Survey of Business Practice Questions
Course Introduction
This course provides an overview of the fundamental principles and practices in the world of business. Topics include the functions of management, marketing, finance, accounting, ethics, and the global business environment. Students will explore how organizations are structured, how they operate, and the roles played by entrepreneurs, managers, and employees. Through case studies and real-world examples, the course offers insights into decision-making processes, problem-solving, and the impact of technology and globalization on business today. This foundational course is designed for students considering careers in business or related fields.
Recommended Textbook
Business Essentials 12th Edition by Ronald
J. Ebert
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17 Chapters
1912 Verified Questions
1912 Flashcards
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Page 2
Chapter 1: The US Business Environment
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) What term denotes a nation's basis for allocating its resources among its citizens?
A) Capital structure
B) Economic system
C) Ownership processes
D) Distribution network
E) National regulations
Answer: B
Q2) How does the amount of national debt influence the bond market in the United States?
Answer: Although taxes are the most obvious way the government raises money,it also sells bonds-securities through which it promises to pay buyers certain amounts of money by specified future dates.These bonds are attractive investments because they are extremely safe.The U.S.government is not going to default on them (that is,fail to make payments when due).Even so,they must also offer a decent return on the buyer's investment,and they do this by paying interest at a competitive rate.By selling bonds,therefore,the U.S.government competes with every other potential borrower for the available supply of loanable money.The more money the government borrows,the less money is available for the private borrowing and investment that increase productivity.
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Page 3
Chapter 2: Understanding Business Ethics and Social Responsibility
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) 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
Q2) Most philanthropic giving in the United States is targeted towards the arts.
A)True
B)False
Answer: False
Q3) Which of the following regulates advertising and pricing practices to protect consumers?
A) Generally Accepted Accounting Principles
B) North American Free Trade Agreement
C) Food and Drug Administration
D) Federal Trade Commission
E) Children's Online Privacy Protection Act
Answer: D
Page 4
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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) A group of small investors who invest money in companies in return for partial ownership is known as a small-business development company.
A)True
B)False
Answer: False
Q2) Which key element of a business plan will determine inventory,size of space required,and number of employees needed?
A) Financial planning
B) Comparing existing businesses
C) Sales forecasting
D) Setting goals and objectives
E) Identifying strategies and how to implement them
Answer: C
Q3) A joint venture occurs when partners share ownership of a new enterprise.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Understanding the Global Context of Business
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Critics of protectionism charge that it drives up prices by reducing competition.
A)True
B)False
Q2) In some South American countries,it is sometimes legal to bribe other businesses and government officials,while this practice is illegal in the United States.Which of the following refers to this type of policy?
A) Protectionism
B) Business practice laws
C) Free trade agreements
D) Fair trade agreements
E) Local content laws
Q3) What caused manufacturing jobs to move from Mexico to China in the late 1990s?
A) Increases in Mexico's cost of living and wages
B) Modernization of facilities in China
C) Improved international travel abilities
D) Increases in China's cost of living and wages
E) Higher levels of education and professional jobs in Mexico
Q4) What are the four components of national competitive advantage?
Q5) Discuss the five dimensions of social behavior that differ across cultures.
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Chapter 5: Managing the Business
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Information managers are responsible for getting products from producers to consumers.
A)True
B)False
Q2) Which type of manager spends most of their time working with and supervising the employees who report to them?
A) First-line managers
B) Information managers
C) Top managers
D) Chief executive officers
E) Operations managers
Q3) The first step in the control process is to compare actual performance to standards.
A)True
B)False
Q4) The starting point in effective management is setting goals.
A)True
B)False
Q5) What are the purposes of having a strong corporate culture?
Q6) Discuss the four main purposes of organizational goal setting.
Page 7
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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) When a firm wants to gather information on the potential reaction to a new policy or idea,how can a manager collect information?
A) Through intrapreneuring
B) Through social media monitoring
C) By utilizing the company grapevine
D) By utilizing the informal chain of command
E) By organizing new reporting relationships
Q2) What is the preferred span of control when jobs are more diversified or prone to change?
A) Wide
B) Narrow
C) Tall
D) Deep
E) Authoritative
Q3) Departmentalization refers to the process of grouping jobs into logical units.
A)True
B)False
Q4) How can a firm utilize and control an informal company grapevine?
Q5) Briefly summarize the steps in the delegation process.
Q6) What does a divisional structure rely on and why does it rely on this feature?
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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) Explain what is meant by the term <i>utility</i>.What type of utility is created when a pharmacy changes its evening schedule to remain open for an extra hour in response to customer needs?
Q2) Japanese companies adapted the concept of quality circles from quality improvement teams used by U.S.companies.
A)True
B)False
Q3) Which of the following breaks large tasks down to a series of smaller steps and includes all activities to successfully perform the task?
A) Master schedule
B) Coordination schedule
C) Gantt chart
D) Detailed schedule
E) PERT chart
Q4) Outsourcing has led to increasingly global supply chains.Describe three ways that a more global supply chain might be risky for a company that outsources.
Q5) Explain time,place,and form utility and provide an example of each.
Q6) How does outsourcing affect global supply chain management?
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Chapter 8: Employee Behavior and Motivation
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Which of the following indicates that an employee will work towards their goals if they believe they have a reasonable opportunity to achieve those goals?
A) Equity theory
B) Expectancy theory
C) Maslow's hierarchy of needs
D) Hygiene factors
E) Herzberg's two-factor theory
Q2) How are equity theory and the psychological contract connected?
Q3) Discuss ways in which managers can link the concept of punishment and rewards as a form of behavior modification.
Q4) Which would an employee who is productive but refuses to help others or the organization be lacking in?
A) Organizational citizenship
B) Workplace aggression
C) Performance behavior
D) Personal productivity
E) Self-esteem
Q5) Discuss how an employee's level of self-esteem affects their actions and needs at the workplace.
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Chapter 9: Leadership and Decision Making
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Which of the following BEST describes employee-focused leader behavior?
A) Concentration on both the work quality and work quantity of employees
B) Concentration on both the well-being and work quality of employees
C) Concentration on both the satisfaction and work quantity of employees
D) Concentration on both the satisfaction and the well-being of employees
E) Concentration on both the work quantity and the well-being of employees
Q2) What types of decisions are unstructured and require considerable time,energy,and resources to make?
A) Conditional
B) Nonprogrammed
C) Ethical
D) Strategic
E) Programmed
Q3) Identify three crucial elements of charismatic leadership.
Q4) Managers with a high degree of risk propensity tend to rely heavily on intuition.
A)True
B)False
Q5) How can norms and cohesiveness in a work group neutralize leadership?
Q6) Explain the concept and importance of ethical leadership.
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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) What options are available to the union when contract negotiations break down?
Q2) Distinguish between internal and external recruiting.
Q3) Which of the following indicates that the assessment of one employee is affecting the ability to be objective when rating another employee?
A) Halo error
B) Recency error
C) 360 degree feedback
D) Judgmental methods
E) Fixed standards
Q4) Who is defined as an older worker under the Age Discrimination in Employment Act?
A) Those over 30 years of age
B) Those over 40 years of age
C) Those over 50 years of age
D) Those over 60 years of age
E) Those over 70 years of age
Q5) Wages refer to compensation usually expressed as an amount paid per year.
A)True
B)False
Q6) What options are available to management when contract negotiations break down? Page 12
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Chapter 11: Marketing Processes and Consumer Behavior
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) What do most small businesses fail to estimate correctly,often resulting in the business failing?
A) Price
B) Promotion
C) Product
D) Public relations
E) Place
Q2) The product mix includes consideration of product,pricing,place,and promotion.
A)True
B)False
Q3) Product differentiation is selecting the best price at which to sell a product.
A)True
B)False
Q4) Which of the following best defines the way of living that distinguishes one large group from another?
A) Consumer
B) Subculture
C) Social class
D) Culture
E) Demographic
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Chapter 12: Developing and Pricing Products
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit?
A) Profit margin
B) Breakeven cost
C) Revenue
D) Revenue margin
E) Markup
Q2) During which step of the product development stage does a company conduct market research on benefits and prices?
A) Screening
B) Concept testing
C) Prototype development
D) Benefits analysis
E) Product idea
Q3) Price skimming occurs when a company sets an initially low price to establish a new product in the market.
A)True
B)False
Q4) What is involved in service process design?
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Chapter 13: Distributing and Promoting Products
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Sample Questions
Q1) Which of the following is the slowest and the cheapest mode of transportation?
A) Railroads
B) Planes
C) Pipelines
D) Water carriers
E) Trucks
Q2) Summarize the steps in the personal selling process for creative selling.
Q3) What is the most important factor to consider when developing the promotional mix for a product?
A) Position
B) Communication mix
C) Delivery method
D) Price
E) Target audience
Q4) To attract attention in stores,companies use point-of-sale (POS)displays to ease finding products and to eliminate competitors from consideration.
A)True
B)False
Q5) Describe the services provided by e-intermediaries.
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Chapter 14: Information Technology Itfor Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) How might networks and technology lead to leaner companies?
Q2) Which of the following BEST describes an extranet?
A) A software and hardware system that prevents outsiders from accessing a company's network
B) A tool that searches Web pages containing the user's search terms and then displays pages that match
C) A private network of internal Web sites and other sources of information available to a company's employees
D) An Internet connection allowing outsiders limited access to a firm's internal information system
E) A delivery system linked to production schedules
Q3) Mass-customization tends to reduce the volume in which companies produce.
A)True B)False
Q4) IBM's Visualization Data Explorer is an example of groupware. A)True B)False
Q5) Describe the ways in which businesses protect themselves from the threats and risks information technology poses.
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Chapter 15: The Role of Accountants and Accounting Information
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Those accountants who are hired by firms as salaried employees and who specialize in areas such as financial planning,internal auditing,and taxation are called
A) forensic accountants.
B) certified management accountants.
C) private accountants.
D) certified public accountants.
E) fraud examiners.
Q2) Which of the following terms refers to the examination of a company's accounting system to determine whether its financial reports fairly represent its operations?
A) Financial analysis
B) Forensic accounting
C) Portfolio analysis
D) Audit
E) Preliminary investigation
Q3) The International Accounting Standards Board is the prominent international organization for global accounting standards.
A)True
B)False
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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) 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?
Q2) What are the components of the M-1 money supply?
Q3) In the global economy,how is the value of one currency determined when compared to another?
A) World Bank rate
B) International monetary fund
C) Inflation rate
D) Exchange rate
E) Automated Clearing House network
Q4) Money deposited into a commercial bank has the potential of increasing the overall money supply.
A)True
B)False
Q5) Which of the three functions of money does a time deposit account MOST exemplify?
Page 19
Q6) What happens to demand and price during times of inflation?
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Chapter 17: Managing Business Finances
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Sample Questions
Q1) When a new bond is issued,when does the bond's par value have to be repaid?
A) When the company files for bankruptcy
B) Before the company goes into default
C) On the maturity date
D) On the issue date
E) When the company makes enough profit to cover the value of the bond
Q2) What type of investment would preserve capital investment but seek capital appreciation?
A) Blue-chip stock
B) Balanced funds
C) Aggressive growth funds
D) No-load funds
E) Mutual funds
Q3) A stock exchange is an organization of individuals coordinated to provide an institutional auction setting in which stocks can be bought and sold.
A)True
B)False
Q4) Describe the differences between primary and secondary securities markets.
Q5) When are corporate bonds attractive to a firm?
Q6) Differentiate between market value and book value.
Page 20
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