Survey of Business
Midterm Exam
Course Introduction
Survey of Business provides an overview of the fundamental concepts and practices in the world of business. This course introduces students to major topics such as management, marketing, finance, accounting, economics, and entrepreneurship. Students will explore how businesses operate within national and global environments, learn about ethical issues and social responsibility, and gain insight into the roles and responsibilities of various business professionals. Through case studies, discussions, and projects, students will develop an understanding of the skills needed to succeed in diverse business careers and the impacts of business decisions on society.
Recommended Textbook Business in Action 6th Edition by Courtland L. Bovee
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20 Chapters
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Page 2
Chapter 1: Developing a Business Mindset
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Q1) ________ activities are intended to identify new ideas that have the potential to result in new goods and services.
A) Capital-intensive
B) Regulatory
C) Research and development
D) Demographic
E) Economic
Answer: C
Q2) Compare and contrast between goods-producing businesses and service businesses.
Answer: Goods-producing businesses create value by making "things," from Pop-Tarts to school furniture to spacecraft.Most goods are tangible,meaning they have a physical presence,although software,music downloads,and other digital products are intangible.On the other hand,service businesses create value by performing activities that deliver some benefit to the customer,such as finance,insurance,transportation,construction,utilities,wholesale and retail trade,banking,entertainment,health care,maintenance and repair,and information.Twitter,Jiffy Lube,HBO,and Verizon Wireless are examples of service businesses.
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Chapter 2: Understanding Basic Economics
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Sample Questions
Q1) Which of the following is an example of deregulation?
A) lifting redundant restrictions on airline competition
B) banning the sale of tobacco to minors under the age of 18
C) lowering the speed limit on an interstate highway
D) approving a proposed merger between Google and Microsoft
E) establishing economic development zones to attract new businesses
Answer: A
Q2) The supply curve of a firm will shift to the right if technology increases the firm's production costs.
A)True
B)False
Answer: False
Q3) This decision to give up something to get something else is referred to as ________.
A) resource development analysis
B) an arbitrage
C) demand/supply determination
D) a trade-off
E) factor analysis
Answer: D
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Chapter 3: The Global Marketplace
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Sample Questions
Q1) Comparative advantage theory states that countries should produce and sell to other countries those things it can produce most efficiently.
A)True
B)False
Answer: True
Q2) Compare and contrast strategic alliances with joint ventures.
Answer: Strategic alliances are long-term partnerships between two or more companies to jointly develop,produce,or sell products,and are another way to reach the global marketplace.Alliance partners typically share ideas,expertise,resources,technologies,investment costs,risks,management,and profits.In some cases,a strategic alliance might be the only way to gain access to a market. A joint venture is an arrangement in which two or more firms join together to create a new business entity that is legally separate and distinct from its parents,and is an alternative to a strategic alliance.In some countries,foreign companies are prohibited from owning facilities outright or from investing in local business,so establishing a joint venture with a local partner may be the only way to do business in that country.
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Chapter 4: Business Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Widespread concern for the environment dates to the 1960s when ecology entered mainstream discussion.
A)True
B)False
Q2) Nongovernmental organizations are ________.
A) publicly traded and owned entities
B) firms that apply sustainable business strategies to achieve their business goals
C) nonprofit groups that provide charitable services or promote causes
D) firms that derive a substantial portion of their income from trade
E) composed primarily of sovereign states (referred to as member states), or of other intergovernmental organizations
Q3) In 1965,the Federal Cigarette Labeling and Advertising Act was passed,requiring all cigarette packs to carry the Surgeon General's warnings.
A)True
B)False
Q4) Compare and contrast ethical lapse and ethical dilemma?
Q5) Compare and contrast discrimination and affirmative action.
Page 6
Q6) What is a conflict of interest? How is it related to ethical decision making?
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Chapter 5: Forms of Ownership
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Q1) Robex Retail is a retail chain that has more than 390 stores in the United States.The directors of the company decide to launch operations in Italy to increase the company's market reach.Many of the shareholders think that this decision is not appropriate in light of the economic slowdown in Europe.A group of shareholders unite to pressurize the board of directors to change their decision.This is an example of ________.
A) shareholder protection
B) shareholder activism
C) hostile takeover
D) corporate governance
E) shareholder resolution
Q2) A joint venture does not result in a separate legal entity.
A)True
B)False
Q3) You work for a European company that is planning to launch business in the United States.The firm is planning to incorporate the new business as a partnership with a domestic firm in the U.S.Present the arguments for changing the company's decision and incorporating the business as a corporation.
Q4) Distinguish between strategic alliances and joint ventures.
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Page 7
Chapter 6: Entrepreneurship and Small Business Ownership
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Q1) Which of the following is a major difference between banks and venture capitalists as categories of private financing?
A) Unlike banks, which recruit investment specialists, venture capitalists are private investors without any specialized investment skills.
B) Unlike banks, which provide investment for high-risk businesses, venture capitalists won't lend money to a start-up that hasn't established a successful track record.
C) Unlike banks, which dont require collateral, venture capitalists provide investments only when an entrepreneur puts up marketable collateral.
D) Unlike banks, which only provide money, venture capitalists also provide management expertise.
E) Unlike banks, which are extremely focused and selective in giving loans, venture capitalists are less focused and provide loans to a large number of start-ups.
Q2) Compare and contrast business partners with mentors and advisory boards as sources of advice and support for entrepreneurs?
Q3) Compare and contrast venture capitalists with angel investors.
Q4) What is a business plan? How is it different from an executive summary?
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Page 8
Chapter 7: Management Roles, Functions, and Skills
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Q1) ________ skills refer to the ability to identify a decision situation,analyze the problem,weigh the alternatives,choose an alternative,implement it,and evaluate the results.
A) Interpersonal
B) Technical
C) Administrative
D) Decision-making
E) interpersonal
Q2) Selecting an individual for employment from a pool of job applicants is an example of an interpersonal role of management.
A)True
B)False
Q3) Compare and contrast technical skills and conceptual skills.
Q4) Controlling is the process of motivating employees to be committed toward the organization's values.
A)True
B)False
Q5) An economic slowdown is viewed as a weakness in the SWOT analysis of a firm.
A)True
B)False
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Chapter 8: Organization and Teamwork
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Q1) Alpha Laboratories,a global pharmaceuticals company,groups its employees into several departments such as research and development,regulatory affairs,production,quality control,quality assurance,and sales & marketing.Employees are grouped by specialization to allow for the efficient use of resources and encourage the development of in-depth skills.Alpha Laboratories is most likely to have a(n)________.
A) divisional structure
B) matrix structure
C) functional structure
D) virtual structure
E) network structure
Q2) Social networking can also help a company maintain a sense of community even as it grows beyond the size that normally permits a lot of daily interaction.
A)True
B)False
Q3) Employees working in a firm with divisional structure have to get used to reporting to two bosses at the same time.
A)True
B)False
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Page 10
Chapter 9: Production Systems
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Sample Questions
Q1) Corrections will not lead to performance improvements at the leverage point.
A)True
B)False
Q2) Explain the various ways in which an SCM can have a profound strategic impact on companies and the broader economy.
Q3) Hudson Foods markets processed foods in the United States.The company obtains raw materials from small scale producers in the U.S.and Canada.This act of getting the necessary raw materials for production is called ________.
A) inventorying
B) operation
C) finishing
D) logistics
E) procurement
Q4) Compare and contrast mass production,customized production,and mass customization.
Q5) Scalability is the potential to increase production by expanding or replicating its initial production capacity.
A)True
B)False
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Chapter 10: Employee Motivation
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Sample Questions
Q1) ________ refers to a model suggesting that five core job dimensions influence three critical psychological states that determine motivation,performance,and other outcomes.
A) Job characteristics model
B) Management by objectives
C) Goal-setting theory
D) Theory X
E) Theory Y
Q2) ________ refers to the combination of forces that moves individuals to take certain actions and avoid other actions.
A) Engagement
B) Reinforcement
C) Aptitude
D) Motivation
E) Ethics
Q3) Discuss the risks and limitations of the goal-setting theory.
Q4) For goals to function as a motivator,the employee must believe in his or her ability to meet that goal.
A)True
B)False
Page 12
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Chapter 11: Human Resources Management
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Q1) John did not promote Cynthia because he thought that a woman could not supervise male construction crews in his company.Given that Cynthia had the necessary experience and credentials,John may have been guilty of ________.
A) narcissism
B) collective bargaining
C) nepotism
D) sexism
E) ethnocentrism
Q2) Headhunters refer to outside agencies that specialize in finding and placing employees.
A)True
B)False
Q3) With a(n)________,employers charge for health insurance based on salary,making insurance more affordable for lower-wage workers.
A) sliding-scale plan
B) wellness plan
C) employee stock-ownership plan
D) 401(k)
E) pension plan
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Page 13
Chapter 12: Labor Relations
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Sample Questions
Q1) Which of the following is a disadvantage of becoming a union member?
A) Unions give little importance to the length of time someone has worked.
B) Unions do not promote formal procedures for disciplining employees.
C) Unions often force employees to help fund political activities.
D) Unions do not have any impact in determining the work rules.
E) Unions do not provide tangible and measurable benefits to employees.
Q2) Norman is working in a bottled water production unit.Norman's company is unionized,but he has not joined the union.However,every year he pays an amount equivalent to the union's annual fee.Norman's company is using a(n)________.
A) permanent shop
B) closed shop
C) agency shop
D) union shop
E) open shop
Q3) Progressive discipline usually starts with a(n)________.
A) suspension without pay
B) oral warning
C) written warning
D) reduction in pay
E) suspension with pay
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Chapter 13: The Art and Science of Marketing
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Q1) Just Read,an online retailer of books,encourages users to write reviews of the books which they purchase and rate them.This allows potential customers to know more about the books offered for sale.In this example,Just Read uses which of the following strategies?
A) diversification
B) product development
C) social commerce
D) market segmentation
E) vertical integration
Q2) Compare and contrast marketing concept with product and sales concept.
Q3) ________ refers to the categorization of customers according to their relationship with products or response to product characteristics.
A) Demographic segmentation
B) Geographic segmentation
C) Ethnographic segmentation
D) Psychographic segmentation
E) Behavioral segmentation
Q4) What are the steps involved in strategic marketing planning?
Q5) Compare and contrast consumer market with organizational market.
Q6) Compare and contrast needs with wants.
Page 15
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Chapter 14: Product and Pricing Strategies
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Q1) ________ are particular brands that the buyer especially wants and will seek out.
A) Specialty products
B) Expense items
C) Capital items
D) Convenience products
E) Shopping products
Q2) License is an agreement to produce and market another company's product in exchange for a royalty or fee.
A)True
B)False
Q3) During the business analysis stage,a company ________.
A) sells the product on a limited basis to gauge its market appeal
B) invests significantly in research and development
C) reviews the sales, costs, and profit projections
D) screens the business ideas that it has generated
E) generates a wide variety of ideas to introduce a new product
Q4) Describe how products are classified according to their intended use.
Q5) Compare and contrast convenience products,shopping products,and specialty products.
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Chapter 15: Distribution and Marketing Logistics
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Q1) Full-service merchant wholesalers never actually own the products they handle,and they perform fewer services than agents and brokers.
A)True
B)False
Q2) Compare and contrast wholesalers with retailers.
Q3) Discuss marketing systems.
Q4) Which of the following is the cheapest method of transportation?
A) rail
B) trucks
C) ships and barges
D) pipelines
E) air
Q5) All activities required to move products from producer to consumer comprise the logistics function.
A)True
B)False
Q6) What are slotting allowances?
Q7) Compare and contrast multichannel retailing with retail theater.
Q8) Compare and contrast order processing with warehousing.
Q9) Compare and contrast department stores with specialty stores. Page 17
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Page 18
Chapter 16: Customer Communication
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Q1) When you go to a website for textbooks,a pop-up ad appears for another company.This is an example of direct marketing.
A)True
B)False
Q2) The process of finding and qualifying potential customers is known as ________.
A) consultative selling
B) behavioral targeting
C) consumer promotion
D) prospecting
E) trade promotion
Q3) The single most important idea the company hopes to convey to its target audience about a product is the ________.
A) promotional mix
B) marketing mix
C) core message
D) call to action
E) media mix
Q4) Compare and contrast personal selling with consultative selling.
Q5) Compare and contrast institutional advertising with advocacy advertising.
Q6) Compare and contrast push strategy with pull strategy.
Page 19
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Chapter 17: Financial Information and Accounting Concepts
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Q1) Quick ratio is a measure of a firm's long-term liquidity.
A)True
B)False
Q2) Statement of cash flows is a statement of a firm's cash receipts and cash payments.
A)True
B)False
Q3) Sarbanes-Oxley Act outlaws most loans by corporations to their own directors and executives.
A)True
B)False
Q4) Which of the following is an example of a fixed asset?
A) transportation equipment
B) money-market funds
C) cash in hand
D) accounts receivable
E) short-term investments
Q5) Analyze the major postulates of the international financial reporting standards and conduct a class discussion on its relevance.
Q6) Describe double-entry bookkeeping and the matching principle.
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Chapter 18: Financial Management
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Sample Questions
Q1) Compare and contrast debt financing and equity financing.
Q2) ________ budget identifies the money a new company will need to spend to launch operations.
A) Master
B) Start-up
C) Capital D) Project E) Operating
Q3) Rolling forecasts are not based on revenue budgets and cost assumptions.
A)True
B)False
Q4) Shareholders of a firm have prior claims on the firm's assets.
A)True
B)False
Q5) A group of six entrepreneurs are starting a paper manufacturing unit.The owners have contributed $ 20,000 and have availed a long-term loan of $15,000.Use zero-based budgeting to create a launch budget for this firm.Make necessary assumptions and list all the assumptions that you are making.
Q6) Explain the concept of risk/return trade-off.
Q7) Compare and contrast secured bonds and debentures.
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Chapter 19: Financial Markets and Investment Strategies
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Q1) Companies attempt to increase the market valuation of a share by ________.
A) repurchasing some of the shares through a stock buyback
B) maintaining a lower than average price/earnings ratio
C) announcing a stock split of its shares
D) dividing the shares into multiple shares
E) reducing the percentage of dividend being paid out to investors
Q2) Money-market funds are financial instruments that invest in stocks considered to be selling below their true value.
A)True
B)False
Q3) A bond's face value is $2000.Its coupon is 9 percent.The bond's present market value is $1800.What is the current yield of the bond?
A) 12 percent
B) 6 percent
C) 9 percent
D) 8.1 percent
E) 10 percent
Q4) Describe a bull market and a bear market.
Q5) Compare and contrast stock market and bond markets.
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Chapter 20: The Money Supply and Banking Systems
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Q1) ________ are non-bank companies that initiate loans on behalf of a mortgage lender in exchange for a fee.
A) Mortgage brokers
B) Credit unions
C) Thrifts
D) Loan associations
E) Independent mortgage companies
Q2) ________ is the government-sponsored enterprise responsible for guaranteeing and funding home mortgages.
A) The secondary mortgage market
B) Freddie Mac
C) Fannie Mae
D) The NYSE
E) The Federal Deposit Insurance Corporation
Q3) If the Fed decreases the reserve requirement,banks will have less money to lend.
A)True
B)False
Q4) Dodd-Frank Act is a legislation aimed at reforming the banking industry.
A)True
B)False
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