Principles of Business Test Preparation
Course Introduction
Principles of Business introduces students to the foundational concepts, structures, and functions that underpin business operations in both local and global contexts. The course explores essential topics such as business organization, management, marketing, finance, ethics, and entrepreneurship. Through real-world examples and case studies, students learn how businesses are formed, how they operate within legal and ethical frameworks, and how they adapt to changing environments. Emphasis is placed on critical thinking, decision-making, and the role of technology in modern business, equipping students with a broad understanding of the principles needed to succeed in various business careers.
Recommended Textbook
BUSN 10th Edition by Marcella Kelly
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18 Chapters
1701 Verified Questions
1701 Flashcards
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2
Chapter 1: Business
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Picxellate, a retail store chain, introduced a new mobile application that allows its customers to make online purchases. It also shows available products at every Picxellate store in the city for customers who wish to collect the products themselves. In this context, which dimension of the business environment is affected the most?
A)The global environment
B)The political environment
C)The social environment
D)The technological environment
Answer: D
Q2) The value of all natural resources tends to rise with low demand, high supply, or both.
A)True
B)False
Answer: False
Q3) In the context of your career choice, the broader economy will influence the level of your personal financial success.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Economics: the Framework for Business
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98 Verified Questions
98 Flashcards
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Sample Questions
Q1) __________is a market structure with just a single producer completely dominating the industry.
A)Oligopoly
B)Monopoly
C)Monopolistic competition
D)Pure competition
Answer: B
Q2) The central banking system in the country of Darmos issues a notice to all its commercial banks stating that they must possess funds that are equal to 48% of the deposits held by their customers. In the given scenario, the central banking system's notice exemplifies _____.
A)full-reserve banking
B)the statutory framework
C)the reserve requirement
D)statutory liquidity ratio
Answer: C
Q3) The amount of input divided by the amount of output equals productivity.
A)True
B)False
Answer: False
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Chapter 3: The World Marketplace: Business Without Borders
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Quistor Inc., a company based in the country of Waltefa, contracts with a small-scale supplier in the country of Carlesna to manufacture its computers and tablets across the world. This strategy by Quistor Inc. illustrates _____.
A)joint venture
B)franchising
C)exporting
D)foreign outsourcing
Answer: D
Q2) Uniesia, an Asian company, wants to set up a production facility in Maurinia, an African country, because of the low labor costs in the country. However, Uniesia is unable to do so because of the situation of constant civil unrest in Maurinia. In the given scenario, Uniesia is most likely facing the barrier of _____.
A)economic differences
B)political differences
C)sociocultural differences
D)ethical differences
Answer: B
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5
Chapter 4: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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92 Verified Questions
92 Flashcards
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Sample Questions
Q1) Ethics refer to:
A)the obligation of a business to contribute to society.
B)legal codes written in the constitution.
C)social movements that focus on key consumer rights.
D)sets of beliefs about right and wrong.
Q2) Heleus Oil & Gas Company routinely performs emission tests to keep a check on the emissions produced by its corporate operations and find new ways to reduce them significantly. In this scenario, Heleus Oil & Gas Company is tracking its:
A)Scope 1 emissions.
B)Scope 2 emissions.
C)Scope 3 emissions.
D)Scope 4 emissions.
Q3) In the context of the core values identified by the Character Counts organization, being honest, not deceiving, cheating, or stealing, and doing what you say you'll do represent the universal ethical standard of__________.
A)trustworthiness
B)responsibility
C)citizenship
D)fairness
Page 6
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Chapter 5: Business Communication: Creating and Delivering Messages That Matter
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92 Verified Questions
92 Flashcards
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Sample Questions
Q1) Rubin, a freelance software developer, has a meeting with an independent bakery owner to discuss a potential project. Before meeting with the client, Rubin does a thorough research on the client's business and the client's educational background. He develops his proposal accordingly, ensuring to use common words instead of technical jargon. In the given scenario, which of the following communication guidelines does Rubin follow?
A)Avoid bias.
B)Avoid the use of slang.
C)Be concise.
D)Analyze your audience.
Q2) Which of the following statements is true of business emails?
A)Emails should be treated as private messages.
B)Attachments should be used wherever possible.
C)Descriptive and detailed emails should be used to provide the reader with ample information.
D)Response to emails should be as prompt as possible.
Q3) Effective communication happens when one transmits relevant meaning to one's audience.
A)True
B)False
Page 7
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Chapter 6: Business Formation: Choosing the Form That Fits
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89 Flashcards
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Sample Questions
Q1) Which of the following is an advantage of a C corporation?
A)Its formation is simple and inexpensive.
B)The members are entitled to choose the mode of tax treatment.
C)It is free from double taxation.
D)Shareholders have limited liability in the firm.
Q2) Tangypop and Fizzmania, two giant soft drink companies in Brazil, join together to form a new company out of the two previously independent firms. They take this step to reduce competition, leverage economies of scale, and increase their size and market power within the soft drink industry. This association is most likely an example of a
A)sole proprietorship
B)horizontal merger
C)conglomerate merger
D)divestiture
Q3) Which of the following is a characteristic of limited liability companies (LLCs)?
A)They are made to pay an annual franchise tax in many states.
B)They are subject to double taxation.
C)They do not allow foreign investors to serve as owners.
D)They are required to produce a larger amount of paperwork than corporations.
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Page 8
Chapter 7: Small Business and Entrepreneurship: Economic Rocket
Fuel
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) __________is the process of funding ventures by raising money from a large number of investors via the Internet.
A)Microloan programing
B)Crowdfunding
C)Activity-based costing
D)Backscratching
Q2) Luis runs a bakery that offers only takeaway service. His customers visit his residence and watch him prepare their order. They also get an opportunity to bring their cake designs and help Luis prepare the desired cake. As a result, he knows most of his customers well. The opportunity of _____ is highlighted in the given scenario.
A)providing personal customer service
B)having lower overhead costs
C)using technology
D)exploiting market niches
Q3) The U.S. Small Business Administration (SBA) gives free money to start-up businesses, grants interest-free loans, and fully guarantees loans from local commercial lenders.
A)True
B)False
Page 9
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Chapter 8: Accounting: Decision Making by the Numbers
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) In the context of an independent auditor's report, if the auditor identifies some minor concerns but believes that on balance the firm's statements remain a fair and accurate representation of the company's financial position, the report will offer a(n) _____ opinion.
A)qualified
B)unqualified
C)adverse
D)clean
Q2) Logan, an independent auditor, is assigned to perform an audit for a software company. After the audit, he notices some serious lapses and discrepancies in the numbers mentioned in the firm's financial statements. In this scenario, Logan is most likely to offer a(n) _____ opinion in his audit report.
A)qualified
B)unqualified
C)adverse
D)concurring
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10
Chapter 9: Finance: Acquiring and Using Funds to Maximize
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) Omnimenium, an automobile company, incurred a debt of $20 million for the fiscal year of 2016. The company used that money with an additional $20 million of its own to buy out a rival company. The ratio of the company's debt to its investment is 0.5. The given scenario illustrates the analysis of _____.
A)liquidity ratios
B)profitability ratios
C)leverage ratios
D)asset management ratios
Q2) Miranti Nex, an automobile company, plans to invest in developing a hybrid car. It refrains from using loans from other firms and instead uses its own monetary resources to fund the project. Which of the following sources of long-term funds is being used by Miranti Nex in the given scenario?
A)Corporate bonds
B)Term loans
C)Long-term debt
D)Direct investments from owners
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11
Chapter 10: Financial Markets: Allocating Financial Resources
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92 Verified Questions
92 Flashcards
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Sample Questions
Q1) Which of the following is a true statement about personal investing?
A)Every security investment will generate money.
B)In general, riskier investment strategies offer the potential for higher returns.
C)The buy-and-hold approach of securities results in substantial gains in a short time period.
D)Individuals who invest in securities must use the services of an investment bank.
Q2) Which of the following is a difference between credit unions and commercial banks?
A)Unlike commercial banks, credit unions are not-for-profit organizations.
B)Unlike credit unions, commercial banks are nondepository organizations.
C)Unlike credit unions, commercial banks are owned by their depositors.
D)Unlike commercial banks, credit unions charge very high interest rates on loans.
Q3) A__________is the most common depository institution.
A)not-for-profit organization
B)savings and loan association
C)credit union
D)commercial bank
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Page 12
Chapter 11: Marketing: Building Profitable Customer
Connections
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) In the year 1906, Kendreed, a company that sold kitchen utensils, had only one model of each of its products. The company did not feel the need to differentiate its wares because it did not analyze its business from a customer's point of view. In the context of the evolution of marketing, which of the following eras does this scenario most likely refer to?
A)The selling era
B)The production era
C)The relationship era
D)The marketing era
Q2) In the context of customer relationship management (CRM), a firm selling a high-ticket product to a small customer base is most likely to:
A)pursue a full partnership with each of its key clients.
B)develop a limited relationship with its customers.
C)focus less on customer service.
D)exclude its customers from the key aspects of the product development process.
Q3) Developing specific programs to help customers validate their purchase choices is one way marketers attempt to increase cognitive dissonance.
A)True
B)False
Page 13
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) Perizaad orders a pair of spectacles from an online store. On delivery, she receives a 50 ml bottle of lens cleaning solution along with the spectacles. In this scenario, the bottle of lens cleaning solution is a(n) _____.
A)core product
B)cross product
C)customized product
D)augmented product
Q2) Longevo, a watch manufacturing company, offers watches in a wide range of designs to suit all age groups. To adequately cover its wide and diversified consumer base, the company makes use of all the traditional and new age media platforms for its promotions. The promotional strategy used by Longevo is _____.
A)viral marketing
B)product placement
C)integrated marketing communication
D)inbound marketing automation
Q3) Unsought products are expensive products that consumers purchase less frequently.
A)True
B)False
14
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Chapter 13: Distribution and Pricing: Right Product Right
Person Right Place Right Price
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) Sales above the breakeven point will generate a profit.
A)True
B)False
Q2) A supermarket sells a complete selection of food and general merchandise at a steep discount in a single enormous location.
A)True
B)False
Q3) Brendon Steels, a steel manufacturer, sells its steel rods and steel slabs to Widget Corp. that, in turn, sells them to various construction companies. In this scenario, Widget Corp. is a _____.
A)retailer
B)channel intermediary
C)producer
D)broker
Q4) Supply chain management is a subset of logistics that focuses more on tactics than on strategy.
A)True
B)False
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Chapter 14: Management Motivation and Leadership: Bringing Business to Life
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) Centralized companies typically respond more quickly to customer needs than decentralized companies.
A)True
B)False
Q2) Departmentalization means breaking workers into logical groups.
A)True
B)False
Q3) Acornadian Inc., a total marketing solutions company based in London, has separate teams based on functional areas like digital marketing, traditional marketing, advertising, public relations, client servicing, etc. The entire company is divided in such a way that people with their specific areas of expertise have to focus on only those areas for maximum results. In this case, Acornadian Inc. is engaged in the practice of:
A)phase synchronization.
B)segmentation.
C)departmentalization.
D)centralization.
Q4) Typical titles of first-line managers include foreman and section leader.
A)True
B)False
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Chapter 15: Human Resource Management: Building a Top-Quality Workforce
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89 Verified Questions
89 Flashcards
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Sample Questions
Q1) Carl, a partner at Bacrabs, an advertising agency, plans to open a branch of the agency in his hometown. He understands that the human resource (HR) requirements of the new branch would differ from that of its main office because of the differences in the nature and volume of work. Hence, he decides to examine what needs to be done in each position in the new branch according to the nature and volume of work. In the context of HR planning, which of the following concepts does this scenario best illustrate?
A)Internal recruitment
B)Management development
C)Employee selection
D)Job analysis
Q2) Justin works for an animation company. He referred his friend Dorothy, who is a freelance roto artist, for a job vacancy in the company. In the context of human resource (HR) planning, this scenario illustrates _____.
A)management development
B)employee selection
C)employee separation
D)external recruitment
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Page 17
Chapter 16: Managing Information and Technology: Finding
New Ways to Learn and Link
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) Which of the following refers to programs that install themselves on computers without the users' knowledge or permission and spread by attaching themselves to other files that are transferred from computer to computer?
A)Computer worms
B)Computer viruses
C)Freeware applications
D)Spyware applications
Q2) Jeff, the CEO of Francostico Inc., decides to set up a system that would help its managers with decision making . To design this system, his programmers ask skilled and proficient managers to explain how they solve problems. Then, they devise a program to mimic the specialists' approach, incorporating various rules or guidelines that the specialists use. In this scenario, Jeff seeks to develop a(n) _____ for the managers.
A)business intelligence system
B)data warehouse
C)cybermediary
D)expert system
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18
Chapter
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Sample Questions
Q1) VRM Cars is a custom car shop that buys and sells modified cars. It also provides the facility of adding more features to the models available in the market as desired by the customers. In this scenario, VRM Cars deals in _____.
A)intangible goods
B)nondurable goods
C)complementary goods
D)durable goods
Q2) In today's highly competitive global markets, operations managers:
A)realize that a product that offers better features attracts more customers than one that has a lower price.
B)recognize that achieving efficiency is more important than achieving effectiveness.
C)focus primarily on keeping costs low so as to make a profit while keeping prices competitive.
D)focus solely on the benefits of products, while completely ignoring the costs of manufacturing those products.
Q3) Retail firms normally hold work in process or raw materials.
A)True
B)False
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Chapter 18: Appendix: Personal Finance
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Sample Questions
Q1) The Consumer Financial Protection Bureau was created by the _____.
A)Responsibility and Disclosure Act
B)Dodd-Frank Act
C)Sarbanes-Oxley Act
D)Consumer Protection Act
Q2) Which of the following is a difference between preferred stock and common stock?
A)Unlike common stockholders, preferred stockholders have a guaranteed legal right to receive a dividend.
B)Unlike common stockholders, preferred stockholders are not paid their dividends in full.
C)Unlike common stock, preferred stock is normally issued with a stated dividend.
D)Unlike common stock, preferred stock dividends are paid in irregular time intervals.
Q3) Internships usually offer no monetary compensation, but they pay off in other ways.
A)True
B)False
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