Survey of Business Exam Review
Course Introduction
Survey of Business offers an overview of the fundamental principles and practices in the world of business. Students are introduced to key areas such as management, marketing, accounting, finance, human resources, and business ethics. The course explores how businesses are structured and operated, the role of entrepreneurship, and the influence of the global economy. Through case studies and real-world examples, students gain a broad understanding of how different business functions interact to achieve organizational goals, preparing them for further study or entry-level roles in various business fields.
Recommended Textbook
Business Essentials 12th Edition by Ronald J. Ebert
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17 Chapters
1912 Verified Questions
1912 Flashcards
Source URL: https://quizplus.com/study-set/2257
Page 2
Chapter 1: The US Business Environment
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110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44838
Sample Questions
Q1) Which of the following is an indication of national economic growth,shown by measuring aggregate output?
A) Gross domestic product
B) Standard of living
C) Economic indicators
D) Gross national product
E) Real growth rate
Answer: A
Q2) Which of the following BEST describes what the consumer price index is used to indicate?
A) The average wage rate for a given region
B) The economic performance of key consumer product companies
C) The changes in the cost of consumer products over time
D) The percentage of consumers in the total population looking for work
E) The number of price increases within a given period of time
Answer: C
Q3) Aggregate output refers to a company's annual production of goods or services.
A)True
B)False
Answer: False
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Chapter 2: Understanding Business Ethics and Social Responsibility
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Most firms use outside auditors to conduct their social audit.
A)True
B)False
Answer: False
Q2) How do top managers BEST demonstrate a commitment to ethical business practices?
A) By adopting and enforcing written codes of ethics
B) By reading employees' e-mails
C) By decentralized decision-making practices
D) By cooperating with other companies
E) By monitoring employees' web searches
Answer: A
Q3) An individual's personal code of ethics is shaped by his or her life experiences.
A)True
B)False
Answer: True
Q4) How do issues of social responsibility and ethics affect small business?
Answer: Small businesses must address,more or less,the same issues as big businesses-the differences are primarily differences of scale.
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) What is the MOST effective way for an entrepreneur to become a competent manager?
A) Working alone
B) Relying on luck
C) Getting a college degree
D) Being open to opportunities
E) Working for a successful company first
Answer: E
Q2) Discuss the advantages and disadvantages of partnerships.
Answer: Advantages of partnerships include their ability to grow with the addition of new talent and money,ease of organization,and independent legal status.Disadvantages are unlimited liability,potential lack of continuity,difficulty of transferring ownership,and little or no guidance for resolving internal conflicts.
Q3) Corporations enjoy significant tax benefits when compared to sole proprietorships or partnerships.
A)True
B)False
Answer: False
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Chapter 4: Understanding the Global Context of Business
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which of the following refers to associations of producers that control supply and prices?
A) Independent agencies
B) Cartels
C) Trade alliances
D) Multinational firms
E) Trade monopolies
Q2) Which of the following refers to the practice of selling a product abroad for less than the cost of production?
A) Exporting
B) Importing
C) Dumping
D) Safeguarding
E) Offshoring
Q3) Local content laws guarantee that products sold in a country are at least partly made there.
A)True
B)False
Q4) Why should companies conducting international operations be concerned about exchange rate fluctuations?
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Chapter 5: Managing the Business
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/44842
Sample Questions
Q1) The first step in the control process is to compare actual performance to standards.
A)True
B)False
Q2) A three year goal is considered to be what?
A) Long-term
B) Intermediate
C) Short-term
D) Objective
E) Problematic
Q3) Which description identifies the controlling function of the management process?
A) Guiding and motivating employees to meet organizational objectives
B) Determining how to arrange a firm's resources into a coherent structure
C) Scanning the business environment for threats and opportunities
D) Monitoring a firm's performance to ensure that it is meeting its goals
E) Determining what an organization needs to do and how best to get it done
Q4) Contingency planning seeks to identify how a company will respond to change.
A)True
B)False
Q5) Differentiate among strategic,tactical,and operational plans.
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Chapter 6: Organizing the Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) What type of organizational structure seeks to integrate continuous improvements with lifelong learning and personal employee development?
A) Team
B) Virtual
C) Learning
D) Flexible
E) Evolving
Q2) What is authority given to a decision-making body with power beyond that possessed by any one person?
A) Risk aversion
B) Committee and team
C) Line
D) Matrix
E) Product and labor
Q3) Profit centers can occur based on function,product,process,customer,or geographical areas.
A)True
B)False
Q4) List and describe the three forms of authority.
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Chapter 7: Operations Management and Quality
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Which of the following is critical to the success or failure of service operations?
A) Provider-customer contact
B) Internet exposure
C) Supply chain
D) Tangible services products
E) Supplier-manufacture contact
Q2) Which type of strategy emphasizes low overhead and inventory,and a limited assortment of products to attract customers?
A) Flexibility
B) Quality
C) Low-cost
D) Dependability
E) Consistency
Q3) What is the main advantage of effective process layouts?
A) Flexibility
B) Cost
C) Speed
D) Quality
E) Performance
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Page 9
Chapter 8: Employee Behavior and Motivation
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Motivation factors are directly related to the work that employees perform; hygiene factors refer to the environment in which they work.
A)True
B)False
Q2) How are equity theory and the psychological contract connected?
Q3) Which of the following is represented by a relatively stable set of psychological attributes that distinguish people from others?
A) Differences
B) Attitude
C) Personality
D) Extroversion
E) Emotional intelligence
Q4) What is the term that reflects the extent of one's self awareness and ability to manage emotions?
A) Emotional intelligence
B) Personality
C) Introversion
D) Openness
E) Emotionality
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Chapter 9: Leadership and Decision Making
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112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/44846
Sample Questions
Q1) Leadership neutralizers tend to strongly affect a leader's ability to affect a subordinate's performance.
A)True
B)False
Q2) Strategic leadership is a leader's ability to understand the complexities of both the organization and its environment.
A)True
B)False
Q3) Which of the following are characteristics identified in current approaches to trait leadership?
A) Emotional and mental intelligence, drive, and integrity
B) Long-term vision, profitability, and competitiveness
C) Task, goals, and performance standards
D) Performance standards, profitability, and competitiveness
E) Drive, height, and mental capacity
Q4) Discuss why the majority of decisions made by managers are made under a state of uncertainty,and how managers can minimize the risk of poor decisions.
Q5) Identify three crucial elements of charismatic leadership.
Q6) What is the difference between leadership and management within an organization?
Page 11
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Chapter 10: Human Resource Management and Labor Relations
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124 Verified Questions
124 Flashcards
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Sample Questions
Q1) Which of the following Acts helps to ensure the financial security of pension funds?
A) Employee Retirement Income Security Act
B) Wagner Act
C) Age Discrimination in Employment Act
D) Equal Pay Act
E) Fair Labor Standards Act
Q2) What is the systematic study of jobs within an organization?
A) Talent management
B) Job specification
C) Human capital systems
D) Job analysis
E) Job description
Q3) The Occupational Safety and Health Act of 1970 is considered to be the single most comprehensive piece of legislation regarding workplace safety and health.
A)True
B)False
Q4) Describe the purpose of the Wagner Act,including how the Act is enforced.
Q5) Discuss the strategic importance of human resources within an organization.
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Chapter 11: Marketing Processes and Consumer Behavior
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/44848
Sample Questions
Q1) What is the term for the process of creating,communicating,and delivering value to customers while managing customer relationships in ways that benefit the organization and its stakeholders?
A) Financial planning
B) Controlling
C) Operations management
D) Marketing
E) Demographic profiling
Q2) Marketing managers often support the activities of political action committees (PACs).In doing this,which environment are they attempting to influence?
A) Competitive
B) Economic
C) Technological
D) Political-legal
E) Geo-demographic
Q3) Discuss the relationship between a marketing strategy and a marketing manager.
Q4) What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?
Q5) Explain the elements that comprise the marketing environment.
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Chapter 12: Developing and Pricing Products
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110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/44849
Sample Questions
Q1) For many companies,speed to market with a product is as important as care in developing it.
A)True
B)False
Q2) What are products that are consumed rapidly and regularly classified as?
A) Industrial goods
B) Shopping goods
C) Specialty goods
D) Convenience goods
E) Production goods
Q3) Companies who price their product low enough to attract a large number of buyers are most likely pursuing which of the following objectives?
A) Stable market pricing
B) High profits
C) Stable market activity
D) Low market volatility
E) Market share
Q4) The process of product development begins with concept testing.
A)True
B)False
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Chapter 13: Distributing and Promoting Products
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/44850
Sample Questions
Q1) What type of retailing is mail order or catalog marketing considered to be?
A) Warehousing
B) Telemarketing
C) Nonstore
D) Direct selling
E) Online
Q2) Which of the following describes BEST what distinguishes publicity among all other forms of promotion?
A) Publicity is more directed than other forms of promotion.
B) Publicity is less effective than other forms of promotion.
C) Publicity is more impersonal than other forms of promotion.
D) Publicity is cheaper than other forms of promotion.
E) Publicity is more direct than other forms of promotion.
Q3) Which of the following refers to the combination of channels that a firm selects to get a product to end users?
A) Distribution mix
B) Transportation strategy
C) Merchandising system
D) Marketing plan
E) Retail system
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Chapter 14: Information Technology Itfor Business
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108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/44851
Sample Questions
Q1) How might networks and technology lead to leaner companies?
Q2) "Hotspots" in places such as coffee shops and airports access wireless Internet connections using
A) wide area networks.
B) simple storage service (S3).
C) public cloud computing.
D) wireless local area networks.
E) client-server networks.
Q3) Describe the ways in which businesses protect themselves from the threats and risks information technology poses.
Q4) How has information technology affected organizational structure in terms of the number of employees and the organizational structure?
Q5) Who most often needs information in order to conduct technical projects?
A) Middle managers
B) Members of the board of directors
C) Top-level managers
D) Knowledge workers
E) Network administrators
Q6) What is the difference between data and information?
Page 16
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Chapter 15: The Role of Accountants and Accounting Information
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/44852
Sample Questions
Q1) Why are efforts to standardize global accounting practices important?
Q2) Identify the potential users of accounting information.
Q3) In general,the accounting standards from the IASB and from the U.S.GAAP align nearly perfectly.
A)True
B)False
Q4) It is currently very common that a CPA who is hired to audit a firm's finances will also be hired to help design a more efficient financial information system.
A)True
B)False
Q5) Which of the following requires managers to share information about events inside the company and explain certain transaction?
A) Earning cycle reports
B) Revenue recognition
C) Statement of cash flow
D) Solvency ratios
E) Full disclosure
Q6) What is the International Accounting Standards Board?
17
Q7) What two sources of capital make up owners' equity?
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Chapter 16: Understanding Money and the Role of Banking
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) According to reports,in addition to fraudulent information on loan applications,what can the subprime crisis of 2008 be traced to?
A) Overly relaxed credit standards
B) Home foreclosures
C) Defaults on credit payments
D) High unemployment levels
E) Prime mortgage rates
Q2) Why do exchange rates matter to companies?
A) Strong exchange rates could stimulate sales in foreign markets.
B) Inflation could be caused by an exchange rate that is too strong.
C) Poor exchange rates can be offset by government contribution.
D) Exchange rates indicate the strength of the overall economy.
E) Exchange rates affect the prices of goods and services.
Q3) It has been discovered that the bank involved has been selling its riskiest mortgage accounts to the insurance company,which in turn has been selling these accounts packaged with other more stable loans at a sharply discounted price to other banks.Gavin asks his aides why this would be a beneficial relationship between the two institutions.What would his aides say?
Q4) What is a debit card?
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Chapter 17: Managing Business Finances
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118 Verified Questions
118 Flashcards
Source URL: https://quizplus.com/quiz/44854
Sample Questions
Q1) Explain how dividend yield and interest dividend yield are computed.
Q2) Dividend payments are optional and variable.The corporation's CEO decides whether and when a dividend will be paid,as well as the amount that is best for the future of the company's employees.
A)True
B)False
Q3) What type of loan is guaranteed by collateral?
A) Unsecured loan
B) Venture capital loan
C) Angel investor loan
D) Secured loan
E) Corporate bond
Q4) Initial public offerings (IPOs)are the first sale of a company's stock to the general public and are a major source of funds that fuel continued growth for many firms.
A)True
B)False
Q5) What do angel investors receive in return for their investment?
Q6) Explain the principle of compound growth.
Q7) Explain the difference between debt financing and equity financing.
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