introduction to business assignment pdf

Fundamentals of Business - 4th Edition

(9 reviews)

Stephen J. Skripak, Virginia Tech

Ron Poff, Virginia Tech

Copyright Year: 2023

ISBN 13: 9780997920178

Publisher: Virginia Tech Libraries

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Stacy McManus, Adjunct Professor, Minnesota West Community & Technical College on 2/16/23

The book did an excellent job of covering the basics of business. Everything that I cover in my course was covered in this book. read more

Comprehensiveness rating: 5 see less

The book did an excellent job of covering the basics of business. Everything that I cover in my course was covered in this book.

Content Accuracy rating: 4

Book was very accurate, up-to-date and thorough.

Relevance/Longevity rating: 5

The chapters were ordered thoughtfully and progressed in a manner which will help the students to learn the material. Content was up-to-date, and I don't feel that it will be situation where a new edition is required each year.

Clarity rating: 4

The book was clear and easy to understand.

Consistency rating: 4

The e-book is easy to navigate and follows a consistent pattern. The material is pleasing to the eye and is an easy read.

Modularity rating: 5

The chapters are set up well - not too long to lose interest but yet detailed and thorough.

Organization/Structure/Flow rating: 5

The chapters and topics were arranged in a logical manner.

Interface rating: 5

I reviewed the e-book version and did not have any issues with the interface. The book was easy to navigate and the appearance was very professional.

Grammatical Errors rating: 5

No grammatical errors were immediately apparent.

Cultural Relevance rating: 4

I did not notice anything offensive or concerning.

I was excited to find this OER book. It is well done, detailed, and thorough. I appreciated the test banks that were included. I would like to see some recommended activities for each chapter, but overall the book was excellent. I was happy to see an additional chapter on hospitality as well. I look forward to adopting this for my Foundations of Business class.

Reviewed by Marie Looby, adjunct instructor, Massasoit Community College on 6/5/21

Varied subject matters that progress logically and are covered in detail with terms well defined. Offers outside links for further enrichment. read more

Varied subject matters that progress logically and are covered in detail with terms well defined. Offers outside links for further enrichment.

Content Accuracy rating: 5

Found no errors while moving through the text including the quizzes.

The book uses modern day examples that the student can relate to and reference. Although the examples are current the skills are timeless.

Clarity rating: 5

There are embedded links for sources allowing students to access backup while reading online.

Consistency rating: 5

The text shows all the same tools throughout making it easy for students to develop study skills for this book.

The text is organized in chapters with mini quizzes built in as the subject veers in a different direction in each chapter.

The chapters build on the skills and knowledge as they go along eg: group think.

No navigation problems. While clicking on various links there were no difficulties reaching the sources.

Well done and consistent grammar.

Cultural Relevance rating: 5

Illustrations showed diversity

The materials were interesting enough to encourage you to continue reading.

Reviewed by Steve Lesh, Associate Professor, Bowling Green State University on 1/8/21

I must first state that I am a Doctor of Physical Therapy educator who holds a PhD in Business which is not a common combination of degree paths. I was intrigued by the possibility of adding more business theory to my health service administration... read more

I must first state that I am a Doctor of Physical Therapy educator who holds a PhD in Business which is not a common combination of degree paths. I was intrigued by the possibility of adding more business theory to my health service administration courses, but the cost has been historically prohibitive to the students in my experience. We utilize a niche health care admin textbook which misses some of the greater foundational business skills. When this opportunity presented to review materials that I could add to my course without adding cost, I was very pleased. I find Skripak to be comprehensive with the added bonus of my favorite chapter #18 Personal Finances which for Physical Therapy students who typically leave school with great debt to be invaluable!

I found the materials to be easy to read, well organized and did not find errors. I really enjoyed the links to external videos that supported the concepts. I feel the presentation was unbiased.

As this is the second edition with a 2018 publish date it was very current, however, I noticed after I began reading the 2nds edition that a 3rd edition (2020) has been released which updates figures, graphs, and some of the recent law changes. Having the book turn over that quickly makes it even a greater value to me as the instructor and to the student. I appreciate the relevance of being able to submit suggestions or corrections to the author and that they are making a test bank available in support of this material! Doesn't get much better than that!

Well written and not overly technical. The narrative flows well from the beginning to the end of each chapter.

From what I can tell, it is very consistent. I did not observe any changes in tone or terminology, but again, I am reading this through the eyes of someone who has earned a PhD in Business, so it is all very familiar to me.

Modularity rating: 4

When you go to the website, you can easily download each chapter in bits [https://vtechworks.lib.vt.edu/handle/10919/84848]. I first started reviewing the full .pdf of the 2nd edition and found that it didn't have bookmarks for each chapter so the scrolling was a bit annoying. I would add that piece to the full .pdf if possible and it appears they did that in the 3rd ed. However, the module approach online eliminates the need for a full book .pdf download.

Starts with teamwork which is perhaps one of the most important concepts in modern business. So I really appreciate that. The 18 chapters of the 2nd (and 3rd) edition cover all of the major elements of modern business. Certainly, each chapter could be expanded into it's own book. For example, Chapter 14 is Marketing, and there are full marketing textbooks, however, that is not the function of this book. The purpose is to take you through all of the major components of business as opposed to deep dives into each topic.

Again, I loved the interface with online videos. The links appeared to all work. Adds a multimedia approach to the words on the page.

I didn't see any that were obvious during my readings.

There were no elements that were culturally insensitive or offensive that I noted.

I look forward to integrating this open textbook into my Physical Therapy health service admin course as I can now get a glimpse of business fundamentals to supplement the health care niche that my students receive! Thank you for this opportunity. I do have some ideas for writing open textbooks and would be open to doing so. Steven G. Lesh

Reviewed by Babu George, Associate Professor, Fort Hays State University on 10/26/18

This book covers the overall landscape of contemporary businesses pretty well. While nothing significant is 'lacking', I would love to have the authors provide a chapter that quickly takes students through the history of business and another... read more

This book covers the overall landscape of contemporary businesses pretty well. While nothing significant is 'lacking', I would love to have the authors provide a chapter that quickly takes students through the history of business and another chapter that discusses the futuristic dimensions of business.

The contents are accurate. The authors have provided citations to key claims. The references have hyperlinks to more scholarly resources on topics discussed in the book.

Relevance/Longevity rating: 4

The contents are presented in a generalized manner - meaning, the book could stand the test of time for a significant duration. The dynamism of the contemporary businesses could have been captured better, however. The digital transformation of businesses and societies has made the life cycle of knowledge shorter. More stress on e-businesses and digital models would have made the book more relevant.

The authors have used simple English. Overall, the book is very accessible.

Yes, there is a unity of purpose and a sense of unity, throughout the book.

The chapters are stand-alone, for the most part. So, professors need not teach the content sequentially.

Ideas are organized systematically. Every chapter opens with a set of learning objectives and this gives direction to the learners. The students are asked to reflect upon certain key questions, from time to time. Answers to these question are then made available in the content discussed. At the end of each chapter, certain key takeaways are listed. This facilitates a natural form of learning.

No issue noted.

Well written.

No culturally insensitive use of language or images noted. However, in the forthcoming iterations, the authors are requested to bring in more dimensions of global businesses. Examples of business practices in other countries and cultures would add value.

One chapter (Chapter 15: Hospitality and Tourism) does not make a lot of sense. One might wonder why the authors devoted a full chapter for one industry! Why not similar chapters for other industries? It almost sounds like one of the authors had a chapter written for some other purpose, which needed to be inserted in this book. There are several other examples and case studies related to tourism in this book, too. Thinking of it positively, this book thus has an added advantages for students majoring in Hospitality and Tourism.

Reviewed by Mindy Bean, Faculty, Linn-Benton Community College on 6/19/18

The OER does well on covering topics in an introductory level business course. It adds a section that is not in typical business fundamental material of hospitality which compliments our new program that we started at our college. read more

The OER does well on covering topics in an introductory level business course. It adds a section that is not in typical business fundamental material of hospitality which compliments our new program that we started at our college.

The book is consistent with most material that is available.

The examples in the book are commonly used in most topics of basic business fundamentals. It should hold relevancy for 4-5 more years.

The book is clear in the writing that can be easily read. Business terms are well represented and explained thoroughly. The material is written well for a student's first time learning business and how to apply it to what is happening around them.

The book is consistent from chapter to chapter. The sources of material are well represented. Visuals compliment the written material.

The chapters are seamless with transition from topic to topic. It could easily be broken up into sections of reading during certain points in the course. This text seems to be set up well for student team work to learn on each important topic of business basics.

Chapters are organized in a good way to learn all material and have it related to each former chapter. Personally I will be teaching the chapters in a different order to complement a business plan being created by students.

Interface rating: 3

The book could use a few more visuals for students to relate to the material. Some of the visuals could use improvement, but as for the written material, it is clear and written well for beginners understanding business.

I did not find any grammatical errors.

Globalization section addresses cultural differences in a way that is not culturally insensitive or offensive in any way. It used examples of variety of countries and global management practices.

Reviewed by Jeff Bauer, Professor of Management & Dean, University of Cincinnati - Clermont on 3/27/18

The text is quite comprehensive covering: ECON, Ethics, Global Business, Forms of Ownership, Entre, MGMT, OB/OD, OM, Motivation, H/R, Unions, MKTG, Pricing, Hospitality MGMT, ACCT/FIN, and Personal FIN. Only areas "missing" = Information Systems... read more

Comprehensiveness rating: 4 see less

The text is quite comprehensive covering: ECON, Ethics, Global Business, Forms of Ownership, Entre, MGMT, OB/OD, OM, Motivation, H/R, Unions, MKTG, Pricing, Hospitality MGMT, ACCT/FIN, and Personal FIN. Only areas "missing" = Information Systems and Data Analytics/Analysis.

Well researched and the sources are thoroughly documented.

With a 2016 publication date, it is up-to-date and should have a shelf life of several years. The biggest challenge will be updating the stories/vignettes as new information becomes available on the firms mentioned and technology inevitably impacts the content.

The material is easily accessible to the Introduction to Business student. Well written and the material flows well. Terms/jargon are thoroughly explained in the chapter and at the end of each chapter.

Consistency format for each of the chapters and interspersed well with photos, charts, and real-world stories.

The layout presents the material well and is easy to read. Chapter lengths and the length of the entire text fit well with the organization of a class over a semester.

I might organize the material a bit differently as the Global and Ethics items are early in the text and I might bump them to later in the term after additional terminology is learned and can be applied to that material. That said, overall the text is laid out logically and "like" content is connected in successive chapters, e.g. MGMT then OB/OD, etc.

Worked fine for me reading it on-screen.

I did not edit the text, but nothing glaring related to grammar jumped out at me.

On the contrary, I think the text tackles diversity head on and provides a good review of the 21st Century workplace and marketplace.

I am VERY likely to adopt this text for the next Intro to Business class that I teach.

Reviewed by Thomas Goodwin, Part-time Instructor, Miami University on 6/20/17

This text does a good job of introducing key functions of an organization (Marketing, HR, Accounting/Finance) as well as core principles such as ethics, legal issues, and economics. The material is appropriate for an introductory course to serve... read more

This text does a good job of introducing key functions of an organization (Marketing, HR, Accounting/Finance) as well as core principles such as ethics, legal issues, and economics. The material is appropriate for an introductory course to serve as the foundation for general business or to move on to a concentration in any of these business disciplines. There are two chapters that do not quite seem to fit in with the rest of the text: chapter 12 discusses Union/Management Issues, which makes sense in the flow of the book that it follows chapter 11 on HR, but for an introductory course the chapter 12 topic gets into a lot of HR detail not generally covered in an introductory course. Chapter 15 focuses on the hospitality and tourism industry. This is a very specific chapter embedded within the book about an industry while the rest of the book is mostly general information that could be applied to any number or types of organizations. Still, out of 17 chapters there are 15 solid chapters that provide great content and overview of the subject matter.

The book is written in an easy to read format with no noticeable grammatical errors or formatting issues. It is easy to find topics within chapters based on the layout, fonts, etc. The information itself is rooted in fundamental concepts of each chapter's topic or subject matter within the business discipline and there are no overt attempts to lead the reader in a particular manner to form bias or opinions, other than to establish critical thinking of topics.

While there are some examples that may seem somewhat dated, they are explained in a manner that is easy to understand and they are relevant (or "fit") within the context of the chapters and course concepts being discussed. The book is quite lengthy but given the 17 chapters that is to be expected. The author could probably eliminate two chapters on ancillary material to make it a shorter text but the chapters are not unnecessarily bloated for the sake of adding more vocabulary or unnecessary graphics.

The book uses easy to understand language, explains course concepts and terminology, and reinforces abstract ideas with examples. Overall it does a good job of relaying topics that are being introduced to students for the first time.

The text remains consistent in present tense tone of voice, chapter structure is organized consistently throughout the text, and the use of masculine vs. feminine language is muted so that it presents information to readers in a gender-neutral manner.

One could easily pick up this course text and only read select chapters that were of interest. Gaining an understanding of the legal topics (Chapter 5 Forms of Business Ownership) was not necessary to learning about subsequent chapters such as Marketing, HR, economics, etc. An instructor could pull needed material from this course text to supplement other teaching materials as well as to expand on the introductory materials contained herein to build out a more robust, in-depth course on any of the topics contained within this textbook.

Organization/Structure/Flow rating: 4

There is a very logical structure with the early chapters discussing types of business formation, teamwork, and ethics before moving to more operational activities such as financing, marketing, management and so forth. A few chapters could be reorganized. The ethics chapter could be moved to coincide with the legal (chapters 3 & 5) and there are two chapters that do not seem to fit with the introductory material (Chapter 12 on Unions and Chapter 15 on Hospitality & Tourism) but otherwise the book had a good flow of advancing through the broad goal of introducing multiple aspects of business.

Interface rating: 4

The book could use more graphs, pictures, diagrams, etc. to emphasize course concepts; however, the author made the textbook very easy to read (especially online) so the lack of numerous photos or graphics may conversely make it easier to download and read as plain text.

Grammatical Errors rating: 4

There are no noticeable grammatical, spelling, or punctuation errors. There are a few figures that are either not labeled or are not appropriately referencing the course text where they are presented, leaving "floating images" in some places that have no meaning to the topic discussed. Figure 7.3 on page 167 is an example. There is a photo of someone's arm by a laptop and notepad next to sections discussing operational plans and planning for contingencies or crises.

Gender neutral language is used throughout the course text and no offensive references are made or examples presented. The textbook examples cover a wide array of businesses, industries, and geographical reference points.

This course is an excellent resource for a first-year business student that is seeking a broad overview of several business disciplines and to lead into more in-depth study of the course topics throughout an undergraduate curriculum.

Reviewed by Ann Strunk, Adjunct Instructor, Klamath Community College on 6/20/17

The text covers all the typical topics for introductory business course. The Chapter 15: Hospitality and Tourism is relevant to the increasing industry segment. The last chapter on Personal Finances does come after Chapter 16 Accounting but seems... read more

The text covers all the typical topics for introductory business course. The Chapter 15: Hospitality and Tourism is relevant to the increasing industry segment. The last chapter on Personal Finances does come after Chapter 16 Accounting but seems out of place with no connection to the rest of the text.

There does not seem to be any errors or biases.

The textbook was recently written making issues and news items current. Social media marketing is thorough discussed. The Marketing chapter introduces the SAVE marketing model which is taking the place of the four Ps of the marketing mix. Historic ethics cases such as WorldCom and Bernie Madoff are presented.

Pages are of a simple layout with easy readability. All terms are defined and this would also be an appropriate text to use with high school dual credit courses.

Graphics are appealing and provide a distinct look for the various sections of the text. All chapters start with learning objectives and end with take-aways. The individual chapters are of various lengths. Chapter 12: Labor Unions covers just the one topic. Other chapters are much longer with up to seven sections.

There many chapters that could be assigned or presented in a different sequence. It is easy to find and refer to tables and divisions of the chapters.

I find the placement of teamwork as the preface could be very be very beneficial in setting up for class activities and useful for students as they become active in college clubs and organizations.

Effective graphics make the chapters and sections clear. There are very few photos and those are clear and useful.

I found no grammatical errors.

Cultural differences, of course, are addressed in Chapter 4: Globalization of Business. Although there are few photos only one features a person of color.

While the chapter concepts are summarized with "Key Take-Aways", there is no end of chapter "check for understanding" such as review questions, discussions, or activities. Adoption of this textbook would require significant development of assessment tools. The references section at the end of the book is organized by chapter and provides a valuable resource of website hyperlinks.

Reviewed by Ehsan Salek, Professor of Business, Virginia Wesleyan College on 2/8/17

The text has an extensive coverage and actually has several chapters one doesn't normally find in an introductory textbook on business. If this was a traditional textbook, I would not adopt it since there are superfluous chapters and sections that... read more

The text has an extensive coverage and actually has several chapters one doesn't normally find in an introductory textbook on business. If this was a traditional textbook, I would not adopt it since there are superfluous chapters and sections that I would not want in the book but since I can custom-make an electronic copy, I would cut the unnecessary section.

The content is standard and can be found in many similar textbooks. I did not find any errors or biased opinion. All assertions are backed by reputable sources.

In such a book, the only areas that need regular updating are the examples, vocabulary, and technology. 1. Examples must be current, real, and interesting for the students in order to drive home the issues. Most recent news from companies like Apple, Amazon, or Starbucks attract the attention of students. 2. Vocabulary. "Human Resources" instead of "Personnel" or "Tossed salad" instead of "Melting Pot," etc. 3. Technology. Other than specific case studies which might have a historical significance, all references to hardware, software, and telecom should show the most current examples.

It flows well if a freshman or any student new to the business major (otherwise why one would read such a book) can get past the boring look and "feel" of the book. the book looks like a long term paper! Proper use of deeper indentations and special boxes can give the book a more interesting and magazine-like feel, although I understand that part of the bland look is due to cost restrictions.

I did not find any inconsistencies.

The book, by it's electronic nature, is naturally flexible but only to the extent of being able to cut or move materials but I am not sure if an adopter can add his/her own chapters/sections.

Organization/Structure/Flow rating: 2

This is where I will offer the bulk of my feedback. A. Why does TEAMWORK has its own special section before the chapters start? It should be moved to chapter 7, 8, or 10. B. Chapter 12 (Union-Management Issues) is not necessary in such a basic business text. The topic can be subsumed under chapter 3 or 11. C. Another superfluous chapter is #15 (Hospitality and Tourism). It looks like one of the contributors to this text has a specialty in this area. For instance, do students also need to read a chapter about Real Estate or another one about the Airline Industry? D. As much as Personal Finance (chap. 17) is a very useful topic, especially for younger generation of students, allocating a separate chapter to it seems unnecessary to me. How about moving an itemized summary of it to an appendix at the end. E. In place of the deleted chapters, add or restructure as follows, so as to have more chapters about marketing which has the effect of making the text a lot more interesting for the commercial and consumer-driven society we all live in. Chapter 13, Marketing (Introduction to the topic plus discussion of the Product aspects) Chapter 14, Marketing (Price & Place) or (Price and Distribution) Chapter 15, Marketing (Promotion & Advertising)

The only interface issue I found is mentioned in #7.

Grammar is good.

I did not find any of words or phrases that may come across as culturally insensitive or politically incorrect.

Table of Contents

Chapter 1 Teamwork in Business

Chapter 2 The Foundations of Business

Chapter 3 Economics and Business

Chapter 4 Ethics and Social Responsibility

Chapter 5 Business in a Global Environment

Chapter 6 Forms of Business Ownership

Chapter 7 Entrepreneurship and Small Business Development

Chapter 8 Management and Leadership

Chapter 9 Structuring Organizations

Chapter 10 Operations Management

Chapter 11 Motivating Employees

Chapter 12 Managing Human Resources

Chapter 13 Union/Management Issues

Chapter 14 Marketing: Providing Value to Customers

Chapter 15 Pricing Strategy

Chapter 16 Hospitality and Tourism

Chapter 17 Accounting and Financial Information

Chapter 18 Personal Finances

Chapter 19 Technology in Business

Ancillary Material

About the book.

Fundamentals of Business , 4th Edition is an open education resource intended to serve as a no-cost, faculty-customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, personal finances, and technology in business. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Attribution Non-Commercial ShareAlike 4.0 license.

If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form http://bit.ly/business-interest .

A testbank is now available by request for this book: http://hdl.handle.net/10919/93404 . The testbank covers chapters 1-18 and (currently) aligns to previous editions of the textbook. It is  available to any instructor who has adopted Fundamentals of Business in their course.

About the Contributors

Stephen J. Skripak  is (retired) Professor of Practice in Management at Pamplin College of Business, Virginia Tech (2005  – 2021) and former Associate Dean for Graduate Programs (2006-2014). He is a senior executive with 25 years of business leadership experience, including positions as General Manager and Chief Financial Officer with divisions of Fortune 500 companies. His background includes financial services, consumer packaged goods, apparel, and industrial companies, with emphasis in turnaround situations. He was the lead contributor and subject matter expert for the 2016 and 2018 editions of  Fundamentals of Business , and reviewed the 2020 and 2023 versions of the book.

Ron Poff is Assistant Professor of Management Practice in the Management Department at Pamplin College of Business, Virginia Tech, where he teaches management courses. He began his career as an enlisted member of the US Navy Reserves before entering his primary career in supply chain operations then sales and marketing, where he served in executive roles with large corporations for over 25 years. As an entrepreneur, he then founded his own marketing agency. His education includes a B.S. in Business Management, M.S. Marketing, and a Graduate Certificate in eMarketing. He is the project lead, chief contributor, and coordinator of contributors for the third (2020) and fourth editions (2023) of Fundamentals of Business.

Contribute to this Page

BUS101: Introduction to Business

Course introduction.

• Time: 62 hours
• College Credit Recommended ($25 Proctor Fee) -->
• Free Certificate

Course Syllabus

First, read the course syllabus. Then, enroll in the course by clicking "Enroll me". Click Unit 1 to read its introduction and learning outcomes. You will then see the learning materials and instructions on how to use them.

Unit 1: The Context of Business

This unit covers the basic concepts that give context to a business. We explore economic and historical information governments use to make decisions, which provides a foundation for future decision-making. You will learn about productivity, the business cycle, the impact of business on society, economic trends and policies, and elements of global business. We will examine the financial meltdown of 2008, including the government bailout of AIG and General Motors, and the collapse of Lehman Brothers, which provide teachable moments in economic policy and business cycles.

Completing this unit should take you approximately 15 hours.

Unit 2: Entrepreneurship and Legal Forms of Business

In this unit, we explore various forms of ownership (sole proprietorship, partnerships, and corporations) that affect how businesses are taxed, how profits are distributed, and what regulations must be followed. The form of ownership you choose corresponds to the growth, taxation, and future of your company. We also examine some techniques business owners use to analyze profitability. We review the characteristics of successful entrepreneurs, how small businesses impact the economy, and the role of the Small Business Administration in the United States.

Completing this unit should take you approximately 10 hours.

Unit 3: Marketing

Marketing encompasses more than simple advertising and selling. It describes the activity businesses engage in to create, communicate, deliver, and exchange their products to their customers, clients, partners, and society. Business owners not only aim to provide customers with the goods and services they want and need, but they also need to convince them to make a purchase and come back for more. It involves the product, price, distribution, and promotion in the form of advertisements, publicity, public relations, and sales promotion. We will explore e-commerce, e-business, and the use of social media marketing.

Completing this unit should take you approximately 9 hours.

Unit 4: Accounting, Finance, and Banking

Every day, business owners make financial decisions that will affect every phase of the business operation, such as payroll, cash flow, and projecting future growth. A thorough understanding of accounting and financial management allows business owners to find the best sources and use of funds. For example, you can derive an accurate measure of the health of your business from the income statement, balance sheets, and financial ratios. We investigate financing options, how to analyze credit, and the time value of money. We also examine how banks, such as the U.S. Federal Reserve Bank, affect the ability of businesses to obtain financing.

Completing this unit should take you approximately 12 hours.

Unit 5: Management

The management practices that a business adopts will inform how well it can achieve its goals and respond to changes in the workplace. For-profit and nonprofit companies achieve their goals through the four steps of management: planning, organizing, controlling, and leading. Technical, conceptual, and interpersonal skills are essential to the management process. It also involves using human, financial, and informational resources. In this unit, we explore how successful business management requires teamwork, communication, creating a clear corporate mission and culture, following good business ethics, and committing to social responsibility.

Completing this unit should take you approximately 16 hours.

Study Guide

This study guide will help you get ready for the final exam. It discusses the key topics in each unit, walks through the learning outcomes, and lists important vocabulary. It is not meant to replace the course materials!

Course Feedback Survey

Please take a few minutes to give us feedback about this course. We appreciate your feedback, whether you completed the whole course or even just a few resources. Your feedback will help us make our courses better, and we use your feedback each time we make updates to our courses. I f you come across any urgent problems, email [email protected].

Certificate Final Exam

Take this exam if you want to earn a free Course Completion Certificate.

To receive a free Course Completion Certificate, you will need to earn a grade of 70% or higher on this final exam. Your grade for the exam will be calculated as soon as you complete it. If you do not pass the exam on your first try, you can take it again as many times as you want, with a 7-day waiting period between each attempt.  Once you pass this final exam, you will be awarded a free Course Completion Certificate .

Saylor Direct Credit

Take this exam if you want to earn college credit for this course . This course is eligible for college credit through Saylor Academy's Saylor Direct Credit Program .

The Saylor Direct Credit Final Exam requires a proctoring fee of $5 . To pass this course and earn a Credly Badge and official transcript , you will need to earn a grade of 70% or higher on the Saylor Direct Credit Final Exam. Your grade for this exam will be calculated as soon as you complete it. If you do not pass the exam on your first try, you can take it again a maximum of 3 times , with a 14-day waiting period between each attempt.

We are partnering with SmarterProctoring to help make the proctoring fee more affordable. We will be recording you, your screen, and the audio in your room during the exam. This is an automated proctoring service, but no decisions are automated; recordings are only viewed by our staff with the purpose of making sure it is you taking the exam and verifying any questions about exam integrity. We understand that there are challenges with learning at home - we won't invalidate your exam just because your child ran into the room!

Requirements:

• Desktop Computer
• Chrome (v74+)
• Webcam + Microphone
• 1mbps+ Internet Connection

Once you pass this final exam, you will be awarded a Credly Badge  and can request an official transcript .

Saylor Direct Credit Exam

This exam is part of the Saylor Direct College Credit program. Before attempting this exam, review the Saylor Direct Credit page for complete requirements.

Essential exam information:

• You must take this exam with our automated proctor. If you cannot, please contact us to request an override.
• The automated proctoring session will cost $5 .
• This is a closed-book, closed-notes exam (see allowed resources below).
• You will have two (2) hours to complete this exam.
• You have up to 3 attempts, but you must wait 14 days between consecutive attempts of this exam.
• The passing grade is 70% or higher.
• This exam consists of 48 multiple-choice questions.

Some details about taking your exam:

• Exam questions are distributed across multiple pages.
• Exam questions will have several plausible options; be sure to pick the answer that best satisfies each part of the question.
• Your answers are saved each time you move to another page within the exam.
• You can answer the questions in any order.
• You can go directly to any question by clicking its number in the navigation panel.
• You can flag a question to remind yourself to return to it later.
• You will receive your grade as soon as you submit your answers.

Allowed resources:

Gather these resources before you start your exam.

• Blank paper

What should I do before my exam?

• Gather these before you start your exam:
•   A photo I.D. to show before your exam.
•   A credit card to pay the automated proctoring fee.
•   (optional) Blank paper and pencil.
•   (optional) A glass of water.
• Make sure your work area is well-lit and your face is visible.
• We will be recording your screen, so close any extra tabs!
• Disconnect any extra monitors attached to your computer.
• You will have up to two (2) hours to complete your exam. Try to make sure you won't be interrupted during that time!
• You will require at least 1mbps of internet bandwidth. Ask others sharing your connection not to stream during your exam.
• Take a deep breath; you got this!

1.1 The Nature of Business

• How do businesses and not-for-profit organizations help create our standard of living?

Take a moment to think about the many different types of businesses you come into contact with on a typical day. As you drive to class, you may stop at a gas station that is part of a major national oil company and grab lunch from a fast food chain such as Taco Bell or McDonald’s or the neighborhood pizza place. Need more cash? You can do your banking on a smartphone or other device via mobile apps. You don’t even have to visit the store anymore: online shopping brings the stores to you, offering everything from clothes to food, furniture, and concert tickets.

A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. Goods are tangible items manufactured by businesses, such as laptops. Services are intangible offerings of businesses that can’t be held, touched, or stored. Physicians, lawyers, hairstylists, car washes, and airlines all provide services. Businesses also serve other organizations, such as hospitals, retailers, and governments, by providing machinery, goods for resale, computers, and thousands of other items.

Thus, businesses create the goods and services that are the basis of our standard of living. The standard of living of any country is measured by the output of goods and services people can buy with the money they have. The United States has one of the highest standards of living in the world. Although several countries, such as Switzerland and Germany, have higher average wages than the United States, their standards of living aren’t higher, because prices are so much higher. As a result, the same amount of money buys less in those countries. For example, in the United States, we can buy an Extra Value Meal at McDonald’s for less than $5, while in another country, a similar meal might cost as much as $10.

Businesses play a key role in determining our quality of life by providing jobs and goods and services to society. Quality of life refers to the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time. Building a high quality of life is a combined effort of businesses, government, and not-for-profit organizations. In 2017, Vienna, Austria, ranked highest in quality of life, followed by Zurich, Switzerland; Auckland, New Zealand; and Munich, Germany. It may come as a surprise that not one of the world’s top cities is in the United States: seven of the top 10 locations are in western Europe, two are in Australia/New Zealand, and one is in Canada. At the other end of the scale, Baghdad, Iraq, is the city scoring the lowest on the annual survey. 1 Creating a quality of life is not without risks, however. Risk is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals. Without enough blood donors, for example, the American Red Cross faces the risk of not meeting the demand for blood by victims of disaster. Businesses such as Microsoft face the risk of falling short of their revenue and profit goals. Revenue is the money a company receives by providing services or selling goods to customers. Costs are expenses for rent, salaries, supplies, transportation, and many other items that a company incurs from creating and selling goods and services. For example, some of the costs incurred by Microsoft in developing its software include expenses for salaries, facilities, and advertising. If Microsoft has money left over after it pays all costs, it has a profit . A company whose costs are greater than revenues shows a loss.

When a company such as Microsoft uses its resources intelligently, it can often increase sales, hold costs down, and earn a profit. Not all companies earn profits, but that is the risk of being in business. In U.S. business today, there is generally a direct relationship between risks and profit: the greater the risks, the greater the potential for profit (or loss). Companies that take too conservative a stance may lose out to more nimble competitors who react quickly to the changing business environment.

Take Sony , for example. The Japanese electronics giant, once a leader with its Walkman music player and Trinitron televisions, steadily lost ground—and profits—over the past two decades to other companies by not embracing new technologies such as the digital music format and flat-panel TV screens. Sony misjudged what the market wanted and stayed with proprietary technologies rather than create cross-platform options for consumers. Apple , at the time an upstart in personal music devices, quickly grabbed the lion’s share of the digital music market with its iPods and iTunes music streaming service. By 2016, Sony restructured its business portfolio and has experienced substantial success with its PlayStation 4 gaming console and original gaming content. 2

Not-for-Profit Organizations

Not all organizations strive to make a profit. A not-for-profit organization is an organization that exists to achieve some goal other than the usual business goal of profit. Charities such as Habitat for Humanity , the United Way , the American Cancer Society , and the World Wildlife Fund are not-for-profit organizations, as are most hospitals, zoos, arts organizations, civic groups, and religious organizations. Over the last 20 years, the number of nonprofit organizations—and the employees and volunteers who work for them—has increased considerably. Government is our largest and most pervasive not-for-profit group. In addition, more than 1.5 million nongovernmental not-for-profit entities operate in the United States today and contribute more than $900 billion annually to the U.S. economy. 3

Like their for-profit counterparts, these groups set goals and require resources to meet those goals. However, their goals are not focused on profits. For example, a not-for-profit organization’s goal might be feeding the poor, preserving the environment, increasing attendance at the ballet, or preventing drunk driving. Not-for-profit organizations do not compete directly with one another in the same manner as, for example, Ford and Honda , but they do compete for talented employees, people’s limited volunteer time, and donations.

The boundaries that formerly separated not-for-profit and for-profit organizations have blurred, leading to a greater exchange of ideas between the sectors. As discussed in detail in the ethics chapter, for-profit businesses are now addressing social issues. Successful not-for-profits apply business principles to operate more effectively. Not-for-profit managers are concerned with the same concepts as their colleagues in for-profit companies: developing strategy, budgeting carefully, measuring performance, encouraging innovation, improving productivity, demonstrating accountability, and fostering an ethical workplace environment.

In addition to pursuing a museum’s artistic goals, for example, top executives manage the administrative and business side of the organization: human resources, finance, and legal concerns. Ticket revenues cover a fraction of the museum’s operating costs, so the director spends a great deal of time seeking major donations and memberships. Today’s museum boards of directors include both art patrons and business executives who want to see sound fiscal decision-making in a not-for-profit setting. Therefore, a museum director must walk a fine line between the institution’s artistic mission and financial policies. According to a survey by The Economist , over the next several years, major art museums will be looking for new directors, as more than a third of the current ones are approaching retirement. 4

Factors of Production: The Building Blocks of Business

To provide goods and services, regardless of whether they operate in the for-profit or not-for-profit sector, organizations require inputs in the form of resources called factors of production . Four traditional factors of production are common to all productive activity: natural resources , labor (human resources) , capital , and entrepreneurship . Many experts now include knowledge as a fifth factor, acknowledging its key role in business success. By using the factors of production efficiently, a company can produce more goods and services with the same resources.

Commodities that are useful inputs in their natural state are known as natural resources. They include farmland, forests, mineral and oil deposits, and water. Sometimes natural resources are simply called land, although, as you can see, the term means more than just land. Companies use natural resources in different ways. International Paper Company uses wood pulp to make paper, and Pacific Gas & Electric Company may use water, oil, or coal to produce electricity. Today urban sprawl, pollution, and limited resources have raised questions about resource use. Conservationists, environmentalists, and government bodies are proposing laws to require land-use planning and resource conservation.

Labor, or human resources, refers to the economic contributions of people working with their minds and muscles. This input includes the talents of everyone—from a restaurant cook to a nuclear physicist—who performs the many tasks of manufacturing and selling goods and services.

The tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer are known as capital . Sometimes the term capital is also used to mean the money that buys machinery, factories, and other production and distribution facilities. However, because money itself produces nothing, it is not one of the basic inputs. Instead, it is a means of acquiring the inputs. Therefore, in this context, capital does not include money.

Entrepreneurs are the people who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal. These people make the decisions that set the course for their businesses; they create products and production processes or develop services. Because they are not guaranteed a profit in return for their time and effort, they must be risk-takers. Of course, if their companies succeed, the rewards may be great.

Today, many individuals want to start their own businesses. They are attracted by the opportunity to be their own boss and reap the financial rewards of a successful firm. Many start their first business from their dorm rooms, such as Mark Zuckerberg of Facebook , or while living at home, so their cost is almost zero. Entrepreneurs include people such as Microsoft cofounder Bill Gates , who was named the richest person in the world in 2017, as well as Google founders Sergey Brin and Larry Page . 5 Many thousands of individuals have started companies that, while remaining small, make a major contribution to the U.S. economy.

Catching the Entrepreneurial Spirit

Stickergiant embraces change.

Entrepreneurs typically are not afraid to take risks or change the way they do business if it means there is a better path to success. John Fischer of Longmont, Colorado, fits the profile.

The drawn-out U.S. presidential election in 2000 between Bush and Gore inspired Fischer to create a bumper sticker that claimed, “He’s Not My President,” which became a top seller. As a result of this venture, Fischer started an online retail sticker store, which he viewed as possibly the “ Amazon of Stickers.” Designing and making stickers in his basement, Fischer’s start-up would eventually become a multimillion-dollar company, recognized in 2017 by Forbes as one of its top 25 small businesses.

The StickerGiant online store was successful, supplying everything from sports stickers to ones commemorating rock and roll bands and breweries. By 2011, the business was going strong; however, the entrepreneur decided to do away with the retail store, instead focusing the business on custom orders, which became StickerGiant ’s main product.

As the company became more successful and added more employees, Fischer once again looked to make some changes. In 2012 he decided to introduce a concept called open-book management, in which he shares the company’s financials with employees at a weekly meeting. Other topics discussed at the meeting include customer comments and feedback, employee concerns, and colleague appreciation for one another. Fischer believes sharing information about the company’s performance (good or bad) not only allows employees to feel part of the operation, but also empowers them to embrace change or suggest ideas that could help the business expand and flourish.

Innovation is also visible in the technology StickerGiant uses to create miles and miles of custom stickers (nearly 800 miles of stickers in 2016). The manufacturing process involves digital printing and laser-finishing equipment. Fischer says only five other companies worldwide have the laser-finishing equipment StickerGiant uses as part of its operations. Because of the investment in this high-tech equipment, the company can make custom stickers in large quantities overnight and ship them to customers the next day.

This small business continues to evolve with an entrepreneur at the helm who is not afraid of making changes or having fun. In 2016, StickerGiant put together Saul the Sticker Ball, a Guinness World Records winner that weighed in at a whopping 232 pounds. Fischer and his employees created Saul when they collected more than 170,000 stickers that had been lying around the office and decided to put them to good use. With $10 million in annual sales and nearly 40 employees, StickerGiant continues to be a successful endeavor for John Fischer and his employees almost two decades after Fischer created his first sticker.

• How does being a risk-taker help Fischer in his business activities?
• If you were a small business owner, would you consider sharing the company’s financial data with employees? Explain your reasoning.

Sources: “All About StickerGiant,” https://www.stickergiant.com, accessed May 29, 2017; Bo Burlingham, “Forbes Small Giants 2017: America’s Best Small Companies,” Forbes, http://www.forbes.com, May 9, 2017; Karsten Strauss, “Making Money and Breaking Records in the Sticker Business,” Forbes, http://www.forbes.com, January 26, 2016; Emilie Rusch, “StickerGiant Does Big Business in Tiny Town of Hygiene,” Denver Post, April 19, 2016, http://www.denverpost.com; Eric Peterson, “StickerGiant,” Company Week, https://companyweek.com, September 5, 2016.

A number of outstanding managers and noted academics are beginning to emphasize a fifth factor of production—knowledge. Knowledge refers to the combined talents and skills of the workforce and has become a primary driver of economic growth. Today’s competitive environment places a premium on knowledge and learning over physical resources. Recent statistics suggest that the number of U.S. knowledge workers has doubled over the last 30 years, with an estimated 2 million knowledge job openings annually. Despite the fact that many “routine” jobs have been replaced by automation over the last decade or outsourced to other countries, technology has actually created more jobs that require knowledge and cognitive skills. 6

Concept Check

• Explain the concepts of revenue, costs, and profit.
• What are the five factors of production?
• What is the role of an entrepreneur in society?

As an Amazon Associate we earn from qualifying purchases.

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Access for free at https://openstax.org/books/introduction-business/pages/1-introduction

• Authors: Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt
• Publisher/website: OpenStax
• Book title: Introduction to Business
• Publication date: Sep 19, 2018
• Location: Houston, Texas
• Book URL: https://openstax.org/books/introduction-business/pages/1-introduction
• Section URL: https://openstax.org/books/introduction-business/pages/1-1-the-nature-of-business

© Apr 5, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.

Resources: Discussions and Assignments

Module 13 assignment: marketing mix examples.

Open Pedagogy Assignments are assignments in which students use their agency and creativity to create knowledge artifacts that can support their own learning, their classmates’ learning, and the learning of students around the world. (See this peer-reviewed article for more details.) The assignment on this page is aligned to the learning outcomes of Introduction to Business and we’ve identified the module where the reading appears. All of the assignments can be created with a cell phone camera or any video recording device, Google or Word documents, and your learning management system.

In the Marketing Function module, we cover the 4Ps: Products, Promotion, Place, and Price. Even if you haven’t had experience with marketing, you have a lot of experience as a customer. What is the marketing mix of one of your favorite brand? Think of the marketing mix as a recipe that can be adjusted—through small adjustments or dramatic changes—to support broader company goals.

Using your cell phone or any other recording device, create a short video about the 4Ps of one of your favorite products. You don’t have to edit or create a professional-grade film. You’ve most likely have done this type of recording already on social media, so feel free to use the same informal conversational tone.

Do an internet search for a product of your choice. Research for areas of their website where they mention details about their products, promotions, places, and price. Think of your audience as fellow students who are interested to learn about these ideas because they want to learn important marketing concepts. In your video, you can address the following:

• What are some interesting points on the website about the product?
• What are their promotions? What’s the price? Where can you find the product?
• If you have had experience with the company of your choice, and you feel comfortable sharing your experience, tell your audience what worked or didn’t work for you about their marketing. What can they improve?

A Note To Teachers: For this assignment, the first term students will be creating the videos, and then the next term’s students can respond to the videos. After you have two terms of examples, use the best three from the batch as examples and start the process over again. Using the videos as starting points for OL discussion boards may work as well. If you are using the Salty Paws Case Study, you could refer back to that assignment as guidance for your students who may be learning these concepts for the first time.

• Open Pedagogy Assignment: Marketing Mix Examples. Authored by : Lumen Learning. License : CC BY: Attribution

Introduction to Business Calculations Through Assignments

• © 1979
• Joseph Chilver 0

Dorset Institute of Higher Education, UK

You can also search for this author in PubMed   Google Scholar

134 Accesses

This is a preview of subscription content, log in via an institution to check access.

Access this book

Other ways to access.

Licence this eBook for your library

Institutional subscriptions

Table of contents (4 chapters)

Front matter, the basic techniques.

Joseph Chilver

The Assignments

Speed and accuracy tests, conventional examination work, back matter.

• applied mathematics
• Calculation
• mathematics

Authors and Affiliations

Bibliographic information.

Book Title : Introduction to Business Calculations Through Assignments

Authors : Joseph Chilver

DOI : https://doi.org/10.1007/978-1-349-04317-0

Publisher : Red Globe Press London

eBook Packages : Mathematics and Statistics , Mathematics and Statistics (R0)

Copyright Information : Macmillan Publishers Limited 1979

Edition Number : 1

Number of Pages : X, 172

Additional Information : Previously published under the imprint Palgrave

Topics : Game Theory, Economics, Social and Behav. Sciences

• Publish with us

Policies and ethics

• Find a journal
• Track your research

Ask a question from expert

Introduction to Information Technology Assignment (pdf)

Added on   2021-02-19

   Added on  2021-02-19

End of preview

Want to access all the pages? Upload your documents or become a member.

Role of Information Technology in Business Management lg ...

Role of information technology in management lg ..., introduction to information technology lg ..., role of information technology in business success and failure lg ..., role of information technology in retail enterprise lg ....

• Study Guides
• Homework Questions

Career Conversation Assignment - Spring 2024-2