Introduction to Business Solved Exam Questions
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts and functions of the business world. The course explores key topics such as management, marketing, finance, accounting, human resources, and entrepreneurship, emphasizing how these areas interconnect within various types of organizations. Students will examine the role of businesses in society, analyze ethical and social responsibilities, and develop critical thinking and problem-solving skills through case studies and real-world examples. This course equips students with a foundational understanding of business principles, preparing them for further study and informed participation in the global economy.
Recommended Textbook Business in Action 7th Edition by Courtland L. Bovee
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Chapter 1: Developing a Business Mindset
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Q1) Which of the following enables companies to design new and better ways to run their operations?
A) process R&D
B) legal and regulatory environment
C) barriers to entry
D) economies of scale
E) market environment
Answer: A
Q2) Assets refer to the tangible economic resources owned by a firm.
A)True
B)False
Answer: False
Q3) The advent of ________ has put buyers and sellers on much more equal footing.
A) cloud computing
B) B2B marketing
C) adaptive technology
D) social media
E) pop-up advertising
Answer: D
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Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) While gross domestic product (GDP)considers where the production occurs,________ considers who is responsible for the production.
A) human development index (HDI)
B) producer price index (PPI)
C) gross national product (GNP)
D) consumer price index (CPI)
E) economic stability index (ESI)
Answer: C
Q2) Frictional unemployment is caused by economic fluctuations.
A)True
B)False
Answer: False
Q3) Cyclical unemployment is caused by a mismatch between workers' skills and current employer needs.
A)True
B)False
Answer: False
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Chapter 3: The Global Marketplace
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Sample Questions
Q1) A country can assist its domestic producers by implementing ________ such as special business licenses and limiting foreign companies' access to them.
A) export subsidies
B) embargos
C) import quotas
D) tariffs
E) restrictive import standards
Answer: E
Q2) A firm wants to enter foreign markets to expand its business.However,it does not want to make significant investments before assessing foreign conditions.Which of the following strategies is best suited to enter a foreign market slowly and then design the firm's product offerings?
A) foreign direct investment
B) exporting
C) business merger
D) joint venture
E) franchising
Answer: B
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Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Whistle-blowing is illegal.
A)True
B)False
Q2) Compare and contrast ethical lapse and ethical dilemma?
Q3) What is defensive CSR? How is it different from proactive CSR?
Q4) Which of the following approaches to resolving ethical dilemmas advocates choosing the option that delivers the most good for the most people?
A) individual rights
B) utilitarianism
C) strategic CSR
D) sustainable development
E) Kantian ethics
Q5) Compare and contrast discrimination and affirmative action.
Q6) Philanthropy involves social contributions that are directly aligned with a company's business strategy.
A)True
B)False
Q7) What is a conflict of interest? How is it related to ethical decision making?
Q8) Discuss the functions of the Equal Employment Opportunity Commission (EEOC). Page 6
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Page 7
Chapter 5: Forms of Ownership
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Q1) In a(n)________,two companies create a new,third entity that then purchases the two original companies.
A) limited partnership
B) consolidation
C) acquisition
D) joint venture
E) strategic alliance
Q2) RSS Bank is registered as a corporation in Maryland.Apart from its financial objectives,the company has also formed a legal requirement to work for the welfare of the elderly citizens in the state.The bank is obligated to work for the cause even if there is a change in ownership.Based on this information,it can be concluded that RSS bank is a(n)________.
A) public corporation
B) benefit corporation
C) unlimited company
D) S corporation
E) not-for-profit company
Q3) The number of shareholders is limited to fifty in a limited liability company.
A)True
B)False
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Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) An advisory board is a form of "group mentoring" in which you assemble a team of people with subject-area expertise or vital contacts to help review plans and decisions.
A)True
B)False
Q2) Which of the following statements is TRUE about intrapreneurship?
A) It increases bureaucracy and hinders innovation.
B) It refers to individuals who start new, independent businesses.
C) It refers to individuals who start a business by buying into a franchise system.
D) It involves working with tried-and-true methods.
E) It can be risky behavior that may or may not be rewarded.
Q3) Three factors contributing to the increased number of small businesses are technologies such as e-commerce,growing diversity in entrepreneurship,and
A) downsizing and outsourcing
B) increased ease in going public
C) nationalization
D) market regulation
E) monopolistic business practices
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Chapter 7: Management Roles, Functions, and Skills
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Q1) Charles is the CFO of a manufacturing organization.When determining how much money should be allocated to each departmental budget,he is performing the ________ role of management.
A) informational
B) decisional
C) instructional
D) communicative
E) interpersonal
Q2) The executive dashboard is a tool that provides quick-read summaries of vital performance variables.
A)True
B)False
Q3) High-level managers rely heavily on subordinates to collect,analyze,and summarize information.
A)True
B)False
Q4) Compare and contrast cognitive intelligence and social intelligence.
Q5) Explain the decisional roles of managers.
Q6) Compare and contrast the roles of top managers and middle managers.
Q7) Describe 'SMART' goals with an example.
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Chapter 8: Organization and Teamwork
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Q1) Which of the following is a defining characteristic of a task force?
A) It is formed to work on a specific activity with a completion point.
B) It is a permanent part of the organization and is designed to deal with regularly recurring tasks.
C) It uses communication technology to bring together geographically distant employees to achieve goals.
D) It is composed of managers and employees within a single functional department.
E) It manages its own activities and requires minimal supervision.
Q2) According to Tuckman's model,the ________ stage is a period of orientation and ice-breaking,when members get to know each other.
A) storming
B) forming
C) norming
D) performing
E) adjourning
Q3) Identify and define the stages of team development according to Bruce Tuckman.
Q4) Compare and contrast functional structure with divisional structure.
Q5) Discuss the advantages and disadvantages of work specialization.
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Chapter 9: Production Systems
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Q1) Explain how systems are found in a company.
Q2) ________ include all the elements and processes from transforming raw materials to making the final products available to the ultimate customer.
A) Customer chains
B) Supply webs
C) Value chains
D) Supply chains
E) Product cycles
Q3) The period of time between placing an order for supplies and receiving the material is called ________.
A) process forecast
B) run time
C) lead time
D) lag time
E) procurement delay
Q4) Why is the offshoring debate an excellent example of conflicting priorities in the stakeholder model?
Q5) Compare and contrast quality control and quality assurance.
Q6) Explain the significance of procurement in a business.
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Chapter 10: Employee Motivation
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Q1) Cross-training involves expanding the scope of an individual job.
A)True
B)False
Q2) Cheryl R.Lucas works as a food technologist at Maxiserve Inc.,a leading food and nutrition company.She has a good salary,pension plan,high job security,and many friends at work.She has won "employee of the year" award twice,and her co-workers respect her.Cheryl has an inner drive to achieve her full potential,and feels that her work is worthwhile and satisfying in itself.Cheryl's manager uses Maslow's hierarchy to identify the need level she is at.He is most likely to classify her as being at the ________ need level.
A) physiological
B) safety
C) esteem
D) self-actualization
E) social
Q3) Complaints about gender pay fairness,where men get more money than women for the same work,are instances of equity issues.
A)True
B)False
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Chapter 11: Human Resources Management
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Q1) Salary differs from wages in that the salary ________.
A) falls under the purview of the Fair Labor Standards Act
B) does not fall under the purview of the Fair Labor Standards Act
C) is based on a fixed amount per year
D) relates to exempt employees
E) is paid by the unit of time
Q2) Turnover rate refers to the percentage of the workforce that is hired every year.
A)True
B)False
Q3) The ________ provides retirement,disability and medical coverage for employees and their dependents and is jointly funded by employers and employees.
A) Fair Labor Standards Act
B) Civil Rights Act
C) Employee Retirement Income Security Act
D) Social Security Act
E) Lilly Ledbetter Fair Pay Act
Q4) Sexism refers to discrimination on the basis of gender.
A)True
B)False
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Chapter 12: Labor Relations
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Q1) Explain the concept of national unions.
Q2) ________ is an escalating process of discipline that gives employees several opportunities to correct performance problems before being terminated.
A) Collective bargaining
B) Labor relation
C) Progressive discipline
D) Grievance procedure
E) Total quality management
Q3) Seniority refers to the length of time someone has worked for his or her current employer.
A)True
B)False
Q4) Seniority refers to the ________.
A) length of time someone has worked for his or her current employer
B) skills that an employee has acquired over a period of time
C) present productivity level of an employee
D) lifetime productivity value of an employee
E) total compensation and benefits offered to an employee
Q5) Explain the benefits of unionization.
Q6) Explain how unions use publicity campaigns to pressure management.
Page 15
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Chapter 13: The Art and Science of Marketing
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Q1) 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
Q2) The organizational market consists of individuals and families who buy goods and services for personal or household use.
A)True
B)False
Q3) The sales concept is an approach to business management that stresses customer needs and wants,seeks long-term profitability,and integrates marketing with other functional units within the organization.
A)True
B)False
Q4) What are the steps involved in strategic marketing planning?
Q5) What is marketing mix? Discuss the four main components of the marketing mix.
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Chapter 14: Product and Pricing Strategies
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Q1) Select twenty products of your choice.Classify these products as goods and services.
Q2) A software firm buys 250 personal computers for a new facility that it is opening.This is an example of an expense item.
A)True
B)False
Q3) Break-even analysis is a method of ________.
A) calculating the minimum sales needed to cover all costs
B) classifying the variable costs incurred by a firm
C) classifying the fixed costs incurred by a firm
D) balancing the costs and risks of a business
E) estimating the fixed costs required to minimize the operational costs
Q4) Participative pricing allows customers to pay the amount they think a product is worth.
A)True
B)False
Q5) What is a product line?
Q6) Capital items are less expensive than expense items.
A)True
B)False
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Chapter 15: Distribution and Marketing Logistics
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Q1) ________ combine different types of retailers or different retail companies in the same facility.
A) Pop-up stores
B) Interactive kiosks
C) Off-price stores
D) Factory outlets
E) Hybrid stores
Q2) PetCare is a retail store based in New York that offers only pet supplies and pet accessories.The shop stocks a limited number of product lines such as dog and cat products (canned and dry food,and hard goods),and bird,fish and small animal products (fish tanks,stands,aquarium decorations,cages,bowls,perches,etc.).The shop stocks several brands of varying prices rages within these product lines.PetCare can be classified as a(n)________.
A) department store
B) manufacturers' representative
C) supermarket
D) specialty store
E) convenience store
Q3) Compare and contrast multichannel retailing with retail theater.
Q4) Compare and contrast merchant wholesalers with agents and brokers.
Page 18
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Chapter 16: Customer Communication
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Q1) Jones' Treats,a food manufacturing company located in Massachusetts,produces a range of candy products.The firm negotiates with its retailers to set up jars with Jones' Treats candies at the billing counters.Jones' Treat also puts up wall posters and window clings advertising its candies in the retail stores that stock its products.In this example,Jones' Treats uses which of the following promotional strategies?
A) rebates
B) trade allowances
C) point-of-purchase displays
D) specialty advertising
E) coupons
Q2) Compare and contrast advertising based on logical appeal with that based on emotional appeal.
Q3) Compare and contrast personal selling with consultative selling.
Q4) Yelp is a popular content curation site,in which someone with expertise or interest in a particular field collects and republishes material on a topic in that field.
A)True
B)False
Q5) Discuss integrated marketing communications.
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Chapter 17: Financial Information and Accounting Concepts
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Q1) Jacob is the CEO of Drabo Associates,a firm that offers financial consulting to firms in the U.S.Drabo Associates gives Jacob an unguaranteed personal loan of $500,000.Which of the following legislations has outlawed such a transaction?
A) Reconstruction Finance Corporation Act
B) Public Utility Company Act
C) Ethics in Government Act
D) Sarbanes-Oxley Act
E) Financial Services Modernization Act
Q2) The profit earned or loss incurred by a firm,determined by subtracting expenses from revenues,is referred to as the ________.
A) working capital
B) current asset
C) net income
D) net sales
E) gross income
Q3) Depreciation is an accounting procedure used for intangible assets.
A)True
B)False
Q4) Compare and contrast different types of financial ratios.
Page 20
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Chapter 18: Financial Management
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Q1) ________ can be exchanged at the investor's option for a certain number of shares of the corporation's common stock.
A) Collateralized bonds
B) Protected bonds
C) Bills of exchange
D) Debentures
E) Convertible bonds
Q2) Preparing a public offering involves ________.
A) issuing corporate bonds to the employees of the firm
B) hiring a public accounting firm to serve as auditor
C) hiring a private company as a proxy firm
D) raising $1 million as a security deposit to the SEC
E) engaging in collective bargaining with the employees
Q3) Compare and contrast various types of budgets.
Q4) Choose an operational unit of your business (for example,the marketing department in a firm)and construct an operating budget for the unit.Make necessary assumptions and list all the assumptions that you are making.
Q5) Explain the concept of risk/return trade-off.
Q6) Compare and contrast secured loans and unsecured loans.
Page 21
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Chapter 19: Financial Markets and Investment Strategies
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Q1) Money-market funds are financial instruments that invest in stocks considered to be selling below their true value.
A)True
B)False
Q2) Short selling refers to selling ________.
A) a stock at a price much above the market price
B) stocks partially from an investor's portfolio
C) stock borrowed from a broker
D) a contract to sell a product at a later date
E) a stock at a price much below the market price
Q3) Stock exchanges are organizations that ________.
A) issue cash in exchange for pledging stock
B) function as underwriters in public issues
C) facilitate the buying and selling of stock
D) issue stock on behalf of small companies
E) combine multiple stocks to create mutual funds
Q4) A stock exchange is an organization that buys and sells securities on behalf of individual and institutional investors.
A)True
B)False
Page 22
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Chapter 20: The Money Supply and Banking Systems
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Q1) Banks that provide financial services to consumers are called ________.
A) loan associations
B) retail banks
C) thrift banks
D) credit unions
E) merchant banks
Q2) Equifax,Experian,and TransUnion are the major credit-rating agencies for businesses and securities.
A)True
B)False
Q3) ________ helped fuel the housing bubble by expanding the secondary market for subprime loans.
A) Collateralization
B) Privatization
C) Securitization
D) Mortgaging
E) Amortization
Q4) The federal funds rate is also known as the overnight rate.
A)True
B)False
Page 23
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