Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
EGCC BUS101 Into to Business - Final
Exam Questions and Answers
t/f; Businesses engage in environmental protection activities to show their responsibility to their general
public stakeholders. - ANSWER✔✔-true
t/f; The critical path method (CPM) is used to design, test, and modify new and existing products. -
ANSWER✔✔-false
t/f; A tall organization structure has many managerial levels and a long chain of command. -
ANSWER✔✔-true
Management involves: - ANSWER✔✔-all of the above
One of the documents that help human resource planners find the right person for a specific job is a list
of tasks and responsibilities required of the job. This document is known as a: - ANSWER✔✔-job
description
t/f; Service companies generally use a repetitive or intermittent production process rather than the
continuous process. - ANSWER✔✔-true
t/f; A well-designed product transcends cultural barriers. It does not need to be changed to suit different
countries or cultures. - ANSWER✔✔-false
t/f; Retained earnings are the amounts left over from profitable operations since the firm's beginning.
They are equal to total profits minus all dividends paid to stockholders. - ANSWER✔✔-true
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, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
t/f; Economics is the study of a society's financial institutions. - ANSWER✔✔-false
The marketing concept:
-satisfies customer wants and needs legally and responsibly
-does all of the above
- focuses on customer wants so the company can differentiate its product from its competition
-integrates all of the company's activities to satisfy customer wants
- achieves long-term organizational goals - ANSWER✔✔-does all of the above
t/f; A current asset is one that can or will be converted into cash within one year. - ANSWER✔✔-true
_____ is the set of moral standards for judging whether something is right or wrong. - ANSWER✔✔-
ethics
_____ is the gap between what is and what is desired, and _____ is the gap between what is and what is
required. - ANSWER✔✔-a want; a need
t/f; Employee ownership creates too much stress and is a poor motivator. - ANSWER✔✔-false
t/f; Types of promotional goals include creating awareness, increasing the use of products, and
identifying potential customers. - ANSWER✔✔-true
t/f; Internet retailing is also called e-retailing. - ANSWER✔✔-true
t/f; The International Monetary Fund (IMF) was created to promote trade through financial cooperation
by working to eliminate trade barriers. - ANSWER✔✔-true
Copyright ©Stuvia International BV 2010-2024 Page 2/10
EGCC BUS101 Into to Business - Final
Exam Questions and Answers
t/f; Businesses engage in environmental protection activities to show their responsibility to their general
public stakeholders. - ANSWER✔✔-true
t/f; The critical path method (CPM) is used to design, test, and modify new and existing products. -
ANSWER✔✔-false
t/f; A tall organization structure has many managerial levels and a long chain of command. -
ANSWER✔✔-true
Management involves: - ANSWER✔✔-all of the above
One of the documents that help human resource planners find the right person for a specific job is a list
of tasks and responsibilities required of the job. This document is known as a: - ANSWER✔✔-job
description
t/f; Service companies generally use a repetitive or intermittent production process rather than the
continuous process. - ANSWER✔✔-true
t/f; A well-designed product transcends cultural barriers. It does not need to be changed to suit different
countries or cultures. - ANSWER✔✔-false
t/f; Retained earnings are the amounts left over from profitable operations since the firm's beginning.
They are equal to total profits minus all dividends paid to stockholders. - ANSWER✔✔-true
Copyright ©Stuvia International BV 2010-2024 Page 1/10
, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
t/f; Economics is the study of a society's financial institutions. - ANSWER✔✔-false
The marketing concept:
-satisfies customer wants and needs legally and responsibly
-does all of the above
- focuses on customer wants so the company can differentiate its product from its competition
-integrates all of the company's activities to satisfy customer wants
- achieves long-term organizational goals - ANSWER✔✔-does all of the above
t/f; A current asset is one that can or will be converted into cash within one year. - ANSWER✔✔-true
_____ is the set of moral standards for judging whether something is right or wrong. - ANSWER✔✔-
ethics
_____ is the gap between what is and what is desired, and _____ is the gap between what is and what is
required. - ANSWER✔✔-a want; a need
t/f; Employee ownership creates too much stress and is a poor motivator. - ANSWER✔✔-false
t/f; Types of promotional goals include creating awareness, increasing the use of products, and
identifying potential customers. - ANSWER✔✔-true
t/f; Internet retailing is also called e-retailing. - ANSWER✔✔-true
t/f; The International Monetary Fund (IMF) was created to promote trade through financial cooperation
by working to eliminate trade barriers. - ANSWER✔✔-true
Copyright ©Stuvia International BV 2010-2024 Page 2/10
