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business
business essentials

Questions and Answers of Business Essentials

Information is provided in this boxed insert on LinkedIn, the world’s largest business network that is designed to help professionals who are searching for a job to get in touch with one another.
Do you agree or disagree with McGinty that business success depends on gaining insight into your own language habits? Explain your answer.
Interview a manager at any level of a local company. Identify that manager's job according to the level and area. Explain what planning, organizing, directing, and controlling mean in terms of
Identify two or three of the fastest growing businesses in Canada during the last year. What role has entrepreneurship played in the growth of these firms?
If you were in Nick’s shoes, what would you do? Would you be satisfied working with a great internet organization like Yahoo in the long-term or would you eventually take the money and go off on
Do you agree or disagree with the following statement? “The term business ethics is an oxymoron.” Support your answer with examples from your own work experience or that of a family member.
Go the website of the Center for Ethics and Business at Loyola Marymount University (lmu.edu/Page23849.aspx) and take the quiz entitled “What’s Your Ethical Style?” Analyze what your score
Write a one-paragraph description of an ethical dilemma which you faced recently (including the outcome). Analyze the situation using the ideas presented in the chapter. Make particular reference to
Choose a product or service and explain the social responsibility concerns that are likely to be evident in terms of the environment, customers, employees, and investors.
Interview two business owners or managers. Ask them to answer the following questions: (a) what business functions, if any, they outsource; (b) are they focusing more attention on business process
Select two businesses that you are familiar with. Identify the major elements of their external environments that are most likely to affect them in important and meaningful ways.
So where do you stand? Do you think that communications in mid-flight are an unnecessary distraction or does the thought of connecting in flight please you? How much are you willing to pay for that
Choose a locally owned business. Interview the owner to find out (1) how demand and supply affect the business,(2) how the business uses the factors of production, and (3) how the owner acquires
Which of the following are the factors of production?a. Labor, natural resources, capital, entrepreneurs, technology, and intellectual propertyb. Labor, capital, entrepreneurs, motivation, and good
Goods are products a business sells likea. haircuts.b. conveyer belts.c. car insurance.d. health care.
Which of the following is a current sociocultural trend?a. A decrease in the overall U.S. populationb. An increase in the population of Americans ages 30 to 45 years oldc. A decrease in the U.S.
A green economya. depends on cash on hand.b. factors ecological concerns into business decisions.c. uses a more diverse workforce.d. will not impact the auto industry.
If a firm decides to shift the production of goods or services to an overseas company, this is calleda. diversifying.b. offshoring.c. telecommuting.d. forming a partnership.
The four types of businesses area. foreign and domestic, large and small.b. local, regional, national, and multinational.c. private, public, government, and medical.d. employee owned, government
B2B and B2C interactions area. common now because of the explosive growth of e-commerce.b. important only for businesses, not consumers.c. two different names for the same thing.d. dominated by sole
A social environment is an interconnected system of different demographic factors such asa. climate conditions.b. globalization and political conditions.c. gender, age, and income.d. tax policy and
Which of the following is not a common challenge facing most national companies?a. Undercapitalizationb. A complex supply chainc. Complying with each state’s different tax ratesd. Differences in
You are managing your own life like a business when youa. consider how your expenses, the social environment, and globalization impact your life.b. create an online avatar.c. post revealing photos on
Profit is another word for revenue.True or False
Identity theft is mainly a problem for senior citizens.True or False
The supply chain is the process by which products, information, and money move between a supplier and the consumer.True or False
Globalization poses risks to the U.S. economy because of security and patent protection concerns.True or False
A not-for-profit organization uses any revenue to reward the management team.True or False
Which of the following is a good example of microeconomics?a. How a specific company would maximize its production and capacity so it could better compete in its industryb. How an increase in the
There are four coffee shops in your town. All of them claim to have the “freshest-tasting coffee.” Each shop advertises the unique benefits of its coffee and prices. This is an example ofa. pure
Jeannette has a successful organic spa business in which she gives massages, facials, and organic body treatments. Last summer, another organic spa opened up in town. The supply curve for
Which of the following is a determinant of demand?a. Technology changesb. Changes in income levelsc. Price of substitute goodsd. Price expectations
Racerback Swimwear, an Australian company, opens a factory near Tallahassee, Florida. The value of the swimsuits produced in the new Florida factory is included in which country’s
Which of the following tracks the prices of goods and resources sellers use to create their products?a. GDPb. CPIc. PPId. GNP
Jackson Paulson works as a waterskiing instructor at Migis Lodge on Sebago Lake. He claims unemployment from October through April. Jackson experiences which type of
Which of the following is an example of the government’s fiscal policy to stimulate an economy?a. Increased government spendingb. Increased taxesc. Decreases in the discount rated. Selling
What results when there is an increase in overall prices?a. Inflationb. Deflationc. Expansiond. Recession
At which point in the business cycle is the economy when GDP declines for two or more successive quarters?a. Peakb. Recessionc. Troughd. Expansion or recovery
Microeconomics is the study of the behavior of the overall economy. True or False
The discount rate is what is charged when banks borrow emergency funds from each other. True or False
Sweden, with its high taxes and widespread government programs, is a good example of a market economy. True or False
To celebrate the first day of summer, an ice cream shop dropped the price of its cones to 10 cents and sold out of them within two hours. This created a shortage of ice cream cones. True or False
The M-1 money supply measure consists of currency, traveler’s checks, and checking accounts. True or False
To smooth out swings in the business cycle, the government influences the economy through its fiscal and monetary policies. Compare and contrast the monetary and fiscal policies of the United States.
The U.S. Postal Service and Amtrak are examples of large organizations operated by the federal government. Discuss the pros and cons of privatizing these businesses.
Minimum-wage laws were introduced in the 1930s to protect workers after the Great Depression. Whether to increase the minimum wage continues to be an animated topic of discussion. What impact does
Taxation and tax cuts are fodder for volatile debate among political leaders. Many of them claim that tax cuts help strengthen the economy by freeing up money to increase spending. Others claim that
How do you define economic equality? For example, is economic equality simply making sure everyone has equal income, or is it enough to provide all equal opportunity to earn income?
Is economic equality feasible? Would other problems result from economic equality?
One method used to measure differences in national income equality around the world is the national Gini coefficient. Research the Gini coefficient. Which countries have the most equality? Which have
What other methods could be used to measure economic equality?
What Federal Reserve Bank branch is nearest your home or school? Go to the website of your local Federal Reserve Bank and outline its latest policies. What kind of information does the website give
Watch the video “AT&T History” by Stephen Colbert, which is posted on YouTube. Then look at a more complete diagram of the outcomes of the forced breakup of AT&T in 1984 on the Quest
Find the Supply and Demand Game on Shmoop.com and play a round or two. Using information you learned from this chapter, discuss your experience. How did Find the Supply and Demand Game on Shmoop.com
How do professional sports and the economy interact? Play Peanuts and Crackerjacks on the Boston Federal Reserve Bank’s website (under Education Resources: Games and Online Learning) and test your
How would it feel to be in control of the monetary policy for a country? Go to the Federal Reserve Bank of San Francisco website and under Student Activities find the Fed Chairman Game. In this game,
The study of moral principles isa. Christianity.b. ethics.c. CSR.d. philanthropy.
A corporation can behave in a socially responsible way bya. having strong policies in place to help the community.b. acting to reduce the negative impact a company has on the environment.c. being
Employees can be sure their behavior out of the officea. has no impact on stockholders.b. cannot impact their career if they blog under a fake name.c. matters to employers only during the hours they
CSR can be measured bya. a company’s rate of growth.b. organizations that monitor and rank performance on social issues.c. the happiness level of employees in a company.d. businesses that have high
A business is in legal compliance ifa. it follows all the laws of which it is aware.b. it cannot be proven guilty of violating any laws.c. it meets all local, state, and federal regulations.d. it
Amoral behavior isa. any illegal activity.b. not caring about the moral consequences of your action.c. when a person has a strong conviction behind their actions.d. a part of most religious
Socially responsible investing (SRI) means that you are investing ina. companies making the largest gains in profit for the past three years.b. only companies that meet a certain standard of CSR.c.
Ethical sourcing means thata. people should make ethical decisions based on a particular situation.b. there is one accepted source for guiding ethical decision making.c. a company follows accepted
A mission statement details the plans of how a company will achieve profitability.True or False
Minimizing a company’s carbon footprint is part of a plan to increase corporate philanthropy.True or False
Ethics is the study of the general nature of morals and the specific moral choices a person makes.True or False
Price fixing is when a group of companies get together and decide to drop prices to make up for scarcity in the market.True or False
A weak ethical focus in a company allows it to compete more aggressively and guarantees higher profits.True or False
How should companies respond to government request to break their own security systems.Apple has had numerous requests from law enforcement to break into iPhones confiscated in criminal and terrorism
The country of Bhutan is the only country that measures its progress by the level of happiness of its citizens, a metric named the gross national happiness (GNH).Examine
Visit the website of Martin Seligman, a psychologist who promotes the field of positive psychology, at www.authentichappiness.sas.upenn.edu. Complete the VIA Survey of Character Strengths. Consider
When you invest in mutual funds, you can make decisions in different ways. You may want to just put money into funds that had the greatest gain last year, or you may want to invest in funds that are
Worldwide repercussions were felt when Edward Snowden released thousands of classified documents showing that the National Security Agency was running an international surveillance program. Snowden
CVS Pharmacy has made the decision to stop selling cigarettes and other tobacco products, even though it earns an estimated $2 billion a year from these products. Visit the CVS Caremark website and
The globalization of markets refers to moving away from thinkinga. the market for your product is local.b. that other countries are interested in trade.c. that every component of a product must be
The theory that states that specialization and trade are mutually beneficial to all economies involved in trade is called thea. theory of comparative advantage.b. theory of beneficial
Ethnocentrism is a belief thata. ethics are central to doing well in business.b. the value of commerce changes in different societies.c. all cultures should be respected equally.d. can lead to
The theory of comparative advantage indicates thata. a country should sell to other countries the products it produces most efficiently and buy from other countries the products that it cannot
Which of the following are examples of regional free-trade agreements?a. European Union, NAFTA, and APECb. The Euro, the IMF, and GATTc. WTO and GMOd. SWF, EU and KFC
A mini-multinational is a company thata. is small but still does international sales.b. is a large international firm.c. is a small local business.d. is now illegal because of trade barriers.
Exchange rates affect international businesses because the exchange ratea. impacts the relative costs of imports and exports.b. can impact the trade deficits and trade surpluses of a
Which method of entering foreign markets has the advantage of allowing for test-marketing a product in a foreign market at the lowest cost?a. Joint venturesb. Wholly owned
A local content requirement is one kind of government rule meant toa. reduce foreign exports.b. limit imports.c. tax foreign goods.d. subsidize domestic producers.
A free-floating exchange rate system uses global supply and demand to set exchange rates. True or False
Dumping refers to selling a product below what it cost to make. True or False
Increasing U.S. dominance of foreign direct investments has helped accelerate globalization. True or False
Entering a foreign market through a joint venture means you will eventually be operating independently in that market. True or False
A transnational business strategy is used when a product is sold in many regions of a country at the same time. True or False
Governments invest in education and infrastructure for their citizens, in part to gain a competitive advantage in world markets. Could a government invest too much in education? Could a government
As a business owner, what are the costs and benefits of moving half your production abroad?
Do the benefits of offshore outsourcing outweigh the costs? Why or why not?
Are there any possible alternatives to consider? What other decision could you make so that each side (domestic and international) benefits?
Watch the YouTube video “The European Union Explained.” Can you describe the differences between the EU, the Eurozone, and the European Economic Area (EEA)? Why would there be the need for these
Go to the website of the Swedish furniture maker IKEA (www.ikea.com). Under the “select a location” option, choose the United States. Review the site and note the products and the design of the
Have you ever considered a career with the U.S. State Department? At www.state.gov, under “Youth and Education,” select “Student Career Programs.” What aspects of these careers appeal to you?
Knowing how to behave in a variety of countries is critical with increased globalization. Go to www.kwintessential .co.uk to find business etiquette materials on the site. Select three different
Imagine you’re in charge of trading goods for a country. Would you focus on building wealth by selling commodities or on developing an industry by purchasing raw materials? Type “IMF trading
Which is a key trait of an entrepreneur?a. Flexibilityb. Risk takingc. Creative thinkingd. All of the above
Sally started her new business venture five years ago. The business brings excess organic produce to food banks and has grown 15 percent every year. Which type of entrepreneur best describes

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