Principles of Business Exam Bank
Course Introduction
Principles of Business provides a foundational understanding of how businesses operate and their role in the modern economy. The course covers essential topics such as the nature of business activity, forms of business ownership, the role of management, entrepreneurship, marketing, accounting, finance, and human resources. Through real-world examples and case studies, students explore the interdependence of business functions and the impact of ethical, social, and environmental considerations on business decisions. This course equips students with the knowledge and skills necessary to analyze business problems, make informed decisions, and understand the dynamic landscape of both local and global business environments.
Recommended Textbook
Business Now 1st Edition by Amit Shah
Available Study Resources on Quizplus
13 Chapters
1151 Verified Questions
1151 Flashcards
Source URL: https://quizplus.com/study-set/3482 Page 2
Chapter 1: Introduction
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/69182
Sample Questions
Q1) Explain how effectiveness,efficiency and productivity are connected.
Answer: Effectiveness is producing the desired result and efficiency is the production of goods with the least amount of resources.The more you can produce in any given period the more valuable you are to your customers.Technology increases efficiency and the result is greater productivity and effectiveness.
Q2) Which of the following is a service?
A) Education
B) Health Care
C) Insurance
D) All of the responses are correct
Answer: D
Q3) __________ played a significant role in farming as it increased efficiency and reduced the number of laborers.
Answer: Technology
Q4) _________ is the total amount of money a business takes in during a given period as a result of selling its good or services.
Answer: Revenue
Q5) __________ is the buying and selling of goods over the Internet.
Answer: E-COMMERCE
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/69177
Sample Questions
Q1) The development of genetically modified foods,which require less water and can produce large crops on smaller pieces of land,is called __________.
A) Macroeconomics
B) Microeconomics
C) Resource development
D) Business development
Answer: C
Q2) The _________ point is the point where the amount of goods sought by buyers is equal to the amount of goods produced by suppliers.
Answer: equilibrium
Q3) A __________ is one in which decisions about what to produce and in what quantities are made by the market.
A) Free market
B) Socialist market
C) Communist market
D) Green market
Answer: A
Q4) ___________ looks at the operation of a nation's economy as a whole.
Answer: Macroeconomics
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Competing in the Global Marketplace
Available Study Resources on Quizplus for this Chatper
78 Verified Questions
78 Flashcards
Source URL: https://quizplus.com/quiz/69176
Sample Questions
Q1) A self-nurturing entrepreneur must believe in his or her own idea even when no one else does.
A)True
B)False
Answer: True
Q2) Which of the following is an advantage of a sole proprietorship?
A) It is easy to get out of business
B) You get to be your own boss
C) You retail all of the profit
D) All of the responses are correct
Answer: D
Q3) A(n)__________ consists of people with unsatisfied wants and needs who have both the resources and the willingness to buy.
Answer: market
Q4) Flash lighting means looking carefully at existing inventory to be sure it is all being used efficiently.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
77 Verified Questions
77 Flashcards
Source URL: https://quizplus.com/quiz/69175
Sample Questions
Q1) A(n)__________ is a product that a store advertises at or below cost to attract people to the store.
Q2) Agents/brokers take title to goods they are selling.
A)True
B)False
Q3) When a manufacturer of HDTVs decides to set the price high to recover the costs of developing the sets while there's little competition,it is using a __________ pricing strategy.
Q4) IMC includes public relations but does not include jingles used in ads. A)True
B)False
Q5) The Coca-Cola that is always on the desk in front of the judges on American Idol is a form of promotion called product __________.
Q6) __________ marketing is a marketing strategy with a goal to keep individual customers over time by offering them new products that exactly meet their requirements.
Q7) What are the components of the promotional mix?
Q8) Define market segmentation and explain three of the methods marketers use to segment the market.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
Available Study Resources on Quizplus for this Chatper
82 Verified Questions
82 Flashcards
Source URL: https://quizplus.com/quiz/69174
Sample Questions
Q1) When workers work from home they are said to be:
A) Out-of-office workers
B) Hotelling
C) Telecommuting
D) Home working
Q2) Fringe benefits can include sick-leave pay and country club memberships.
A)True
B)False
Q3) A job analysis is a study of what is done by employees who hold various job titles.
A)True
B)False
Q4) Airline pilot training includes job simulation.
A)True
B)False
Q5) Which of the following laws prohibits discrimination on the basis of age?
A) ADEA
B) FMLA
C) Title VII
D) ADA
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Management and Leadership in Todays
Organizations
Available Study Resources on Quizplus for this Chatper
74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/69173
Sample Questions
Q1) Which of the following statements best describes the distinction between production management and operations management? Production management involves:
A) Activities managers perform to help create services while operations management involves the activities managers perform to produce goods.
B) Activities managers perform to obtain physical resources while operations management involves the activities managers perform to obtain the financial resources.
C) Activities managers perform to help create goods while operations management is a broader term that involves the activities involved in producing services as well as goods.
D) Activities managers perform to help create intangible products while operations management involves the activities managers perform to produce tangible products.
Q2) _________ is the physical arrangement of resources in the production process.
A) Facility location
B) Facility layout
C) ERP
D) RRL
Q3) What is the Malcolm Baldridge Award?
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Designing Organizational Structures
Available Study Resources on Quizplus for this Chatper
87 Verified Questions
87 Flashcards
Source URL: https://quizplus.com/quiz/69172
Sample Questions
Q1) An encryption is a secret code given to information when it is passing through the Internet.
A)True
B)False
Q2) All the information found online is reliable.
A)True
B)False
Q3) A(n)__________ prevents outsiders from accessing corporate information the user does not want others to see.
A) Intranet
B) Firewall
C) Extranet
D) Castlewall
Q4) Most e-mail travels over the Internet in __________ plain text,meaning that the information being sent is not in a secret code and anyone can view it.
A) Completely
B) Unencrypted
C) Uncoded
D) Pure
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Managing Human Resources and Labor Relations
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/69171
Sample Questions
Q1) Public accountants work for a single firm,government agency or nonprofit organization.
A)True
B)False
Q2) Performance ratios measure:
A) The speed of changing assets into cash.
B) The degree to which a firm relies on borrowed funds in its operations.
C) How effectively a firm is using its various resources to achieve profits.
D) How well a company converts its resources to profits.
Q3) One of the concerns of managerial accounting is to design strategies to minimize taxes.
A)True
B)False
Q4) The accounting equation is Assets = Liabilities + Owner's Equity.
A)True
B)False
Q5) If a firm has a debt to owner's equity ratio greater than 100%,it means that it owes more than the owners have invested in it.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Motivating Employees
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/69170
Sample Questions
Q1) Staffing involves recruiting,hiring,motivating and retaining the best people available to accomplish the company's objectives.
A)True
B)False
Q2) A PEST analysis is used to understand how customers,distributors and suppliers view the business.
A)True
B)False
Q3) Empowered employees can respond quickly to customer requests by making decisions without consulting the manager.
A)True
B)False
Q4) Explain what management is and why it is important.
Q5) Which of the following statements about management is true?
A) It is an appointed position
B) All effective managers must be leaders
C) There are six functions of management
D) All of the responses are correct
Q6) List the unique challenges that managers face today.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Achieving World-Class Operations Management
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/69181
Sample Questions
Q1) Empowerment most allows employees to feel:
A) Stressed
B) In charge
C) A sense of ownership within the company
D) All of the responses are correct
Q2) __________ is the process of offering guidance or direction.
A) Management
B) Strategy
C) Marketing
D) Leadership
Q3) The theory of motivation based on unmet human needs from basic physiological needs to safety and self-actualization needs was developed by:
A) Taylor
B) Gilbreth
C) Maslow
D) Hawthorne
Q4) Total identification with the company guarantees a leader's success.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Q5) Explain what employee empowerment is and how it is used to motivate employees.
Chapter 11: Creating Products and Pricing Strategies to Meet Customers Needs
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/69180
Sample Questions
Q1) The __________rate is the value of one nation's currency relative to the currencies of other countries.
Q2) A franchising agreement is an arrangement whereby someone with a good idea for a business sells to others the rights to use the business name and sell the product or service in a given territory.
A)True
B)False
Q3) When a host government takes over a foreign subsidiary in a country it is called a(n)__________.
Q4) __________ is a complex form of bartering in which several countries may be involved,each trading goods for goods or services for services.
Q5) A trade __________ occurs when the value of the country's imports exceeds that of its exports.
Q6) Absolute advantage occurs when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries. A)True
B)False
Q7) Why should countries trade globally?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Distributing and Promoting Products and Services
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/69179
Sample Questions
Q1) Corporate policy and corporate responsibility are the same. Corporate responsibility is an indicator of social responsibility that includes the actions the company takes that could affect others.Corporate policy is the position a firm takes on social and political issues.
A)True
B)False
Q2) Which of the following serves as a watchdog regarding how well companies enforce their ethical and social responsibility policies?
A) Customers
B) Suppliers
C) Workers
D) Foreign investors
Q3) Explain the difference between corporate philanthropy and corporate responsibility.
Q4) Global moral and ethical standards are much stricter than in previous years.
A)True
B)False
Q5) How is a business responsible to its stakeholders?
Page 14
Q6) Define ethics and describe the sources of ethics in the U.S.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Using Technology to Manage Information
Lf-Test Scoring Guidelines
Available Study Resources on Quizplus for this Chatper
62 Verified Questions
62 Flashcards
Source URL: https://quizplus.com/quiz/69178
Sample Questions
Q1) To take inventory of your financial assets you need to develop an income statement for yourself.
A)True
B)False
Q2) An IRA is a tax-deferred investment plan that enables a person to save part of his or her income for retirement.
A)True
B)False
Q3) A(n)__________ is a tax-deferred investment plan that enables a person to save part of his or her income for retirement.
A) IRA
B) PDA
C) AME
D) SSE
Q4) A(n)__________ is a contract to make regular payments to a person for life or for a fixed period.
Q5) __________ insurance means that if you hit someone else with your car,your insurance would pay to repair the damage on the other vehicle,but not your vehicle.
To view all questions and flashcards with answers, click on the resource link above. Page 15