of the ways a worker may be compensated?

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Chapter 11: Customer Driven Marketing

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Sample Questions

Q1) Computers and advances that improve new-product development are associated with

A)regulatory forces.

B)economic forces.

C)competitive forces.

D)technological forces.

E)political forces.

Q2) Which of the following is not a social force in the marketing environment?

A)Public opinions

B)Attitudes about livings standards

C)Ethics

D)Lifestyles and quality of life issues

E)Technological advancements

Q3) Which of the following is not a competitive or economic force in the marketing environment?

A)Competitive relationships

B)Unemployment

C)Laws and regulations

D)Inflation

E)Recessions and depressions

Q4) What is the marketing environment?

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Chapter 12: Dimensions of Marketing Strategy

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Sample Questions

Q1) What is Deluxe Chips planning in order to accommodate its market's changing tastes?

A)A line of healthier snacks

B)Adding additional nutritional information to its packaging

C)Branching out into yogurt and dairy products

D)Adding a beverages division

E)Nothing-its chips remain popular

Q2) Price is an important factor in the marketing mix for all of the following reasons except

A)it affects product image.

B)it is very flexible.

C)it directly affects revenue and profits.

D)it is the most visible element in the firm's marketing mix.

E)it requires long-term commitments with other members of the supply chain.

Q3) What is physical distribution?

Q4) Critique your marketing strategy in terms of its strengths and weaknesses.

Q5) What are objectives behind pricing,and what different considerations go into determining the price of a product?

Q6) Why are wholesalers an important part of many marketing channels?

Q7) Name two pricing strategies a firm might use.

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Chapter 13: Digital Marketing and Social Networking

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Sample Questions

Q1) What is NOT a popular service offered by social networking sites?

A)Download music

B)Send emails

C)Play games

D)Manage your grocery bill

E)Upload photos Social networking sites allow users to perform a variety of actions and offer a selection of services-but so far do not help people balance their grocery budgets.

Q2) Illegal sharing of Internet content is not a major intellectual property problem.

A)True

B)False

Q3) Cell phones are the channel that most think will dominate digital communication in the future.

A)True

B)False

Q4) Digital media have fundamentally altered the marketing mix.

A)True

B)False

Q5) How do digital media help companies become more environmentally friendly?

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Chapter 14: Money and the Financial System

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Sample Questions

Q1) What is the difference between a certified public accountant (CPA)and a private accountant?

Q2) Ratio analysis is used to determine all of the following except

A)what a firm is worth.

B)how much a firm made or lost.

C)how a firm compares to others in the industry.

D)how a firm compares to its stated goals.

E)how a company's cash flows changed from the beginning to the end of an accounting period.

Q3) What are the fundamentals of the accounting process?

A)Journals and ledgers

B)The accounting equation and the double-entry bookkeeping system

C)The accounting equation and the accounting cycle

D)Double-entry bookkeeping and the accounting cycle

E)Ledgers and financial statements

Q4) Assets are a firm's economic resources.

A)True

B)False

Q5) What effect did the most recent financial crisis have on the accounting industry?

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Chapter 15: Accounting and Financial Statements

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Sample Questions

Q1) To carry out its function of controlling the supply of money,the Federal Reserve Board

A)uses financial policy.

B)uses monetary policy.

C)prints money.

D)taxes issues.

E)destroys old money.

Q2) A credit union is owned and controlled by a larger bank.

A)True

B)False

Q3) As a result of changing laws and regulations,commercial banks are moving beyond their traditional sources of income to develop new services such as A)credit cards.

B)consumer loans.

C)selling securities.

D)certificates of deposit.

E)all of the above.

Q4) Fiat money is backed by gold. A)True B)False

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Chapter 16: Financial Management and Securities Markets

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Sample Questions

Q1) Which of the following is the most risky?

A)Adding to a product line

B)Introducing a new product in a foreign market

C)Introducing a new product in a familiar market

D)Buying new equipment for an established market

E)All of the above carry the same risk.

Q2) Long-term assets are also called what?

A)Current

B)Lengthy

C)Comprehensive

D)Fixed

E)Relevant

Q3) List the important components of a firm's working capital.Include both current assets and current liabilities.

Q4) 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 return on working capital.

E)none of the above

Page 18

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