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Intro to Business Final Exam Study Guide Flashcards | StudBud
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Intro to Business Final Exam Study Guide
Intro to Business Final Exam Study Guide
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Answers
1
What is the role of the World Trade Organization (WTO)?
to regulate interest rates
to monitor and enforce trade agreements between nations
to eliminate all tariffs worldwide
to provide financial aide to developing countries
2
What differentiates a for profit business from a nonprofit business?
nonprofit business do not earn revenue
nonprofits are required to operate on donations alone
for profits operate illegally while non profits are government run
nonprofits reinvest profits, while for profits distribute profits to owners
3
Globalization
is the integration of global economies and markets through trade and investment.
False
True
4
Communication barriers
can include noise, language differences, and misinterpretation.
True
False
5
Which of the following is NOT a strategy for reaching global markets?
Isolationism
Exporting
Franchising
Joint Ventures
6
Corporate Social Responsibility (CSR)
means a business acts ethically and contributes to social welfare.
False
True
7
What is the difference between ethics and laws in business?
ethics are punishable by the court, while laws are not
laws are enforceable by the government, while ethics are moral principles
ethics are enforceable by law, while laws are voluntary guidelines
ethics and laws are the same thing
8
Which of the following is an example of an external force affecting business?
internal corporate culture
employee job satisfaction
government regulations
A comany's marketing plan
9
What is a major risk of electronic communication in business?
cybersecurity threats
elimination of written documentation
decreased reliance on technology
increased face-to-face interaction
10
What is the primary purpose of global trade?
to discourage business expansion
to ensure all businesses remain domestic
to increase government control
to access new markets and resources
11
Business ethics
refers to a company's accounting practices and tax reporting only.
False
True
12
Supply chain management
involves planning and managing sourcing, production, and delivery.
True
False
13
In team development , what is the final stage called?
forming
performing
storming
adjourning
14
The World Trade Organization (WTO) primarily:
regulates inflation rates
provides social services
controls domestic employment
Monitors and enforces trade agreements
15
A
Gantt chart
is used to visually schedule and manage tasks in a project.
False
True
16
Which of the following is NOT a factor of production?
labor
capital
land
profit
17
Which of the following is a common barrier to effective business communication?
active listening
clear language
face to face meetings
cultural differences
18
Which of the following is NOT a key component of supply chain management?
supplier coordination
transportation logistics
inventory managment
customer feedback
19
What is the primary purpose of a for-profit busniess?
to generate revenue for owners and shareholders
to operate without making money
to provide free goods and services
to serve the community
20
Operations management
is responsible for the efficient production of goods and services.
False
True
21
What are the four factors of production?
land, labor, capital, entrepreneurship
technology, innovation, workforce, capital
money, marketing, labor, raw materials
leadership, management, operations, finance
22
A
business
is defined as the coordination of production, inventory, and logistics.
True
False
23
What is one step companies take to encourage ethical behavior?
implementing a code of ethics
eliminating trade programs
hiring only family members
ignorning ethical violations
24
What is the primary function of a business?
to provide goods and services in exchange for money
to eliminate competition
to only serve charitable causes
to regulate government policies
25
The stages of
team development
include forming, storming, norming, performing, and adjourning.
False
True
26
An ethical dilemma arises when a business faces conflicting moral choices.
True
False
27
What is the main purpose of supply chain managment?
to eliminate middlemen
to produce products at the lowest cost without concern for quality
to control only the manufacturing process
to optimize production, inventory, and logistics
28
Which of the following are NOT a functional area of business?
Accounting
Marketing
Government
Human Resources
29
Stakeholders
are only the investors in a company.
False
True
30
Business ethics involves:
ignoring ethical dilemmas
only following the law
making decisions based on morals and values
prioritizing profits at all costs
31
Which of the following is an example of an external force affecting a business?
government regulations
company policies
internal audits
employee productivity
32
The
external business environment
includes legal, technological, and competitive forces.
True
False
33
A trade deficit occurs when a nation exports more than it imports.
False
True
34
A
nonprofit organization
reinvests earnings to support a mission rather than generate profit for owners.
True
False
35
Factors of production
include land, labor, capital, and entrepreneurship.
True
False
