Introduction to Business Solved Exam Questions
Course Introduction
Introduction to Business offers a comprehensive overview of the fundamental principles, practices, and dynamics within the modern business environment. This course examines key concepts such as management, marketing, finance, accounting, entrepreneurship, and organizational structure. Students will explore how businesses operate, the challenges they face, the ethical and social responsibilities they hold, and the impactful role they play in society and the global economy. Through real-world examples, case studies, and interactive activities, students gain essential knowledge and practical skills that provide a strong foundation for further business studies and professional success.
Recommended Textbook Essentials of Contemporary Business 1st Edition by Louis E. Boone
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Chapter 1: The Changing Face of Business
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Sample Questions
Q1) J.P.Morgan,Eli Whitney,and Andrew Carnegie are examples of inventors of the marketing era.
A)True
B)False
Answer: False
Q2) When a business employs an outside company to handle all customer correspondence and phone calls,the business is ________ its customer service department.
A)outsourcing
B)branding
C)multitasking
D)shrinking
Answer: A
Q3) The human resources of a firm refer to ________.
A)everyone over 18 years of age
B)everyone who works for the business
C)full-time employees
D)top management
Answer: B
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Which of the following is not an example of unethical or illegal acts in the workplace?
A)misreporting time on the job
B)Internet abuse
C)whistle-blowing
D)safety violations
Answer: C
Q2) Embellishing your résumé shows a lack of ______ and ______.
A)honesty and loyalty
B)honesty and integrity
C)integrity and loyalty
D)competence and loyalty
Answer: B
Q3) Which of the following statements is correct?
A)Doing what is right can sometimes be difficult.
B)Setting ethical standards is always clear-cut.
C)Social and ethical problems affect only a few companies.
D)Setting ethical standards is easy.
Answer: A
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4
Chapter 3: Economic Challenges Facing Contemporary Business
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Sample Questions
Q1) A particular industry has many competitors,each of whom has little control over price.In addition,it is fairly easy to enter the industry.This industry is an example of
A)pure competition
B)monopolistic competition
C)an oligopoly
D)a pure monopoly
Answer: A
Q2) If the market price is above the equilibrium price,________.
A)producers will earn large profits
B)consumers will go on strike and not purchase any of the product
C)the demand curve will shift to the right causing the surplus to go away
D)a surplus will occur and prices and production will fall
Answer: D
Q3) An increase in consumers' incomes causes the ________.
A)supply curve to shift to the right
B)demand curve to shift to the right
C)supply curve to shift to the left
D)demand curve to shift to the left
Answer: B
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Chapter 4: Competing in World Markets
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Sample Questions
Q1) A trade deficit occurs when ________.
A)imports are sold at low profits
B)foreign-aid payments exceed exports
C)imports exceed exports
D)there is a net flow of money into a country
Q2) Since NAFTA,U.S.trade with Latin American countries has tripled.
A)True
B)False
Q3) Last year,the United States imported less from Switzerland,than it exported to Switzerland.Which of the following statements is true?
A)The United States has a balance of payments deficit with Switzerland.
B)The United States has a trade surplus with Switzerland.
C)The United States has a trade deficit with Switzerland.
D)The United States has a negative balance of trade with Switzerland.
Q4) The majority of the world's population lives in less-developed countries. A)True
B)False
Q5) Describe one contractual agreement firms can enter into when going global.
Q6) Describe the role of the European Union (EU).
Q7) Explain the advantages and disadvantages of imposing trade restrictions.
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Chapter 5: Small Business and Forms of Business Ownership
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Sample Questions
Q1) A(n)_____ is independently owned and operated,and is responsible for more than half of the nation's gross domestic product.
A)sole proprietorship
B)small business
C)C corporation
D)merger
E)acquisition
F)horizontal merger
G)conglomerate merger
H)microloan
I)vertical merger
J)joint venture
K)board of directors
L)stockholder
M)preferred stock
N)Small Business Administration (SBA)
Q2) Large businesses must be organized as corporations.
A)True
B)False
Q3) Describe how to identify a small business from a large one.
Page 7
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Chapter 6: Starting Your Own Business
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Sample Questions
Q1) Banks cannot research an entrepreneur's personal credit history when making lending decisions.
A)True
B)False
Q2) Dina is a single mother who is required to work evenings and weekends at a local retail store.She is thinking of starting a consulting business primarily so she can
A)become her own boss
B)increase her job security
C)guarantee her financial success
D)enjoy a higher quality of life
Q3) Entrepreneurs and small-business owners both have all of the following qualities EXCEPT:
A)desire to succeed.
B)creative energy.
C)growth of their company.
D)drive toward a goal.
Q4) Franchised businesses account for over 9 million jobs in the United States. A)True
B)False
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Chapter 7: Management, Leadership, and the Internal Organization
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Sample Questions
Q1) Supervisors are near the top of the management pyramid.
A)True
B)False
Q2) In a company with a strong corporate culture,everyone knows and supports the same principles,beliefs,and values.
A)True
B)False
Q3) Calico Inc.retains decision making at the top of the management hierarchy.Calico Inc.emphasizes:
A)Decentralization
B)centralization
C)decision making
D)Procedures
Q4) Managers engage in planning on a situational basis.It's not an everyday activity.
A)True
B)False
Q5) Experts agree that the democratic leadership style is the best style to use.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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Sample Questions
Q1) Kate is a full-time nurse and would like to vary her starting and ending time to better accommodate her children's school hours.Which flexible work plan would be ideal for her situation?
A)flextime
B)job sharing program
C)telecommuter
D)compressed workweek
Q2) A union's ultimate tactic is a ________.
A)strike
B)boycott
C)picket line
D)slowdown
Q3) Evan is working on a labor dispute.He meets with both sides,listens to their proposals,and makes a decision on a new contract.Evan is acting as a(n)________ and ________ force a settlement.
A)mediator;cannot
B)mediator;can
C)arbitrator;cannot
D)arbitrator;can
Q4) Discuss the process and benefits of computer-based training.
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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Sample Questions
Q1) All of the following are examples of nonverbal communication EXCEPT:
A)informal speech
B)eye contact
C)clothing choices
D)tone of voice
Q2) Diversity among team members often decrease the chances of conflict.
A)True
B)False
Q3) An employee suggestion box is an example of aninformal communication channel.
A)True
B)False
Q4) Explain the four types of listening behaviors.
Q5) Explain the importance of the storming stage of team development.
Q6) In many companies,shared decision-making authority extends to all of the following EXCEPT ________.
A)purchasing supplies
B)determining individual working hours
C)overseeing the safety program
D)selecting members of the board of directors
Q7) What is meant by team cohesiveness? Page 11
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Chapter 10: Production and Operations Management
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Sample Questions
Q1) Most modern production facilities will choose to use either CAD or CAM,but not both in tandem.
A)True
B)False
Q2) Eva is determining the sequence of work throughout a manufacturing facility and who will perform which task at which location.Eva is engaged in the production control step known as routing.
A)True
B)False
Q3) The goal of ________ is for companies to eliminate virtually all defects in output,processes,and transactions.
A)European Economic Community
B)Six Sigma
C)WTO
D)NATO Business Alliance
Q4) A product layout is one in which the product remains in a fixed position and workers,materials,and machines are transported to and from it.
A)True
B)False
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Primary data refer to data collected firsthand through such methods as observation and surveys.
A)True
B)False
Q2) The 80/20 principle states that roughly 80 percent of a product's revenues come from only 20 percent of its buyers.
A)True
B)False
Q3) ________ attempts to isolate the traits that distinguish a certain group of customers from the overall market.
A)Marketing
B)Market segmentation
C)Demographic segmentation
D)Data mining
Q4) Attitudes and opinions are psychographic characteristics.
A)True
B)False
Q5) Describe personal determinants and provide examples.
Q6) Describe the exchange process.
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Chapter 12: Product and Distribution Strategies
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Sample Questions
Q1) Some firms will dodge the process of test marketing in order to avoid having their competition learn of their strategies.
A)True
B)False
Q2) Peapod is an online grocery service that saves customers time by selecting,packing,and delivering groceries to customers.Peapod is utilizing a ________ retail strategy.
A)pricing
B)promotional
C)customer service
D)product
Q3) A brand manager or product manager plans and implements promotional,pricing,distribution,and product arrangements.
A)True
B)False
Q4) A firm's most important consideration in choosing a distribution channel is competition.
A)True
B)False
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Chapter 13: Promotion and Pricing Strategies
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Sample Questions
Q1) EDLP is a pricing strategy in which companies use short-term pricing-cutting.
A)True
B)False
Q2) Coupons offer cash back to consumers who mail in required proofs of purchase.
A)True
B)False
Q3) Differentiate between a pushing and a pulling strategy.
Q4) In breakeven analysis,total cost is composed of ________.
A)total sales minus expenses
B)variable costs minus fixed costs
C)price divided by number of units sold
D)total variable costs and total fixed costs
Q5) The salesperson's task of identifying potential customers is known as ________.
A)follow-up
B)approach
C)demonstration
D)prospecting
Q6) Explaining the hidden benefits of ownership can enhance a product's value.
A)True
B)False
Page 16
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Chapter 14: Using Technology to Manage Information
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Sample Questions
Q1) ________ software controls the basic workings of the computer system.
A)Expert
B)Executive information system
C)Database
D)Operating
Q2) Which of the following statements best describes the purpose of a management information system?
A)assist the human resources department with research on employee benefit costs
B)provide management with feedback from sales meetings
C)provide information on internal operations and external intelligence for use in decision making
D)provide the accounting department with budget information
Q3) Define databases and describe how they are obtained and their uses.
Q4) Which of the following reasons is a reason for the increasing popularity of notebook computers?
A)more computing capacity than midrange systems
B)limited displays
C)faster processing speeds
D)higher prices
Q5) Provide the five important tasks for off-site data storage.
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Chapter 15: Understanding Accounting and Financial Statements
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Sample Questions
Q1) Assume a company buys a machine worth $1 million and pays for it by borrowing the funds from a bank.The firm's assets will rise by $1 million and its liabilities will decrease by $1 million.
A)True
B)False
Q2) The ________ was created by the Sarbanes-Oxley Act of 2002.
A)Securities & Exchange Commission
B)Public Accounting Oversight Board
C)GAAP
D)FASB
Q3) ________ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners' equity.
A)Activity
B)Liquidity
C)Profitability
D)Debt
Q4) Accrual accounting recognizes revenues and expenses when cash changes hands.
A)True
B)False
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Chapter 16: The Financial System
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Sample Questions
Q1) Which of the following financial institutions would typically invest the largest portions of its funds in home mortgage loans?
A)savings bank
B)credit union
C)commercial bank
D)life insurance company
Q2) Funds can be transferred between savers and users in two ways: ________ and ________.
A)individually;in groups
B)in person;electronically
C)directly;indirectly
D)free;not free
Q3) Junk bonds offer higher interest than investment-grade corporate bonds.
A)True
B)False
Q4) Alex buys a money market instrument.It will mature in ________.
A)10 years
B)2 years
C)1 year
D)6 months
Page 19
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Chapter 17: Financial Management
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Sample Questions
Q1) A balance sheet hedge provides a method for global companies to reduce risks associated with exchange rate fluctuations.
A)True
B)False
Q2) Explain why companies frequently choose to use debt.
Q3) Financial plans that focus on projections no more than a year or two in the future are known as strategic plans.
A)True
B)False
Q4) What is an LBO?
Q5) A(n)________ is a document that specifies the funds a firm will need for a period of time,the timing of inflows and outflows,and the most appropriate sources and uses of funds.
A)asset management plan
B)budget
C)strategic plan
D)financial plan
Q6) Explain the concept of leverage.
Q7) Describe a disadvantage of equity capital.
Page 20
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