Business Environment
Review Questions
Course Introduction
The Business Environment course offers an in-depth exploration of the external and internal factors that shape and influence business organizations. Students examine elements such as economic trends, legal and regulatory frameworks, political forces, technological advancements, sociocultural dynamics, and environmental concerns. The course emphasizes how these factors affect decision-making, strategic planning, and operational effectiveness. Through case studies and real-world examples, students develop the analytical skills needed to assess opportunities and threats in diverse business contexts, preparing them to respond effectively to the rapidly evolving landscape of modern enterprise.
Recommended Textbook
Better Business 3rd Edition by Michael R. Solomon
Available Study Resources on Quizplus
21 Chapters
1726 Verified Questions
1726 Flashcards
Source URL: https://quizplus.com/study-set/2019
Page 2
Chapter 1: Business Basics
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/40166
Sample Questions
Q1) Which of the following is an example of real capital?
A) a business loan
B) computer software
C) natural gas
D) a manufacturing plant
E) personal savings
Answer: D
Q2) ________ refers to a company's choice to relocate its production facilities overseas or subcontract at least some of the components to foreign companies at low costs.
A) Globalization
B) Diversifying
C) Downsizing
D) Contracting
E) Offshoring
Answer: E
Q3) Car insurance is an example of a good.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Economics and Banking
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/40168
Sample Questions
Q1) What does the monthly consumer price index (CPI)measure?
A) the changes in prices of goods and services as determined by the sellers
B) the amount of products and services manufactured domestically
C) the number of new products purchased by consumers
D) the changes in prices of goods and services purchased by households
E) the changes in prices of the resources used to create consumer goods
Answer: D
Q2) The Fed relies primarily on changes in the reserve requirement (the minimum amount of money banks must hold in reserve to cover deposits)to ease or tighten the money supply.
A)True
B)False
Answer: False
Q3) Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Ethics in Business
Available Study Resources on Quizplus for this Chatper
98 Verified Questions
98 Flashcards
Source URL: https://quizplus.com/quiz/40170
Sample Questions
Q1) Name at least three of the ways it is possible to measure a company's level of corporate social responsibility.
Answer: Four ways to measure a company's corporate social responsibility are social audits (an internal systematic examination measuring and monitoring what goals the company has set,what progress has been made,and how resources have been applied to those goals); ratings and rankings (such as the Boston College's Center for Corporate Citizenship findings and the Calvert Investment Company ratings and reports); self-reporting; and corporate philanthropy (donating profits or resources to charitable organizations).
Q2) Jeffrey Wigand is a vice president of a tobacco company who revealed that his company was deliberately manipulating the effect of the nicotine in its cigarettes to promote addiction.What term best describes him?
Answer: Some people risk their positions and future careers to stop corporate abuse when they see it in the workplace.A whistle-blower is an employee who reports misconduct,most often to an authority outside the firm.Famous examples include Jeffrey Wigand,a vice president of a tobacco company who revealed on 60 Minutes in February 1996 that his company was deliberately manipulating the effect of the nicotine in its cigarettes to promote addiction.
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Business in a Global Economy
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40172
Sample Questions
Q1) The nation of North Xi has a ________ currency that cannot be exchanged in a foreign exchange market.
A) countertrade
B) nonconvertible
C) flexible
D) fixed
E) freely floating
Q2) International businesses prefer ________ economies to ________ economies because the bureaucratic hassles associated with government intervention drive costs up.
A) state-run; free market
B) free market; state-run
C) socialized; free market
D) state-run; socialized
E) socialized; state-run
Q3) What are the advantages and disadvantages of joint ventures?
Q4) Exchange rates are the rates at which currencies are converted into another country's currency.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Small Business and the Entrepreneur
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40174
Sample Questions
Q1) Amy is the founder of a small IT firm that specializes in social networking applications.She meets weekly with the members of her development team to solicit their ideas,address any problems they are having,and provide motivation and encouragement.Amy is demonstrating which characteristic of a successful entrepreneur?
A) risk-taking
B) leadership and communication skills
C) innovative
D) self-directed
E) motivated
Q2) An advantage of buying a franchise is that no initial training is necessary.
A)True
B)False
Q3) All of the following are potential benefits of using credit cards to obtain funds for starting a business EXCEPT ________.
A) credit card funds are obtained quickly
B) credit cards have low interest rates on unpaid balances
C) credit cards may have a zero-percent interest rate
D) credit cards are convenient to use
E) credit card balances can be paid off monthly
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40175
Sample Questions
Q1) Which of the following methods do not-for-profit corporations primarily use to generate revenues?
A) withholding employees' salaries
B) scaling down big-budget projects
C) organizing fund-raising events
D) issuing shares of corporate stock
E) not providing employees with health insurance
Q2) Kris and Amy own a workout facility in which they are co-owners.Both take an active role in the management of the business and each accepts unlimited liability.Kris and Amy operate as a ________.
A) joint venture
B) general partnership
C) limited partnership
D) cooperative
E) dual proprietorship
Q3) Jose lives in Mexico City and is a Mexican citizen.He has several friends in the United States who own a company.If Jose wanted to invest in the company,why would it matter if the company was an S corporation as opposed to a limited liability company?
To view all questions and flashcards with answers, click on the resource link above.
8
Chapter 7: Business Management and Organization
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40176
Sample Questions
Q1) A(n)________ organization has few people in power and many following.
A) horizontal
B) flat
C) circular
D) vertical
E) inverted
Q2) Why are horizontal structures called the "model for the knowledge age"?
Q3) Tasty Pastry Bakery Shop is having problems with its sticky buns.The bottoms are burning and the customers are complaining.They have identified the problem and they are looking into possible alternative solutions.They could change the recipe and reduce the sugar,which burns quickly.They could change the type of pan they are using.They could lower the heat of the oven.They have tried changing the type of pan from steel cookie sheets to glass pans; however,the buns are still burning.What must they do now?
A) evaluate the alternatives again
B) generate more alternative solutions
C) implement a new plan of action
D) revisit the process of identifying the problem
E) lay aside the issue for a while to gain clarity
Q4) What time management skills does it take to succeed as a manger?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Motivation, Leadership, and Teamwork
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/40177
Sample Questions
Q1) William was a factory worker in the 1920s.His company trained him in the exact sequence of steps he needed to make each day so that he would work to maximum productivity.William's company was using the principles of ________.
A) uncertainty management
B) management by objectives
C) Theory Z management
D) scientific management
E) strength-based management
Q2) Effective leaders do not challenge accepted beliefs so that their leadership is not put into question.
A)True
B)False
Q3) Chris owns a small grocery store.He notices that his employees seem unmotivated to work harder during peak times in his business.Chris increases the number of bonuses each employee may earn during those seasons.Chris is assuming his employees are motivated intrinsically.
A)True
B)False
Q4) How is group flow achieved?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Human Resource Management
Available Study Resources on Quizplus for this Chatper
107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/40178
Sample Questions
Q1) Sandy has worked as an office manager for many years and is planning to retire soon.She decides to ease out of the job by working only on Thursdays and Fridays.Amy is hired to fulfill the duties of office manager on the days Sandy does not work.Both work eight-hour days and are considered part-time employees.Sandy and Amy are both working a compressed workweek.
A)True
B)False
Q2) Why is a diverse workforce beneficial?
Q3) The local library system offers some employees the opportunity to work five days per week for four hours each day.These employees also receive the same health insurance and paid time off plans that the employees working 40 hours per week receive.From this example,we know the library system is offering ________.
A) flextime
B) job sharing
C) permanent part-time schedules
D) compressed workweeks
E) telecommuting
Q4) Think of your ideal job.Write a job description and job specifications for it.
Q5) What are work/life benefits? Give some examples.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Online Business and Technology
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/40179
Sample Questions
Q1) The following are all functions of a chief information officer (CIO)EXCEPT ________.
A) creating business opportunities
B) overseeing the accounting office
C) processing information
D) updating computer systems
E) balancing the benefits of technology against the costs
Q2) Data and information are two terms that are often used interchangeably in business settings.Describe the differences between the two terms and provide an example to illustrate the business uses of data and information.
Q3) Clara is the human resources manager for her company,Global Distinctions,Inc.The president of the company has just told Clara that the company needs to hire a Chief Information Officer (CIO)for the company.Clara's first step will be to write a job description for the new role.What are the major responsibilities that Clara should include in the job description for the new CIO?
Q4) What are the threats that challenge e-business?
Q5) Define and describe viral marketing.Use at least one example in your answer.
Q6) What new jobs have been created with the rise of social media?
Q7) What are the four main types of B2C models discussed in the textbook?
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Production, operations, and the Supply Chain
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/40180
Sample Questions
Q1) Explain what a Gantt chart is and how it is beneficial in production management.
Q2) Which of the following resources is NOT designed to help businesses connect with suppliers?
A) trade magazines
B) the International Organization for Standardization
C) the Better Business Bureau
D) the local chamber of commerce
E) the Internet
Q3) Flexible production is made up of four components.Which of the following is NOT a component?
A) central computers
B) processing machines
C) prospect-to-cash
D) human labor
E) material handling systems
Q4) Richard owns a waste disposal factory that emits potentially harmful gases into the air.He decided not to open another factory that would have been close to a small town.He considered the human factor.
A)True
B)False
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Marketing and Consumer Behavior
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40181
Sample Questions
Q1) ________ is the process of surveying the market environment to assess external threats and opportunities.
A) Distributing
B) Environmental scanning
C) Business planning
D) Overseeing
E) Promoting
Q2) During the sales concept era,technological advances meant that production increased more sharply than demand for goods and services.
A)True
B)False
Q3) Which of the following tools is NOT used to retain customers in order to stimulate future sales of similar or supplementary products?
A) heavy public advertising
B) IT
C) coupons
D) customer service
E) suggestions for future purchases
Q4) How can social media be used in market research?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Product Development and Pricing Strategies
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/40182
Sample Questions
Q1) A manufacturer of yachts sets its prices high above its competitors.This is an example of the pricing objective of ________.
A) achieving social objectives
B) creating an image
C) cutting costs to survive
D) building traffic
E) maximizing sales
Q2) A food manufacturer doing market research on the possible customer demand for a new fast food item is an example of ________.
A) idea generation
B) idea screening
C) product development and concept testing
D) commercialization
E) market testing
Q3) Developing quality products is a two-step process that requires a great investment of resources.
A)True
B)False
Q4) Describe the commercialization step of product development.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Promotion and Distribution
Available Study Resources on Quizplus for this Chatper
96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/40183
Sample Questions
Q1) Publicity is information about an individual,organization,or product transmitted through mass media at minimal charge.
A)True
B)False
Q2) What is the purpose of promoting a product?
Q3) The marketing objective or goal of all businesses is to increase profits; therefore,the goal of all promotional campaigns is the same.
A)True
B)False
Q4) Although it is costly,advertising often leads to lower prices for consumers.Explain why.
Q5) What do purchasing agents do?
Q6) Which of the following is NOT one of the four main options in the promotional mix?
A) personal selling
B) branding
C) advertising
D) public relations
E) sales promotions
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Financing and Tracking Business Operations
Available Study Resources on Quizplus for this Chatper
105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/40184
Sample Questions
Q1) The longest period covered in financial accounting reports is three months.
A)True
B)False
Q2) The biggest disadvantage of bond financing is the dilution of ownership.
A)True
B)False
Q3) Last year Huge TV Corp.had net income equaling $5 million.At the end of the year,the corporation had 4 million shares of stock outstanding.The company's earnings per share were ________.
A) $1.25
B) $0.80
C) $1 million
D) $5 million
E) $20 million
Q4) Why do companies need long-term financing?
Q5) Distinguish between managerial accounting and financial accounting.
Q6) What is debt financing?
Q7) A large printing plant buys millions of dollars of paper every year from suppliers.How can those suppliers help the printer with short-term financing needs?
Page 17
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Investment Opportunities in the Securities Market
Available Study Resources on Quizplus for this Chatper
89 Verified Questions
89 Flashcards
Source URL: https://quizplus.com/quiz/40185
Sample Questions
Q1) ________ stocks are issued by companies that produce goods or services that are affected by economic trends.
A) Cyclical
B) Value
C) Growth
D) Blue chip
E) Income
Q2) What are the basic characteristics of a bull market and a bear market in terms of stock market performance and investor confidence?
Q3) Defensive stocks usually have a stock price that is greatly affected by the state of the economy.
A)True
B)False
Q4) An asset allocation of 95% stocks and 5% bonds is considered ________ risk.
A) conservative low
B) moderate
C) moderate high
D) aggressive high
E) zero
Page 18
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Business Law
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/40165
Sample Questions
Q1) SnowDonuts,a maker of snow tubes,owes many thousands of dollars to suppliers of the plastic from which the tubes are made.The suppliers have asked the courts to force SnowDonuts to repay.But SnowDonuts just got its three biggest orders ever.What would the courts likely do?
A) have SnowDonuts file voluntary Chapter 7 bankruptcy: liquidation
B) have SnowDonuts file involuntary Chapter 7 bankruptcy: liquidation
C) have SnowDonuts file voluntary Chapter 11 bankruptcy: business reorganization
D) have SnowDonuts file involuntary Chapter 11 bankruptcy: business reorganization
E) have SnowDonuts file involuntary Chapter 13 bankruptcy: wage earner's reorganization
Q2) Unlike trademarks and patents,trade secrets ________.
A) are not protected under federal statutes
B) are not protected under state laws
C) are protected only when the secret is disclosed
D) cannot be processes
E) must be physical devices
Q3) How are trademarks protected?
Q4) What is the FTC's interest in mergers?
Q5) Are a tort and a breach of contract the same thing? Explain.
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Constructing an Effective Business Plan
Available Study Resources on Quizplus for this Chatper
37 Verified Questions
37 Flashcards
Source URL: https://quizplus.com/quiz/40167
Sample Questions
Q1) The following are all key elements in the company and management team section of the business plan EXCEPT ________.
A) description of which companies will provide the materials to manufacture the product
B) explanation of what economic trends are emerging and how they will affect future growth
C) description, if applicable, of the board members for the business
D) explanation of why the business has the unique opportunity to impact the industry
E) the mission and vision statements
Q2) First describe a potential business you would like to start.Then describe three ways a business plan could help you be more successful.
Q3) The executive summary is so crucial that if it does not meet a potential investor's expectation,he or she might stop reading the plan and discard it.
A)True
B)False
Q4) Describe in a paragraph why a well-defined business plan may attract high-quality employees.
To view all questions and flashcards with answers, click on the resource link above.
20
Chapter 19: Business Communications
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/40169
Sample Questions
Q1) Peter needs to speak to his supervisor before they sit in on a client call in about an hour.Peter's office is down the hall from his supervisor's office and he's not sure how tight his supervisor's schedule is and whether he has time to talk things over.There are a few controversial issues to be discussed on the call and Peter is anxious to learn his supervisor's point of view on these issues.Which form of communication would be the best way for Peter to communicate with his supervisor: instant messaging,a brief telephone call,face-to-face chat,or e-mail? Explain your answer.
Q2) What are some of the advantages of videoconferencing for business communications?
Q3) Which of the following examples demonstrates the most effective use of color in a PowerPoint presentation?
A) a presentation that uses white text over a black background for stark contrast
B) a presentation that uses a combination of light background and dark text
C) a presentation that uses primary colors to wake up audience attention
D) a presentation that uses a variety of colors on every slide
E) a presentation that uses black text on a blue background
Q4) What are some of the characteristics of good speaking skills?
To view all questions and flashcards with answers, click on the resource link above.
21
Chapter 20: Finding a Job
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/40171
Sample Questions
Q1) After being accepted for a job,ask for a week to consider the salary offer to allow for time to do further research and come up with a negotiating plan.
A)True
B)False
Q2) During the course of the interview,it is BEST to ________.
A) avoid direct eye contact
B) speak quickly
C) ask questions that could be answered in company literature
D) be confident
E) don't ask for clarification on questions
Q3) There are two main types of resumes: ________.
A) short and long
B) essay and outline
C) chronological and functional
D) curriculum vitae and marketing summaries
E) experience and accomplishments
Q4) What would be the reason NOT to include a GPA if it is lower than 3.0?
Q5) What are three ways the Internet can be helpful in searching for a job?
Q6) What are the steps to take to get the best results from cold calling?
Q7) Here's an example of an objective to include in a resume:
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 21: Personal Finance
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/40173
Sample Questions
Q1) Pension plans are retirement plans established by your employer.
A)True
B)False
Q2) What is the first step in developing a financial plan?
A) set financial goals
B) know where your money goes
C) take a financial inventory
D) create a budget
E) execute the plan
Q3) Money management is critical for corporations,but not for individuals.
A)True
B)False
Q4) How can online resources and software help with money management?
Q5) Special retirement pretax savings accounts created by the government are ________.
A) Roth IRAs
B) pension plans
C) IRAs
D) NDAs
E) 401(k) plans
Page 23
To view all questions and flashcards with answers, click on the resource link above.