Introduction to Business Unit 1 Milestone Sophia Course
BUS 100 Introduction to Business Unit 1 Milestone Sophia Course
1
Which of the following is NOT a key characteristic of a business?
A business tries to measure its macroeconomic impact.
A business attempts to satisfy consumer needs.
A business attempts to earn a profit by providing a product or service.
A business often tries to provide choices and opportunity.
CONCEPT
What Is Business?
2
Which of the following should guide ethical behavior in a business?
Moral judgments
Scientific theories
Personal goals
Cultural standards
CONCEPT
Ethics as a Lifestyle
3
Kowabunga was a US based beach clothing and gear company. The owner of the company wanted to expand into markets in Mexico, Australia and Fiji. The company compared the emerging markets to see which had the highest growth rates.
Which external business environment did the company evaluate for its expansion?
Domestic
Sociocultural
Global
Political-legal
CONCEPT
Business Environments
4
Sarah owned a small business that made custom handbags and totes for women, but her business failed.
If Sarah was constantly shopping for supplies, stocking the work room and sewing bags—instead of overseeing business operations—her failure can be attributed to which type of mismanagement?
Lack of focus
Uncontrolled resources
Financial miscalculation
CONCEPT
Small Business Success or Failure?
5
Selena wrote a popular blog for a well-known cooking magazine. She used the success of her blog to write her own series of books and create a companion line of food products.
Which factor of production below does Selena illustrate?
Capital
Entrepreneur
Information resource
Physical resource
CONCEPT
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Economic Systems
6
How is a business plan used by the management of a business?
To evaluate the results of social responsibility programs
To list the responsibilities of managers and employees
To monitor and track performance goals for the business
To define the current management structure of the business
CONCEPT
The 3 Part Business Plan
7
In which type of business below does the owner have the highest liability risk?
Sole proprietor
Corporation
Cooperative
Partnership
CONCEPT
Non-Corporate Business
8
Martin started a custom frame shop after retiring as an engineer. He was a skilled craftsman and knew there was a market in his small town for this business. He focused on serving his customers and maintaining the daily operations of his business.
Which of the following would Martin be considered?
Business partner
Entrepreneur
Small business owner
Corporate owner
CONCEPT
Small Business and the Entrepreneur
9
Henri owned a company that made gourmet cookies in New York. The chocolate he used was made in Belgium. The pecans he used were grown in Georgia and the Macadamia nuts were grown in Australia. The dried fruits he used were made in California. He used eggs and butter produced by local farmers.
Select the item(s) below that had to be exported in order for Henri to use it in his recipes.
Dried fruits
Pecans
Eggs and butter
Chocolate
CONCEPT
Global Economy
10
A large cable company is the only provider of cable TV and Internet for a small community. As a result, consumers in the community who want either of these services must purchase from this company.
In which of the following economic markets is the cable company operating?
Monopolistic
Oligopoly
Monopoly
Perfect
CONCEPT
Supply and Demand Economics
11
Which of the following best illustrates the socioeconomic model of social responsibility?
The owners of an automobile manufacturing company feel the company benefits society by making decisions that result in earning a higher net income.
The owner of a farm feels the farm benefits society by making a profit while providing healthy and fresh produce to its customers.
The management of an oil production company feels the company benefits society when it makes a profit for its stockholders.
The owner of a toy manufacturing company feels the company benefits society by making toys its customers will want to purchase.
CONCEPT
Models of Social Responsibility and Considering the Stakeholder
12
Sophie led a team developing a social responsibility program for her company. The team created a program to raise money for a local food bank charity.
Which of the following activities would NOT have been performed during the planning step for the program?
Determine the fundraising goals
Set the budget for marketing the program
Manage performance of the program team
Gain support from upper management
CONCEPT
Steps to Creating a Social Responsibility Program
13
Warren and Liza were drafting the partnership agreement for their new home design and construction company.
Select the item below that Warren and Liza should include in their partnership agreement.
The amount of money each partner invests
Short- and long-term sales forecasts
Rights of the stockholders of the business
Formal code of conduct for employees
CONCEPT
Non-Corporate Business
14
A maker of soaps and lotions noticed a blind person having difficulty comparing products while shopping in one of her stores. She launched an initiative to include Braille on the packaging of all products her company produced.
Which social responsibility stance below did the business owner demonstrate?
Proactive
Obstructionist
Accommodating
Defensive
CONCEPT
Stances to Social Responsibility Issues
15
Which of the following is the purpose of the World Bank?
To loan consumers in different countries money
To loan businesses in different countries money
To support the development of poorer countries
To support the development of all countries
CONCEPT
Global Markets
16
Lindsey decided to open a franchise fitness center instead of starting her own business from scratch.
Which of the following is an advantage to Lindsey purchasing the franchise?
Lindsey can get help with marketing and advertising the new business.
Lindsey can create the logo and company slogan for the fitness center.
Lindsey can determine what fitness options she will provide her customers.
Lindsey can select the suppliers for purchasing the workout equipment.
CONCEPT
The Small Business Franchise
17
Which of the following is true regarding a mixed market economy?
Prices and production of goods are based on supply and demand.
Central government authority owns and operates certain types of businesses.
Some pricing fluctuates while other pricing is controlled by the government
Prices and production of goods are determined by a central planning authority.
CONCEPT
Economic Systems
18
Which of the following best describes corporate governance?
The structure of rights and processes for a corporation
The input provided by stockholders of a corporation
The rights assigned to the stockholders of a corporation
The leadership provided by officers and directors for a corporation
CONCEPT
Types of Corporations
19
The US government limited the amount of raw sugar that could be brought into the country to three billion pounds.
Which of the following trade restrictions is illustrated in this scenario?
Import quota
Tariff
Embargo
Export quota
CONCEPT
Interactions within the Global Economy
1
In which economy below are private owners most concerned with developing wealth?
Communism
Mixed market
Capitalism
Socialism
CONCEPT
Economic Systems
2
Which of the following best describes corporate governance?
The structure of rights and processes for a corporation
The input provided by stockholders of a corporation
The rights assigned to the stockholders of a corporation
The leadership provided by officers and directors for a corporation
CONCEPT
Types of Corporations
3
Which of the following factors could contribute to the success of a small business venture?
A business owner paid himself a high salary.
A business owner had a business plan but no budget.
A business owner put off tasks he did not enjoy completing.
A business owner put in long hours and took few days off.
CONCEPT
Small Business Success or Failure?
4
In which of the following are investors most interested?
They are concerned with the company paying employees a fair wage.
They are concerned with the company safely increasing profitability.
They are concerned with the company making environmentally friendly products.
They are concerned with the company creating value for its customers.
CONCEPT
Models of Social Responsibility and Considering the Stakeholder
5
Which of the following should guide ethical behavior in a business?
Personal goals
Moral judgments
Cultural standards
Scientific theories
CONCEPT
Ethics as a Lifestyle
6
The US government limited the amount of raw sugar that could be brought into the country to three billion pounds.
Which of the following trade restrictions is illustrated in this scenario?
Import quota
Tariff
Export quota
Embargo
CONCEPT
Interactions within the Global Economy
7
A maker of soaps and lotions noticed a blind person having difficulty comparing products while shopping in one of her stores. She launched an initiative to include Braille on the packaging of all products her company produced.
Which social responsibility stance below did the business owner demonstrate?
Obstructionist
Accommodating
Defensive
Proactive
CONCEPT
Stances to Social Responsibility Issues
8
Lindsey decided to open a franchise fitness center instead of starting her own business from scratch.
Which of the following is an advantage to Lindsey purchasing the franchise?
Lindsey can create the logo and company slogan for the fitness center.
Lindsey can get help with marketing and advertising the new business.
Lindsey can select the suppliers for purchasing the workout equipment.
Lindsey can determine what fitness options she will provide her customers.
CONCEPT
The Small Business Franchise
9
Jill owned a small business in California. The state passed new legislation that required all small businesses to use new measures to protect the personal, financial and health information of both customers and employees.
Jill's business will be impacted by which external business environment below?
Sociocultural
Global
Economic
Political-legal
CONCEPT
Business Environments
10
In which type of business below does the owner have the highest liability risk?
Partnership
Corporation
Sole proprietor
Cooperative
CONCEPT
Non-Corporate Business
11
A country had a per capita income of $2,000.
Which of the following would the World Bank categorize this country as being?
A lower-middle income country
A developing country
A low-income country
A developed country
CONCEPT
Global Markets
12
How is a business plan used by the management of a business?
To list the responsibilities of managers and employees
To evaluate the results of social responsibility programs
To define the current management structure of the business
To monitor and track performance goals for the business
CONCEPT
The 3 Part Business Plan
13
Richard worked at a software company, and he learned many youth in the local community did not have access to technology to help them succeed in school. Richard told his supervisor he thought this might be a good way to give back to the community.
Which step to creating a social responsibility program below does this illustrate?
Action
Ongoing leadership
Follow through
Need recognition
CONCEPT
Steps to Creating a Social Responsibility Program
14
A US based company manufactures and sells custom motor homes. All engine parts are made in Michigan, and the tires are made in Virginia. The computer system is made in China. The leather for all seating is made in Italy. The carpet and wood flooring are made in Pennsylvania.
Select the item below that is an import to the US.
Computer system
Tires
Carpet and wood flooring
Engine parts
CONCEPT
Global Economy
15
Which of the following describes an entrepreneur rather than a small business owner?
More concerned with running day-to-day operations
More likely to develop innovations and business expansions
More focused on making decisions where the outcome is clear
More satisfied with a consistently profitable business
CONCEPT
Small Business and the Entrepreneur
16
Joel, Evan and Chase partnered to own and operate a microbrewery that produced craft beers. After reviewing the numbers for the fourth quarter, Chase thought the amount he was paid from the company's earnings was way too low. He called a meeting to discuss the issue with Joel and Evan.
With which element of a partnership agreement below would Chase have an issue?
How profit or loss would be divided
What risks could impact their decisions
How much each person would invest
What activities each person would perform
CONCEPT
Non-Corporate Business
17
Kyle owned a small business that sold and repaired several styles of bicycles. Last month, Kyle had sales of $15,000 and the costs of operating his business were $12,300.
Which of the following is true about Kyle's business?
The business earned a profit.
The business should focus on expansion.
The business experienced a loss.
The business is not capitalizing on a need.
CONCEPT
What Is Business?
18
A toy company created a new truck to offer to consumers.
Based on the graph shown above, which of the following is the equilibrium quantity and price at which the company should sell the truck?
200 trucks at $4 per truck
200 trucks at $8 per truck
400 trucks at $8 per truck
300 trucks at $6 per truck
400 trucks at $4 per truck
CONCEPT hwacer.com
Supply and Demand Economics
19
Which of the following controls production in a planned economy?
Producers of products and services
Centralized government
Monopolistic corporations
Consumers of products and services
CONCEPT
Economic Systems
A business owner decides to only use products that do not test on animals.
Which social responsibility stance below did the business owner demonstrate?
Defensive
Obstructionist
Proactive
Accommodating
Which of the following is an advantage of buying a franchise as an existing business, instead of starting from scratch?
Able to use own ideas for running the business
The ability to operate without pre-existing expectations from customers
The ability to use a well-known brand
The ability to choose suppliers for the business
Penelope worked for several years at an art gallery after graduating college. She had always imagined she would own her own studio one day, where she could showcase her own works as well as provide private art lessons and classes. She had saved money toward this goal but had little experience running any type of business.
Based on Penelope's situation, which of the following is a disadvantage to her becoming a sole proprietor?
Penelope lacks significant expertise and experience in the art field.
Penelope may have difficulty managing all aspects of a small business alone.
Penelope is worried about who will be responsible for making final business decisions.
Penelope has few contacts she could use to obtain startup funding.
Carole was an avid investor. She purchased 500 shares of common stock for GH Inc. based on an article she read about the publicly traded company.
Which of the following would Carole be considered?
A partner in GH Inc.
A member of the Board of Directors of GH Inc.
A stockholder of GH Inc.
A corporate officer of GH Inc.
Which of the following is an example of a trade deficit?
The United States imports more goods from China than China imports from the US.
China can produce clothing more efficiently than the United States.
China and the United States both import and export the same amount of goods to one another.
China exports more goods to the United States than the US exports to China.
The US government decided to enforce a trade restriction to no longer trade any goods with Mexico.
Which of the following does this scenario describe?
Foreign-exchange control
Tariff
Quota
Embargo
Which of the following would cause a person starting a small business to choose a sole proprietorship over a partnership?
The person wants to retain complete control over the entire business.
The person is willing to share responsibilities for running the business.
The person has minimal experience managing a small business.
The person lacks sufficient funding for business operations.
Greg's team developed a social responsibility program to have employees participate in an annual clothing drive. The employees donated and then delivered clothes and shoes to needy families.
Which of the following activities would be performed in the Follow Through step?
The team determined the number of employees who participated and the number of families assisted.
The team obtained lists of names and addresses of families in need of clothes and shoes.
The team determined how employees would be rewarded for their participation.
The team and participating employees brought gently used clothing and shoes to the collection location.
Max wanted to open a pizza and sub restaurant. He compared purchasing a well-known franchise to opening his own restaurant as a small business.
Which of the following would be a disadvantage to the franchise option?
Max will be able to use the business model provided by the franchise.
Max will have many competitors that offer pizzas and similar Italian fast food.
Max will have to use his savings and borrow some money to start his business.
Max will have to use the franchise's pizza sauce instead of his family recipe.
Which of the following would be included in the financial plan section of a business plan?
Methods for measuring if specified targets are met
Analysis of competitors in the marketplace
Projected profit and loss for the business
Description of the target market for the business
Which of the following is true regarding ethics in business?
Ethical decisions are not always a clear cut case.
Ethical violations always involve breaking laws.
Ethical values can change based on circumstances.
Ethical decisions have little impact on customer relationships.
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