Contemporary Business Review
Questions
Course Introduction
Contemporary Business explores the dynamic landscape of modern organizations, focusing on current trends, challenges, and opportunities in both local and global contexts. This course examines key business concepts, including management, marketing, finance, ethics, and technology, emphasizing how they are applied in todays rapidly evolving marketplace. Students will analyze real-world case studies, engage in critical thinking, and develop practical skills necessary for success in contemporary business environments. The course also addresses the impact of globalization, sustainability, and digital innovation on business operations and decision-making.
Recommended Textbook
Business 12th Edition by William M. Pride
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24 Chapters
4484 Verified Questions
4484 Flashcards
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Page 2
Chapter 1: Exploring the World of Business and Economics
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246 Verified Questions
246 Flashcards
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Sample Questions
Q1) The use of the factory system in the United States helped to usher in the
A) colonial period.
B) Industrial Revolution.
C) Great Depression.
D) Renaissance.
E) twentieth century.
Answer: B
Q2) Some economists believe that sound fiscal and monetary policy can reduce the amount of time the economy is in the ____ stage of the business cycle.
A) recession
B) recovery
C) repression
D) prosperity
E) trough
Answer: A
Q3) A market economy is sometimes referred to as a command economy.
A)True
B)False
Answer: False
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Page 3
Chapter 2: A: Being Ethical and Socially Responsible
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) In the 1970s, the Pinto, a subcompact car manufactured by Ford, was known to catch on fire when rear-ended, even at inner-city speeds. This stripped consumers of their right to
A) choose.
B) be informed.
C) be protected.
D) be heard.
E) safety.
Answer: E
Q2) Jennifer, a recent college graduate, has always been concerned about protecting the environment and now hopes to play a major role in seeing that legislation for protecting the environment is enforced. With whom should Jennifer seek employment?
A) A large, environmentally friendly corporation
B) The Equal Employment Opportunity Commission
C) The Environmental Protection Agency
D) A recycling center
E) The Commission for Cleaner Air
Answer: C
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Page 4
Chapter 2: B: Being Ethical and Socially Responsible
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82 Flashcards
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Sample Questions
Q1) Businesspeople face ethical issues every day, and some of these issues can be difficult to assess.
A)True
B)False
Answer: True
Q2) One major reason for improving product safety is the consumer's demand for safe products.
A)True
B)False
Answer: True
Q3) A social responsibility program may be funded by the federal government through tax reductions or other incentives.
A)True
B)False
Answer: True
Q4) Businesspeople, by the very nature of their work, rarely face ethical issues to resolve.
A)True
B)False Answer: False
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Chapter 3: A: Exploring Global Business
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207 Flashcards
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Sample Questions
Q1) In addition to political considerations, all of the following are reasons for trade restrictions except
A) equalizing a nation's balance of payments.
B) protecting new and weak industries.
C) protecting the health of citizens.
D) protecting national security.
E) all of the above are correct.
Q2) Japanese tourists come to experience the magic of Disney World and other attractions around Orlando, Florida. These tourists are
A) contributing to the United States' deficit balance of payments.
B) helping increase the balance of payments for Japan.
C) exporting products and services back to Japan.
D) further decreasing the United States' balance of payments.
E) helping the United States' balance of payments.
Q3) Describe the major steps in entering international markets.
Q4) What are the most frequently cited reasons for restricting trade? How valid are these reasons? Explain.
Q5) Describe trading companies. What is an important function of trading companies?
Q6) What is meant by a multinational enterprise?
Page 6
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Chapter 3: B: Exploring Global Business
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61 Flashcards
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Sample Questions
Q1) A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise.
A)True
B)False
Q2) Most trading companies are involved in manufacturing or owning assets related to manufacturing.
A)True B)False
Q3) Cultural barriers can impede acceptance of products in foreign countries.
A)True
B)False
Q4) A draft is issued by the exporter's bank, ordering the importer's bank to pay for the merchandise and thus guaranteeing payment once it is accepted by the importer's bank.
A)True B)False
Q5) Trade restrictions usually have no immediate or long-term economic consequences.
A)True
B)False
Page 7
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Chapter 4: Choosing a Form of Business Ownership
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Sample Questions
Q1) Lisa and John own a partnership that provides rental equipment for parties and special occasions. Which of the following is true about the way Lisa and John would handle company profits?
A) Automatically split the profits, with 50 percent for Lisa and 50 percent for John.
B) They would do nothing because partnerships require that profits remain in the business.
C) Divide the profits according to each person's investment in the business.
D) Distribute the profits according to the terms of the partnership agreement.
E) Split the profits according to how many hours each person worked.
Q2) A syndicate is a temporary association of individuals or firms organized to perform a specific task that requires a large amount of capital.
A)True
B)False
Q3) A banker or lender is more likely to make sizable loans to a sole proprietor than to a partnership.
A)True
B)False
Q4) What does the board of directors manage? What do corporate officers manage?
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Page 8
Chapter 5: Small Business, Entrepreneurship, and Franchises
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) Production industries make up approximately what percentage of all small businesses?
A) 5
B) 10
C) 19
D) 31
E) 41
Q2) Price Waterhouse, a large accounting firm, would be most properly classified in the ____ industry, whereas a grocery store such as Kroger would be included in the ____ industry.
A) distribution; production
B) service; distribution
C) production; service
D) service; production
E) distribution; service
Q3) John Wells, an African-American small business owner, might be eligible for a grant from the Minority Business Development Agency.
A)True
B)False
Q4) Why is helping women become entrepreneurs a special goal of the SBA?
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Chapter 6: Understanding the Management Process
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196 Flashcards
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Sample Questions
Q1) Mt. Hatamus Community College strives to provide education services to its local citizens. This action represents its mission.
A)True
B)False
Q2) A manager with strong conceptual skills is able to think well in concrete terms.
A)True
B)False
Q3) Vince Martinez has been described as a visionary. He has the ability to think in abstract terms and see how all the pieces of his company fit together. Vince has ____ skills.
A) technical
B) interpersonal
C) charisma
D) conceptual
E) people
Q4) The first step in benchmarking is to identify the objectives.
A)True
B)False
Q5) Define the aspects of a SWOT analysis and how it can benefit a company.
Q6) Describe how benchmarking can benefit a manufacturing organization.
Page 10
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Chapter 7: Creating a Flexible Organization
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183 Flashcards
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Sample Questions
Q1) A disadvantage of the matrix structure is that
A) people have more work to do because they are assigned to special projects in addition to their regular tasks.
B) the quality of work decreases due to project teams' lack of attention to regular job duties.
C) employees' supervisors change, which can cause confusion. D) teams may be too decentralized and incapable of making a decision.
E) employees have to report to more than one supervisor, which can cause confusion about who is in charge of certain situations.
Q2) What are some of the primary advantages of a network structure? Compare and contrast a network structure to a line structure.
Q3) When line managers in an organization encounter issues that a staff member with specialized expertise can assist with, the staff member they consult with has ___ authority.
A) advisory
B) centralized
C) functional
D) line
E) decentralized
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Page 11
Chapter 8: Producing Quality Goods and Services
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Sample Questions
Q1) Productivity is a measure of output per unit of time per worker.
A)True
B)False
Q2) Which of the following statements is true?
A) ISO is Greek for "unacceptable."
B) ISO 9000 sets guidelines for quality management procedures.
C) ISO 9000 is accepted more in Japan than in the United States or Europe.
D) ISO 14000 is a system used to notify customers who have purchased unsafe products from manufacturers in foreign nations.
E) Although ISO 9000 was popular in the early 1990s, it has been replaced with ISO 20000.
Q3) Which of the following is not one of the steps in operational planning?
A) Adjusting products or services to meet demand
B) Designing new products or services
C) Selecting a planning horizon
D) Comparing market demand with capacity
E) Estimating market demand
Q4) What is the purpose of quality control? Why is it important to a firm?
Q5) Briefly assess the good and bad news of the current U.S. manufacturing environment.
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Chapter 9: Attracting and Retaining the Best Employees
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216 Verified Questions
216 Flashcards
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Sample Questions
Q1) All of the following are examples of employee benefits except A) an end-of-year bonus.
B) health insurance packages.
C) pay for time not worked.
D) worker's compensation.
E) unemployment insurance.
Q2) The results of an evaluation should be discussed with an employee soon after the evaluation is completed.
A)True
B)False
Q3) The process of determining the relative worth of various jobs in a firm is called A) job evaluation.
B) wage structure.
C) job analysis.
D) job specification.
E) a benefits plan.
Q4) No federal law forbids age discrimination against people younger than 40.
A)True
B)False
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Chapter 10: Motivating and Satisfying Employees and Teams
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Sample Questions
Q1) Under Taylor's scientific management system, what did management have the responsibility to determine about an employee's work, and what did the employee have the responsibility to decide?
Q2) Food, shelter, and clothing will probably satisfy a person's physiological needs.
A)True
B)False
Q3) If Berkeley Shirtmakers ties compensation directly to output by paying an employee a certain amount for each unit of output produced, it is using
A) the soldiering system.
B) an illegal system.
C) the Mayo system.
D) a piece-rate system.
E) a system that reduces the pay of most manufacturing employees.
Q4) What is goal-setting theory and how can an organization benefit from it?
Q5) What did Elton Mayo discover in the Hawthorne Studies about human factors that led to the birth of the human relations movement in management?
Q6) Describe the various stages of team development.
Q7) Explain the different facets of job enrichment and behavior modification.
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Chapter 11: Enhancing Union-Management Relations
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206 Verified Questions
206 Flashcards
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Sample Questions
Q1) During an organizing campaign at a large city hospital, maintenance workers were asked by union representatives to quickly sign authorization cards while on duty. The National Labor Relations Board would say that this was
A) a perfectly legal practice as long as the authorization card was signed quickly.
B) a legal practice, regardless of how long it took to complete the authorization card.
C) an illegal practice.
D) the right of every employee at the hospital.
E) something that must be done during on-duty time.
Q2) Mediation is the use of a neutral third party to
A) make binding decisions.
B) represent a union.
C) assist during negotiations.
D) stop questionable behavior.
E) represent management.
Q3) An organizing campaign is the second step in forming a union.
A)True B)False
Q4) Compare and contrast the membership of a craft union and of an industrial union.
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15
Chapter 12: Building Customer Relationships Through Effective Marketing
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) Which of the following is least likely to be a factor in developing a sales forecast?
A) Geographic area in which the product is sold
B) Last year's sales
C) Entire product line
D) Number of salespeople employed by the firm's major competitors
E) Expected level of marketing effort
Q2) The evolution of customer orientation started with businesses having a strong sales orientation, followed by a production orientation, and finally a customer orientation.
A)True
B)False
Q3) An essential aspect of the marketing concept is ensuring that the firm has adequate production capabilities to satisfy future demand.
A)True
B)False
Q4) The exchange function involves buying, selling, and transporting.
A)True
B)False
Q5) What is a market?
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Chapter 13: A: Creating and Pricing Products That Satisfy Customers
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) What do yo-yo, aspirin, and thermos all have in common in a marketing sense?
A) They were all once brand names that have since been declared generic terms.
B) They are all heavily promoted during daytime television.
C) They are examples of functional product modification.
D) They have extremely high brand loyalty.
E) They are all examples of private-label brands.
Q2) Price leaders
A) are sold at the highest possible price.
B) maximize profits.
C) lead to increased revenue or lower costs when prices are increased or decreased.
D) are sometimes sold at less than cost in hopes that sales of other products will increase.
E) lead the industry in sales.
Q3) Which of the following is not a major factor contributing to brand equity?
A) Brand loyalty
B) Perceived brand quality
C) Brand-name awareness
D) Brand relationship
E) Brand associations
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Chapter 13: B: Creating and Pricing Products That Satisfy Customers
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68 Verified Questions
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Sample Questions
Q1) BMW's acquisition of the British automaker Rover provides BMW with instant entry into the growing sport-utility vehicle market with the legendary Range Rover line. BMW's purchase is an attempt to widen its product mix.
A)True
B)False
Q2) Once it becomes effective, a product mix for a given product remains effective for a long time.
A)True
B)False
Q3) A company wanting to maximize profits from its new product would use product-line pricing.
A)True
B)False
Q4) The three levels of brand loyalty are preference, recognition, and insistence. A)True
B)False
Q5) A product may be a good or a service but not an idea.
A)True B)False
Page 18
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Chapter 14: Wholesaling, Retailing, and Physical Distribution
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215 Verified Questions
215 Flashcards
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Sample Questions
Q1) Which of the following channels is known as the direct channel?
A) Producer to consumer
B) Producer to middleman to business user
C) Producer to retailer to consumer
D) Producer to wholesaler to retailer to consumer
E) Producer to middleman
Q2) Compare and contrast intensive, selective, and exclusive distribution. Give an example of a product that normally would be distributed in this way for each type of market coverage.
Q3) Marketing that occurs when a retailer advertises a product and makes it available through mail or telephone or online orders is called
A) telemarketing.
B) online retailing.
C) direct-response marketing.
D) automatic vending.
E) direct selling.
Q4) How do full-service wholesalers and limited-service wholesalers differ? How do general-merchandise wholesalers, limited-line wholesalers, and specialty-line wholesalers differ in the products they carry?
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Chapter 15: Developing Integrated Marketing Communications
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240 Verified Questions
240 Flashcards
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Sample Questions
Q1) Advertising that is used to sell a particular brand of product is called A) creative.
B) selective-demand.
C) institutional.
D) personal.
E) primary-demand.
Q2) Why is the ability of the salesperson to handle objections so important in the selling process?
Q3) Promotional campaign objectives can create awareness of a new product.
A)True
B)False
Q4) Which of the following makes radio a potentially effective advertising medium?
A) It can carry a picture.
B) The seller can show the features of the product.
C) Like magazine advertising, it has a long life.
D) It is accessible to consumers.
E) The seller can demonstrate the product.
Q5) Why would a marketer identify and analyze the target audience before defining the advertising objectives when developing an advertising campaign?
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Chapter 16: Social Media, E-Business, and Accounting
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179 Verified Questions
179 Flashcards
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Sample Questions
Q1) Provide at least two examples of how crowdsourcing can be used by a company. Be specific and provide realistic scenarios.
Q2) "Digital natives" are considered to be anyone
A) under the age of 32.
B) under the age of 16.
C) under the age of 12.
D) between the ages of 16 and 32.
E) between the ages of 16 and 45.
Q3) Social media is used by approximately ____ of online adults.
A) two-thirds
B) three-fourths
C) 90%
D) 25%
E) one-quarter
Q4) What do users say is their primary reason for using social media?
A) Staying in touch with family and friends
B) Reconnecting with old friends
C) Sharing information about themselves
D) Promoting their own goals and objectives
E) Reconnecting with family members
21
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Chapter 17: Using Management and Accounting Information
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Sample Questions
Q1) As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets $124,000; current liabilities $41,000; long-term liabilities $13,000. What is the total owners' equity for this company?
A) $178,000
B) $165,000
C) $137,000
D) $70,000
E) $0
Q2) All American National Company earned $240,000 last year. The board of directors decided to pay out one-half of the firm's earnings to the stockholders. Before the board's decision, the firm's retained earnings were $740,000. Which of the following statements is true?
A) Each shareholder will receive more than he or she received last year.
B) The firm's retained earnings are too high.
C) The value of the firm's retained earnings is now $860,000.
D) The value of the firm's retained earnings is now $620,000.
E) The firm should be more profitable.
Q3) Define a balance sheet (also called a statement of financial position). What does it balance?
Page 22
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Chapter 18: Understanding Money, Banking, and Credit
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236 Verified Questions
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Sample Questions
Q1) Kimberly writes a check from her checking account at Citizens' Bank for a new dress at a local dress shop, Capagallos. Capagallos's bank is the First National Bank of the local area. How does the check-clearing process work in this scenario?
A) The check likely goes through a local clearinghouse since the banks are both located in the same town.
B) The check will be sent to the main branch of Kimberly's bank and then sent through the Federal Reserve System to be cleared.
C) Kimberly will actually have to take her check to First National Bank in order to complete the transaction.
D) The check will travel immediately from Capagallos to the nearest branch of the Federal Reserve System and will be cleared there.
E) Kimberly will have to have her bank approve the check and then the check will go to First National Bank.
Q2) Performing financial transactions through a computer terminal or telephone hookup is referred to as an EFT system.
A)True
B)False
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Page 23
Chapter 19: Mastering Financial Management
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Sample Questions
Q1) Borrowed money that will be used for more than one year is called
A) trade credit.
B) long-term financing.
C) equity capital.
D) secured financing.
E) short-term financing.
Q2) It is not unusual for companies to issue ____ type(s) of common stock and ____ type(s) of preferred stock.
A) one; one
B) two; one
C) one; many
D) many; one
E) zero; several
Q3) What right do most common stockholders have that most preferred stockholders do not have?
A) First claim to company distributions
B) Voting rights
C) Ability to sell stock in the open market
D) Dividend guarantees
E) Authority over daily business decisions
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Chapter 20: A: Understanding Personal Finances and Investments
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Sample Questions
Q1) Kenneth calls his broker and asks him to sell 1,000 shares of IBM stock. The broker executes his client's order without making any suggestions or recommendations. This broker is most likely a
A) market broker.
B) discount broker.
C) full-service broker.
D) limited broker.
E) day trader.
Q2) What steps are required to construct a personal budget? How can the information in a personal budget help you manage your personal finances and prepare for an investment program?
Q3) Three of the most widely accepted investors' services are Standard & Poor's, Mergent, Inc., and
A) the Dow Jones Industrial Average.
B) the New York Stock Exchange Price Index.
C) Barron's.
D) Value Line.
E) Moody's.
Q4) What are two ways to make money on stock investments? Is one more favorable that the other?
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Chapter 20: B: Understanding Personal Finances and Investments
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Sample Questions
Q1) Asset allocation is the process of spreading your money among several different types of investments to lessen risk.
A)True
B)False
Q2) For most investors, the amount of time your investments have to work for you is of no concern.
A)True
B)False
Q3) Over a period of time, security averages indicate trends, but they do not predict the performance of individual investments.
A)True
B)False
Q4) Generally, small cash dividends or no dividends are received from an investment in a corporation that is in the process of growing.
A)True
B)False
Q5) There is rarely a commission charged for purchasing mutual funds.
A)True
B)False
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