BUSN 115 Introduction to Business Technology


BUSN 115 Introduction to Business Technology
Similarities and differences between business entrepreneurs and social entrepreneurs…

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BUSN 115 Introduction to Business Technology

BUSN 115 Introduction to Business Technology

A+ Entire Course: Assignment Week 3, 5| Quiz Week 2, 4, 6| Discussions Week 1-7| Final Exam

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Lemonade Stand Part I – Assignment Week 3



You have decided to open a lemonade stand in your local neighborhood.  You have grand plans for this stand and expect to attract many customers.  In part I of this assignment, you will develop the basic premise of your new company.   Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks.

  • Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?
  • Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company?
  • You are very involved in your community; please outline your CSR plan (Chapter 4) for your business.
  • The textbook lists many different types of pricing strategies, please pick one of these and explain how you will deliver on this strategy with your stand. (Chapter 14)
  • Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 3).


You are to write roughly 750 words in answering all questions posted above for your Lemonade Stand.  (Please note:  you may list the questions in your paper and answer these in a step by step process, but the word count will only apply to your written words).

The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly source in your bibliography.   Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting…..


For a number of people, their initial foray into business was through a lemonade stand they put up with friends or family when they were…

Lemonade Stand Part II – Assignment Week 5



In week 3, you created a lemonade stand that you opened in your local neighborhood; you created a name, developed a mission statement, outlined a CSR plan, and picked a pricing strategy for this new company. This week you will continue to develop your idea by writing an informal business report that will share your plans with a potential business investor.   A report template is available in Doc Sharing to guide you through formatting of this assignment; however, the main prompts you should address in the report include:

  • Branding strategy. In Part I, you decided part of the brand when you developed your pricing strategy.   Continue with the other parts of the marketing mix (Place, Promotion, and Product), and discuss how the lemonade stand should be branded utilizing this marketing mix (Chapter 14).
  • Opportunities for new locations. Your stand in your neighborhood has been very successful and you are considering expanding operations.   In doing so, you will need to outline some criteria for potential new locations (Chapter 15).
  • Promotion plans. You have a $ 10,000 budget to promote your stand in the local community.  Please outline two or three ways you could promote this business (please include costs involved in these promotions) (Chapter 16).
  • Employee Training. You have hired several people to run your lemonade stand, as you simply are too involved in the strategic aspects of the business.   As such, you have seen sales drop.   What are some ways you can motivate your employees to improve sales?  (Chapter 10)


Once you have considered the points above, please provide responses and explanations using the template provided in Doc Sharing (titled “Lemonade Stand Informal Business Report”).  Utilize your textbook and apply the lessons we have learned in previous weeks to develop and support your plans.  By offering support and developing your response, you must provide examples, elaboration, or justification, often in the form of information gathered from your textbook.  When integrating support from your textbook, be sure to use APA style to provide in-text citations within the paragraph and a full end reference on a separate Reference Page after the Business Plan.  Examples of APA formatting are included in the template.

You are to write roughly 500 – 750 words in answering all points posted above for your Lemonade Stand…


The company, John’s Lemons, is a lemonade stand engaged in the beverages business. Specifically, the company’s products are lemonades made up of lemon, sugar, water, and…

John’s Lemons goal is to reach as many customers as possible as it aims to address the changing lifestyle choices…

Quiz Week 2


(TCO 1) A(n) _____ is a framework of how a business intends to generate revenue. (Points : 5)

Business model

Strategic management tool

Profitability analysis

Competitive advantage

Entrepreneurial mindset

(TCO 1) The _____ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products. (Points : 5)



Human resource



(TCO 1) _____ audit the financial reports of public companies as required by law. (Points : 5)

Internal accountants

External auditors

Credit managers

Management accountants

Forensic accountants

(TCO 1)  _____ is defined as having two consecutive quarters of decline in the country’s gross domestic product. (Points : 5)






(TCO 1) _____ unemployment is the natural movement of workers into and out of jobs, such as when a person quits one job without first lining up a new job. (Points : 5)






(TCO 1) ________ taxes, levied on the earnings of individuals and businesses, are the government’s largest single source of revenue. (Points : 5)






(TCO 1) _____ is the process of influencing and motivating people to work willingly and effectively toward common goals. (Points : 5)






(TCO 1) In order to be effective, a business goal should be _____. (Points : 5)

Broadly defined


Time unlimited

Remotely defined

Substantially high

(TCO 1) The first step in managing organizational change is _____. (Points : 5)

Monitoring continued progress of the change effort

Identifying the need for change

Reinforcing the changed behavior

Analyzing the forces acting against the change

Choosing the technique to be used in instituting the change

(TCO 2) An embargo is a _____. (Points : 5)

Quantity restriction on the import of particular goods or services

Surcharge imposed on the import of certain products

Subsidy offered to products exported from a country

Complete ban on the import or export of certain products

Form of financial assistance extended to domestic producers

(TCO 2) The _____ was established to foster international financial cooperation and its primary functions include providing short-term loans to countries that are unable to meet their financial obligations and working to alleviate poverty in developing economies. (Points : 5)

World Trade Organization

World Commerce Center

European Union

North American Free Treaty

International Monetary Fund

(TCO 2) _____ refers to buying goods or services from a supplier in another country. (Points : 5)






(TCO 2) The use of unpublicized information that an individual gains from the course of his or her job to benefit from fluctuations in the stock market is called _____. (Points : 5)

A code of ethics


Insider trading

strategic CSR

(TCO 2) Which of the following statements is true regarding whistle-blowing? (Points : 5)

Whistle-blowing is the normal channel through which employees can address issues involving unethical or illegal behavior within their companies.

Whistle-blowing refers to the use of unpublicized information that an individual gains from the course of his or her job to benefit from fluctuations in the stock market.

Whistle-blowing occurs when employees share confidential company information with external agents for personal gain.

The federal and state laws governing whistle-blowing are simple and clear, so that they can be easily used by employees and employers to navigate through.

Although whistle-blowing is sometimes characterized as “ratting on” colleagues or managers, it has an essential function.

(TCO 2) Which of the following approaches to resolving ethical dilemmas advocates choosing the option that delivers the most good for the most people? (Points : 5)

Individual rights


Strategic CSR

Sustainable development

Kantian ethics

Quiz Week 4 


(TCO 3) Which of the following is an example of a lifestyle business? (Points : 5)

A paper recycling unit that employs about 800 employees

A self-employed landscape designer

Nature’s Delights, an international gourmet food chain that is considered to be the world’s leading retailer of natural and organic foods

Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings

Freedom Books, a firm that is the leader in the English-language, book-publishing sector

(TCO 3) Which of the following is true regarding high-growth ventures? (Points : 5)

They are usually run by one individual rather than a team.
They refer to businesses such as a self-employed consultant, a corner florist, or a small e-commerce venture

They are mostly family businesses

They are built around the personal and financial needs of an individual

They expand rapidly by obtaining a sizable supply of investment capital

(TCO 3) Small companies tend to differ from large ones because _____. (Points : 5)

They have a wider focus compared to larger companies

They are mostly launched with more financial backing than larger companies

They have less freedom to innovate and move quickly compared to larger companies

They can react to market changes and make decisions more quickly than larger companies

They are more bureaucratic compared to larger companies

(TCO 3) _____ are expensive organizational products with a long useful life. (Points : 5)

Shopping products

Capital items

Expense items

Specialty products

Convenience products

(TCO 3) Absco computers introduced a low-cost, cloud-based storage service. The company adopted unit-based pricing for the product and many small businesses found the product to be very effective in reducing their storage costs. The sale of the product has increased swiftly in recent months and is at an all-time high. The product is presently in the _____ stage of product lifecycle. (Points : 5)






(TCO 3) People who monitor social media to spot shifts in consumer tastes are called _____. (Points : 5)

Social arbitrators

Trend watchers

Crowd pullers

Social developers

Social programmers

BUSN 115 Introduction to Business and Technology

(TCO 4) Organizational purchasing differs from consumer purchasing in that organizational purchasing _____. (Points : 5)

Is influenced more by subconscious and emotional factors

Usually involves closer relationships between buyers and sellers

Has lower complexity in product usage

Lacks a formal buying process
Is less clearly driven by economics
(TCO 4) _____ refers to the increase in the value of a product with the number of customers who use it. (Points : 5)

Possession utility

Cognitive dissonance

Network effect


Form utility

(TCO 4) Creating new goods and services for a firm’s current markets is called _____. (Points : 5)

Market penetration

Product development

Market development


Pure play

(TCO 4) Retailers differ from wholesalers in that retailers _____. (Points : 5)

Sell products to small-business owners

Sell products to wholesalers, government agencies, and educational institutions

Primarily sell products to consumers for personal use

Receive bulk shipments from producers

Create possession utility
(TCO 4) One of the valuable services that a wholesaler might perform is _____, in which it receives large shipments from the producer and then sells smaller quantities to retailers. (Points : 5)

Rack jobbing

Drop shipping


System integration

(TCO 4) Producers rely on a class of intermediaries called value-added resellers (VARs) to assist with which of the following functions? (Points : 5)

Transport the goods from the producer to the retail outlets

Assist with advertising, in-store displays, and other promotional efforts

Provide market information

Divide bulk quantities into smaller packages

Complete or customize solutions for customers
(TCO 4) The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the _____. (Points : 5)

Federal Communications Commission

Consumer Product Safety Commission

Federal Trade Commission

Federal Advertising Administration

Federal Regulatory Commission

(TCO 4) In _____, behaviorally targeted ads follow users even as they move on to other websites. (Points : 5)

Attack ads

Advocacy advertising

Cooperative advertising


Search engine marketing

(TCO 4) Institutional advertisements that present a company’s point of view on public issues, such as education or healthcare, are known as _____ advertising. (Points : 5)






Quiz Week 6 


(TCO 5) A diagram that shows how employees and tasks are grouped and where the lines of communication and authority flow is called a(n)_____. (Points : 5)

Positional depiction

Matrix structure

Network structure

Organization chart

Functional chart

BUSN 115 Introduction Business Technology

(TCO 5) Another term for work specialization is _____. (Points : 5)

Virtual organization

Chain of command

Span of management

Division of labor

Organizational structure

(TCO 5) In a furniture factory, one worker cuts the wood according to the design, another worker glues and screws the pieces together, and another worker stains and polishes the wood. This is an example of _____. (Points : 5)

Core competencies


Work specialization

Chain of command


(TCO 5) Ace Inc., an American multinational computer software company, has a large number of hierarchical levels. Each manager is responsible for a few employees and maintains a tight control on them. At Ace Inc., the time taken to make decisions is very high, as each decision needs to go through numerous management layers. Which of the following statements is true about the organizational structure of Ace Inc.? (Points : 5)

Ace Inc. has a narrow span of management

Ace Inc. is a flat organization

Ace Inc. lacks work specialization

Ace Inc. is a decentralized organization

Ace Inc. encourages employees to form self-managed teams

(TCO 5) _____ proposed a model that divides motivational forces into satisfiers (“motivators”) and dissatisfiers (“hygiene factors”). (Points : 5)

Douglas McGregor

Abraham Maslow

David McClelland

Frederick W. Taylor

Frederick Herzberg

(TCO 5) Justin M. Brown, the operations manager at Vernon Manufacturing Company, formulated a strategy to motivate the firm’s employees. Justin addressed employees’ dissatisfaction by increasing their salary and incentives; he employed several industrial counselors to help employees deal with work-related stress; and improved the health insurance plan provided to employees. He also motivated employees by providing greater opportunity for advancement, recognizing employees who perform well and giving employees greater responsibility to foster a sense of achievement in them. Justin’s measures are based on which of the following approaches? (Points : 5)

McClelland’s three-needs theory

Theory X

Theory Y

Herzberg’s two-factor theory

Scientific management

(TCO 5) _____ connects an employee’s efforts to the outcome he or she thinks will result from those efforts. (Points : 5)

Maslow’s hierarchy

Herzberg’s two-factor theory

David McClelland’s three needs theory

Expectancy theory
Equity theory

(TCO 5) Research into equity theory has led to thinking about the broader concept of _____. (Points : 5)

Scientific management


organizational justice

Intrinsic rewards


BUSN 115 Introduction to Business and Technology

(TCO 5) The goal-setting theory of motivation suggests that _____. (Points : 5)

Setting goals is unrelated to motivation in most employees

Setting goals is an effective way to motivate employees

Managers, not employees, need to set goals

Collaborative goal setting can undermine managerial authority

Employees should set their own goals without input from managers

(TCO 5) IBM established executive-led task forces to represent women, Asian Americans, African Americans, Hispanic Americans, Native Americans, people with disabilities, and individuals who are gay, lesbian, bisexual, and transgender. This is an example of _____. (Points : 5)

Diversity initiatives

Horizontal integration

Ethnocentric policies



(TCO 5) Quality of hire measures _____. (Points : 5)

The amount of money spent in hiring and training new employees

The level of productivity of employees in the probationary period

How closely incoming employees meet the company’s needs

The percentage of minority groups in a firm’s workforce

The percentage of the workforce that leaves every year

(TCO 6) The sequence of activities that takes the longest time from start to finish in a PERT diagram is called the _____ path. (Points : 5)






(TCO 6) Polar Refrigerator Company reduces its inventory-carrying costs by having their vendors deliver materials right before they are needed in the production process. This is an example of _____ inventory management. (Points : 5)





Economic order based

(TCO 6) Jass Glass Studio has been hired to make a church window. A church hires the company to make ten windows based on a design provided by the church. This is an example of _____. (Points : 5)

Mass production

Batch production

Customized production

Mass customization

Standard production

(TCO 6) Dell Computers allows customers to place orders online. The company produces major parts using bulk production and allows customers to personalize such features as software, color, memory size, and screen size. This type of manufacturing is an example of _____. (Points : 5)

mass customization

mass production

customized production

mass manufacturing

batch-of-one production

BUSN 115 Introduction to Business and Technology

BUSN 115 Introduction to Business and Technology

Discussions Weeks 1-7

Course Discussions Weeks 1-7 Posted by ALL Students – 72 Pages


Discussions Week 1 All Students Posts – 18 Pages


Laws and Regulations – 10 Pages 

Do laws and regulations always restrict or impede the efforts of business professionals, or can they actually help businesses? In addition to this, could you list some examples of laws or regulations that may have impeded business lately?

I believe the laws and regulations can have both effects on a business, For example they can help a business because it can serve as a protection for your company, Having a patent and trademark on your business provides heavy fines and subject to civil actions that can be costly to the defendant in a court case. On the other hand I did a little research online and found out on investapedia.com that several publicly traded corporations have misstated earnings to maintain or boost the market price of their stock. For example pharmaceutical companies have complained that the Food and Drug Administration withholds approval and subsequent marketing of certain drugs pending extra or more clinical trials, when these drugs have already proven to be effective this i found very interesting guys…

Entrepreneurship Failure – 8 Pages 

The risk of failure is an inherent part of free enterprise. Does society have an obligation to come to the aid of entrepreneurs who try but fail? Why or why not? Also, please discuss some ways you can minimize your risk.

While free enterprise comes with risks, entrepreneurs should weigh out these risks and have knowledge of how it can affect their businesses. Therefore, I do not feel society has an obligation to come to the aid of entrepreneurs who try but fall. Enterprises that have gone into business and accepted the risks gets involved, should also accept the consequences that come with failure. In order for companies to make quality decisions, they must always take responsibility and not pass on the bill to their consumers. Furthermore, to minimize the risk of failure, entrepreneurs need to analyze all risks thoroughly, be it market trends, environmental changes, economic shifts, or other brand competitions. Also, I feel businesses should have a cash reserve or some sort of insurance to cover possible failures…

Discussions Week 2 All Students Posts 18 Pages


Global Markets – 10 Pages

How can a company use licensing agreements to enter world markets? What two fundamental product strategies do companies choose between when selling their products in the global marketplace?

According to Bovee and Thill, a company can use their licensing agreements to enter world markets because it is an agreement to produce and market another company’s product in exchange for a royalty or fee.

There are two main strategies that a company will implement when selling their products in the global market place. The first is functional strategies, it involves things such as products, customer support, promotion, pricing and staffing. The second main strategy is organizational strategies. This includes multidomestic strategy, a decentralized approach in which a company creates highly independent operating units in each country. Global strategy, a highly centralized approach with headquarters in the home country making major decisions. Lastly, transnational strategy, a hybrid approach that attempts to reap the benefits of international scale while being responsive to local market dynamics…

Corporate Social Responsibility – 8 Pages

Is it ethical for companies to benefit from their efforts to practice corporate social responsibility? Why or why not? How can anyone be sure that CSR efforts aren’t just public relations ploys?

It is ethical to benefit from their efforts to practice CSR because, according to Bovee and Thill, it can be seen as a way for the company to help itself and the society at the same time. For example, a company can help develop the workforce, and also help develop markets for its goods and services.

Some ways that people can be sure that CSR efforts aren’t just public relation ploys is to see that a company takes responsibility for the consequences of their actions and limit the negative impact of their operations. Also, a society has a right to expect a basic level of responsible behavior from all businesses, including minimizing pollution and waste, being honest with all stakeholders, and avoiding exploitation of employees, customers, suppliers, and communities…

BUSN 115 Introduction to Business and Technology

Discussions Week 3 All Students Posts – 7 Pages


Starting a Business – 4 Pages

What are the advantages of buying a business rather than starting one from scratch? What are the advantages and disadvantages of owning a franchise?

There are many advantages to buying a business rather than starting a new one from scratch, First and foremost, you do not have to go through the process of trying to find a perfect location for the business. In addition, there will already be a staff on hand so trying to find good, reliable employees would not be an issue. Lastly and most important, there will already be an existing customer base; then your job is simply to bring in more customers and maintain the current revenue and of course exceed it! Now there’s owning a independent business and there’s owning a franchise. There are also advantages to owning a franchise as well as some disadvantages. Some advantages to owning a franchise is the strength of the brand, loyalty of the existing customers, and marketing support from the franchisor. On the other hand, the disadvantages are the dependency on the franchisor’s success and the restriction of making the business represent you as the owner; there are strict contracts in place to make sure an individual owner does not change the overall culture of the business at the location; it has to stay consistent with the brand as a whole…

Early Adopters – 3 Pages

Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?

No, I would not consider myself an early adopter; I usually do not care to get new products as soon as they come out. I typically have a wait and see attitude because I want to make sure that I want to buy an item and not rush to spend a lot of money on it. For example, while everyone was getting the new iPhone 6, I was still happy and content with my iPhone 4 . The only reason I moved up to a six was because my contract was up and I was able to.  Another example is that I don’t buy into trends. When I shop for things, I will look for what I want to buy, not what the hot new trend is. My attitude toward new products doesn’t really influence my decision making because If I have money at the time to get something I will. Thankfully I have not made any big purchases yet but when I am older I plan to carefully think about what I am buying and doing extensive research to make sure this is an item I need/want…

Discussions Week 4 All Students Posts – 8 Pages


Purchasing Process – 5 Pages

Think of a product you recently purchased and review your decision process. Why did you need or want that product? How did the product’s marketing influence your purchase decision? How did you investigate the product before making your purchase decision? Did you experience cognitive dissonance after your decision?

One of the latest big purchases I made was for my iPhone. I’ve heard personal reviews on the phone, I have also bought several previous versions of the phone and I own an iPad as well. I saw some advertising showing some of the new features on the new phone and didn’t need much probing after that. I have always loved this brand and can see myself owning it for a long time. I didn’t need much motivation to get this phone. I have to say I did not feel any guilt buying the phone, especially since I didn’t pay the cost up front, but I’m paying it off in payments. What really moved me to get the plus is the fact that it…

Advertising – 3 Pages 

Think about an advertisement (in any medium) that had either a strongly positive or strongly negative effect on your attitude toward the product being advertised or the advertiser itself. Why did the ad have this effect? If you responded positively to the ad, do you think you were being manipulated in any way? If you responded negatively—and you are a potential buyer of the product that was advertised—what changes would you make to the ad to make it more successful?

Our privacy is definitely being violated when we visit websites. I notice when I visit websites and later I’m browsing Facebook, there will be all kinds of ads for the types of products I was browsing previously on other sites, for example, I was looking for a bunk bed for my son, suddenly I get all kinds of adds for children’s beds popping up on my facebook page. This has happened for shoes, pet insurance, makeup, etc. So, in response to your question, the internet is definitely an invasion of privacy…

Discussions Week 5 All Students Posts – 10 Pages


Motivation – 5 Pages 

Chapter 7 discusses several styles of leadership, including autocratic, democratic, and laissez-faire. How do each of these styles relate to Theory X and Theory Y assumptions about workers?

Theory X and the autocratic leadership style are more of a distrusting and pushy style and theory in which it seems the employees aren’t trusted and the belief is they don’t care for their jobs, whereas the democratic and laissez faire leadership styles and theory Z have more trusting, lenient, and caring opinions of their employees. It seems the latter believes the employees have a right to some type of decision making level, as well as they welcome and value the thoughts and opinions of employees, instead of solely the leadership team’s traditional decision making roles…

Benefit Choices – 5 Pages 

When you begin interviewing as you approach graduation, you will need to analyze job offers that include a number of financial and nonfinancial elements. Which of these aspects of employment are your top three priorities: a good base wage; bonus or commission opportunities, profit-sharing potential; rapid advancement opportunities; flexible work arrangements; good healthcare insurance coverage; or a strong retirement program? Which of these elements would you be willing to forego in order to get your top three?

First, I choose a good base wage so that there will be no problem financially while I’m working and paying for my bills. Second is rapid advancement opportunities that will make me very hardworking for reaching my goal in life and to be a successful employee. Lastly is good healthcare insurance coverage. Health coverage protects you from health and financial risks. If you don’t have a good health insurance you don’t get those important benefits, which can identify disease early and support good health…

Discussions Week 6 All Students Posts – 6 Pages


Supply-Chain Management – 3 Pages

How can supply-chain management (SCM) help a company establish a competitive advantage? What are ways that companies can improve their supply chains?

By utilizing different SCM strategies and systems a company can raise there output and efficiency while doing so in a timely manner. By using an inventory system which records the inputted products, prices and then sends out a purchase order (PO) for low inventory items automatically it can help the efficiency and responsiveness of the company. This way customers are not waiting to purchase the product and being tempted to go elsewhere.  By utilizing a good inventory system software and a procurement system web based software that checks inventory and sends information to you regarding your needs a company can improve their supply chain…

Technology Improvement – 3 Pages

Business is stalled. Sales last month were 10 percent less than the previous month and so far this month is looking even worse than last month. Could technology help you answer the decrease in sales? What technologies could you deploy to increase sales?

Yes, technology can definitely help answer why there was a decrease in sales. There are many technologies that can help solve this problem. I would utilize a technology based inventory system that has the products and prices in a computer software system. This would better track what is being sold and at what price. I would also have a physical list as well to create a checks and balances system to make sure both are the same. I would install surveillance cameras in the store and by the cashier station to monitor customers and employees in the case if the inventory lists do not match. I would also implement a retail system on the website for customers to be able to purchase products online…

Discussions Week 7 All Students Posts – 5 Pages


Accounting Firm – 2 Pages

The senior partner of an accounting firm is looking for ways to increase the firm’s business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create?

A few other services, asides from traditional services, that the firm could offer to its clients would be to provide other management consulting service, along with evaluate their product performance, analyze profitability by customer and product groups and design and install new computer systems. This would, however, possibly create challenges of having to locate new accountants that have a strong business background in order to be able to specialize in offering these new services. They might also want to make sure someone in the firm is specialize in cost accounting, financial analysis and /or forensic accounting to help them with some of the above mentioned services and other valuable services for their clients…

Financial Control – 3 Pages 

The company you cofounded last year is growing rapidly and has strong prospects for an IPO in the next year or two. The additional capital that an IPO could raise would let you hire the brightest people in the industry and continue to innovate with new product research. There is one potential glitch: You and the rest of the executive team have been so focused on launching the business that you haven’t paid much attention to financial control. You’ve had plenty of funds from venture capitalists and early sales, so working capital hasn’t been a problem, but an experienced CEO in your industry recently told you that you’ll never have a successful IPO unless you clean up the financial side of the house. Your cofounders say they are too busy chasing great opportunities right now and they want to wait until right before the IPO to hire a seasoned financial executive to put things in order. What should you do and why?

Even though money isn’t an issue right not, it has the potential to become the cause of a project’s failure pretty quick! Despite the fact that the other cofounders aren’t concern about the budget, I would definitely started monitoring money on a small scale until the financial executive comes abroad. Moreover, if the cofounders are doing other projects and handling other business matters outside of what you guys have going on together, they can directly blame you if the project budget exceeds the plan. Lastly, I would also start monitoring the budget very closely and provide my cofounders with consistent updates on money spent and money left to spend…

BUSN 115 Introduction to Business and Technology

Final Exam 


(TCO 1) _____ refer to a resource or capability a company must have before it can start competing in a given market. (Points : 5)


Economies of scale

Barriers to entry

Technological requirements

Fixed costs

(TCO 1) Free-market capitalism is characterized by _____. (Points : 5)

The right of few sellers dominating the market

The right to bear and keep arms

The right to freedom of competition

The right to invest in foreign stock markets

The right to serve on juries

(TCO 1) Home-based entrepreneurs should focus on _____. (Points : 5)

Seeking a short-term payoff

Creating a long-term vision

Accepting security

Getting a line-of-credit from a foreign bank

Understanding financial ratios on their balance sheet

(TCO 3) A small business is defined as a company that _____. (Points : 5)

Is newly launched and has fewer than 100 shareholders

Is dominant in its field and employs fewer than 1,500 employees

Has a revenue of less than $750,000

Is independently owned and operated and not dominant in its field

Is funded through personal lines of credit and has fewer than 1,000 employees

(TCO 1) You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet café offering free Wi-Fi. Why? (Points : 5)

To promote private ownership of businesses

To improve quality of life

To exceed customer expectations

To expand your market

(TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by which of the following? (Points : 5)

Consumers and investors have called for increased government regulation in the financial sector

U.S. businesses will need to work with government to create a competitive environment that is fair

Future financial crises will not be as severe as previous ones

Businesses won’t have to worry with future healthcare insurance regulations

Global competition will steadily decline over time

(TCO 2) A conscious plan that represents and encourages a unique set of values includes which? (Points : 5)

Our elected representatives

Our communities
Our competitors
Our employees

Our customers

(TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes which? (Points : 5)

The creation of a positive brand image

Meeting the needs of the consumer

Meeting the strategic marketing goals of the firm

Meeting the promotional goals of the firm

Meeting profit expectations of external investors

BUSN 115 Introduction to Business and Technology

(TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5)

Quickly adapting to the market

Providing improved customer service

Increasing your inventory levels

Opening a branch store across the street from the big box

Providing free expert advice and consultation to your customers

(TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Points : 5)


Competitors and competition

Government control

Collecting and remitting sales and use taxes

Training for what you don’t know how to do

(TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)

(TCO 2) The Uniform Commercial Code includes which? (Points : 5)

Laws that cover promissory notes and checks

Legally enforceable agreements between two or more parties

Bills of Lading

Something of value

Forms of commercial paper

(TCO 2) It is always best to put a contract in writing, even though oral contracts can be enforceable under contract law. A contract should _____. (Points : 5)

Specify the extent of profits expected by the original party

Be recorded at the secretary of state’s office

Contain a clear offer and agreement

Have only one party to the contract sign and date it

(TCO 3) One disadvantage of free trade is _____. (Points : 5)

domestic companies can lose their comparative advantage

Uninterrupted flow of capital provides for lower interest rates

Workers will be given across-the-board pay increases

A company’s productivity grows when it has an absolute advantage

Domestic workers can be trained for additional jobs

(TCO 3) What are the advantages of corporations? (Points : 5)

has the power to own property and conduct business

It is owned by shareholders

It has stock which can be public or private

All statements are true

BUSN 115 Introduction to Business and Technology

(TCO 2) Which category of business law originates from legislative action? (Points : 5)

Administrative Law

Common Law

Statutory Law

Civil Law

(TCO 3) Nations and companies trade internationally for any of the following reasons: (Points : 5)

Expanding into new markets to increase sales revenues

Pursuing economies of scale to achieve lower production costs

Acquiring materials, goods, and services not available at home

All of the above

(TCO 3) Nations rely on a number of key indicators to measure global trade. These include which? (Points : 5)

The total value of a nation’s exports compared to its imports measured over a particular period
The total value of a nation’s imports compared to its gross domestic product over a particular period

The total value of a nation’s exports compared to the value of the International Monetary Fund

The difference between money coming into a country and money leaving the country

The difference between money leaving the country and its imports measured over a particular period
(TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which?  (Points : 5)

The creation of regional alliances

Reduction of tariffs an average of 38% worldwide

Expansion of new trade rules to areas like agriculture

The protection of patents

Overcoming constraints and decrease business opportunities

(TCO 3) Strategies for reaching global markets include which? (Points : 5)



Direct marketing

Contract manufacturing

(TCO 4) Consumers have needs for living and wants, which are desires and to know them helps businesses to meet market demands.  From the following list, identify which combination is just needs, or just wants. (Points : 5)

Food and Big Mac

Motorcycle and car

Shelter and condo

Water and Coca-Cola

(TCO 4) A system that captures, organizes and capitalizes on all the interactions that a company has with its customers is referred to as: (Points : 5)

Customer Schmoozing

Customer Respect Pandering

Customer Rated Loyalty

Customer Relations Management

(TCO 4) When someone regrets making a purchase immediately after making it this is known as? (Points : 5)

Wants and needs

Cognitive dissonance

Exchange process


(TCO 4) The disadvantages of sole proprietorships are which? (Points : 5)

Risk of personal success
Risk of personal loss

Unlimited financial resources

Few or no fringe benefits

Unlimited life span

(TCO 4) A limited liability company has which of the following advantages? (Points : 5)

Limited liability

Choice of taxation
Flexible ownership rules

Self-employment taxes

Fewer incentives

BUSN 115 Introduction to Business and Technology

(TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Points : 5)

What do I want but can never find?

What services would improve society?

What products would improve my life?

What irritates me, and what product would help?

What products would improve all mankind?

(TCO 5) What is a primary responsibility of individual employees in contrast to management in creating workplace motivation? (Points : 5)

Employees have the ethical obligation to find the motivation to do their job

Employees are required to accept positive reinforcement that is provided by management

Employees are responsible to help other employees meet their management objectives

It is the responsibility of employees to understand Maslow’s Hierarchy

(TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Select all that apply.) (Points : 5)

Sweepstakes promotional information

News and sports information

Client information
Company information

Competitor information

(TCO 5) You are an independent Internet marketing consultant. You have an excellent track record of assisting small- to medium-sized companies fully realize their marketing potential through an improved and enhanced presence on the Web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium), specializes in the care and grooming of cats and only cats and has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. Your recommendations include which of the following? (Points : 5)

Building and improving relationships with customers

Online advertising to get potential customers to the website

Announcing weekly sales promotions so customers will make a purchase

Infomercials provided via video streaming to the Web

Printable discount coupons printed right from the website

BUSN 115 Introduction to Business and Technology

(TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Points : 5)

Migrating to the mobile medium shouldn’t be a problem

Making the leap from laptop to touchscreen is an option at this stage of your efforts

Social media is one option to enter the mobile market

Using a service such as a mobile commerce platform is an option

Economists estimate that as much as 51% of the total consumer spending may go through social networking sites

(TCO 6) The relationship between a PERT chart and a Gantt chart includes which of the following? (Points : 5)

A Gantt chart is used for forecasting sales

A PERT chart is used for measuring progress

They are both considered to be control-procedure monitors

Both use a critical path to delineate the flow of materials

A PERT network can be made up of thousands of events over many months

BUSN 115 Introduction to Business and Technology

(TCO 6) Which does a mission statement address? (Points : 5)

A company’s organizational philosophy

A company’s organizational psychology

A company’s organizational efficacy

A company’s organizational phenomenology

A company’s organizational social responsibility
(TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets’ worth of resources. In order to sustain the U.S. way of life, businesses and the government must plan for 30% more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and healthcare. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard should necessarily include which? (Points : 5)

Water use



Greenhouse gases

Information technology

(TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing which? (Select all that apply.) (Points : 5)






(TCO 7) Financial accounting includes which one of the following? (Points : 5)

The preparation and distribution of an a periodic report

A summarization of the costs of production

The preparation of departmental budgets

Compliance with the Financial Accounting Standards Board (FASB) guidelines

Reviewing and evaluating the information used to prepare a company’s financial statements

BUSN 115 Introduction to Business and Technology

(TCO 7) Imagine that you have just earned your business degree and have been hired as a hospital administrator at a small hospital that, like many others, is experiencing financial problems. A suggestion that you would make to help improve the financial position of the hospital and correct the financial problems is to (Points : 5)

Improve the efficiency of the hospital’s cash management system

Use a carefully planned lawn care service

Continue the hospital’s large stockpile of drugs

Cease using a just-in-time inventory system

Use a carelessly planned inventory control system

BUSN 115 Introduction to Business and Technology

(TCO 7) A cellular or modular layout can accommodate changes in design or customer demand. This includes which? (Points : 5)

Not necessarily a strictly linear approach

Scheduling work operations

Different customers with similar needs

One station in the factory sending completed items to two or more next stations

Processes that are used to produce large quantities of a few types of products

(TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5)

They take twice the human effort

They have the same defects in the finished product

They require half of the engineering effort

They use half the floor space for the same output

They carry 50% more inventory

BUSN Introduction Business Technology

(TCO 7) Mass customization means (Points : 5)

Tailoring products to meet the needs of a large number of individual customers

Fewer and fewer manufacturers are learning to customize their products

Manufacturing companies may become service companies over time

More and more manufacturers are learning to customize their products

Operations management concepts are not applicable to the service sector

BUSN 115 Introduction to Business and Technology

(TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information, (Points : 5)

Investing in social media hinders a company in reaching its goals

Social media needs to work hand in hand with other channels

Social media reaches old audiences that have new devices

Nontraditional audiences are the new target for social media

Social media and direct mail are complementary to one another

(TCO 8) One scarce item in the future will be water. Which is the least expensive way to get water from places of abundance to places of need? (Points : 5)

Pipeline transmission
Air transportation

Truck transportation

Ship transportation
Train transportation
(TCO 8) The marketing manager is responsible for choosing how to implement which? (Points : 5)






BUSN 115 Introduction to Business and Technology

(TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include which? (Points : 5)

Overly complex software

Loss of client and customer confidence

Decrease in sales revenue

Interruption of shipments

Overly complex networking equipment

(TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is which? (Points : 5)

A single location for the information being edited and saved

Multiple copies of the information so backups are not necessary

The software being considered shareware and therefore not copyrighted

The software being considered public domain software and free for the taking

Multiple locations where the information is stored providing quick access

BUSN Introduction Business Technology

(TCO 9) Web 3.0 can be characterized by which of the following statements? (Points : 5)

It is known as the semantic web

It is known as the virtual world

It is known as the mobile web

It is known as the static web

It is known as the immersive Internet

(TCO 10) The role of information technology has changed since the days when it was known as data processing. You have been hired as the new manager of the IT department for Megalopolis Corporation. Megalopolis Corporation manufactures and sells barbecue grills to the middle-upper end of the market. Demand continues to be strong for all products. However, providing service (both warranty and no warranty) continues to be a challenge. In essence, having the right parts at the right place at the right time is not an easy task. Given this information, your set of “must-do-first” priorities includes which? (Points : 5)

Reviewing current operations in the IT department to determine processes that can be made more efficient

Exploring the possibilities of providing real-time manufacturing and shipping data to the expediters in the factory via handheld wireless devices

Reviewing the information that is gathered by the customer relations staff that might assist in improving existing customer relationships

Reviewing the ordering process (both warranty and nonwarranty) to streamline ordering and improve communications with suppliers and customers

Exploring new markets through an improved online presence of the company

(TCO 10) An accounting system includes which? (Points : 5)

Tax return information

Balance sheet information

Summarization of accounts information

Compliance information

Eleemosynary information

(TCO 10) Which of the following financial management functions are a part of financial planning? (Points : 5)

Understanding and allocating operational needs

Establishing a capital budget

Creating a long-term forecast

Establishing a strategic planning vision

Creating a short-term forecast

BUSN 115 Introduction to Business and Technology

(TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)


(TCO 3) How do downsizing and outsourcing influence the number of small businesses? (Points : 25)


Business start-ups often soar when the economy sours. During…

(TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)


(TCO 4) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 25)


(TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)


(TCO 5) Discuss the advantages and disadvantages of work specialization. (Points : 25)


Work specialization can improve organizational efficiency by…

BUSN 115 Introduction to Business and Technology

(TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications.(Points : 15)


(TCO 6) Businesses try to create systems that deliver goods or services to customers as efficiently as possible. This often involves multiple steps and systems that hopefully work together to accomplish that goal. Explain the systems perspective, and identify at least five principles of systems thinking that can improve your skills as a manager. (Points : 25)


The seven principles of systems thinking that can help every manager are…

(TCO 7) What is a balance sheet? Why is it called a balance sheet? (Points : 25)


A balance sheet is a statement of a firm’s financial position on a particular…

(TCO 7) Given the following companies—Boeing (airliner manufacturer) and Dell Computer (computer manufacturer)—which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of its facilities? List the specific needs and requirements of each company when determining location. (Points : 15)


(TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 15)


BUSN 115 Introduction to Business and Technology