Business Strategy
Exam Questions
Course Introduction
Business Strategy explores the frameworks, analytical tools, and critical thinking approaches necessary for formulating and implementing effective strategies within organizations. Students will learn how companies gain and sustain a competitive advantage, evaluate internal and external environments, and make strategic decisions in the face of uncertainty. The course covers topics such as industry analysis, resource-based views, corporate diversification, innovation strategies, and global competition, equipping students with practical skills to develop and execute strategic plans in various business contexts.
Recommended Textbook
Contemporary Business 16th Edition by Louis E. Boone
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17 Chapters
2631 Verified Questions
2631 Flashcards
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Chapter 1: The Changing Face of Business
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) The right to private property is considered the most basic right in the private enterprise system.
A)True
B)False
Answer: True
Q2) Describe how the aging population in the United States and abroad directly affect changes in the workforce.
Answer: Employers must deal with issues such as retirement, disability programs, retraining, and insurance benefits. Additionally, teenagers are entering the workforce sooner, and some seniors are staying longer or seeking new careers after retiring from their primary careers.
Q3) In his book The Wealth of Nations, the economist Adam Smith was the first person to describe _____.
A) socialism
B) communism
C) capitalism
D) entrepreneurship
Answer: C
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Chapter 2: Business Ethics and Social Responsibility
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) Describe examples of honesty and integrity violations in the workforce. Answer: Some people misrepresent their academic credentials and previous work experience on their résumés or job applications. Although it may seem tempting to embellish a résumé in a competitive job market, the act shows a lack of honesty and integrity-and eventually it will catch up with those using such methods to boost their resumes. A recent news report details how a college football coach resigned after information on his biography was questioned. Others steal from their employers by taking home supplies or products without permission or by carrying out personal business during the time they are being paid to work. For example, Internet misuse during the work day is increasing. Employees use the Internet for personal shopping, email, gaming, and social networking. This misuse costs U.S. companies an estimated $85 billion annually in lost productivity.
Q2) The primary social responsibility of a company is to its customers.
A)True
B)False
Answer: False
Q3) Loyalty and truthfulness often conflict with one another in the business world.
A)True
B)False
Answer: True
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Chapter 3: Economic Challenges Facing Contemporary Business
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179 Verified Questions
179 Flashcards
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Sample Questions
Q1) _____ is the relationship between the goods and services produced in a nation each year and the inputs necessary to produce them.
A) Gross domestic product
B) Per capita income
C) Prosperity
D) Productivity
Answer: D
Q2) If buyers' incomes increase, the demand curve will shift to the _____ and the prices will _____.
A) right; rise
B) left; fall
C) right; fall
D) left; rise
Answer: A
Q3) The equilibrium price occurs at the point of intersection between the supply and demand curves.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Competing in World Markets
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171 Verified Questions
171 Flashcards
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Sample Questions
Q1) The North American Free Trade Agreement (NAFTA) is a trade accord designed to reduce trade restrictions between the two neighboring countries of the United States and Canada.
A)True
B)False
Q2) A U.S. agricultural producer sells wheat to a small country in Africa. The country pays the U.S. firm in seafood. This is an example of _____.
A) countertrade
B) direct exporting
C) foreign licensing
D) international production
Q3) Identify and describe the major types of obstacles confronting international trade.
Q4) Describe three contractual agreements firms can enter into when going global.
Q5) Distinguish between absolute advantage and comparative advantage. Provide an example of each.
Q6) A weak euro is a disadvantage to European exporters.
A)True
B)False
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Chapter 5: Forms of Business Ownership and Organization
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) Which type of merger is done to increase customer bases?
A) Vertical merger
B) Conglomerate company
C) Joint venture
D) Horizontal merger
Q2) Catalina owns 100 _____ stock of NxtGen Solutions, a software firm. It means that she has voting rights on company decisions at NxtGen Solutions, but only residual claims on the company's assets.
A) preferred
B) principal
C) management
D) common
Q3) The smallest firms-those with fewer than 20 employees-spend 45 percent more per employee than larger firms just to comply with federal regulations.
A)True
B)False
Q4) Owners of preferred stock receive dividends after owners of common stock.
A)True
B)False
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Chapter
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) When entrepreneurs use _____, they borrow money from banks, finance companies, credit card companies, and family or friends that must be repaid.
A)Seed capital
B)angel investor
C)venture capitalist
D)debt financing
E)Information technology
F)social entrepreneur
G)classic entrepreneur
H)lifestyle entrepreneur
I)targeted employment area
J)skunkworks
K)Intrapreneurship
L)Internal locus of control
Q2) List the eight major characteristics of an entrepreneur.
Q3) Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required.
Q4) Explain the differences among classic entrepreneurs, serial entrepreneurs, and social entrepreneurs.
Page 8
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Chapter 7: Management, Leadership, and the Internal Organization
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Firms organized around business functions such as finance, marketing, and production have process departmentalization.
A)True
B)False
Q2) _____ skills are interpersonal skills that enable managers to work effectively with and through people.
A) Visionary
B) Human
C) Conceptual
D) Technical
Q3) _____ departmentalization organizes work units based on the goods and services a company offers.
A) Product
B) Geographical
C) Functional
D) Process
Q4) A company's vision should include flexibility.
A)True
B)False
Q5) Explain the role of vision and ethical standards in business success.
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Robert's company contracted with a third-party external to provide technical and computer support. This is an example of _____.
A) restructuring the whole organization
B) downsizing
C) employee empowerment
D) outsourcing
Q2) Union members must vote on whether to accept or reject a contract.
A)True
B)False
Q3) All of the following are core responsibilities of human resource managers EXCEPT
A) employee recruitment
B) training and performance evaluation
C) employee compensation and benefits
D) company budget forecasts
Q4) According to U.S. laws, candidates must provide information about their marital status.
A)True
B)False
Q5) Discuss the significance of the National Labor Relations Act.
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) All team members should hold themselves mutually responsible and accountable for accomplishing their objectives.
A)True
B)False
Q2) Damond's company has an unwritten rule that implies all managers must attend team meetings, no matter what projects they're working on. This informal standard of conduct is an example of team _____.
A) roles
B) norm
C) cohesiveness
D) conflict
Q3) What is the ideal size for a team? What challenges do smaller or larger groups pose for team leaders?
Q4) Flexibility is the primary advantage of virtual teams.
A)True
B)False
Q5) Feedback is crucial in determining whether a message was decoded properly.
A)True
B)False
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Chapter 10: Production and Operations Management
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) Which of the following is LEAST likely be purchased on a long-term contractual basis?
A) Component parts for mass production
B) Office supplies purchased for a small office
C) Continuous supply products
D) Raw materials
Q2) Mass production is highly efficient for producing small quantities of unique items.
A)True
B)False
Q3) The sole purpose of a successful production planning process is to ensure customer satisfaction.
A)True
B)False
Q4) Juan is a production manager. Which of the following tasks would Juan complete first?
A) Selecting the appropriate layout
B) Determining what products to produce
C) Planning the production process
D) Implementing the production process
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Page 12
Chapter 11: Customer-Driven Marketing
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Mona designs the packages and chooses the brand names for goods produced by her firm. Mona is involved in which element of the marketing mix?
A) Promotion strategy
B) Distribution strategy
C) Product strategy
D) Pricing strategy
Q2) Neon Corp. has implemented _____ so that its customers can choose their own fabric, style, individual features, and size.
A) relationship production
B) standardization
C) organization marketing
D) mass customization
Q3) It is illegal for not-for-profit organizations to partner with profit companies since not-for-profits may not earn a profit.
A)True
B)False
Q4) Define consumer products and business products and provide an example of how a product could be classified as both.
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Chapter 12: Product and Distribution Strategies
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Since potential customers are unaware of a product during its introductory stage, initial promotion concentrates on _____.
A) reducing the size of an available market through selective advertising
B) informing the market about the item and explaining its features, uses, and benefits
C) communicating new uses for the product
D) using word-of-mouth referrals
Q2) Advertising slogans, such as "Just Do It" or "Obey Your Thirst," are _____ that are given legal protection solely to the brand's owner.
A) catchphrases
B) registered phrases
C) brand names
D) trademarks
Q3) Intensive distribution generally suits low-priced convenience goods.
A)True
B)False
Q4) Explain why choosing the right package and label is especially crucial in international marketing.
Q5) Explain the relationship between a company's product line and product mix.
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Chapter 13: Promotion and Pricing Strategies
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) Assume fixed costs equal $480,000. The selling price per unit is $10, and the variable cost per unit of $8 produces a $2 per unit contribution to fixed costs. Find the breakeven point in terms of both units and in dollars.
Q2) _____involves messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities.
A)breakeven analysis
B)promotional mix
C)Volume objectives
D)Institutional advertising
E)discount pricing
F)Creative selling
G)Point-of-purchase advertising
H)skimming pricing
I)pushing strategy
J)penetration
K)integrated marketing communications
L)cooperative advertising
M)odd pricing
Q3) Explain how marketers conduct breakeven analyses.
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Page 15
Chapter 14: Using Technology to Manage Information
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Telephones connected via _____ use personal computers with broadband connections in place of a traditional phone jack.
A)CIO
B)VoIP
C)decision support system
D)firewall
E)application service provider
F)virtual private network
G)WiFi
H)intranet
I)malware
J)local area network
K)data
L)grid computing
M)expert system
N)executive support system
O)spyware
P)database
Q)cloud computing
R)botnet
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Page 16
Chapter 15: Understanding Accounting and Financial Statements
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Ratios assist managers by interpreting actual performance and making comparisons with what should have happened.
A)True
B)False
Q2) Cash budgets are usually prepared _____.
A) yearly
B) quarterly
C) monthly
D) weekly
Q3) Elena works for a mid-sized manufacturing company. Her responsibility is to examine the firm's financial practices to ensure that records include accurate data and that the firm's operations are in compliance with federal, state, and local laws and regulations. Elena is a(n) _____.
A) government accountant
B) cost accountant
C) tax accountant
D) internal auditor
Q4) The current ratio is a leverage ratio.
A)True
B)False
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Chapter 16: The Financial System
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) There are ________ Federal Reserve districts.
A) 5
B) 8
C) 12
D) 15
Q2) All of the following are included in M1 EXCEPT ________.
A) money market mutual funds
B) total value of coins
C) checking accounts
D) currency in circulation
Q3) Municipal bonds are bonds issued by the federal government.
A)True
B)False
Q4) Savings banks were originally established to make ________ loans.
A) home mortgage
B) business
C) agricultural
D) automobile
Q5) In addition to the NYSE and NASDAQ, what other stock markets exist in the U.S.?
Q6) What are financial institutions?
Page 18
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Chapter 17: Financial Management
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99 Verified Questions
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Sample Questions
Q1) Firms often rely on short-term sources of funds to pay for large, permanent assets, such as machinery and buildings.
A)True
B)False
Q2) Randy works in the financial division of his company and is responsible for preparing monetary forecasts and analyzing major investment decisions. What is Randy's title?
A) Treasurer
B) Chief financial officer
C) Vice president for financial management
D) Controller
Q3) Explain the difference between an expansion decision and a replacement decision.
Q4) Increasing leverage decreases management's flexibility in future financing decisions.
A)True
B)False
Q5) Public sales can vary substantially from year to year depending on the conditions in the financial markets.
A)True
B)False
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