Introduction to Business Question Bank
Course Introduction
Introduction to Business offers students a comprehensive overview of the fundamental principles and practices of modern business. The course examines the roles of entrepreneurship, management, marketing, accounting, finance, and ethical decision-making within various types of organizations. Through case studies and real-world examples, students gain insight into the dynamic environment of business, understanding how economic, social, and technological forces impact organizational success. By the end of the course, students will be equipped with foundational knowledge to pursue further studies or careers in business-related fields.
Recommended Textbook
Business in Action 7th Edition by Courtland L. Bovee
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Page 2
Chapter 1: Developing a Business Mindset
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Sample Questions
Q1) A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.
A)True
B)False
Answer: False
Q2) True professionals avoid committing ethical lapses.
A)True
B)False
Answer: True
Q3) A/an ________ is a framework of how a business intends to generate revenue.
A) business model
B) strategic management tool
C) profitability analysis
D) competitive advantage
E) entrepreneurial mindset
Answer: A
Q4) Assets refer to the tangible economic resources owned by a firm.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) ________ is the study of how a society uses its scarce resources to produce and distribute goods and services.
A) Anthropology
B) Economics
C) Proxemics
D) Entrepreneurship
E) Sociology
Answer: B
Q2) Movement along the supply curve typically slopes upward.
A)True
B)False
Answer: True
Q3) ________ refers to the quantities of a good or service that producers will provide on a particular date at various prices.
A) Necessity
B) Supply
C) Demand
D) Utility
E) Want
Answer: B
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Chapter 3: The Global Marketplace
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Sample Questions
Q1) China imposes duties on automobiles imported to China.This is an example of a(n)________.
A) import sanction
B) tariff
C) import quota
D) embargo
E) restrictive import standard
Answer: B
Q2) Which of the following is an objective of protectionism?
A) reducing the purchasing power of individuals
B) guard specific industries in a nation
C) enhancing trade between nations
D) increasing foreign direct investment
E) helping developing nations engage in global trade
Answer: B
Q3) A country that imports more than it exports would have a trade surplus.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Discuss some of the key responsibilities that employers have regarding employees.Compare them with the responsibility they have toward consumers.
Q2) Compare and contrast the minimalist and the purely cynical perspective on corporate social responsibility.
Q3) The CEO of a pharmaceutical firm learns that the FDA is going to deny approval for one of the company's drugs.He knows this will have a negative effect on the company's stock,so he quickly tells his broker to sell all of his shares of company stock before the news is announced.This is an example of ________.
A) strategic CSR
B) whistle-blowing
C) utilitarianism
D) a code of ethics
E) insider trading
Q4) What is consumerism? List the fundamental consumer rights.
Q5) President John F.Kennedy announced a "bill of rights" for consumers,laying the foundation for a wave of consumer-oriented legislation.
A)True
B)False
6
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Chapter 5: Forms of Ownership
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Sample Questions
Q1) Corporate officers of a company ________.
A) are hired by the board of directors of a company
B) have voting rights in directorial meetings
C) are hired by the chief executives of a firm
D) have voting rights on shareholding issues
E) are elected by the shareholders of the company
Q2) What is shareholder activism?
Q3) An electronic appliance marketing company merges with one of its suppliers to form a larger company.This is an example of a ________ merger.
A) market-extension
B) product differentiation
C) conglomerate
D) vertical
E) product-extension
Q4) One company buys a controlling interest in the voting stock of another company in a merger.
A)True
B)False
Q5) Compare and contrast a general partnership and a limited partnership.
Q6) Explain the advantages of operating as a sole proprietorship.
Page 7
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Chapter 6: Entrepreneurship and Small Business Ownership
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Sample Questions
Q1) Angel investors provide money to finance new businesses in exchange for a large rate of interest.
A)True
B)False
Q2) You have decided to open a pet store and signed an agreement with Dogz-N-Catz Centers RUs.You and the company have drawn up an agreement that allows you to use the Dogz-N-Catz name and its business format,to receive training,and to use its advertising materials.Under this agreement,Dogz-N-Catz Inc.is the ________.
A) franchisor
B) microinvestor
C) angel investor
D) venture capitalist
E) business mentor
Q3) Unlike venture capitalists,angel investors tend to ________.
A) invest larger amounts of money in start-ups
B) remain involved with the company for a very short time
C) focus more on local opportunities
D) be investment specialists with an extremely focused and selective approach
E) invest mostly in high-potential areas
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Page 8
Chapter 7: Management Roles, Functions, and Skills
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Sample Questions
Q1) Compare and contrast the roles of top managers and middle managers.
Q2) You have been working under the same manager for nearly a year.During that time,you have been allowed to do your job with almost no interference from your manager.The manager's only concern seems to be that you are efficient and productive and meet your goals.Since this manager surrenders most of her responsibility to her subordinates,she would be referred to as a(n)________ leader.
A) democratic
B) transactional
C) autocratic
D) laissez-faire
E) authoritarian
Q3) The executive dashboard is a tool that provides quick-read summaries of vital performance variables.
A)True
B)False
Q4) Quality is a measure of how productive an organization's employees are.
A)True
B)False
Q5) Describe 'SMART' goals with an example.
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Chapter 8: Organization and Teamwork
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Sample Questions
Q1) Social networking can also help a company maintain a sense of community even as it grows beyond the size that normally permits a lot of daily interaction.
A)True
B)False
Q2) What is a team? How does a functional team differ from a cross-functional team?
Q3) Which of the following does an organization chart do?
A) depicts the attrition rate in the organization
B) depicts the costs incurred by the organization
C) shows lines of authority in the organization
D) shows the performance of the organization
E) shows the growth curve of employees
Q4) Compare and contrast matrix structure with network structure.
Q5) Discuss the steps team members and team leaders can take to prevent conflicts.
Q6) Which of the following is an advantage of working in a team?
A) Business teams encourage groupthink.
B) Teams improve flexibility and responsiveness.
C) Business teams can lead to more time being spent on decisions than necessary.
D) Influential teams can compete with the formal chain of command.
E) Teams lower the diversity of views.
Q7) Define the five major types of organization structure.
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Chapter 9: Production Systems
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Sample Questions
Q1) The technology known as ________ attaches small antenna tags to products or shipping containers to help the company track where needed materials are in its supply chain.
A) WiFi intelligence (WFI)
B) resource identification protocols (RIP)
C) ISO informatics (ISOI)
D) just-in-time systematics (JITS)
E) radio frequency identification (RFID)
Q2) ________ refers to establishing the overall level of resources needed to meet customer demand.
A) Production planning
B) Facility analysis
C) Capacity planning
D) Process control
E) Critical path analysis
Q3) Inventory control refers to determining how much of what to have on hand at any given time.
A)True
B)False
Q4) Explain the significance of procurement in a business.
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Chapter 10: Employee Motivation
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Sample Questions
Q1) ________ connects an employee's efforts to the outcome he or she thinks will result from those efforts.
A) Maslow's hierarchy
B) Herzberg's two-factor theory
C) David McClelland's three needs theory
D) Expectancy theory
E) Equity theory
Q2) Discuss McClelland's three-needs theory.How does the three-needs theory differ from other classical theories?
Q3) According to Maslow's hierarchy of needs theory,which of the following are self-actualization needs?
A) A person's need to give and receive love and to feel a sense of belonging.
B) A person's need for a sense of self-worth, status, and attention.
C) A person's need to become what he or she is capable of becoming.
D) A person's needs for security and protection from physical and emotional harm.
E) A person's needs for food, clothing, and shelter.
Q4) Job enrichment expands a job horizontally.
A)True
B)False
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Chapter 11: Human Resources Management
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Sample Questions
Q1) Pay for performance requires employees to accept a lower base pay but rewards them with bonuses,commissions,or stock options if they reach agreed-upon goals.
A)True
B)False
Q2) John did not promote Cynthia because he thought that a woman could not supervise male construction crews in his company.Given that Cynthia had the necessary experience and credentials,John may have been guilty of ________.
A) narcissism
B) collective bargaining
C) nepotism
D) sexism
E) ethnocentrism
Q3) What is a 401(k)plan? How does it differ from an employee stock-ownership plan?
Q4) According to a recent survey of the companies that make up the S&P 500 stock market index,CEOs are paid roughly 20 times more than average workers are paid.
A)True
B)False
Q5) Discuss the processes involved in training and developing employees.
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Chapter 12: Labor Relations
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Sample Questions
Q1) Which of the following is a valid observation of arbitrators?
A) Arbitrators usually represent the management rather than the union.
B) Collective bargaining contracts must specify a permanent arbitrator.
C) Most arbitrators are chosen on a case-by-case basis.
D) Most decisions by arbitrators are not legally binding.
E) Arbitrators usually represent the union rather than the management.
Q2) Union members take a decertification vote to increase the scope of a union's objectives.
A)True
B)False
Q3) The Labor-Management Reporting Act is intended to ensure democratic processes and financial accountability within unions.
A)True
B)False
Q4) Collective bargaining is a negotiation between union and management negotiators to forge the human resources policies that will apply to all employees covered by a contract.
A)True
B)False
Q5) What are unfair labor practices? Provide examples.
Page 14
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Chapter 13: The Art and Science of Marketing
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Sample Questions
Q1) Compare and contrast surveys with interviews and focus groups.
Q2) A research technique that measures the brain activity of customers while they are viewing or interacting with your company's products or brands is known as ________.
A) neuromarketing studies
B) experiments
C) psychoanalysis
D) transactional analysis
E) focus groups
Q3) Which of the following statements is TRUE about the marketing concept?
A) It views the customer only as a target to be sold to.
B) It views the primary purpose of a business as making things.
C) It believes in building short-term relationships with customers.
D) It refers to the view that companies should respond to customers' needs.
E) It counts on customers to figure out which products they need and take the steps to find and purchase them.
Q4) At one time or another,all consumers suffer from cognitive dissonance.
A)True
B)False
Q5) Compare and contrast concentrated marketing with micromarketing.
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Chapter 14: Product and Pricing Strategies
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Sample Questions
Q1) Which of the following refers to a graphical representation of a brand?
A) brand equity
B) brand name
C) trademark
D) logo
E) prototype
Q2) ________ are expensive organizational products with a long useful life.
A) Shopping products
B) Capital items
C) Expense items
D) Specialty products
E) Convenience products
Q3) Skim pricing is used during the ________ stage of a product.
A) introductory
B) maturity
C) decline
D) growth
E) saturation
Q4) Explain loss-leader pricing.
Q5) Describe how products are classified according to their intended use.
Page 16
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Chapter 15: Distribution and Marketing Logistics
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Sample Questions
Q1) Merchant wholesalers that sell products to organizational customers for internal operations or the production of other goods,rather than to retailers for resale,are called
A) manufacturers' representatives
B) drop shippers
C) rack jobbers
D) distributors
E) system integrators
Q2) Which of the following statements is TRUE about physical distribution and logistics?
A) Physical distribution refers to the planning, movement, and flow of goods and related information throughout the supply chain.
B) Forecasting includes a number of activities, such as recording the sale, making the appropriate accounting entries, and billing the customer.
C) Containerized shipping restricts flexibility in transportation.
D) Air transport tends to be the cheapest method of transportation.
E) In a typical distribution center, goods produced at a variety of locations are collected, sorted, coded, and redistributed to fill customer orders.
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17
Chapter 16: Customer Communication
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Sample Questions
Q1) Compare and contrast personal selling with consultative selling.
Q2) Targeted display advertising allows customers or website visitors to opt-in to mailing lists.
A)True
B)False
Q3) In ________,the salesperson recites or even reads a stock message,with no regard for the customer's unique circumstances.
A) canned sales pitch
B) prospecting
C) direct marketing
D) behavioral targeting
E) consultative selling
Q4) Compare and contrast trade promotions with consumer promotions.
Q5) Which of the following is an advantage of using newspapers as an advertising media?
A) long lead time for placing ads
B) low visual competition from other ads
C) extensive market coverage
D) long life span
E) printed papers have rapidly increasing readership in most cities
Page 18
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Chapter 17: Financial Information and Accounting Concepts
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Sample Questions
Q1) Financial accounting is concerned with preparing cost analyses,profitability reports,budgets,and other information for insiders such as management and other company decision makers.
A)True
B)False
Q2) A reduction in a manufacturer's inventory turnover ratio is likely to indicate that the
A) market growth has been very high
B) sales are slowing down
C) forecasting has been accurate
D) company is in a strong financial position
E) company has long-term debt obligations
Q3) The ________ is a financial record that represents a company's revenues,expenses,and profits over a given period of time.
A) statement of current assets
B) income statement
C) balance sheet
D) cash flow statement
E) statement of financial position
Q4) Describe double-entry bookkeeping and the matching principle.
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Chapter 18: Financial Management
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Sample Questions
Q1) Inventory represents a cost while it is waiting to be sold.
A)True
B)False
Q2) The purpose of issuing a prospectus during a public stock offering is to ________.
A) validate the corporate bonds issued by them
B) provide information to the underwriters
C) disclose information to the SEC
D) create opportunities for debt financing
E) obtain short-term financing from institutions
Q3) Prime interest rate is the ________.
A) lowest rate of interest that banks charge for short-term loans
B) average rate of interest charged by banks on their customers
C) interest rate that the Federal Reserve charges on loans
D) interest that the Federal Reserve pays for deposits
E) interest rate banks charge to their least creditworthy customers
Q4) Accounts receivable refers to the money owed to a firm by its customers.
A)True
B)False
Q5) Compare and contrast credit cards and trade credit.
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Chapter 19: Financial Markets and Investment Strategies
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Sample Questions
Q1) Preferred stock appreciates in value much faster than common stock.
A)True
B)False
Q2) A company's price/earnings ratio is determined by dividing the market value per share by the earnings per share.
A)True
B)False
Q3) With a zero-coupon bond the purchaser buys the bond at a discount from the face value.
A)True
B)False
Q4) Compare and contrast call options and put options.
Q5) A bond's face value is $2000.Its coupon is 9 percent.The bond's present market value is $1800.What is the current yield of the bond?
A) 12 percent
B) 6 percent
C) 9 percent
D) 8.1 percent
E) 10 percent
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Chapter 20: The Money Supply and Banking Systems
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Sample Questions
Q1) Compare and contrast thrift banks and credit unions.
Q2) Jackson Group,Inc.is an American multinational banking firm.It offers such services as stock market brokerage,underwriting,and initial public offering.Jackson Group is an example of a(n)________.
A) merchant bank
B) credit union
C) thrift bank
D) private bank
E) investment bank
Q3) ________ is the government-sponsored enterprise responsible for guaranteeing and funding home mortgages.
A) The secondary mortgage market
B) Freddie Mac
C) Fannie Mae
D) The NYSE
E) The Federal Deposit Insurance Corporation
Q4) Investment banks provide services to the general public.
A)True
B)False
Q5) Compare and contrast federal funds rate and discount rate.
Page 22
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