Principles of Business Question Bank
Course Introduction
Principles of Business introduces students to the foundational concepts and practices that drive the modern business environment. The course covers essential topics such as the nature and purpose of business activity, types of business organizations, management and leadership, marketing, finance, and human resource management. Students will explore how economic, ethical, and global factors influence decision-making and operations within businesses. Through real-world examples and case studies, the course aims to develop critical thinking, problem-solving, and communication skills necessary for success in the business world.
Recommended Textbook
Business Now 1st Edition by Amit Shah
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13 Chapters
1151 Verified Questions
1151 Flashcards
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Page 2
Chapter 1: Introduction
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) An entrepreneur is a person who risks time and money to start and manage a business.
A)True
B)False
Answer: True
Q2) The B2B Internet market consists of selling goods and services to customers.
A)True
B)False
Answer: False
Q3) A __________ is a person who owns and operates his or her own business.
A) Manager
B) Entrepreneur
C) Private Investor
D) Stakeholder
Answer: B
Q4) Advances in technology have had little or no effect on businesses' ability to remain competitive.
A)True
B)False
Answer: False
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Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) __________ refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
A) Demand
B) Liability
C) Supply
D) Dividend
Answer: C
Q2) Stagflation is especially harmful to a country because it means that prices are rising while people are losing their jobs or do not have jobs.
Stagflation occurs when both inflation and unemployment are high and occurring at the same time.
A)True
B)False
Answer: True
Q3) A price index helps to measure the health of the economy.
A)True
B)False
Answer: True
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Chapter 3: Competing in the Global Marketplace
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) List and define three types of business ownership.
Answer: The three types of business ownership are sole proprietorship,partnerships and corporations.A sole proprietorship is a form of ownership that involves one individual.A partnership is defined as a legal form of business with two or more owners.There are several forms of partnership.A corporation is a form of business ownership that provides limited liability.There are several corporate forms.
Q2) One advantage of a sole proprietorship is that if you want to get out of business you simply stop.
A)True
B)False
Answer: True
Q3) A ____________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.
A) Market
B) Consumer cooperative
C) Consumer collective
D) Buyer's cooperative
Answer: A
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Chapter 4: Forms of Business Ownership
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) Advertising is a paid personal communication by organizations and individuals who are in some way identified in the message.
A)True
B)False
Q2) Dividing the market by geographic area is called demographic segmentation.
A)True
B)False
Q3) The __________ consists of everything that consumers evaluate when deciding whether to purchase a good or service.
A) Product line
B) Product mix
C) Total product offer
D) Product life cycle
Q4) The __________ is a theoretical model of what happens to sales and profits for a product class over time.
A) Diffusion of innovation
B) Product life cycle
C) Growth of products
D) Time value of innovation
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Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Performance standards must be accepted by both the manager and subordinates.
A)True
B)False
Q2) A labor-intensive business is a type of business where the primary cost of operations is the cost of labor.
A)True
B)False
Q3) Training and development include all attempts to improve productivity by increasing an employee's ability to perform.
A)True
B)False
Q4) A(n)__________ is an evaluation in which the performance level of employees is measured against established standards to make decisions about promotions,compensation,additional training or firing.
A) Performance appraisal
B) Job appraisal
C) Employee evaluation
D) Standards evaluation
Page 7
Q5) Define "training and development" and list the three steps in the process.
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Chapter 6: Management and Leadership in Todays
Organizations
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74 Verified Questions
74 Flashcards
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Sample Questions
Q1) What is the Malcolm Baldridge Award?
Q2) ___________ is a systematic approach to identifying and eliminating waste and non-value-added activities.
A) Malcolm Baldridge Award
B) Lean manufacturing
C) Six sigma
D) Quality at the source
Q3) In a PERT network,the sequence of tasks that takes the longest to complete is called the:
A) Optimal path.
B) Maximum path.
C) Straight path.
D) Critical path.
Q4) Quality is defined the same way by everyone.
A)True
B)False
Q5) Lean manufacturing involves searching for implementing radical change in business processes.
A)True
B)False
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Chapter 7: Designing Organizational Structures
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) The phenomenon of information overload in business is called __________.
Q2) __________ is the name for the business technology of the 1980s.Its role changed from supporting the business to doing business.Technology such as ATMs and voice mail are examples.
Q3) A(n)__________ is a piece of information sent by a Web site over the Internet to your Web browser that the browser is expected to save and send back to the server whenever the user returns to that Web site.
A) Danish
B) Retro
C) Cookie
D) Candy
Q4) __________ is accessibility through technology that allows business to be conducted anywhere at any time.
Q5) Usefulness is based on four characteristics: quality,completeness,timeliness and: A) Accuracy
B) Lots of information
C) Quick retrieval
D) Relevance
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Chapter 8: Managing Human Resources and Labor Relations
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Annual reports are yearly statements of the financial condition,progress and expectations of an organization.
A)True
B)False
Q2) ____________ refers to how fast an asset can be converted to cash in order to pay a company's short-term debts.
Q3) A(n)____________ is the financial statement that reports a firm's financial condition at a specific time.
Q4) ____________ is the value of what is received from goods sold,services rendered and other financial sources.
Q5) Recording,classifying,summarizing,and interpreting of financial events and transactions to provide management and other stakeholders the information they need to make good decisions is called:
A) Data processing
B) Accounting
C) Economics
D) Information technology
Q6) What are the four major types of financial ratios and what does each mean?
10
Q7) The ____________ helps companies keep from running out of money.
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Chapter 9: Motivating Employees
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Define work-life balance and give one example of how a manager may create work-life balance issues.
Q2) __________ planning is the process of setting work standards and schedules necessary to implement the company's tactical objectives.
Q3) Controlling means measuring whether what actually occurs meets the organization's goals.
A)True
B)False
Q4) Most sports teams' coaches are considered to be __________ leaders.
A) Participative
B) Democratic
C) Autocratic
D) All of the responses are correct
Q5) Which of the following is a way to departmentalize an organization?
A) By product
B) By customer group
C) By process
D) All of the responses are correct
Q6) List the unique challenges that managers face today.
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Q7) __________ planning is the setting of major,long-term goals for the company.
Chapter 10: Achieving World-Class Operations Management
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88 Verified Questions
88 Flashcards
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Sample Questions
Q1) Explain the seven sets of qualities that end to help leaders achieve effective results.
Q2) __________ is the act,manner or practice of managing,handling,supervision or control.
Q3) Google's employees enjoy their jobs because they can be themselves.
A)True B)False
Q4) Social leaders plan activities and timelines and make sure the group stays on task. A)True B)False
Q5) In formal leadership someone has been given authority to make decisions or lead a group.
A)True B)False
Q6) Job rotation combines a series of tasks into one challenging assignment. A)True B)False
Q7) __________ leadership occurs when someone may not have official authority or position but chooses to lead for a variety of reasons.
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Chapter 11: Creating Products and Pricing Strategies to Meet Customers Needs
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Over 95 percent of the exporters in the U.S.are very large businesses.
A)True
B)False
Q2) GATT is an agreement signed by many countries to reduce the restrictions on trade with one another.
A)True
B)False
Q3) __________ is the use of government regulations to limit the import of goods and services.
A) Trade deficit
B) Trade balancing
C) Trade protectionism
D) Trade advancement
Q4) A joint venture is a long-term partnership between two or more companies established to help each company build competitive market advantages.
A)True
B)False
Q5) __________ refers to the set of values,beliefs,rules and institutions held to by a specific group of people.
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Chapter 12: Distributing and Promoting Products and Services
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) A(n)__________ action is one for which you could be fined or imprisoned.
A) Unethical
B) Ethical
C) Illegal
D) Politically incorrect
Q2) Union officials serve as watchdogs regarding how well companies enforce their ethical and social responsibility policies.
A)True
B)False
Q3) The first step in the ethical decision-making process for our personal lives is to
A) Recognize an ethical issue
B) Get the facts
C) Act on your decision
D) Evaluate alternative actions
Q4) A social audit is a systematic evaluation of a company's progress toward implementing programs that are socially responsible.
A)True
B)False
Page 14
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Chapter 13: Using Technology to Manage Information
Lf-Test Scoring Guidelines
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62 Verified Questions
62 Flashcards
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Sample Questions
Q1) List and explain the six steps to controlling your assets.
Q2) The least expensive and simplest form of life insurance is whole life insurance. A)True
B)False
Q3) Which of the following statements about life insurance is most true?
A) Insurance needs in early years are high
B) Today, the loss of a spouse is not likely to impact the family standard of living with or without life insurance
C) The Fed supervises insurance companies to see that they have the assets to cover likely claims in any given year
D) Term life insurance is the most complex form of insurance
Q4) A co-payment is an amount paid when medical services are rendered.
A)True B)False
Q5) __________ is a written contract between the party being insured and the insurer where the financial responsibility for losses transfers to the insurer up to a specified limit.
Q6) A(n)__________ is a contract to make regular payments to a person for life or for a fixed period.
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