BUS100 - Intro to Business (Unit 1-17) Final Exam Prep

Which of the following approaches, which emerged during the marketing era, continues to influence business decisions today as global competition heats up to unprecedented heights?

A consumer focus that permeates successful companies in every department, at every level

Wamblee, a Central American country, requires red-tape-intensive licenses for all alcohol imports. In this scenario, which of the following types of trade restrictions does the country use?

A nontariff barrier

The government of Tadahiro, a Central American country, learns that low-priced mineral imports from Oda, a European country, are affecting the sales of domestic textile companies. The Tadahiro government decides to levy a 7% tax on all mineral goods imported from other countries. In this scenario, which of the following trade restrictions does the Tadahiro government impose?

A tariff

Kate Lynn Black, a comedy television series, was initially created for children in the early 1980s. However, as the franchise started to gain a cult following, the content of the franchise began to include mature themes to maintain popularity among its existing consumers. Identify the dimension of the social environment that this scenario exemplifies.

Aging population

Paddington, an orthopedics company, saw a drastic increase in its sales in 2019 compared to 2018. A survey showed that the growing percentage of the elderly was directly responsible for improving the company's sales. Identify the dimension of the social environment that this scenario exemplifies.

Aging population

In the context of the technological environment of business, which of the following statements is true of online technology?

Alternative selling strategies give rise to a more individualized buying experience.

Which of the following countries most likely has a comparative advantage?

An Asian country that produces quality automobiles with little opportunity cost compared to other countries

Which of the following statements best supports the concept of countertrade?

Barter opportunities tend to increase during economic downturns.

In the context of ethics and social responsibility, which of the following has become a core issue in the marketplace?

Doing business today without harming the ability of future generations to meet their needs

What is a structure for allocating limited resources?

Economic system

Which of the following tips should be considered while writing high-impact business messages?

End sentences with prepositions when it sounds natural

Tadita is struggling to run her start-up in her local area because local trade associations have established strict codes of conduct regarding the certification, accreditation, and insurance obligations for businesses. In the context of economic freedom in a business environment, which of the following is adversely affecting Tadita's start-up?

Excessive regulation

Identify a true statement about exporting.

Exporting represents the most basic level of global involvement.

Oakley, an employee of Crimson Corporation, is involved in various unethical activities. Oakley's team members find out about Oakley's behavior and report it to their manager, Jemison. Jemison decides to discuss this issue with Oakley. In this scenario, which of the following communication channels is Jemison most likely to use?

Face-to-face meeting

Chapter Assignments only and not Chapter Quizzes may be submitted one week past the due date and not not considered late.

False

You can drop this course at any time during the semester.

False

Your semester final consists of four unit exams.

False

The country of Fadri has been facing an economic downfall for four consecutive years. To improve the financial condition of the country, its government tries to influence the economy through taxation and spending decisions that are designed to encourage growth and increase employment. What is the government of Fadri implementing in this scenario?

Fiscal policy

Which of the following is a duty of a socially responsible organization toward its customers?

Following laws that prevent anticompetitive behavior such as predatory pricing

Which of the following strategies for reaching global markets is a specialized type of licensing?

Foreign franchising

What is the term for the authority granted by a domestic firm to a foreign firm for the rights to produce and market its product or to use its trademark/patent rights in a defined geographical area?

Foreign licensing

Which among the following is most likely to benefit when the euro is strong and the dollar is weak?

Halina, a European citizen who is touring America

Which of the following is a negative factor that interferes with the effectiveness of socialist economic systems?

Inefficiencies and corruption

In the context of foreign direct investment, which of the following is a benefit of offshoring?

It has the potential for high profits.

In the context of foreign direct investment, which of the following statements is true of a partnership?

It is a formal, long-term agreement.

Which of the following statements is true of profit in a business?

It is the financial reward that comes from starting and running a business.

In the context of bringing the code of ethics of a company to life, which of the following statements is true when experts try to advocate a forceful, integrated approach to ethics?

It should be ensured that the company's ethics code is both local and global in scope.

In the context of fundamental principles of a free market system, which of the following statements is true of a demand curve?

It shows the relationship between price and quantity from a customer standpoint.

Identify a true statement about balance of payments.

It typically corresponds to the balance of trade.

Alvarez Bank is going through a financial crisis. Therefore, it takes a loan from the Federal Reserve. The bank has to repay the loan within two years, and it also has to pay a monthly interest of 5% to the Fed. What is the 5% interest rate that the Fed charges Alvarez Bank referred to as in this case?

Nominal rate

In the context of the factors of production, which of the following is an entrepreneurial "must"?

Protection from corruption

Which of the following is an example of a natural monopoly?

Public utilities

Verbage, a pharmaceutical company, exports its products to more than 30 countries around the world. Even though Verbage has reduced sales in one of these countries, the company is still able to maintain its overall profits. In the given scenario, which of the following is a reason behind Verbage's ability to maintain its overall profits?

Reduced risk

Alroy, a Spanish manager in a company based in Japan, is admired by his colleagues for the way he treats other people, his considerate nature, and his tolerance toward other cultures. In the context of universal ethical standards, Alroy exhibits which core value?

Respect

Haimi Corp., a finance company in New York, follows certain guidelines while providing consulting services to a firm. One such guideline is to limit the services it provides to the firms it audits. The CEO of Haimi Corp. is also required to certify the validity of the company's financial statements. In this scenario, Haimi Corp. is most likely following the requirements of the _____.

Sarbanes-Oxley Act

Tadahiro Gas Company routinely performs emissions tests to keep a tally on the emissions produced by its operations and to find new ways to reduce them significantly. In this scenario, Tadahiro Gas Company is tracking its ________ emissions.

Scope 1

The British government issues a legal notice to one of its mining companies after the government learns that the heating equipment purchased by the company emits a higher level of gases than the level allowed by the Environmental Protection Agency. In this scenario, the mining company is in violation of exceeding the level of its _____ emissions.

Scope 2

In the context of the competitive environment of business, which of the following can be a key source of competitive advantage?

Speed-to-market

In the context of monetary policy, which of the following is a result of a decrease in the reserve requirement?

The availability of credit increases.

Auberon, a restaurant specializing in German cuisine, focuses solely on customer satisfaction. It allows patrons to customize the ingredients of their meals and gives a free meal voucher if their meal is unsatisfactory. The restaurant also has a voluntary service charge policy. In this context, which dimension of the business environment is affected the most?

The competitive environment

When the discussion board is used (Biography Introduction and/or weekly for full online courses and/or occasionally for face to face classes), in order to receive full credit for discussion board postings:

The posting should contain about 100 words OR THE MINIMUM word count set and say something of substance and you must return AT A LATER DATE after you classmates have posted their discussion to reply to two of your classmates.

Which of the following dimensions of the business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

The social environment

Brooks, a local grocery store chain, is the first in the city to launch an online shopping website. Its website allows customers to select required products and collect them from the nearest Brooks grocery store. In this context, which of the following dimensions of the business environment is affected the most?

The technological environment

In the context of monitoring ethics and social responsibility, which of the following statements is true of a social audit?

The threat of government legislation keeps some industries motivated to self-regulate.

Which of the following factors is likely to create a language barrier to communication?

The use of slang

In the context of the history of American business, which of the following statements is true of the industrial revolution?

There was a loss of personal pride in the production process.

Which of the following statements is true of codes of conduct?

They work best with monitoring.

It is important that you fulfill the word count criteria in your assignment answers to receive full credit.

True

This course does not cover all the chapters in the text.

True

In a business presentation, which of the following actions is likely to increase your credibility and persuasiveness?

Using expert quotations during the presentation

Identify a true statement about the debt ceiling.

Voting on the debt ceiling happens separately from voting on taxes and spending.

Jadwiga, a Mexican construction company, and East Island Inc., an American construction company, collaborate on an infrastructure project to build a railway track from Mexico City in Mexico to Texas in the United States. They share their resources, risks, and profits, but they still function as two independent firms. In this scenario, Jadwiga and East Island Inc. are most likely involved in _____.

a joint venture

The government of Pakuna has given exclusive rights to a few media companies to operate in specific geographic areas. The companies have to provide their services in the areas allotted to them, and cannot extend its services to the areas allotted to its competitors. This system has been put in place because it would be inconvenient for each company to build its own infrastructure in all areas. The given scenario exemplifies ________.

a natural monopoly

In the context of the factors of production, which of the following is a natural resource?

a) information b) an investment c) land (ANSWER) d) a piece of equipment

Assignments submitted after the due dates, will be accepted.

accepted automatic for up to one week after the schedule due date (with the exception of the last week, at end of the semester assignments.)

In the context of business ethics, _____ involves clear misconduct, whereas an ethical dilemma involves a conflict of values.

an ethical lapse

Ummi, a senior manager at a technology firm, used to regularly meet international clients to discuss future projects. But recently, after an important meeting went wrong, Ummi, in a frenzy of anger, threw a notebook at his junior associate. The firm's management immediately terminated Ummi for this act. In the context of business ethics, Ummi was guilty of _____ in this scenario.

an ethical lapse

The United States goes through a period of recession because of the continuous decrease in the nation's gross domestic product (GDP). The Fed intervenes and improves the situation by reducing the discount rate. This move by the Fed will result in ________.

banks obtaining funds at a lower cost

Garrett is an individual who is kind and compassionate. He regularly expresses his gratitude to his friends by writing notes explaining how thankful he is for them. In the context of universal ethical standards, Garrett most likely possesses the core value of _____.

caring

Amaris is an entrepreneur who values contributing to the community by volunteering with the local community center whenever she gets the opportunity. In the context of universal ethical standards, Amaris most likely possesses the core value of _____.

citizenship

A(n) _____ refers to a group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations.

common market

The various ways in which a message can be sent, ranging from one-on-one in-person meetings to internet message boards, are called _____.

communication channels

A widely accepted social movement that suggests consumer rights should be the starting point for any business is known as ______.

consumerism

Flower, an organic cookie company, not only provides nutritional information on the packaging of its products but also provides a pamphlet that gives an in-depth description of the production creation. Given this information, Flower is an advocate of _____.

consumerism

Valda Company encourages its employees to participate in charitable activities. The company gives an annual paid leave of two weeks to its employees to volunteer at nonprofits or to take part in activities that support environmental causes. Given this information, Valda Company's initiative is an example of _____.

corporate philanthropy

If the newly appointed government in the United States requests for Congress to raise the amount of money that the government can borrow, the government has asked Congress to hike its _____.

debt ceiling

In the context of the social environment dimension of business, _______ is the measurable characteristics of a population.

demographics

Valmai Inc., an Asian technology company, wants to expand its business in international markets. Therefore, it buys property in Madog, a South African country, and sets up a production facility despite the high costs involved. In this scenario, Valmai Inc. is most likely involved in _____.

direct investment

To decide the vocabulary and the complexity of a message, one must know the _____ of the audience.

education level

The Sadzi Daily is a community news agency that distributes newspapers to the residents of Lamar County. To meet the demand and to ensure that there is no wastage of resources, the news agency prints 300 newspapers that are distributed in the 300 homes in the county. The price associated with such a demand and supply pattern is called the _____.

equilibrium price

In a business cycle, _____ is a period of robust economic growth and high employment.

expansion

In the context of codes of ethics, the best-known code is the Johnson & Johnson Credo, which has guided the company profitably through a number of crises. One of the striking elements of the credo is the firm focus on ________.

fairness

When e-mailing your instructor ALWAYS complete the subject line with

fill in the the class name, the assignment in question or a short summary of what the e-mail is about. Example: Subject: BUS100, Sec # QUIZ06 need help with this

During a period of grave financial crisis in the United States, Congress is pressured to raise the limit on the maximum amount of money the government can borrow. Congress increases the limit on the condition that it will implement sharp tax hikes and across-the-board spending cuts to compensate for the raise and to ensure that the overall budget deficit decreases. In this scenario, the measures implemented by Congress will most likely create a(n) _______.

fiscal cliff

Lori Smith, the chief executive officer of Williams Tech, believes that the firm is currently best equipped to enter the market of Laine, a fast-developing country. The firm offers a small-scale producer in Laine the right to produce and market its goods based on a set of specific operating functions and requirements. This scenario of Williams Tech illustrates _____.

foreign franchising

Tracy's Toys is a toy manufacturing company that employs 1,000 workers to create handmade toys for children. In the context of the factors of production, the employees of Tracy's Toys can be classified as _______.

human resources

The term _____ refers to a market structure with many competitors selling differentiated products; the barriers to enter such a market structure are low.

monopolistic competition

Despite the economic crisis caused by the COVD-19 pandemic, research suggests that _______.

most budding entrepreneurs still plan to launch their firms in the next three years

Purple Gems sells ornate jewelry made from rare jewels. The store is most famous for its use of the Tanzanite gemstones from northern Tanzania. In this scenario, the gemstones obtained by Purple Gems can be classified as _______.

natural resources

In the context of barriers to international trade, establishing nonstandard packaging requirements for certain products is most likely a(n) _____.

nontariff barrier

Chairs in an office that force visitors to sit at a lower level than presenter can create a(n) _____ to communication.

physical barrier

In the context of key economic considerations when entering a foreign market, the energy infrastructure in a country most likely includes _____.

power plants

In the context of the legal and ethical dimensions of business conduct, it is legal and ethical to ________.

produce high-quality products

In a business cycle, the _____ is the transition period between contraction and expansion.

recovery

Over the past 30 years, most economies of the world have begun moving toward the market end of a spectrum that ranges from pure planned economy at one extreme to pure market economy at the other. This has led to ________.

reduced red tape in socialist governments

If you encounter a hostile questioner while giving a presentation, you should avoid ________.

reestablishing eye contact once you have answered their question

Robert starts his presentation on business ethics by comparing the ethical policies of a business to an airplane ride without any turbulence. Just like the absence of turbulence makes the journey more enjoyable, ethical policies help ensure smooth functioning of the business. In the given scenario, Robert is using a(n) _____ to open his presentation.

simile

Andrew, an employee in a corporate company, is asked to conduct a systematic evaluation of how well the company is meeting its ethics and corporate responsibility goals. In the given scenario, Andrew has most likely been asked to do a _____.

social audit

Companies that step in with on-site day care programs for employees facing challenges such as caring for elderly parents are fulfilling their ________.

social responsibility

The government of Taia, an Asian country, owns key industries that directly affect public welfare, such as healthcare and telecommunications. To fund public welfare schemes, the government levies high taxes on its citizens. In the given scenario, the economic system followed by Taia is _____.

socialism

The best predictor of success in this any course

staying caught up with weekly assignments

In the year 2002, Fai wanted to purchase a house. As he did not have adequate funds, he decided to take a loan. Given his low credit score, it was unlikely that he would be able to repay the borrowed money. However, he was able to secure a loan despite his reduced ability to repay the loan. Fai most likely applied for a _______.

subprime mortgage loan

The repayment of the debt by the U.S. federal government is likely to result in an increase in _______.

taxes

In the context of the business environment, computers, telecommunications, and other digital tools are considered to be part of the _______.

technological environment

In the context of the business environment, the creation of the World Wide Web is considered a component of the _______.

technological environment

This course covers

the full semester (Fall, Spring, or shorter Summer)

The term _____ refers to the shortfall that occurs when the total value of a nation's imports is higher than the total value of its exports.

trade deficit

The total value of the goods exported by Quenti, a Central American country, in the last fiscal year was lower in comparison to the total value of the goods imported by it. Given this information, Quenti had a _____ in the last fiscal year.

trade deficit

When using block paragraphs in messages, one should ________.

use single spacing

To bring a code of ethics to life, experts advocate a forceful, integrated approach to ethics. According to this, _____.

when people violate ethical norms, companies must respond publicly to retain employee trust