Business and Society Final Exam
Course Introduction
Business and Society explores the complex interactions between businesses, governments, and communities in a global context. This course examines how organizations impact and are influenced by social, ethical, environmental, and legal considerations. Students analyze the responsibilities of businesses toward various stakeholders, assess the effects of corporate actions on society, and study contemporary issues such as sustainability, corporate governance, and social responsibility. The course encourages critical thinking about the role of business in addressing societal challenges and fosters an understanding of how ethical decision-making shapes the relationship between business and the broader community.
Recommended Textbook
Business A Changing World 8th Edition by
O. C. Ferrell
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Page 2
Chapter 1: The Dynamics of Business and Economics
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Sample Questions
Q1) Define competition,and describe the different forms it can take on.
Answer: Competition is the rivalry among businesses for consumers' dollars,is another vital element in free enterprise.Pure competition exists when there are many small businesses selling one standardized product,such as agricultural commodities like wheat,corn,and cotton.Monopolistic competition exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell is small.An oligopoly exists when there are very few businesses selling a product.In an oligopoly,individual businesses have control over their products' price because each business supplies a large portion of the products sold in the marketplace.
Q2) What are the people and activities of business? Define each group.
Answer: The people of business are owners,employees,and customers.Owners have to put up resources-money or credit-to start a business.Employees are responsible for the work that goes on within a business.Owners can manage the business themselves or hire employees to accomplish this task.A business's most important role is to satisfy the customers who buy its goods or services.The major activities of business are: Management,Marketing and Finance.
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3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Which of the following is not one of the dimensions of social responsibility?
A)Voluntary
B)Economic
C)Legal
D)Ethical
E)Altruistic
Answer: E
Q2) Social ______ relates to a business's impact on society.
A)responsibility
B)strategy
C)ethics
D)law
E)rule
Answer: A
Q3) Without a code of ethics or formal policy on ethics,employees are likely to base their decisions on how their peers and superiors behave.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Business in a Borderless World
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Sample Questions
Q1) Companies doing business internationally have traditionally used a globalization strategy.
A)True
B)False
Answer: False
Q2) An understanding of which of the following realities is not required for businesspeople to plan in a global economy?
A)Personal
B)Economic
C)Legal
D)Political
E)Sociocultural
Answer: A
Q3) When a nation imports more than it exports,it has a positive balance of trade.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Options for Organizing Business
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Sample Questions
Q1) The group of individuals elected by the stockholders to oversee the general operation of a corporation are known as the
A)middle managers.
B)top managers.
C)board of directors.
D)shareholders.
E)owners.
Q2) Which of the following forms of business ownership is directly limited by the life of its owner?
A)Sole proprietorships
B)Limited partnerships
C)Corporations
D)Holding companies
E)Subsidiaries
Q3) Joint ventures are popular in situations that call for
A)reduced regulations.
B)cooperation among farmers or ranchers.
C)unlimited liability.
D)large investments.
E)small investments.
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Chapter 5: Small Business, Entrepreneurship, and Franchising
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Sample Questions
Q1) A key element of business success is a business plan.
A)True
B)False
Q2) The ______ sector accounts for the majority of jobs in the United States.
A)manufacturing
B)retail
C)export
D)wholesale
E)service
Q3) Echo boomers
A)were born between 1977 and 1994.
B)are the market of the future.
C)are also known as baby boomers.
D)are immigrants.
E)are over age 50.
Q4) Small businesses typically are not vulnerable to turbulence and change in the marketplace.
A)True
B)False
Q5) Why do small businesses have a high failure rate?
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Chapter 6: The Nature of Management
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Sample Questions
Q1) When making a decision,selecting the best option is an objective procedure.
A)True
B)False
Q2) Conceptual skills are the ability to identify relevant issues and recognize their importance,understand the relationships between them,and perceive their underlying causes.
A)True
B)False
Q3) Giving people incentives to achieve objectives relates to the management function of
A)planning.
B)organizing.
C)staffing.
D)controlling.
E)directing.
Q4) Management takes place only in business settings. A)True
B)False
Q5) What are the three leadership styles and under what circumstances is each style most effective?
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Chapter 7: Organization, Teamwork, and Communication
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Sample Questions
Q1) Which of the following is a temporary group of employees,usually chosen for their expertise,responsible for bringing out a specific change?
A)Self-directed work team
B)Product-development team
C)Work group
D)Quality-assurance team
E)Task force
Q2) Evaluate the pros and cons of the system developed by QS.
Q3) Which is not a means of formally expressing an organization's culture?
A)Ceremonies
B)Code of ethics
C)Mission statement
D)Manuals
E)Employee dress codes
Q4) Organizational growth requires organizing different resources.
A)True
B)False
Q5) What is the difference between line structure and line-and-staff structure?
Q6) What are some of the advantages of specialization? What are some of its disadvantages?
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Chapter 8: Managing Service and Manufacturing Operations
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Q1) Which of the following is not a point of difference between service providers and manufacturers?
A)Services are more labor-intensive
B)Manufacturing has more uniform outputs
C)Services do not undergo a transformation process
D)It is straightforward to measure manufacturing productivity
E)Services have less control over the variability of their inputs
Q2) The term standardization means
A)ensuring that every product has the same quality.
B)that similar products,manufactured by different companies,all operate in the same manner.
C)making identical,interchangeable components or products.
D)making the exact product the customer wants.
E)all of the above.
Q3) Managing finished products and packaging them are activities most closely associated with marketing.
A)True
B)False
Q4) What is the economic order quantity model?
Q5) What is total quality management?
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Chapter 9: Motivating the Workforce
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Sample Questions
Q1) According to Herzberg,managers should focus on fulfilling employees' higher-level needs by providing chances for achievement,involvement,and advancement.
A)True
B)False
Q2) What is Theory Z? How does it differ from Theory X?
Q3) According to Maslow,an employee who goes to night school to get a college degree to minimize the chance of being laid off during a recession is motivated to fulfill which of the following needs?
A)Self-actualization
B)Psychological
C)Security
D)Esteem
E)Social
Q4) Hygiene factors include achievement,recognition,the work itself,responsibility,and advancement.
A)True
B)False
Q5) What are the five basic needs of human beings as theorized by Abraham Maslow?
Q6) What is expectancy theory?
11
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Chapter 10: Managing Human Resources
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Q1) A lockout is a court order that keeps employees from striking.
A)True
B)False
Q2) Age,gender,and race are _____ characteristics of diversity.
A)secondary
B)primary
C)unimportant
D)cultural
E)complementary
Q3) The general manager at a Target store is probably paid by A)commission.
B)time wages.
C)piece wages. D)units.
E)salary.
Q4) Increased diversity among an organization's employees tends to increase employee commitment but reduce productivity.
A)True
B)False
Q5) What are some of the ways a worker may be compensated?
Page 12
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Chapter 11: Customer Driven Marketing
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Q1) If a company develops an advertising campaign that targets a segment of consumers with a certain income and education,the company is using the following segmentation variable:
A)behavioristic.
B)demographic.
C)psychographic.
D)geographic.
E)topographic.
Q2) To implement the marketing concept,a company must do all of the following except.
A)have good information about what consumers want.
B)adopt a consumer orientation.
C)coordinate its efforts throughout the entire organization.
D)adopt a competitor orientation.
E)achieve its own goals.
Q3) Social concerns have led marketers to design and market safer toys for children,prescription drugs,and safer and healthier food products.
A)True
B)False
Q4) What is market segmentation? Why is it important for companies to do?
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Chapter 12: Dimensions of Marketing Strategy
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Q1) Maximizing profits and sales,boosting market share,maintaining the status quo,and survival are common pricing objectives.
A)True
B)False
Q2) If a company's goal is to develop an image of having very high-quality luxury products,it should employ a
A)penetration pricing strategy.
B)price skimming strategy.
C)psychological pricing strategy.
D)prestige pricing strategy.
E)rational pricing strategy.
Q3) Private distributor brands
A)are identified by manufacturer.
B)are used to reduce the efficiency of production.
C)are owned and controlled by a wholesaler or retailer.
D)are owned and controlled by a manufacturer.
E)have no brand name at all.
Q4) Exclusive distribution makes a product available in as many outlets as possible. A)True
B)False
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Chapter 13: Digital Marketing and Social Networking
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Sample Questions
Q1) In the future,most significant competitiveness gains will come from improvements in
A)equipment
B)transaction speed
C)economic growth
D)productivity
E)cost In the future,most significant gains will come from productivity improvements within businesses.
Q2) The Internet has helped marketers to reach target markets that were previously inaccessible to many businesses.
A)True
B)False
Q3) Social networking sites and blogs are not effective tools at building customer relationships.
A)True
B)False
Q4) Two-thirds of Internet users read blogs.
A)True
B)False
Q5) What was IOWatch designed to do? How would it make money?
Page 15
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Chapter 14: Money and the Financial System
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Sample Questions
Q1) The balance sheet uses all of the following account titles to describe liabilities except A)sales revenue.
B)accounts payable.
C)current liabilities.
D)taxes payable.
E)wages payable.
Q2) Cost of goods sold is calculated by subtracting the ending inventory from the beginning inventory.
A)True
B)False
Q3) Discuss how analysts can use ratio analysis to evaluate a company's financial performance.
Q4) In accounting,a ledger is a time-ordered list of accounting transactions.
A)True
B)False
Q5) Expenses can be incurred daily.
A)True
B)False
Q6) Discuss the limitations of ratio analysis.
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Chapter 15: Accounting and Financial Statements
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Sample Questions
Q1) What has changed a great deal in recent years,creating difficulties for the banking industry and is forcing it to change?
A)The government
B)Consumers
C)Watchdog groups
D)Advances in technology
E)Nothing
Q2) In the wake of the financial crisis,what did politicians promise?
A)To fire all CEOS of bailed-out banks
B)To compensate all investors who lost money in the crisis
C)To further reduce regulation of the financial industry
D)To develop and pass legislation that will improve regulation of the financial industry
E)To never let another bank fail again
Q3) The Federal Reserve Board is responsible for supervising the insurance funds that protect deposits in member institutions,such as FDIC insured banks.
A)True
B)False
Q4) What are the different types of checking accounts outlined in your text?
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Chapter 16: Financial Management and Securities Markets
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Q1) The par value is the interest rate on a bond.
A)True
B)False
Q2) A bond can be transferred from one owner to another.
A)True
B)False
Q3) Other than bank loans and short-term loans,discuss how firms raise long-term capital using liabilities.
Q4) All of the following are ways to invest idle cash for the short term except
A)Certificates of deposit.
B)Eurodollars.
C)Treasury bills.
D)Commercial paper.
E)Unsecured loans.
Q5) Which of the following is a current asset?
A)Accrued taxes
B)Short-term bank loans
C)Accounts payable
D)Accounts receivable
E)Accrued salaries
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