Course Introduction
Business Environment
Textbook Exam Questions
Business Environment explores the various internal and external factors that influence the functioning and decision-making processes of organizations. This course examines the economic, legal, political, technological, and social elements that shape the business landscape, providing students with an understanding of how businesses adapt to dynamic environments. Topics include market structures, government regulation, globalization, ethical considerations, and the impact of cultural differences on business operations. By analyzing real-world examples, students learn to assess risks and opportunities, enabling them to make informed strategic choices in a complex and ever-changing environment.
Recommended Textbook
Essentials of Contemporary Business 1st Edition by Louis
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17 Chapters
2453 Verified Questions
2453 Flashcards
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Page 2
E. Boone
Chapter 1: The Changing Face of Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) The private enterprise system encourages government intervention.
A)True
B)False
Answer: False
Q2) When 3M managers decided to manufacture Post-it notes,a new product was born.This was an example of ________ in action.
A)critical thinking skills
B)vision
C)social responsibility
D)creativity
Answer: D
Q3) Citizens in a private enterprise system have the right to choose their employment,purchases,and investments,illustrating their right to ________.
A)private property
B)credit
C)profit
D)freedom of choice
Answer: D
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Chapter 2: Business Ethics and Social Responsibility
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) _____ requires publicly traded companies to announce major information to the general public,rather than first disclosing the information to selected investors.
A)Securities and Exchange Commission (SEC)
B)Occupational Safety and Health Administration (OSHA)
C)Sarbanes Oxley
D)integrity
E)corporate philanthropy
F)social responsibility
G)business ethics
H)sexual harassment
I)code of conduct
J)conflict of interest
K)product liability
L)post-conventional stage
M)Regulation FD
N)whistle-blowing
O)discrimination
Answer: M
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) The federal government raises corporate income tax rates in order to reduce the budget deficit.This change likely will ________ economic activity,which is an example of ________ policy.
A)decrease;monetary
B)increase;monetary
C)increase;fiscal
D)decrease;fiscal
Answer: C
Q2) Stores like Dollar Tree and Dollar General will make more sales during an economic recession.
A)True
B)False
Answer: True
Q3) Not-for-profit organizations must make economic decisions.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Competing in World Markets
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) Population _____________ is no guarantee of economic ___________________.
A)Growth;prosperity
B)Size;prosperity
C)Decreases;prosperity
D)Stability;decline
Q2) Amit,CEO of Charter Chemical,has recognized the financial opportunities in China.Amit has hired a foreign freight forwarder to coordinate selling Charter Chemical's products outside the United States.Charter Chemical is now involved in ________.
A)overseas marketing
B)international production
C)direct exporting
D)foreign licensing
Q3) All of the following are part of the European community's plan to eliminate all barriers to free trade among its members with the exception of ________.
A)legal systems being standardized
B)custom checks being eliminated
C)trade duties and value-added taxes being standardized
D)business regulation and requirements being standardized
Q4) Why have U.S.firms become increasingly focused on international business?
Page 6
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Chapter 5: Small Business and Forms of Business
Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Joint ventures are not ideal for international companies due to logistics and conflicting business laws.
A)True
B)False
Q2) Alexander has just opened a bakery & café in a busy New York City neighborhood.He has received an SBA-guaranteed microloan of $13,000.Alexander can use the microloan for all of the following,EXCEPT:
A)to buy a new dough mixer
B)to pay off outstanding business-related credit card bills
C)to pay for a new advertising campaign
D)to pay rent and utility bills for the building
Q3) A corporation cannot be considered domestic,foreign,and alien at the same time.
A)True
B)False
Q4) Most small businesses turn a profit within the first year.
A)True B)False
Q5) Each state mandates a specific procedure for incorporating a business.
A)True
B)False
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Chapter 6: Starting Your Own Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Social entrepreneursrecognize a societal problem and use business principles to develop innovative solutions.
A)True
B)False
Q2) Louis works as an artist for a major textile company and created an innovation for producing designs.The company will implement Louis's idea as part of its ________ strategy.
A)skunkworks
B)angel investment
C)seed capital
D)entrepreneurship
Q3) Financial success ________.
A)rarely results from starting a business
B)is part of the appeal of becoming an entrepreneur
C)plays little role in motivating people to become entrepreneurs
D)is virtually guaranteed if people work hard enough starting their own businesses
Q4) Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required.
Q5) What is intrapreneurship,and why is it important today?
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Chapter 7: Management, Leadership, and the Internal Organization
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) A primary ________ of eBay is being the world's largest online auction site.
A)mission statement
B)vision
C)competitive differentiation
D)objective
Q2) Team leaders and section chiefs are typically part of middle management.
A)True
B)False
Q3) Which of the four functions of management creates a well-designed road map of the actions needed to lead a company forward?
A)organizing
B)directing
C)controlling
D)planning
Q4) In a company with a strong corporate culture,everyone knows and supports the same principles,beliefs,and values.
A)True
B)False
Page 9
Q5) Explain the role of vision in business success.
Q6) Define centralization and decentralization.Provide an example.
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Page 10
Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Beatrice is trying to resolve a labor dispute.She meets with both sides,makes a number of recommendations,and suggests a compromise.Beatrice is acting as a(n)________ and ________ force a settlement.
A)mediator;cannot B)mediator;can C)arbitrator;cannot D)arbitrator;can
Q2) Which of the following statements about Title VII of the Civil Rights Act is NOT correct?
A)It created the EEOC.
B)It prohibits discrimination based on age,religion,or gender.
C)It helps employers set up affirmative action programs to increase job opportunities for women,minorities,people with disabilities,and other protected groups.
D)It includes the right to a jury trial for victims of employment discrimination.
Q3) Explain the advantages of Internet recruiting.
Q4) The Taft-Hartley Act legalized collective bargaining.
A)True B)False
Page 11
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) The _____ is an internal channel that informally passes information from unofficial sources.
A)low-context culture
B)affective conflict
C)performing stage
D)cross-functional team
E)noise
F)team norms
G)encoding
H)self-managed team
I)grapevine
J)norming stage
K)team diversity
L)virtual team
M)cognitive conflict
N)external communication
O)listening
P)communication
Q)team cohesiveness
Q2) What is meant by team cohesiveness?
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Chapter 10: Production and Operations Management
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Which of the following layouts would be appropriate for manufacturers of bulky,heavy,or fragile products?
A)product layout
B)customer-oriented layout
C)fixed-position layout
D)process layout
Q2) A just-in-time inventory system seeks to eliminate anything that does not add value in operations activities by providing the right part at the right place at just the right time right before it is needed in production.
A)True
B)False
Q3) Production and manufacturing refer to the same process.
A)True
B)False
Q4) MRP is a computer-based production planning system that lets a firm ensure that it has all the parts and materials it needs to produce its output at the right time and place and in the right amounts.
A)True
B)False
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Chapter 11: Customer-Driven Marketing
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Amazon.com keeps track of goods its customers have ordered.When a returning customer logs onto Amazon.com,the site creates a list of recommendations based on the customer's purchasing history.Amazon is segmenting the market by________.
A)product
B)psychographic
C)demographics
D)end-use
Q2) A singles business aims its promotions toward singles between the ages of 25 and 40 who reside in a specific county.The business has ________.
A)created personal utility
B)developed a marketing plan
C)developed a marketing mix
D)selected a target market
Q3) Personal determinants in the buying decision include all of the following EXCEPT ________.
A)needs and motives
B)perception and attitudes
C)learning and self-concept
D)cultural experiences
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Page 14
Chapter 12: Product and Distribution Strategies
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) Raoul's job is to make sure that his company's goods get from the warehouse to retailers in a timely fashion.Raoul's job involves the ________ function.
A)distribution
B)production
C)finance
D)management
Q2) Marketers should design their packaging and labeling to implement the same color and design as the native country of their consumers.
A)True
B)False
Q3) Lands' End and other catalog retailers are classified as non-store,direct sellers of goods.
A)True
B)False
Q4) Consumer products are usually classified as ________.
A)Capital items,convenience items,and specialty products
B)Convenience products,shopping products,and specialty products
C)convenience products and expense items
D)expense items and capital items
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Chapter 13: Promotion and Pricing Strategies
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Explaining the hidden benefits of ownership can enhance a product's value.
A)True
B)False
Q2) Rather than relying on short-term price-cutting tactics like special sales or cents-off coupons,_____ is a strategy that is devoted to maintaining continuous low prices.
A)breakeven analysis
B)promotional mix
C)volume objective
D)institutional advertising
E)EDLP
F)creative selling
G)point-of-purchase advertising
H)skimming pricing
I)pushing strategy
J)pulling strategy
K)integrated marketing communications
L)publicity
M)telemarking
Q3) Describe and provide examples of the two basic types of advertising.
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Page 16
Chapter 14: Using Technology to Manage Information
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Kat is sitting at her computer analyzing the financial impact of an increase in her company's sales growth rate.Kat is probably using a ________ program.
A)spreadsheet
B)presentation
C)word processor
D)desktop publishing
Q2) Raw facts and figures are ________.
A)data
B)information
C)a management information system
D)the basis for business decision making
Q3) Job is a salesperson and is visiting one of his largest clients.Before the visit,he reviewed the client's past purchases.Job used the firm's ________ system.
A)executive information
B)decision support
C)expert
D)enterprise resource planning
Q4) Define databases and describe how they are obtained and their uses.
Q5) Provide the five important tasks for off-site data storage.
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Chapter 15: Understanding Accounting and Financial Statements
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Sample Questions
Q1) Assume a company buys a machine worth $1 million and pays for it by borrowing the funds from a bank.The firm's assets will rise by $1 million and its liabilities will decrease by $1 million.
A)True
B)False
Q2) If a U.S.company has substantial operations in Europe,and the value of the euro falls relative to the U.S.dollar,the company's profits,stated in U.S.dollars,will also fall.
A)True
B)False
Q3) Most companies refuse to share any financial information with employees.
A)True B)False
Q4) The right side of the balance sheet lists claims against assets.
A)True B)False
Q5) Assets can include intangible possessions such as patents and trademarks. A)True
B)False
Q6) What is the purpose of the balance sheet? Explain how it is it organized.
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Chapter 16: The Financial System
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Corporate bonds are a diverse group and often vary based on the ________ that backs it.
A)market
B)value
C)collateral
D)company
Q2) The process used by an insurance company to determine whom to insure and how much to charge is called ________.
A)a premium
B)underwriting
C)an insuring agreement
D)indemnity
Q3) Which of the following is a benefit of direct banks?
A)They are convenient.
B)They allow customers to transfer money,check their account,and pay bills anytime.
C)They can offer lower fees and better rates because there are no branch offices to support.
D)All of these answers are correct.
Q4) Describe the global financial environment.
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Chapter 17: Financial Management
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90 Flashcards
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Sample Questions
Q1) Explain what can be indicated by the growing importance of financial professionals.
Q2) Trade credit is relatively easy to obtain and costs nothing unless a supplier offers a cash discount.
A)True
B)False
Q3) A(n)________ is a document that specifies the funds a firm will need for a period of time,the timing of inflows and outflows,and the most appropriate sources and uses of funds.
A)asset management plan
B)budget
C)strategic plan
D)financial plan
Q4) Jasmine works in the financial division of her company and is responsible for preparing monetary forecasts and analyzing major investment decisions.What is Jasmine's title?
A)treasurer
B)CFO
C)vice president for financial management
D)controller
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