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FINALTERM EXAMINATION

SPRING 2007

MGT211 - INTRODUCTION TO BUSINESS (Session - 4 )

Marks: 60

Time: 120min

StudentID/LoginID: ______________________________

Student Name: ______________________________

Center Name/Code: ______________________________

Exam Date: Monday, July 16, 2007

All questions are compulsory. This exam consists of 15 Multiple Choice Questions (MCQs) carrying 1 mark each; 5

True/ False statements carrying 1 mark each; 5 Fill in the Blanks carrying 1 mark each; 3 Short Questions carrying 5 marks each; and 2 descriptive questions – each carrying 10 marks.

For each MCQ, read the available choices carefully and select the most appropriate choice which you consider is the correct answer, by clicking on the appropriate check box.

To answer fill in the blank questions, write the word which you think is the most suitable by comprehending the whole phrase.

For a true/ false statement, recognize the concept and answer accordingly. Remember not to spend too much time on any one objective type question since all

objective type questions carry equal marks; it is important to manage your time according to the marks allocated to each question.

Save your answer before proceeding to the next question. Do not click the “Finish” button while solving your paper. Once you clicked the “Finish”

button, you will not be able to access your paper again. Click it at the end of your paper. That means you have submitted your complete paper.

A clock is given in the exam software. Software will automatically close at the end of given time.

Use of mobile phone is strictly prohibited. Switch off your mobile phone during the exam.

Failure to comply with the Supervisor’s directions will result in your test being cancelled. Please comply with supervisor’s directions to avoid any unpleasant event.

For Teacher's use only

Question 1 2 3 4 5 6 7 8 9 10 TotalMarks

Question 11 12 13 14 15 16 17 18 19 20

Marks Question 21 22 23 24 25 26 27 28 29 30

Marks Question No: 1 ( Marks: 1 ) - Please choose one When the amount of government spending exceeds the amount of revenues, the result is called: ►

Trade deficit

►

Budget deficit

►

Balance of payment

►

Opportunity cost

Question No: 2 ( Marks: 1 ) - Please choose one What characteristic motivate a person to start his own business? ►

Earning large incomes

►

Being his own boss

►

Challenge

►

All of the given options

Question No: 3 ( Marks: 1 ) - Please choose one Firms can ensure responsibility to customers by: ►

Safe manufacturing techniques

►

Proper disposal of waste

►

Seeking feedback about product

►

Full financial disclosure

Question No: 4 ( Marks: 1 ) - Please choose one The position of “chief financial officer” is considered to be a: ►

Supervisory position

►

Top management position

►

First-line management position

►

Bottom-line position

Question No: 5 ( Marks: 1 ) - Please choose one The reinforcement theory that motivates employees by encouraging them to behave in a manner that avoids unfavorable consequences is __________ reinforcement. ►

Positive

►

Neutral

►

Equity

►

Negative

Question No: 6 ( Marks: 1 ) - Please choose one A Rolex watch and Mercedes car are considered: ►

Convenience products

►

Shopping goods

►

Specialty products

►

Industrial products

Question No: 7 ( Marks: 1 ) - Please choose one One way to accelerate the distribution process is to make sure that it is integrated with _______ process. ►

Marketing

►

Financing

►

Advertising

►

Production

Question No: 8 ( Marks: 1 ) - Please choose one Even a company’s product is properly produced, priced and distributed, it still needs to be: ►

Manufactured

►

Graded

►

Promoted

►

Market tested

Question No: 9 ( Marks: 1 ) - Please choose one _____________ is a management approach for an organization, centered on quality, based on the participation of all its members and aiming at long-term success through customer satisfaction and benefits to all members of the organization and to society. ►

Total quality management

►

Project management

►

Personnel management

►

Strategic planning

Question No: 10 ( Marks: 1 ) - Please choose one Information-systems applications, based on telecommunication technologies, that use networks of appliances or devices to communicate information by electronic means are: ►

Electronic information technologies

►

Management information systems

►

Information management

►

Transaction processing systems

Question No: 11 ( Marks: 1 ) - Please choose one Effective marketing are intended to affect the firm’s: ►

Financial leverage

►

Social responsibility

►

Strategic plan

►

Cash inflows

Question No: 12 ( Marks: 1 ) - Please choose one Arrangement whereby selected professional providers offer services at reduced rates and permit thorough review of their service recommendations is: ►

Health maintenance organization

►

Preferred provider organization

► Point-of-service

►

Health Insurance

Question No: 13 ( Marks: 1 ) - Please choose one Process of conserving the firm's earning power and assets by reducing the threat of losses due to uncontrollable events is: ►

Risk Avoidance

►

Risk Management

►

Risk Control

►

Risk Transfer

Question No: 14 ( Marks: 1 ) - Please choose one __________ requires that expenses incurred in producing revenues be deducted from the revenue they generated during the same accounting period in order to accurately present the profitability of a business. ►

Revenue Recognition

►

Full Disclosure

►

Matching principle

►

Solvency Ratios

Question No: 15 ( Marks: 1 ) - Please choose one According to ___________ principle, organizations should be able to retain or dismiss employees at their discretion. ►

Employment-at-Will

►

Hostile work environment

►

Workforce Diversity

►

Knowledge Worker

Question No: 16 ( Marks: 1 ) - Please choose one Capital is the lifeblood of every business and is the most essential and important element of business. ►

True

► False

Question No: 17 ( Marks: 1 ) - Please choose one A job specification states the credentials necessary to qualify for a job. ►

True

►

False

Question No: 18 ( Marks: 1 ) - Please choose one Properly planned pricing that is often much more than guesswork can sink even a firm with a good product. ►

True

►

False

Question No: 19 ( Marks: 1 ) - Please choose one Total quality management broadens management concern beyond the immediate product. ►

True

►

False

Question No: 20 ( Marks: 1 ) - Please choose one ISO 9000 is a certification program attesting to the fact that a factory, laboratory or an office has improved its environmental performance. ►

True

►

False

Question No: 21 ( Marks: 1 ) A ____________ is an organization operated with the objective of making a profit from the sale of goods or services. Question No: 22 ( Marks: 1 ) The liability of each member in cooperative society is ____________ to the share capital, which he invested. Question No: 23 ( Marks: 1 ) High productivity gives a company a ____________ because its costs are lower than those of other companies.

Question No: 24 ( Marks: 1 ) ____________ is a movement made with a part of the body in order to express meaning or emotion or to communicate information. Question No: 25 ( Marks: 1 ) A solvency ratio that determines a firm’s credit worthiness by measuring its ability to pay current liabilities is called ____________. Question No: 26 ( Marks: 5 ) Discuss any five “rights of partners” according to Partnership Act, 1932. Question No: 27 ( Marks: 5 ) Differentiate between a product line and a product mix. Question No: 28 ( Marks: 5 ) Why is non-verbal communication important along with verbal communication? Question No: 29 ( Marks: 10 ) “Elderly Instruments” is a company that sells musical instruments, cassettes, and CDs. Elderly has previously used mail-order catalogs to sell its products but making changes in the catalogs is expensive and time consuming. Now the company has listed its products on its website so that customers can order products online. Customers can e-mail orders, which are filled immediately. The website can be adjusted daily to change product offerings. The website is set up so that it provides information quickly because customers who use online services do not tolerate slow websites. The web servers provide reports to Elderly about which products are receiving the most attention (which products receive the most hits). Thus, Elderly is accumulating information about customer profiles and what customers like. Questions: (3, 4, 3) 1) Explain how technology has improved Elderly’s ability to communicate its product offerings. 2) Explain how technology has increased the number of potential customers who may purchase products from Elderly. 3) Explain how technology has increased Elderly’s ability to learn what its customers want. Question No: 30 ( Marks: 10 ) Discuss accounting and accounting information system. Describe the usage of accounting information by various stakeholders of a business organization. (5, 5)

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SPRING 2007

MGT211 - INTRODUCTION TO BUSINESS (Session - 4 )

Marks: 40

Time: 90min

StudentID/LoginID: ______________________________

Student Name: ______________________________

Center Name/Code: ______________________________

Exam Date: Thursday, April 26, 2007

All questions are compulsory.

There are ten Multiple Choice Questions (MCQs)- carrying 1 mark each; five Fill in the Blanks

statements carrying 1 mark each; three Short Questions carrying 5 marks each and; one

Descriptive Question carrying 10 marks.

You should try to complete objective type questions in 10 – 15 minutes in order to give yourself

enough time for descriptive and short questions.

You may wish to pace yourself with your own watch, but the Supervisor will be the official

timekeeper of the test.

For each MCQ, read the choices available and select the choice which you consider is the

correct answer.

Remember not to spend too much time on any one MCQ. Since all MCQs carry equal marks, it

is important to manage your time and response the test questions effectively.

Failure to comply with the Supervisor’s directions will result in your test being cancelled.

Please comply with supervisor’s directions to avoid any unpleasant event.

For Teacher's use only Question 1 2 3 4 5 6 7 8 9 10 Total

Marks Question 11 12 13 14 15 16 17 18 19

Marks

Question Marks

Question No: 1 ( Marks: 1 ) - Please choose one When entrepreneurs establish a business, they must first decide on the form of: ►

Partnership

►

Ownership

►

Expansion

►

Organization

Question No: 2 ( Marks: 1 ) - Please choose one Generally, in a limited partnership: ►

All partners have limited liability.

►

The partners exist for a limited time period.

►

The limited partners do not participate in management of the company.

►

Not more than 75 partners may invest in the company at one time.

Question No: 3 ( Marks: 1 ) - Please choose one The “leading” function of management should be conducted in a manner that is consistent with firm’s: ►

Competition

►

Strategic plan

►

Industry demand

► Labor union

Question No: 4 ( Marks: 1 ) - Please choose one The skills managers use to understand the relationships among the various tasks of the firm are: ►

Interpersonal skills

►

Technical skills

►

Decision making skills

►

Conceptual skills

Question No: 5 ( Marks: 1 ) - Please choose one The four functions of management: ►

Must be enacted in the proper sequence

►

Must be integrated

►

Are stand alone, independent functions

►

Can not be performed by one individual

Question No: 6 ( Marks: 1 ) - Please choose one Social interaction and acceptance by others are examples of: ►

Physiological needs

►

Safety needs

►

Affiliation needs

►

Esteem needs

Question No: 7 ( Marks: 1 ) - Please choose one

When firms delegate more authority to their employees, this strategy is referred to as: ►

Empowerment

►

Merit system

►

Hygiene theory

►

Equity system

Question No: 8 ( Marks: 1 ) - Please choose one The process used to determine the tasks and the necessary credentials for a particular position is referred to as: ►

Job analysis

►

Job screening

►

Job evaluation

►

Human resource planning

Question No: 9 ( Marks: 1 ) - Please choose one A ______ is an assignment to a higher level job with more responsibility and greater pay. ►

Transfer

►

Lateral assignment

►

Appraisal

►

Promotion

Question No: 10 ( Marks: 1 ) - Please choose one Products purchased by companies to produce other products are:

►

Consumer Goods

►

Industrial Goods

►

Services

►

Inventory

Question No: 11 ( Marks: 1 ) The return on investment in a firm is derived from the firm’s ability to earn _______________. Question No: 12 ( Marks: 1 ) The total market value of all final goods and services produced in a country is known as _______________. Question No: 13 ( Marks: 1 ) _______________ theory of motivation holds that people evaluate their treatment by employers relative to the treatment of others. Question No: 14 ( Marks: 1 ) If a manager is having difficulties in managing his or her subordinates, _______________ would be recommended to cope with the situation. Question No: 15 ( Marks: 1 ) Redesigned conventional office space to accommodate jobs and schedules that are far less dependent on assigned spaces and personal apparatus is called _______________. Question No: 16 ( Marks: 5 ) Discuss some of the concerns an entrepreneur may have when starting a new business. Question No: 17 ( Marks: 5 ) Discuss and give examples of what you believe is the most common form of business ownership in your hometown.

Question No: 18 ( Marks: 5 ) Distinguish between management and leadership. Do you think a person could be an effective manager but an ineffective leader? Question No: 19 ( Marks: 10 ) Describe the tasks involved in developing a human resource plan.