BUS-101-TE Business Exam

BUS-101-TE Exam Overview

• Assesses knowledge of the business world, economics, ownership, risk, production, finance, marketing, and human resources.
• Includes knowledge of unions and government impact on business
• Requires demonstration of business knowledge and applying the language of business
• Worth 3 credits

Exam Format

• 90 multiple-choice questions worth 1 point each
• 5 short answer questions worth 2 points each
• Passing score is 70% (70/100 points)
• Grade reported as Credit (CR) or No Credit (NC)
• Time limit is 2 hours

Outcomes Assessed

• Identification of economic systems and cycles
• Recognition of entrepreneurship and business ownership alternatives
• Recalling ethical behavior and social responsibility in business
• Citing the functions of business management
• Identifying cultural influences on business organizations
• Selecting supply chain management principles and practices
• Classifying elements of financial planning
• Reviewing the Federal Reserve System's role
• Recalling elements of the marketing mix
• Interpreting Internet and social media in marketing
• Categorizing public relations methods
• Explaining the role of technology in strategic business

Topics and Distribution

• The Role of Business in United States Society: 50%
• Key Business Functions: 50%

The Role of Business in United States Society (50%)

• Economic systems: capitalism, communism, socialism (Section 1.3: What is Economics?)
• Capitalist context: risk, profit, value (Profit (accounting), Section 1.2: The Notion and Definition of Risk)
• Government and business (Section 1.7: Government's Role in Managing the Economy)
• Economic cycles (Section 1.3: What is Economics?)
• Forms of business ownership (Chapter 4: Selecting a Form of Business Ownership)
• Role of entrepreneurship (Section 5.1: What is an Entrepreneur?)
• Global business issues (Section 3.7: Cases and Problems)
• Business ethics and social responsibility (Chapter 13: Ethics in Business)
• Includes ethics overview, business stakeholders, maintaining ethical standards, corporate social responsibility, and ethical responsibilities of management

Key Business Functions (50%) - Management (15%)

• Functions of management: planning, organizing, controlling, communication (Chapter 6: Managing for Business Success)
• Organizational theories (Chapter 3: Organizational Theory)
• Includes why study organizational theory, classical perspectives, behavioral perspectives, modern thinking, and evolving organizations
• Organizational culture (Chapter 5: Organizational Behavior)
• Includes individual perceptions and behavior, personality, stress in organizations, drivers of behavior, motivating an organization, employee needs and motivation, process and motivation, reinforcement and motivation, job design and motivation, and compensation and motivation
• Operations and supply chain management (Chapter 10: Operations Management)
• Includes introduction to operations management, quality management, productivity, controlling the supply chain, and planning for operations
• Human resource management (Section 7.1: Human Resource Management)
• Mission and vision statements (Mission Statement)
• Strategic management (Chapter 12: Strategic Management)
• Includes strategic management, external inputs to strategy, internal analysis inputs to strategy, creating strategy through common approaches, common corporate strategies, the planning process, types of plans, planning tools, and the planning cycle

Accounting, Finance, and Banking (15%)

• The accounting cycle (Section 12.1: The Role of Accounting)
• Major financial concepts (Introduction to Financial Management)
• Financial planning process and budgets (Section 14.3: The Financial Planning Process)
• Short-term and long-term financing (Short-Term Financing, Long-Term Financing)
• Securities market (Reading: Investments and Markets: A Brief Overview)
• Role of the Federal Reserve System (Role of Banks)

Marketing (10%)

• The 4 P's of marketing (3.2: Marketing Mix)
• Market research and market segmentation (What is a Business?, Read: Addressing Market Needs, Target Market)
• Branding (Branding)
• Relationship marketing and consumer behavior (Customers)
• Public relations (Public Relations)
• Marketing channels (Chapter 8: Using Marketing Channels to Create Value for Customers)
• Internet and social media strategies (Chapter 7: Social Media, Peer Production, and Web 2.0, Chapter 8: Facebook: Building a Business from the Social Graph)

Technology in Business (10%)

• Management information systems (Unit 4: Information Systems and Organization Strategy)
• Technology trends (Information Technology Trends, Unit 2: ERP Systems, Business Processes, and IT)
• Technology platforms and supporting software (Part 1: What is an Information System?)
• Impact of cloud (What is Cloud Computing?)
• Disaster planning, recovery, and security (Ready.gov's IT Disaster Recovery Plan Security)

Sample Questions & Answers

• The following are the answers to the corresponding questions in the document

Multiple Choice Answers

• 1. a
• 2. c
• 3. d
• 4. a
• 5. b
• 6. d
• 7. b
• 8. a
• 9. c
• 10. a
• 11. a
• 12. a
• 13. a
• 14. a
• 15. d
• 16. b
• 17. d
• 18. a
• 19. a

Short Answer Questions - Key points

• Q20: Information systems in organizations transform data into information, then into organizational knowledge to link people, processes, and products to consumer needs using information technology.
• Q21: Hardware refers to the physical components, while software comprises the programs allowing user interaction with the system.