45090078-BUSN115-FinalExam-StudyGuide - BUSN115 Final Exam...

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Unformatted text preview: BUSN115 Final Exam Study Guide The BUSN115 final exam is 3 pages long. It is a timed exam worth 250 points that you may enter only once. You have 3.5 hours to complete the exam. It consists of 30 multiple choice questions worth 5 points each. There are 5 essay questions worth 20 points each. Be sure to save and save often while you are working on the exam, and submit the exam when you are finished. To earn full credit your response to each essay question should answer the question completely and average 2 ± 3 paragraphs in length. The exam reflects the following course objectives and possible topics: TCO 1 Chapters 1, 2, 3, 5, 6, 13 and 15 Weeks 1, 2, 4 and 5 Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals. y y y y y y y y y TCO 2 Understand the relationship and interaction of supply and demand in the economy. Be able to define, differentiate and provide examples of a market, command and mixed economy. Define and discuss the fiscal and monetary policy role of the federal government and its respective agencies. List and define the foundations of capitalism. Apply the ³Invisible Hand´ to a market economy. Explain productivity and its relationship to international trade. Relate political systems to their respective economic system Describe the demographic trends Define and apply common economic indicators Chapter 4 Week 3 Given the importance of ethics in business, be able to understand and address ethical dilemmas that may occur in workplace activities and offer suggestions to prevent their recurrence. y y y y TCO 3 Define and discuss the ethical and social responsibility of business. List and explain business stakeholders. Describe and apply a business code of ethics. Explain compliance-based business ethics. Chapter 3 Week 2 Given the need to increase profits through cost reductions, describe the use of globalization strategies to accomplish this initiative, along with a discussion of the pros and cons of this approach. y y y y y y y y y TCO 4 Define and discuss globalization and its impact on international trade. Discuss the relationship of the different cultures found in the world to international trade. Explain why nations trade. Explain the benefits of exporting for small businesses. Explain the process of foreign exchange and how it relates to trade between nations. List and apply mechanisms used by nations for international trade protection (tariffs, quotas, subsidies, etc.). Describe the role of multinational corporations in international trade. Define, explain and apply comparative and absolute advantage as applied to trade between nations. Discuss the effect of trade deficits on an economic system. Chapters 1, 2, 5 and 6 Weeks 1 and 4 Given understanding of entrepreneurship, be able to describe the major elements necessary for success, along with an understanding of the potential risks associated with starting a business venture. y y y y y y TCO 5 Describe what it is to be an entrepreneur. Discuss entrepreneurship and its impact on an economy. Describe ways that governments can foster entrepreneurship. Discuss the role of small business in the U.S. economy. List and describe the primary sources of capital for business. Describe an Initial Public Offering (IPO) of a company. Chapters 13 and 15 Week 5 Given a need to identify additional sources of revenue, be able to discuss the importance of the Internet to achieve this goal and the overall value of e-Commerce. y y y TCO 6 List and explain all aspects of supply chain management. Define, explain and apply electronic retailing (etailing). Discuss the application of etailing to international markets. Chapters 7, 9 and 10 Week 6 Given the need to improve human resource performance, describe a managerial approach to teamwork, empowerment, and effective communication to accomplish this objective. y Apply diversity to the work place. y y y y y y y y y y y y TCO 7 List, explain and apply the theories of employee motivation (Maslow, Herzberg, etc.). Demonstrate an understanding of how to manage the control process. Explain how equity applies to the workplace How can employees be empowered and its benefit in the work place. W hat were the Hawthorne Studies and how can the result is applied to the work place. Explain and apply the styles of management. Describe goals and objectives as they apply to business. W hat is a business mission statement and how can it be applied in business. Describe and apply the various organization structures used by business. Define and apply management by objectives (MBO). Describe and apply the communication process in a business setting. W hat is scientific management? Chapters 7, 9 and 10 Week 6 Given a need to understand how products are produced, describe the work performed by various departments in the production of a good to a final customer. y y y y y y y y y y y y y TCO 8 Describe the skills needed by management. Apply operations management to the service sector. Explain how to manage quality in a business. Describe types of communication in the work place. How are teams included in the work place? W hat is PERT and Gantt chart? Know the various manufacturing processes. Explain outsourcing. W hat is ERP? W hat are ISO9000 and ISO14000 standards? How does ³vision´ apply to business? Explain and apply facility location and layout to business. W hat is a virtual organization? Chapters 13 and 15 Week 5 Given a need to understand the power of consumers, describe the role that Marketing can play to identify customer needs and desires that can be translated into better products. y y y y y y y y List and explain common marketing strategies. Apply marketing to nonprofit organizations. In marketing, what is a customer orientation? W hat is relationship marketing? W hat are the four eras in the evolution of marketing? Describe business-to-business marketing (B2B) List and explain the steps in the marketing research process. Describe and apply market segmentation and target markets. y Explain the four Ps or the marketing mix. TCO 9 Chapters 13, 15, 17, 18 and Bonus Chapter B Weeks 5 and 7 Given a need for timely and accurate data for decision making, discuss the use of technology and ways in which the management of information can facilitate this goal. y y y y y y y W hat are computer networks as used in business? The role of Information Technology (IT) in business. W hat is a virtual office? W hat are some of the common types of software used by business? W hat is broadband as applied to the internet. W hat is internet technology? W hat major security issues are threatening e-business? TCO 10 Chapters 17, 18 and Bonus Chapter B Weeks 5 and 7 Given a need to understand a firm¶s financial performance, be able to identify and explain the major elements contained within financial and accounting statements. y y y y y y y y y y List, describe and apply business financial statements (income statement, balance sheet, statement of cash flows). W hat is a financial plan? How does auditing apply to business finance? W hat are the finance concerns for small businesses? List the types of financial budgets. Be familiar with the corporate financial scandals of the 2000¶s. List and describe the types of accounting software. List and describe financial ratios as applied to business. W hat is the difference between current, fixed and intangible assets? Demonstrate an understanding of the accounting equation. (Assets = liabilities + equity) A few general suggestions for taking the exam are as follows. Please save and save often as you complete your exam. Make sure your answer remains selected after you save as sometimes those dots do not fill in and stay selected. Do not submit your exam until you are satisfied with your results. Make sure you have a clock close by to judge your time. The exam should indicate your remaining time left and every 15 minutes you will be prompted to save. Have your textbook, course assignments, quizzes, and notes readily in front of you before you enter the exam. The exam is comprehensive so all the chapters we covered from the course are included. The multiple choice questions are similar to those you experienced in the quizzes throughout the course. As for the essay questions, you can expect to see the major topics covered in the course. Good Luck! ...
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This note was uploaded on 12/13/2011 for the course BIS 155 taught by Professor Mitchell during the Spring '11 term at DeVry Addison.

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