Questions and Answers of Business Economics And Finance

4. Think of a good and a service with which you are familiar and sketch a diagram, accompanied by a brief description, of the transformation process which takes place to produce each.
3. Why do some economists argue for enterprise to be a separate factor of production rather than a specialist form of labour?
2. Think about a business producing bottled spa water. Identify some examples of the four factors of production which are necessary to produce the output of that businesses.
1. Using an example of a product of your choice, explain the principle of business activity.
10. ‘There is a science to decision making and a business should take notice of this science in helping to make its own decisions.’To what extent do you agree with this statement?
9. A business calculates that the cost of acquiring a new customer is €250 and the average yearly revenue received from each customer is €260. Should the business go ahead with its customer
8. Evaluate the case for a builder’s merchant spending more money on retaining its existing customers rather than acquiring new ones.
7. Explain how investment in new productive capacity can help a business grow internally.
6. Some business leaders put faith in ‘gut instinct’ in making decisions. To what extent would you advise basing decisions on gut instincts rather than ‘rational’ analysis?
5. Two student friends attend a gig showcasing a new band which has had rave reviews from music journalists. At the end of the evening they talk about their experience; one says they thought the band
4. A customer of a mobile phone network contacts the provider to explain that they are changing to another provider. To what extent should the provider be concerned about this decision by the
3. Food is essential for human life. Does this mean that all food items should be classed as ‘needs’ and not ‘wants’?
2. You have to arrange a flight from Amsterdam to Rome and look at a travel website for the choices available to you. List the range of factors you will want to consider in making your choice about
1. When you go into a shop to buy a product, how often do you make decisions based on conscious and subconscious factors?
10. Using an appropriate example, outline three factors which could lead to an increase in the cost of keeping customers.
9. Why do you think the cost to businesses of acquiring customers is generally much higher than retaining them?
8. What is risk in the context of decision making by a business?
7. Why is it difficult to accurately assess the costs and benefits of a decision such as whether to grant permission to a leisure business to open a new theme park on the outskirts of a town?
6. You buy a new t-shirt from Holister and have to pay €25 for it.How would you measure the value for money for this t-shirt?
5. Explain how a decision by a student to take a bus to a guest lecture by a famous economist at a nearby town hall, rather than a taxi, affects both businesses.
4. Explain what economists mean by making an informed, rational decision.
3. Using some specific examples, explain the difference between wants and needs.
2. Oil is a commodity and there are billions of barrels still waiting to be exploited. Why, then, do we refer to oil as a scarce resource?
1. Explain the difference between a conscious and a subconscious purchasing decision. Which do you think is more reliable and why?
10. Imagine that you are a policy maker trying to decide whether to reduce the rate of inflation in your country. To make an intelligent decision, what would you need to know about inflation,
9. Discuss each of the following statements from the standpoints of equity and efficiency.a. ‘All students should have free access to higher education’.b. ‘Businesses making workers redundant
8. Explain whether each of the following government activities is motivated by a concern about equity or a concern about efficiency. In the case of efficiency, discuss the type of market failure
7. Suppose the European Union adopted central planning for its economy, and you became the Chief Planner. Among the millions of decisions that you need to make for next year are how much food to
6. Two owners of a small business, Hans and Jacques, are investigating how they can make the business more technically and productively efficient. Hans has a qualification in financial accounting
5. Three members of the operations management team at a plant manufacturing steel tubing for construction projects are discussing a possible increase in production. Each suggests a way to make this
4. A smartphone manufacturer invests €20 million in developing a new phone design and 3D interface, but the development is not quite finished. At a recent meeting, your sales people report that a
3. A business operated by a sole trader generates €20 000 in profits and has the option of retaining the amount to reinvest into the business or putting the sum into a bank which would generate 2
2. You work in a bank and were planning to spend Saturday going to watch your local football team with your son and daughter. However, your boss has asked you if you would help prepare some important
1. Describe some of the trade-offs faced by each of the following:a. A decision by an entrepreneur starting a small business to borrow some start-up capital from a bank or raise the funds through
8. Why is productivity important to businesses and to society as a whole?
4. Why should policy makers think about incentives?
2. What is the opportunity cost to a business of hiring four extra workers at an annual salary of €25 000 each?
1. Give three examples of important trade-offs that a business manufacturing cars might have to face.
The U.S health care supply chain depends heavily on other nations. TRUE OR FALSE
Some providers previously deemed “essential” were furloughed during the COVID-19 pandemic. TRUE OR FALSE
Telehealth has been associated with fraud. TRUE OR FALSE
Telehealth has the potential to expand care to underserved populations. TRUE OR FALSE
Financial resources provided to health care during the COVID-19 pandemic were carefully calibrated to meet societal need. TRUE OR FALSE
Consider a recent experience in clinical practice. How could care be delivered more efficiently and cost-effectively? What steps could you, as an individual nurse, take to make this happen?
Select any product in your work setting or home. Describe the supply chain, including all subcomponents and processes, from its origin to your hands.
An effective mentor–mentee relationship requires A. Collaboration B. Independence C. Both A and B D. Neither A nor B
Ways to influence policy makers include A. Phone calls to the policy maker’s office or staff B. Emails to the policy maker’s office or staff C. Both A and B D. Neither A nor B
Lobbyists A. Have the moral responsibility to present their personal view on an issue B. Do not need to be registered in the state C. Both A and B D. Neither A nor B
One strategy to support political campaigns is A. Fund-raising for worthy candidates B. Working on get-out-the-vote efforts C. Both A and B D. Neither A nor B
Personality clashes, jealousy, and unwillingness to learn can mar the mentor–mentee relationship. TRUE OR FALSE
Political action is inconsistent with the roles and responsibilities of the professional nurse. TRUE OR FALSE
Bill drafts are vetted by the full Senate or House of Representatives before being reviewed by the appropriate committee. TRUE OR FALSE
Ethical guidelines may prohibit lobbyists from giving gifts to policy makers. TRUE OR FALSE
Political action committees have been deemed illegal in the United States since 1992. TRUE OR FALSE
A foundational strategy to influence policy is to vote. TRUE OR FALSE
Once introduced into the legislature, a bill draft rarely changes.
Unusual alliances among groups to advocate on behalf of a particular bill or issue usually is looked on with suspicion by policy makers and should therefore be avoided. TRUE OR FALSE
Grassroots lobbying can only be done by registered lobbyists. TRUE OR FALSE
All advocacy is lobbying. TRUE OR FALSE
Consider exemplary political role models. What skills do you share with them? What are your growth edges?
Create a presentation for your peers that details the political process in your state. Include tangible suggestions for how to become involved.
Define the following key terms:Administrative rule Advocate Call to action Crossover Direct lobbying Executive order Get-out-the-vote efforts Grassroots lobbying How a bill becomes a law Lobbyist
How would you advise nurses who are interested in creating a political learning agenda for themselves? What sources of information and connection can you advise them to explore? What else would you
What bills of interest to nurses are under consideration in the current or last state legislative session in your state?
What qualities make an individual an effective ambassador for a cause? How can essential skills be practiced?
What constitutes appropriate professional attire?A. May vary depending on the audience, venue, or group B. May be discerned with the help of a trusted mentor C. Both A and B D. Neither A nor B
The type of board that is most likely to be responsible for enforcement of a statute is a:A. Governing board B. Regulatory board C. Advisory board D. All of the above
Which is a type of board in which members are typically appointed by a political entity such as the state governor?A. Governing board B. Regulatory board C. Advisory board D. All of the above
Regulatory boards A. Represent the interests of shareholders B. Hold fiduciary responsibility C. Both A and B D. Neither A nor B
Different types of boards appoint new members using different approaches. These include A. Election B. Appointment C. Both A and B D. Neither A nor B
An organization’s deemed credit worthiness is identified by its bond rating. TRUE OR FALSE
The term bond covenant refers to rules that are part of an organization’s borrowing agreement. TRUE OR FALSE
The financial term debt-to-cap ratio is synonymous with the term days cash on hand. TRUE OR FALSE
Charity care differs from bad debt in that care that will be charity is known by the institution at the time of admission, whereas bad debt will not be known by the institution until the individual
Similar to a chief executive officer, the executive director is hired by and reports to the board. TRUE OR FALSE
Another term for statute is law. TRUE OR FALSE
Another term for statute is administrative rule. TRUE OR FALSE
Typically, a quorum of board members is needed for board action items that require a vote. TRUE OR FALSE
One strength of a self-perpetuating board is the capacity to easily expand board membership to underrepresented groups. TRUE OR FALSE
In self-perpetuating boards, existing board members identify potential new members. TRUE OR FALSE
Most hospital board meetings include a session for the public.Attend and report back to peers on what you observed. What financial terms did you understand? Which ones were confusing to you?
Obtain the bylaws of your college or university or local hospital (try the institution’s website). What do they say about a quorum? What other rules are identified?
Does your nursing program have an advisory board? Are there students on it? Or is there a student advisory board, in which students provide insight to the dean? If so, who are these students, and how
Attend an open meeting of the state board of nursing or other state regulatory board.
Role-play a governing board meeting. Assign peers and yourself to different governing board roles and hold a mock board meeting. Be sure to have the chair prepare the agenda in advance and have
Define the following key terms:Action item Action meeting Administrative rules Appointed board Appropriate professional attire CEO’s report Chair’s report Constituency board Convening chair
What is appropriate professional attire for participation in a hospital board meeting?
What strengths would you bring to a governing board? Regulatory board? Advisory board?
How do board member roles vary on different kinds of boards? Why are there these differences?
A governing board A. Typically sets the compensation level for the chief executive officer of an organization B. Is responsible for the hiring and, when necessary, firing of the chief executive
Board committees A. Typically have charters to define the role of the committee B. May include focus areas such as quality and finance C. Both A and B D. Neither A nor B
The Sarbanes–Oxley Act A. Is an extension of Sherman antitrust legislation B. Dramatically changed the role of governing board quality committees C. Both A and B D. Neither A nor B
Ex officio board members A. Are board members by virtue of holding a particular job role or title B. Are always voting members of the board C. Both A and B D. Neither A nor B
Critical access hospitals A. Must provide 24-hour emergency care 7 days a week B. Are reimbursed differently than hospitals that are not designated critical access hospitals C. Both A and B D.
All health care organizations are governed by the same board structure. TRUE OR FALSE
Advisory boards hold fiduciary responsibility. TRUE OR FALSE
The chief operating officer typically reports directly to the board. TRUE OR FALSE
Ad hoc board committees are ongoing, permanent board structures. TRUE OR FALSE
The term span of control refers to the number of services, people, or functions a leader is responsible for. TRUE OR FALSE
In addition to hospital care, the mission of academic medical centers includes university-based teaching and research-oriented colleges of medicine. TRUE OR FALSE

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