Business 101
Solved Exam Questions
Course Introduction
Business 101 provides a comprehensive introduction to the foundations of business, covering essential concepts such as management, marketing, finance, entrepreneurship, and operations. Through real-world case studies and interactive activities, students explore how businesses are structured and operated, examine the role of ethical decision-making, and analyze the impact of globalization. The course equips learners with fundamental business knowledge and skills, fostering critical thinking and preparing them for more advanced business studies or entry-level positions in the corporate world.
Recommended Textbook
Business Essentials 10th Edition by Ronald J. Ebert
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17 Chapters
2016 Verified Questions
2016 Flashcards
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Page 2
Chapter 1: The USBusiness Environment
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?
A) GDP per capita
B) standard of living
C) consumer price index
D) purchasing power parity
E) Big Mac index
Answer: C
Q2) In an oligopoly,when one firm reduces its prices,how do other sellers react?
A) There is no reaction from other firms to change their prices.
B) Other firms reduce their prices also, usually quite quickly.
C) Other firms may reduce their prices, but usually gradually.
D) Other firms are not usually aware that price has changed.
E) There is a combined response from other firms to stabilize prices.
Answer: B
Q3) Deflation,an indication that the economy is contracting,is characterized by price stabilization of goods.
A)True
B)False
Answer: False
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Chapter 2: Understanding Business Ethics and Social Responsibility
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) SeaBreeze Sailing Company manufactures sailboats for personal pleasure use.Which of the following would suggest that SeaBreeze Sailing Company is NOT committed to corporate social responsibility?
A) Sailboats are available for customer rental only when weather conditions are safe.
B) The boats are constructed from scarce or nonrenewable natural resources.
C) Employees are provided with excellent vacation packages.
D) The company engages in practices that benefit local investors.
E) Advertisements for sailboat rentals contain correct pricing information.
Answer: B
Q2) How do top managers BEST demonstrate a commitment to ethical business practices?
A) by adopting 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) If MKD were to adopt a written code of ethics,what would it include generally?
Answer: All codes of ethics announce their intent to do business in an ethical manner.
Page 4
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Which of the following is the MOST significant disadvantage of starting a business from scratch?
A) having few employees
B) inability to franchise
C) having competition
D) coming up with new ideas
E) the risk of failure
Answer: E
Q2) Corporations enjoy significant tax benefits when compared to sole proprietorships or partnerships.
A)True
B)False
Answer: False
Q3) What is the MOST significant disadvantage of owning a franchise?
A) start-up costs
B) operational guidelines
C) difficulty obtaining loans
D) double taxation
E) competition
Answer: A
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Chapter 4: Understanding the Global Context of Business
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Which of the following,if true,would weaken the argument for exporting the company's products to China?
A) Lite Foods will have to make significant investments if it decides to enter a joint venture in China.
B) Lite Foods would have to hire sales personnel from the host country if it opts for direct export.
C) Lite Foods is a risk-averse organization.
D) Lite Foods lacks Chinese market expertise and has not found reliable intermediaries with expertise in the market.
E) Lite Foods will export its products as is, as more and more Chinese consumers are adopting breakfast cereals.
Q2) Which of the following is illegal in the United States?
A) dumping, but not cartels
B) cartels, but not dumping
C) only certain kinds of dumping and cartels
D) neither dumping nor cartels
E) both dumping and cartels
Q3) In assessing a country's national competitive advantage,what is meant by factor conditions?
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Page 6
Chapter 5: Managing the Business
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123 Flashcards
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Sample Questions
Q1) Which of the following is NOT a characteristic of a solid contingency plan?
A) contact information for an on-site crisis manager
B) information systems backup software
C) an evacuation plan
D) a prioritized list of critical operations
E) a summary of common types of emergencies
Q2) Which type of manager is responsible for implementing the strategies,policies,and decisions made by top managers?
A) first-line manager
B) middle manager
C) supervisory manager
D) office manager
E) financial managers
Q3) Which of the following managers are directly responsible for getting products from producers to consumers?
A) human resource managers
B) public relations managers
C) information managers
D) marketing managers
E) financial managers
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Chapter 6: Organizing the Business
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Sample Questions
Q1) Which feature will a committee have?
A) inclusion of only top managers from one specific area
B) mandate to change the corporate culture
C) some decision-making responsibility
D) ability to work together only for a short period of time
E) inclusion of employees from all company levels
Q2) Which of the following BEST describes accountability?
A) the power to make the decisions necessary to complete a task
B) the obligation employees have to their manager for the successful completion of an assigned task
C) the decision to communicate clear expectations related to assigned tasks
D) the number of people supervised by one manager
E) the duty to perform a financial task
Q3) Based on the organization chart described in the scenario,how is Ace Products organized?
Q4) The functional organizational structure is the approach to organizational structure used by most small to medium-sized firms.
A)True
B)False
Q5) Explain specialization and departmentalization.
Page 8
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Chapter 7: Operations Management and Quality for Producing Goods and Services
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Japanese companies adapted the concept of quality circles from quality improvement teams used by U.S.companies.
A)True
B)False
Q2) Would a make-to-stock or make-to-order operations process be most efficient for the production of Sky Cruisers? Explain.
Q3) Which of the following BEST describes supply chain management?
A) the principle of improving the supply chain by focusing on the slowest step in the chain
B) a limitation on the number of suppliers allowed to supply a particular company
C) complete movement of raw materials throughout a manufacturing or service facility
D) a cost-reduction program in which wholesalers and retailers are eliminated in an effort to entice consumers to purchase directly from manufacturers
E) the principle of looking at the supply chain as a whole in order to improve the overall flow through the system
Q4) What is a Gantt chart?
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Chapter 8: Employee Behavior and Motivation
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101 Verified Questions
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Sample Questions
Q1) All of the following questions are relevant to the company's decision with respect to its exercise policy EXCEPT:
A) What is the value of the time the workers will spend exercising during the work day?
B) How likely is it that workers will be injured by overexercising?
C) Would the workers have different exercise needs if they had formed different behavioral patterns when they were children?
D) What resources will be required to monitor the workers to make sure that they do not spend more than 3 hours per week exercising during work hours?
E) After how much exercise do the benefits of exercise diminish?
Q2) The essence behind management by objectives (MBO)is that performance goals are used to direct and motivate behavior.
A)True
B)False
Q3) Under what conditions might the use of work teams be inappropriate?
Q4) In what three ways is job redesign typically implemented?
Q5) Contrast Theory X and Theory Y.
Q6) How does expectancy theory explain employee motivation?
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Page 10
Chapter 9: Leadership and Decision Making
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Sample Questions
Q1) Which statement is true regarding charismatic leadership?
A) Charismatic leadership ideas are unpopular among contemporary managers.
B) Many studies have successfully assessed the impact of charismatic leadership.
C) Charismatic leadership is recognized as the most important approach to leadership.
D) Dependence on charismatic leadership can raise serious ethical concerns.
E) Taking over a leadership role from a charismatic leader is often easier than following a leader lacking in charisma.
Q2) Which of the following may describe charismatic leadership?
A) an approach to leadership emphasizing the perspectives of the leader
B) an approach to leadership emphasizing the perspectives of the followers
C) an approach to leadership emphasizing the perspectives of the clientele
D) an approach to leadership emphasizing the perspectives of the managers
E) an approach to leadership emphasizing the perspectives of all parties in the organization
Q3) A manager working in the United States will typically see a high level of collectivism among workers.
A)True
B)False
Q4) Are any leadership neutralizers evident in this scenario? Explain.
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Chapter 10: Human Resource Management and Labor Relations
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) What options are available to the union when contract negotiations break down?
Q2) Employers can legally require a medical examination as a condition for making an offer of employment.
A)True
B)False
Q3) Performance appraisals are designed to show workers how well they are doing their jobs.
A)True
B)False
Q4) How do human resource managers use job analysis for human resource planning?
Q5) Distinguish between internal and external recruiting.
Q6) What occurs when a neutral third party dictates a settlement between two sides that have agreed to submit to outside judgment?
A) mediation
B) arbitration
C) strikebreaker
D) impasse
E) picketing
Q7) Explain the meaning of workforce diversity.
Q8) How can diversity create competitive advantage? Page 12
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Chapter 11: Marketing Processes and Consumer Behavior
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) What would be the BEST target market for waterproof fragrances?
A) male lifeguards
B) college fraternity members
C) Olympic ice skaters
D) school-aged children who live in warm climates
E) female swimmers and divers
Q2) A product's benefits include all of the following EXCEPT which?
A) the emotional satisfaction associated with owning the product
B) the satisfaction associated with experiencing the product
C) the time required to purchase the product
D) the functions of the product
E) the acceptance by a peer group
Q3) What elements of Panther's marketing mix might change when going international?
Q4) Some products can be sold abroad with virtually no changes.Which of the following is an example of such a product?
A) Coca-Cola
B) electric razors
C) Gerber baby food
D) Apple computers
E) fruit juices
Page 14
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Chapter 12: Developing and Pricing Products
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Sample Questions
Q1) Which of the following costs refers specifically to those that change with the quantity of a product sold or produced?
A) annual costs
B) variable costs
C) fixed costs
D) marginal costs
E) market-adjusted costs
Q2) A doctor's office buys a multifunction printer.This purchase is an example of a capital item.
A)True
B)False
Q3) As ComicalYou reaches the introduction stage of the product life cycle,what marketing strategy is MOST appropriate?
A) Lower price slightly to increase sales.
B) Focus on making customers aware of the product and its benefits.
C) Cut prices in response to increased competition.
D) Increase advertising in response to greater competition.
E) Develop product adaptations to extend the product's life.
Q4) Describe the stages in the product life cycle.
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Chapter 13: Distributing and Promoting Products
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100 Flashcards
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Sample Questions
Q1) Which of the following gives examples of bargain retailers?
A) bakery outlet, athletic shoe store
B) local bakery, discount shoe chain
C) bakery thrift shop, athletic shoe store
D) bakery thrift shop, shoe factory outlet
E) local bakery, shoe factory outlet
Q2) Which of the following describes the function of search engines that act as collections of business websites representing diverse products?
A) Internet service providers
B) electronic storefronts
C) cybermalls
D) e-catalogs
E) interactive retailing
Q3) Describe the services provided by merchant wholesalers.
Q4) Convenience stores utilize which kind of distribution?
A) direct distribution
B) retail distribution
C) wholesale distribution
D) distribution by agents
E) distribution by brokers
Page 16
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Chapter 14: Information Technology (IT)for Business
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) Tamasaki Sushi Bar is located in the Cotswold Shopping Center in a busy uptown business district.It caters to a few art galleries,a theater,and a nearby technical college.Recently,Tamasaki has noticed a decrease in customers around the lunchtime hour,which is one of its primary sales times during the day.Many customers use cell phones and frequent the Internet cafe in the area during the lunch hour.Which statement,if true,could BEST explain the sagging sales experienced by Tamasaki?
A) Most of the workers use the lunchtime hour for taking food out instead of eating in.
B) The nearby establishments have their own cafeteria for employees and students to use.
C) Technically savvy customers take advantage of deals offered via the website and Facebook site of the deli and bar-grill down the street.
D) Limited parking spaces discourage customers from stopping by for lunch.
E) College students prefer pizza and burgers for lunch and restaurant food for dinner.
Q2) Explain how a firewall keeps computers safe from hackers.
Q3) Bill has to explain the difference between worms and Trojan horses.What should he say?
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Page 17
Chapter 15: The Role of Accountants and Accounting Information
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Sample Questions
Q1) Due to current concerns over accounting fraud,certified public accountants are now licensed by the Securities and Exchange Commission.
A)True B)False
Q2) Which of the following BEST illustrates cash flow from operations?
A) the revenue from selling bread at a local bakery
B) the revenue from selling stocks by an insurance company
C) the revenue from new investors in a software start-up
D) the revenue from selling obsolescent trucks by a delivery company
E) the revenue from issuing stock by a financial management firm
Q3) What two sources of capital make up owners' equity?
Q4) The auditor's report has come back and Mary Ann is reviewing the financial statements.The current balance sheet shows that the business has more liabilities than assets.Why would this explain the need to sell the business?
Q5) Unethical accounting methods fortunately have only affected public confidence in the company found to have committed accounting violations.
A)True B)False
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Chapter 16: Understanding Money and the Role of Banking
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Sample Questions
Q1) In mutual savings banks,all depositors are considered owners of the bank.
A)True
B)False
Q2) Under which of the following circumstances would the Federal Reserve System want to decrease the money supply by increasing the reserve requirement?
A) The economy is experiencing severe inflation, and market activity is very low. Yet the financial institutions have a great deal of M-1 resources at their disposal that they are not investing.
B) The economy is experiencing severe inflation, yet market activity has been extremely high and erratic.
C) The economy is experiencing severe deflation, and market activity is very low. Yet the financial institutions have a great deal of M-1 resources at their disposal that they are not investing.
D) The economy is experiencing severe deflation, yet market activity has been extremely high and erratic.
E) The economy is experiencing severe deflation, market activity is very low, and most financial institutions are low on M-1 resources.
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Chapter 17: Managing Business Finances
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Sample Questions
Q1) Describe the differences between primary and secondary securities markets.
Q2) The profit realized when the market value of an investment increases is known as which of the following?
A) capital gains
B) asset allocation
C) diversification
D) price appreciation
E) profiteering
Q3) An exchange-traded fund (ETF)is a bundle of stocks (or bonds)that are in an index that tracks the overall movement of a market.
A)True
B)False
Q4) If you purchased a share of GE stock for $33.82,then sold it one year later for $36.50,what would the price appreciation be?
A) $1.68
B) $2.68
C) $33.82
D) $36.50
E) $67.24
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