Business Law Exam
Complete the Final Examination. You are allowed one attempt to complete the examination, which is timed and must be completed in 3 hours. Results are automatically graded and sent to your instructor.
Note: The automated final exam was designed in Google Chrome and is best viewed in the latest version of the browser. If you do not use the latest version of Google Chrome to view and complete the automated final exam, you may not be able to view the entire exam content. If you do not have the most current version of Google Chrome, download the browser before you enter the exam.
Final Exam Study Guide
If you’re taking the Final Exam, you probably have some questions, such as:
- What is the structure of the Final Exam?
- What kinds of questions will I see? Can I see some examples?
- Why is the Final Exam designed this way?
- How should I study for the Final Exam?
This document will answer these questions and help get you ready for the exam. Best wishes!
What’s the structure of the Final Exam?
The exam questions are based on course objectives and concepts from throughout the course.
There are 30 multiple-choice questions for each exam. The exam is timed and must be completed in 3 hours. Students are given one attempt to complete each exam. Results are auto-graded and sent to the instructor.
Note: The final exam is best viewed via the Google Chrome web browser. Please download the latest version of Google Chrome if you do not have access.
What kinds of questions will I see? Can I see some examples?
The Final Exam will have a mix of the following types of questions:
- Applications: Knowing definitions is important, but you also need to be able to apply those definitions in practice. On your exam, you’ll need to apply definitions from individual courses, and you’ll also see questions combining concepts from different courses. These different kinds of application questions can ask you to:
- Connect a concept to an example of that concept. These questions might ask you to recognize an externality in a transaction, identify a marketing strategy given a description of activities, or spot an example of a management technique in action.
- Evaluate a situation and draw conclusions. These questions ask you to analyze a situation and make an appropriate recommendation. For example, you might be asked what would make communications more effective, what is required for a contract to be enforced, or to identify what would likely happen according to a particular theory.
- Perform calculations and apply techniques: You could be asked to perform operations related to finance or accounting, determine what would happen to an equilibrium point if something in the world changes, or predict changes in exchange rates.
- Critical Thinking Questions: On your Final Exam, you’ll see questions testing your critical thinking skills, which means that you’ll have to draw sound, logical conclusions while applying the techniques you’ve learned. You might be asked to identify an assumption, analyze an argument to determine what would make it stronger or weaker, or spot a flaw in an argument. These questions are often quite difficult, so get started by checking out the examples below.
Note: These are general examples that may not necessarily reflect the content of your specific course, but rather will give you an idea of how the questions on your exam will be structured.
1. Rahul is a manager in the Marketing Department of Acadia Bear Hospitality, a mid-size chain of hotels primarily appealing to vacationers who are interested in nature. Rahul’s goals for next year include the following: increasing revenue from guided tours by 20%, increasing the number of customers who visit Acadia Bear’s Web site by 25%, and turning Acadia Bear customers into ambassadors for the Acadia Bear brand.
Which of the following changes would most improve the list of yearly goals specified above?
- doubling the proposed percentage increases in revenue from guided tours and Web site visitors
- clarifying what is meant by an “ambassador for the Acadia Bear brand”
- including proposals for changing Acadia Bear’s core mission
- specifying the decisions that Rahul should make each week in order to meet these goals
Explanation: For goals to motivate employees, they must be clear. While many organizations want to turn their customers into “brand ambassadors,” this goal should be more specific in order for Rahul to understand what success with respect to that goal would look like. (B) Is therefore correct, as it would provide Rahul with the clear understanding he would require. (A) Could be a good idea, but might not be realistic. Goals are not always improved by making them more demanding, so it is not clear that (A) would be an improvement. Asking Rahul to change the organization’s core mission would be outside the scope of his responsibilities and so would not be a clear improvement to this list of goals. The list of weekly actions in (D) would probably make things worse by micromanaging Rahul. Yearly goals should not be that specific.
2. What real-world decisions would people be more likely to make if they are risk averse when considering potential losses?
- paying more for an extended warranty than the expected value of the cost of the repairs covered by the warranty
- considering the entertainment value of the gambling experience itself when deciding whether to wager in a casino
- performing home repairs oneself instead of hiring a professional
- preferring to participate in a lottery with a small chance of winning a large prize instead of receiving a small gift certificate
Explanation: If people fear losses in a way that strict calculations would not predict, then they would be willing to pay more to insure against those risks than the expected value of taking that risk would suggest. In (A), people pay high amounts to insure themselves against a risk that, on average, would be less costly than the warranty. So (A) is correct. (B) Makes people sound more inclined to risk losses, which doesn’t fit here. (C) Is also at least arguably on the side of taking risks, given that regular individuals tend to know less about home repair than professionals do. (D) Suggests that people prefer risks when it comes to gains, but this question is about losses.
3. A research team is measuring the willingness of consumers to pay for a bundle of premium television channels. The lowest any of the participants would be willing to pay per month was $50, and the highest amount was $200. Based on this evidence, the team concludes that the median amount that the consumers studied would be willing to pay would be $125.
The conclusion reached by the researchers is flawed because it _.
- fails to demonstrate that all potential consumers have the same willingness to pay as the individuals who were studied
- provides insufficient evidence to show that any one of the consumers studied would be willing to pay exactly $125
- fails to demonstrate that the mean amount that the consumers would be willing to pay is also $125
- does not compare the number of consumers who would be willing to pay more than $125 with the number of consumers who would not be willing to pay $125
Explanation: The researchers have evidence on the range of prices that the consumers would be willing to pay, but that does not mean that the median is the average of the highest and lowest figures. The median is the middle value, and for all we know, the other consumers could be willing to pay much less than $125, or much more. (D) Described this flaw and is correct. (A) is incorrect because the conclusion concerns the consumers who were studied. The researchers aren’t claiming that this data represents all potential consumers. (B) is incorrect because $125 could be the median even if no individual would be willing to pay exactly $125. The median of an even number of items is the average of the middle two items. (C) Is wrong because the median and the mean are different measures that do not have to be the same.
A Web site offers free resources to visitors who have medical questions. The site provides lists of symptoms and possible treatments for various conditions but makes no specific recommendations. The owners of the Web site claim that since the information in the site is medically accurate, use of the site will only improve the health outcomes of the people who use it.
5. The owners’ claim depends on which of the following assumptions?
- Most of the visitors to the site have received inaccurate health advice from medical doctors.
- The site contains advice on mental health issues as well.
- The visitors to the site are capable of interpreting the information on the site accurately.
- No single resource can be expected to keep up to date with all of the latest medical research.
Explanation: The advice on the site is accurate, but can it do harm? One open question is whether the visitors are capable of understanding the information they receive. If (C) is not true, and they cannot interpret the information on the site accurately, then they may well do harm to themselves or others as a result of this misunderstanding. (C), therefore, must be assumed. (A) Suggests that traditional sources of advice are not perfect, but that does not suggest anything about whether any harm can come from this site. (B) Need not be assumed because the issue here is the harm that can come from the medical advice present. Nothing about other kinds of advice need be assumed. (D) Could only weaken the argument by suggesting that the advice may not be up to date.
6. Which of the following, if true, would weaken the owners’ claim?
- When they have a medical issue, users of the site tend to rely on the site instead of seeing medical professionals.
- The site’s revenue is closely linked to the number of unique visitors who come to the site each month.
- The site owners have plans to expand the range of medical conditions addressed on the site based on suggestions from the site visitors themselves.
- For years, the cost of medical care has increased at a higher rate than the rate of inflation.
Explanation: If the information is accurate, could the site still cause harm? Simply receiving accurate information doesn’t seem likely to cause harm, but if (A) is true, using the site could lead people to rely on the site instead of consulting with professionals. If the site becomes a substitute for proven forms of medical care, then it could cause considerable harm. (A) Is therefore correct. (B) is incorrect because there is no clear link between this form of revenue generation and harm. If anything, the site owners would have an incentive to maintain quality in order to get people to keep coming back. (C) Is wrong because taking suggestions from visitors on the topics the site should cover should not be a problem. The customers know what their issues are, so why not ask them? (C) Would be a problem if the advice were based on customer suggestions, but that’s not what (C) says. (D) is irrelevant because it tells us nothing about this site or what happens to the people who use it.
The exams for this course are individual, at home, open book exercises. Although you have and can continue to discuss concepts with others prior to taking the exams, the exams must represent your own learning and information utilization competency.
Collaboration in completing the exams or sharing of questions and answers with other students or on the Internet will be treated as serious violations of the Student Code of Conduct and reported to the University as a violation of the Student Code of Conduct.
By completing the exams you certify that the results represent your individual effort and that you will adhere to the Student Code of Academic Integrity.
Why is the Final Exam designed this way?
The Final Exam brings together key concepts, skills, and knowledge from the entire course, because that’s what you’ll need to do in the real world to help organizations reach their goals. While we often study skills one at a time, we use them in combinations.
In addition, while understanding concepts and techniques will always help and is often necessary, you’ll also need critical thinking skills to maximize your impact in your career. There is widespread agreement that critical thinking is one of the essential skills required for post-graduation success. Critical thinkers can help organizations avoid disaster, but they can also spot opportunities that other people miss and find alternative solutions when others see only one way. That’s why your Final Exam has questions asking you to critically evaluate claims and analyze the connection between evidence and conclusion.
How should I study for the Final Exam?
Start by reviewing the core concepts from each week of the course. Without that background, you’ll have trouble with the applications. Don’t just memorize terms and formulas. Imagine how you would use those concepts to make better decisions. Use the sample questions above to get a better sense of what the Final Exam will be like. Get used to critically evaluating claims, spotting assumptions, and weighing evidence. This will help you do better on the exam, and those skills will stay with you for your entire career.
A bonus: Preparing for the exams will allow you to take inventory of the knowledge and tools you’ve acquired throughout the course, so you can more readily apply what you’ve learned for professional success.