Foundations of Business Final Exam Questions And Answers

Foundations of Business Final Exam
Questions And Answers
Abbusinessbthatbisbownedbandbcontrolledbbybthosebwhobusebthebservicesbofbthebbusinessbisb
knownbasba(n)b__________.b-bCORRECTbbANSWER-Cooperative

AbSWOTbanalysisbofbVirginiabTechbmightbidentifybtopicsblikebitsbruralblocation,bhighly-
respectedbdiningbhalls,bandbneedbtobimprovebdiversity.bWhatbdoesbthebletterb"O"bstandbforbi
nbsuchbanbanalysis?b-bCORRECTbbANSWER-Oppurtunities

AdambfrombHR,bTaylorbfrombaccounting,bandbChristinabfrombsalesbareballbassignedbtobwork
btogetherbonbabproject.bTheybwillbalsobcontinuebonbtheirbregularbjobs.bSuchbanbarrangementb

isbcalledba(n)b_____________.b-bCORRECTbbANSWER-CrossbFunctionalbTeam

ApplebusesbthebTaiwanesebcompanybFoxconnbtobassemblebiPadsbandbiPhonesbinbChina.bIf
bApplebhadbinsteadbbuiltbitsbownbfactoriesbandbhiredbitsbownbworkers,bwhatbglobalbstrategyb

wouldbitbhavebbeenbusing?b-bCORRECTbbANSWER-ForeignbDirectbInvestment

Austinbrecentlybledbhisbcompanybthroughbpartbofbthebplanningbprocessbthatbidentifiedbthebva
luebitbcreatesbandbestablishedbgoalsbforbthebnextbseveralbyears.bWhatbpartbofbthebplanningbp
rocessbdidbAustinblead?b-bCORRECTbbANSWER-Strategic

Becausebofbfluctuatingbdemand,bwhatbaspectbofboperationsbmanagementbinbservicebindust
riesbisbevenbmorebcrucialbthanbitbisbinbmanufacturingbbusinesses?b-bCORRECTbbANSWER-
Schedulingb(customerbservice;bproductionbcontrol)

BillbClintonboncebconvincedbthebgovernmentbofbHaitibtobstopbtaxingbimportsbofbAmericanbric
e.bBybwhatbtermbarebsuchbtaxesbknown?b-bCORRECTbbANSWER-Tariff

Birthbratesbinbdevelopedbcountriesbhavebslowedbwhilebpopulationsbofbdevelopingbnationsbar
ebexpanding.bOfbwhichbtypebofbmacro-forcebisbthisbtrendbanbexample?b-
bCORRECTbbANSWER-Demographics




Caroline,bJon,bandbTaylorbstartbabbusinessbinbwhichbCarolinebrunbthebbusinessbandbisbrespo
nsiblebforbitsbobligations.bJonbandbTaylorbinvestbinbthebbusinessbbutbtakebnobactivebrolebandb

, cannotblosebmorebthanbtheamountsbtheybinvested.bWhatbformbofbbusinessbdidbtheybselect?b
-bCORRECTbbANSWER-LimitedbPartnership

Charlesbgotbabbigbcheckblastbyearbwhenbhisbemployerbmadebablotbofbmoney,bbutbsincebitblost
bmoneybthisbyear,btherebwasbnobcheck.bCharles'bcompanybusesbwhatbformbofbincentivebpro

gram?b-bCORRECTbbANSWER-ProfitbSharing

Considerbthebratebofbadoptionbofball-
electricbcars.bWhenbgovernmentboffersbabtaxbrebatebforbpurchasingbone,bwhatbmacro-
environmentalbforcebcomesbintobplay?b-bCORRECTbbANSWER-Political

Emilybhasbabstablebjobbwithbabgoodbsalarybandbisbactivebsociallybandbinbherbcommunity,byetb
shebstillbfeelsbthebneedbforbrecognition.bInbMaslow'sbmodel,bwhatblevelbofbneedbdoesbEmilyb
nowbwantbtobfulfill?b-bCORRECTbbANSWER-Esteem

Emily'sbsmallbbusinessbwasbrunningboutbofbmoney,bbutbshebgotbhelpbfrombanbagencybofbtheb
governmentbthatbguaranteedbabloanbforbher.bThebagencybwasbmostblikelybtheb___________
_.b-bCORRECTbbANSWER-SmallbBusinessbAdministration

Fivebyearsbago,babsharebinbGooglebcostbaboutb$308bbutbtodaybisbvaluedbatb$694.bSomebGo
oglebemployeesbcanbnowbcashbinbcertainbrightsbtheybwerebgivenbandbpocketb$386babshare.b
Whatbarebthesebrightsbcalled?b-bCORRECTbbANSWER-StockbOptions

Forbaroundb$220,byoubcanbbuybthebOakleybJawbreaker.bYoubcanbchoosebthebcolorbframe,bl
ens,bjaw,betc.,ballbofbwhichbarebproducedbinbquantitybandbassembledbtobyourbdesign.bWhatbp
roductionbmethodbisbdescribed?b-bCORRECTbbANSWER-Massbcustomization

FredbwentbintobbusinessbbybbuyingbthebrightbtobusebthebbrandbnamebandbformatbofbJimmybJ
ohn's.bHebwillbalsobpaybabroyaltybtobJimmybJohn'sbonbeachbsalebthatbhebmakes.bWhichbown
ershipboptionbdidbFredbchoose?b-bCORRECTbbANSWER-Franchising

Ginabsellsbprescriptionbmedicinesbtobhospitals.bInbadditionbtobherbbasebsalary,bGinabreceive
sb5%bofbthebvaluebofbeachborderbshebgets.bTheb5%additionalbpaybisbcalledb________.b-
bCORRECTbbANSWER-Commission




Imaginebthatbabgovernmentbimposedbabpricebceilingbonbcornbinborderbtobprotectbconsumers.
bTheblikelybresultbwouldbbeba(n)b_______bofbcorn.b-bCORRECTbbANSWER-Shortage




ImaginebthatbDeltabandbitsbpilotsbarebinbnegotiationsbonbabnewblaborbcontractbunderbwhichbt
hebpilotsbwillbworkbforbthebnextbthreebyears.bBybwhatbtermbisbthisbnegotiatingbprocessbknown
?b-bCORRECTbbANSWER-CollectivebBargaining

Inb2011,bthebcountrybofbIndiabimportedbabhigherbvaluebofbgoodsbandbservicesbthanbitbexport
ed.bInb2011,bIndiabranbabtradeb________.b-bCORRECTbbANSWER-Deficit