Introduction to Business Question Bank
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts and principles of the business world. The course explores key topics such as the roles of different types of businesses, entrepreneurship, management, marketing, finance, operations, and the impact of globalization and technology. Students will examine how businesses operate within legal, ethical, and economic frameworks, and develop an understanding of how business decisions affect society and contribute to the economy. This foundational course prepares students with the essential knowledge and skills necessary for further study in business-related disciplines.
Recommended Textbook
Business A Changing World 9th Edition by O. C. Ferrell
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16 Chapters
1518 Verified Questions
1518 Flashcards
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Page 2
Chapter 1: The Dynamics of Business and Economics
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Sample Questions
Q1) Economic expansion occurs when
A) fewer goods and services are produced than consumers demand.
B) an economy is growing and people are spending more money.
C) a nation's standard of living drops quickly.
D) employment levels decline over time.
E) prices begin to rise and incomes begin to fall.
Answer: B
Q2) The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.
A) supply price
B) equilibrium price
C) demand price
D) demand curve
E) exact price
Answer: B
Q3) Products have tangible attributes only.
A)True
B)False
Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Social ______ relates to a business's impact on society.
A) responsibility
B) strategy
C) ethics
D) law
E) rule
Answer: A
Q2) Theft of time is the leading area of misconduct observed in the workplace.
A)True
B)False
Answer: True
Q3) All a business has to do to maintain ethical conduct is to follow the law.
A)True
B)False
Answer: False
Q4) Corporate citizenship is the extent to which businesses meet the legal,ethical,economic,and voluntary responsibilities placed on them by their owners.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Business in a Borderless World
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Sample Questions
Q1) In international trade,what is the difference between an absolute advantage and a comparative advantage?
Answer: An absolute advantage in trade exists when a nation is the only source of an item or,in some cases,when it can produce the item much more efficiently than any other nation.Most international trade is based on comparative advantage,which occurs when a country specializes in products that it can supply more efficiently or more cheaply than it can other products.
Q2) When Madison flies to Italy from the United States on a British airline,stays in Italian hotels,and buys clothing in Milan to bring home after her trip,she
A) decreases the trade deficit.
B) is exporting products to Italy and Great Britain.
C) contributes to the negative balance of payments for the U.S.
D) buys American-made goods overseas.
E) contributes to the positive balance of payments for the U.S.
Answer: C
Q3) Around the globe,completely free trade is common.
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) Define the partnership form of business organization.What are its advantages?
Q2) In a partnership,all partners are equally liable.
A)True
B)False
Q3) All states require partnerships to have articles of partnership.
A)True
B)False
Q4) The biggest advantage of the corporate form of ownership may be the limited liability of its owners.
A)True
B)False
Q5) Why is taxation considered both an advantage and a disadvantage of the sole proprietorship organizational form?
Q6) It is easier to raise funds in a partnership than in a sole proprietorship because A) more people means greater earning power and credit.
B) partners have better organizational control.
C) banks know them better.
D) partners have more combined experience.
E) they can issue stock.
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Chapter 5: Small Business, entrepreneurship, and Franchising
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Sample Questions
Q1) Which of the following is a disadvantage of small-business ownership?
A) Little flexibility
B) Low stress level
C) High failure rate
D) Low failure rate
E) Inability to focus
Q2) Worries about new equipment,expanding inventory,rent increases,competition,changing market conditions,and the like may contribute to
A) overoptimism.
B) a high stress level.
C) decreasing costs.
D) undercapitalization.
E) a low stress level.
Q3) Recently,_________ have (has)spawned many small businesses.
A) the decline of the high technology market
B) deregulation of energy markets and interest in alternative energy sources
C) increased sales at large chain retailers
D) increases in Chinese demand for coal
E) a period of economic prosperity
Q4) How important is small business to the U.S.economy?
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Chapter 6: The Nature of Management
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Sample Questions
Q1) The type of planning conducted on a long-range basis by top managers is usually called
A) incremental.
B) tactical.
C) strategic.
D) crisis.
E) static.
Q2) Management is a process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment.
A)True
B)False
Q3) Decisions regarding adding new products,acquiring companies,and moving into foreign markets would most typically be made by
A) first-line management.
B) a sales manager.
C) middle management.
D) a production manager.
E) top management.
Q4) How do top managers differ from first-line managers?
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Chapter 7: Organization, teamwork, and Communication
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Sample Questions
Q1) What are some of the advantages of specialization? What are some of its disadvantages?
Q2) Downward communication conveys
A) information about the grapevine.
B) explanations of decisions and orders.
C) complaints.
D) status reports.
E) policy questions.
Q3) Organizational cultures that lack positive values may result in
A) excessive profits.
B) inefficient division of labor.
C) productive and motivated employees.
D) unproductive and indifferent employees.
E) happy customers.
Q4) All of the following are approaches to departmentalization except A) function.
B) product.
C) geographic region.
D) customer.
E) line.
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Chapter 8: Managing Service and Manufacturing Operations
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Sample Questions
Q1) Within organizations,purchasing is also referred to as
A) consumption.
B) disposition.
C) acquisitions.
D) procurement.
E) budgeting.
Q2) Manufacturers and service providers differ in the nature and consumption of their output.
A)True
B)False
Q3) What is total quality management?
Q4) Inspection reveals whether a product meets quality standards.
A)True
B)False
Q5) The degree to which a good or service meets the demands and requirements of customers is called customer satisfaction.
A)True
B)False
Q6) Why do services tend to be more labor-intensive than manufacturing?
Q7) How have computers and robots influenced the operations of business? Page 10
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Chapter 9: Motivating the Workforce
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Sample Questions
Q1) The birth of the study of human relations can be traced to A) research conducted by Mayo and Hawthorne.
B) Maslow's Hierarchy of Needs.
C) Herzberg's study of hygiene and motivation factors.
D) McGregor's Theory X and Theory Y.
E) time and motion studies conducted by Frederick W.Taylor and Frank and Lillian Gilbreth.
Q2) To achieve organizational objectives,employees must have the ability,tools,and which of the following to perform their jobs?
A) Time
B) Apathy
C) Sense of humor
D) Motivation
E) Management
Q3) The Theory Y style of management focuses on physiological and security needs.
A)True
B)False
Q4) How do economic fluctuations affect how managers motivate employees?
Q5) What is the difference between an intrinsic and an extrinsic reward? Provide an example of each.
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Chapter 10: Managing Human Resources
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Sample Questions
Q1) Socorro was terminated from her job by her employer because she was repeatedly late to work;she
A) resigned.
B) was fired.
C) was laid off.
D) was transferred.
E) was downsized.
Q2) What were laid-off employees at Medallion not given to help them in their transition?
A) Classes
B) One month severance pay
C) A free tropical vacation
D) An additional month of work
E) Job search and résumé support
Q3) What did Medallion's HRM department do right in dealing with the employees who were laid off?
Q4) Job analysis is a systematic procedure to determine the relative worth of various jobs.
A)True
B)False
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Marketing is the facilitation of exchanges through
A) creating,pricing,promoting,and distributing goods.
B) market segmentation.
C) multi-segment marketing.
D) value enhancement.
E) advertising and selling.
Q2) To effectively implement the marketing concept,an organization must
A) balance meeting its own objectives and satisfying customer needs.
B) make a large profit.
C) meet consumer needs and wants.
D) perform all of the marketing functions.
E) produce quality products.
Q3) When a computer manufacturer provides stores with credit to encourage them to carry their computers in stores,the manufacturer is involved in the marketing function of A) discounting.
B) profiteering.
C) banking.
D) buying.
E) financing.
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Page 14
Chapter 12: Dimensions of Marketing Strategy
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Sample Questions
Q1) Products such as furniture,audio equipment,bicycles,and clothing are generally classified as
A) convenience products.
B) specialty products.
C) shopping products.
D) luxury products.
E) capital products.
Q2) Pharmaceutical companies sometimes use which of the following pricing strategies to price their over-the-counter drugs?
A) Penetration pricing
B) Even/odd pricing
C) Symbolic/prestige pricing
D) Discounting
E) Price dipping
Q3) Exclusive distribution makes a product available in as many outlets as possible.
A)True
B)False
Q4) Design a marketing strategy for the new product line.
Q5) Name two pricing strategies a firm might use.
Q6) What are your suggestions for implementation of the marketing strategy?
Page 15
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Chapter 13: Digital Marketing and Social Networking
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Sample Questions
Q1) Some companies have begun to use podcasts as internal tools for teams working on projects that require a great deal of documentation.
A)True
B)False
Q2) _________ uses all digital media,including the Internet and mobile and interactive channels,to develop communication and exchanges with customers.
A) Marketing mix
B) E-business
C) Business
D) Digital marketing
E) Social networking
Q3) Which of the following enables website visitors to customize services,such as virtual shopping carts,as well as the particular content they see when they log onto a website?
A) Apps
B) Podcasts
C) Wikis
D) Blogs
E) Cookies
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Chapter 14: Accounting and Financial Statements
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Sample Questions
Q1) CPA stands for
A) Certified Private Accountant.
B) Credentialed Private Accountant.
C) Credentialed Public Accountant.
D) Certified Public Accountant.
E) Certified Professional Accountant.
Q2) How do managers and owners use financial statements?
Q3) Net income is the profit (or sometimes loss)after all expenses,excluding taxes,have been deducted from revenue.
A)True
B)False
Q4) Which of the following is the first step in the accounting cycle?
A) Examine source documents.
B) Record transactions.
C) Post transactions.
D) Prepare financial statements.
E) Generate annual reports.
Q5) Only business organizations have revenue to report.
A)True
B)False
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Chapter 15: Money and the Financial System
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Sample Questions
Q1) When the Federal Reserve sells investments,it
A) decreases the money supply.
B) increases the money supply.
C) increases the amount of insurance for accounts.
D) clears all checks in the system immediately.
E) maintains the money supply.
Q2) Fiat money is backed by gold.
A)True
B)False
Q3) The major difference between banks and credit unions is that
A) credit unions are owned and controlled by depositors.
B) banks distribute their profits to depositors.
C) credit unions make large loans to corporations.
D) bank depositors vote for the bank officers.
E) credit unions have higher default rates than banks.
Q4) Discuss the most important characteristic of money.
Q5) How is technology making the banking industry change?
Q6) What are the different nonbanking institutions available? What do they not offer that banking institutions do?
Q7) 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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Sample Questions
Q1) Cash,investments,accounts receivable,and inventory are also known as
A) current assets.
B) current liabilities.
C) long-term assets.
D) long-term liabilities.
E) fixed assets.
Q2) Transaction balances are cash on hand to pay everyday expenses.
A)True
B)False
Q3) Which of the following is a sequence of small bond issues of progressively longer maturity?
A) Secured bonds
B) Serial bonds
C) Progressive bonds
D) Junk bonds
E) Sequence bonds
Q4) In organized exchanges,investors buy and sell only for their own accounts.
A)True
B)False
Q5) Why is financing more difficult for fixed assets than for current ones?
Page 19
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