Question 1

The policies and practices of government bodies would shape the ________ environment for a business.

Accepted Answer

A)  legal and regulatory 
B)  technological 
C)  social 
D)  economic 
E)  market 
A)  legal and regulatory 
B)  technological 
C)  social 
D)  economic 
E)  market

Question 2

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Accepted Answer

Every business is affected by the legal

Question 3

Forces resulting from the practical application of science to a company's products and processes would best describe its social environment.

Accepted Answer

A) True 
 B)False

Question 4

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

Accepted Answer

A)  Business mindset 
B)  Professionalism 
C)  Job enrichment 
D)  Positive reinforcement 
E)  Etiquette 
A)  Business mindset 
B)  Professionalism 
C)  Job enrichment 
D)  Positive reinforcement 
E)  Etiquette

Question 5

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Accepted Answer

A) True 
 B)False

Question 6

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Accepted Answer

A) True 
 B)False

Question 7

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Accepted Answer

A) True 
 B)False

Question 8

Alvy Smith is the forensic accountant at KPM Financial Group,a company that provides investment services.He is most likely to do which of the following activities?

Accepted Answer

A)  establish the long-term financial goals and budgets of the firm 
B)  purchase supplies required for the upkeep of the office premises 
C)  determine the pricing of the services provided by the firm 
D)  investigate charges of falsification of financial statements against an employee of the firm 
E)  build relationships with customers and help them make purchase decisions 
A)  establish the long-term financial goals and budgets of the firm 
B)  purchase supplies required for the upkeep of the office premises 
C)  determine the pricing of the services provided by the firm 
D)  investigate charges of falsification of financial statements against an employee of the firm 
E)  build relationships with customers and help them make purchase decisions

Question 9

Jason,a financial analyst in a computer manufacturing firm,is considered to be unprofessional by several of his co-workers and superiors.His manager feels that Jason is well meaning,however he is unable to communicate effectively.Which of the following tips is the manager most likely to give,to help Jason communicate more professionally?

Accepted Answer

A)  Give people general information, instead of providing only specific data. 
B)  Clarify how people will benefit from responding to your messages the way you want them to. 
C)  Present personal opinions as facts so that you appear professional. 
D)  Avoid clarifying expectations and responsibilities to create a positive impression. 
E)  Use passive listening so that you can save time and easily use your filters to process information. 
A)  Give people general information, instead of providing only specific data. 
B)  Clarify how people will benefit from responding to your messages the way you want them to. 
C)  Present personal opinions as facts so that you appear professional. 
D)  Avoid clarifying expectations and responsibilities to create a positive impression. 
E)  Use passive listening so that you can save time and easily use your filters to process information.

Question 10

Creating branding and advertising strategies to communicate with potential customers,and setting prices would fall under the ________ function of a business.

Accepted Answer

A)  human resource 
B)  accounting 
C)  logistics 
D)  marketing 
E)  research and development 
A)  human resource 
B)  accounting 
C)  logistics 
D)  marketing 
E)  research and development

Question 11

A firm sets up a paper manufacturing factory in a country which has very strict regulations regarding disposal of industrial waste.This increases the cost of production of the firm.This is an example of the social environment of the firm.

Accepted Answer

A) True 
 B)False

Question 12

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

Accepted Answer

A) True 
 B)False

Question 13

FinSmart,a finance company,plans to construct a new office building which would be disabled-friendly.The company also plans to make renovations to the existing office buildings to incorporate changes that would make them safer and disabled-friendly.Which of the following persons is most likely to be in charge of planning the new buildings and maintaining them?

Accepted Answer

A)  sales manager 
B)  facilities manager 
C)  human resource manager 
D)  logistics manager 
E)  distribution manager 
A)  sales manager 
B)  facilities manager 
C)  human resource manager 
D)  logistics manager 
E)  distribution manager

Question 14

Why is being a team player an important aspect of professionalism?

Accepted Answer

Professionals know that they are contrib

Question 15

What are the functions of HR specialists and managers? How has the role of the HR function changed over time.Compare it with the functions of a chief information officer.

Accepted Answer

HR specialists and managers plan and dir

Question 16

Difficulty in obtaining business permits or licenses to do a particular business would be an example of a barrier to entry for a firm.

Accepted Answer

A) True 
 B)False

Question 17

A firm finds it difficult to get started and establish itself in the car manufacturing industry because of high capital requirements,such as large amounts of money,manufacturing equipment,land,and a major marketing campaign.This exemplifies ________.

Accepted Answer

A)  competitive advantage 
B)  barriers to entry 
C)  market power 
D)  business mindset 
E)  vertical integration 
A)  competitive advantage 
B)  barriers to entry 
C)  market power 
D)  business mindset 
E)  vertical integration

Question 18

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Accepted Answer

A)  economic 
B)  market 
C)  legal and regulatory 
D)  political 
E)  social 
A)  economic 
B)  market 
C)  legal and regulatory 
D)  political 
E)  social

Question 19

Businesses can have both positive and negative effects on society.

Accepted Answer

A) True 
 B)False

Question 20

________ refer to a resource or capability a company must have before it can start competing in a given market.

Accepted Answer

A)  Assets 
B)  Economies of scale 
C)  Barriers to entry 
D)  Technological requirements 
E)  Fixed costs 
A)  Assets 
B)  Economies of scale 
C)  Barriers to entry 
D)  Technological requirements 
E)  Fixed costs

The policies and practices of government bodies would shape the ________ environment for a business.

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Forces resulting from the practical application of science to a company's products and processes would best describe its social environment.

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Alvy Smith is the forensic accountant at KPM Financial Group,a company that provides investment services.He is most likely to do which of the following activities?

Creating branding and advertising strategies to communicate with potential customers,and setting prices would fall under the ________ function of a business.

A firm sets up a paper manufacturing factory in a country which has very strict regulations regarding disposal of industrial waste.This increases the cost of production of the firm.This is an example of the social environment of the firm.

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

Why is being a team player an important aspect of professionalism?

What are the functions of HR specialists and managers? How has the role of the HR function changed over time.Compare it with the functions of a chief information officer.

Difficulty in obtaining business permits or licenses to do a particular business would be an example of a barrier to entry for a firm.

A firm finds it difficult to get started and establish itself in the car manufacturing industry because of high capital requirements,such as large amounts of money,manufacturing equipment,land,and a major marketing campaign.This exemplifies ________.

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Businesses can have both positive and negative effects on society.

________ refer to a resource or capability a company must have before it can start competing in a given market.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 1: Developing a Business Mindset

The policies and practices of government bodies would shape the ________ environment for a business.

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Forces resulting from the practical application of science to a company's products and processes would best describe its social environment.

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Alvy Smith is the forensic accountant at KPM Financial Group,a company that provides investment services.He is most likely to do which of the following activities?

Creating branding and advertising strategies to communicate with potential customers,and setting prices would fall under the ________ function of a business.

A firm sets up a paper manufacturing factory in a country which has very strict regulations regarding disposal of industrial waste.This increases the cost of production of the firm.This is an example of the social environment of the firm.

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

Why is being a team player an important aspect of professionalism?

What are the functions of HR specialists and managers? How has the role of the HR function changed over time.Compare it with the functions of a chief information officer.

Difficulty in obtaining business permits or licenses to do a particular business would be an example of a barrier to entry for a firm.

A firm finds it difficult to get started and establish itself in the car manufacturing industry because of high capital requirements,such as large amounts of money,manufacturing equipment,land,and a major marketing campaign.This exemplifies ________.

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Businesses can have both positive and negative effects on society.

________ refer to a resource or capability a company must have before it can start competing in a given market.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters