BUSI 100 PRACTICE QUESTIONS AND ANSWERS
According to Thoreau, what is the choicest of relics? - Answers - Books
In Plato's "The Republic", injustice arises naturally from political disagreement and not
from the interpersonal dealings of citizens. - Answers - False
Who said, "By directing that industry in such a manner as its produce may be of the
greatest value, he intends only his own gain, and he is in this led by an invisible hand to
promote an end which was no part of his intention." - Answers - Adam Smith
Francis Bacon presented the pros (commodities) and cons (discommodities) of usury.
Among the pro's, he mentioned: - Answers - That it facilitates debt capital because it
would be vanity to think of borrowing without making a profit
John Stuart Mill highlights that the gross profits from capital (i.e., the gains returned to
those who supply the funds for production) must suffice for three purposes. Which of the
following purposes does he exclude? - Answers - Provision for the necessaries of life
[he includes A sufficient equivalent for abstinence; Imdemnity for risk; Remuneration for
the labour and skill required for superintendence]
Which author is most likely to agree with the following quote from Winston Churchill:
"the main vice of capitalism is the uneven distribution of prosperity. The main vice of
socialism is the even distribution of misery." - Answers - Andrew Carnegie
In a free society, what is Ayn Rand most likely to agree with? - Answers - Money is
solely a tool of exchange, which permits men to trade with one another
During lecture, we highlighted that an ironic component of Defoe's death was that he: -
Answers - died while in hiding from his creditors
Du Bois argues that the keynote of the Black Belt is debt; in the sense that the mass of
the population earn incomes that exceed their expenses. - Answers - False
Friedman believed that it is appropriate for a manager of a publicly held corporation to
reduce the wages of its employees in order for it to invest in an activity of general social
interest. - Answers - False
Pacioli would agree that every merchant's main purpose is to arrange all business
transactions in such a systematic way that one may understand each one of them at a
glance. - Answers - False
, We discussed Michael Porter's Five Forces that provides a framework to assess a firm's
competitive environment. We highlighted how Clayton Christensen's Disruptive
Innovation theory connected most closely to one of the five forces. Which force was
this? - Answers - Threat of new entrants
we discussed Michael Porter's Five Forces that provides a framework to assess a firm's
competitive environment. During our discussion, we highlighted how Zoom and other
virtual meeting platforms are increasingly being referenced as increasing the
competitive environment of firms operating in the airline industry. Which of the five
forces is this discussion most directly relate to? - Answers - threat of substitutes
Sun Tzu's Art of War, provides a number of marketing lessons. What does the following
lesson mean in a modern marketing application: "Water shapes its course according to
the nature of the ground over which it flows; the soldier works out his victory in relation
to the foe whom he is facing." - Answers - One should be flexible and adaptive when
marketing a product or service
Jack Welch, former CEO of General Electric, is one of the most frequently referenced
businesspeople in the past several decades. One of his many famous quotes is that "an
organization's ability to learn, and translate that learning into action rapidly, is the
ultimate competitive advantage." Which passage from Sun Tzu's "The Art of War" most
directly relates to this idea being expressed by Jack Welch? - Answers - Do not repeat
tactics which have gained you one victory, but let your methods be regulated by the
infinite variety of circumstances.
In class, we watched a video of Bill Belichick, football coach of the New England
Patriots, answer a question about his process of preparing the team's strategy each
week. Responding to that question, he noted that "if there's something that your
opponent is weak at, you want to try to attack it." Which of the following paragraph
references to Sun Tzu's "The Art of War" most directly supports this statement. -
Answers - Ch 6, paragraph 30
In class, we watched a video of Bill Belichick, football coach of the New England
Patriots, answer a question about his process of preparing the team's strategy each
week. Responding to that question, he noted that "if you keep doing the same thing all
the time that makes it easier for them to stop it." Which of the following paragraph
references to Sun Tzu's "The Art of War" most directly supports this statement. -
Answers - ch 6, paragraph 28
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - False
Plato felt that the fundamental key in the development of an economy was - Answers -
More things are produced, and better and more easily, when one man preforms one
task according to nature, at the right moment, and at leisure from other occupations
According to Thoreau, what is the choicest of relics? - Answers - Books
In Plato's "The Republic", injustice arises naturally from political disagreement and not
from the interpersonal dealings of citizens. - Answers - False
Who said, "By directing that industry in such a manner as its produce may be of the
greatest value, he intends only his own gain, and he is in this led by an invisible hand to
promote an end which was no part of his intention." - Answers - Adam Smith
Francis Bacon presented the pros (commodities) and cons (discommodities) of usury.
Among the pro's, he mentioned: - Answers - That it facilitates debt capital because it
would be vanity to think of borrowing without making a profit
John Stuart Mill highlights that the gross profits from capital (i.e., the gains returned to
those who supply the funds for production) must suffice for three purposes. Which of the
following purposes does he exclude? - Answers - Provision for the necessaries of life
[he includes A sufficient equivalent for abstinence; Imdemnity for risk; Remuneration for
the labour and skill required for superintendence]
Which author is most likely to agree with the following quote from Winston Churchill:
"the main vice of capitalism is the uneven distribution of prosperity. The main vice of
socialism is the even distribution of misery." - Answers - Andrew Carnegie
In a free society, what is Ayn Rand most likely to agree with? - Answers - Money is
solely a tool of exchange, which permits men to trade with one another
During lecture, we highlighted that an ironic component of Defoe's death was that he: -
Answers - died while in hiding from his creditors
Du Bois argues that the keynote of the Black Belt is debt; in the sense that the mass of
the population earn incomes that exceed their expenses. - Answers - False
Friedman believed that it is appropriate for a manager of a publicly held corporation to
reduce the wages of its employees in order for it to invest in an activity of general social
interest. - Answers - False
Pacioli would agree that every merchant's main purpose is to arrange all business
transactions in such a systematic way that one may understand each one of them at a
glance. - Answers - False
, We discussed Michael Porter's Five Forces that provides a framework to assess a firm's
competitive environment. We highlighted how Clayton Christensen's Disruptive
Innovation theory connected most closely to one of the five forces. Which force was
this? - Answers - Threat of new entrants
we discussed Michael Porter's Five Forces that provides a framework to assess a firm's
competitive environment. During our discussion, we highlighted how Zoom and other
virtual meeting platforms are increasingly being referenced as increasing the
competitive environment of firms operating in the airline industry. Which of the five
forces is this discussion most directly relate to? - Answers - threat of substitutes
Sun Tzu's Art of War, provides a number of marketing lessons. What does the following
lesson mean in a modern marketing application: "Water shapes its course according to
the nature of the ground over which it flows; the soldier works out his victory in relation
to the foe whom he is facing." - Answers - One should be flexible and adaptive when
marketing a product or service
Jack Welch, former CEO of General Electric, is one of the most frequently referenced
businesspeople in the past several decades. One of his many famous quotes is that "an
organization's ability to learn, and translate that learning into action rapidly, is the
ultimate competitive advantage." Which passage from Sun Tzu's "The Art of War" most
directly relates to this idea being expressed by Jack Welch? - Answers - Do not repeat
tactics which have gained you one victory, but let your methods be regulated by the
infinite variety of circumstances.
In class, we watched a video of Bill Belichick, football coach of the New England
Patriots, answer a question about his process of preparing the team's strategy each
week. Responding to that question, he noted that "if there's something that your
opponent is weak at, you want to try to attack it." Which of the following paragraph
references to Sun Tzu's "The Art of War" most directly supports this statement. -
Answers - Ch 6, paragraph 30
In class, we watched a video of Bill Belichick, football coach of the New England
Patriots, answer a question about his process of preparing the team's strategy each
week. Responding to that question, he noted that "if you keep doing the same thing all
the time that makes it easier for them to stop it." Which of the following paragraph
references to Sun Tzu's "The Art of War" most directly supports this statement. -
Answers - ch 6, paragraph 28
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - False
Plato felt that the fundamental key in the development of an economy was - Answers -
More things are produced, and better and more easily, when one man preforms one
task according to nature, at the right moment, and at leisure from other occupations
