MBAX 4990 Business Essentials Midterms (Qns & Ans) 2026

MBAX 4990 Business Essentials Midterms (Qns & Ans) 2026

1. Which of the following best describes the concept of
"corporate governance"?
 - A) The process of managing day-to-day operations
 - B) The system by which companies are directed and controlled
 - C) The development of marketing strategies
 - D) The analysis of financial performance
 - ANS: B) The system by which companies are directed and
controlled
 - Rationale: Corporate governance involves the structures and
processes for the direction and control of companies.
©2026/2027
2. What is the primary purpose of financial accounting?
 - A) To provide information for internal decision-making
 - B) To prepare financial statements for external stakeholders
 - C) To manage day-to-day operations
 - D) To develop marketing strategies
 - ANS: B) To prepare financial statements for external
stakeholders
 - Rationale: Financial accounting focuses on preparing
financial statements for external stakeholders such as investors,
creditors, and regulators.
3. Which of the following is a key characteristic of a successful
business strategy?
 - A) Focus on short-term profits
 - B) Alignment with the company's mission and vision
 - C) Reliance on traditional methods
 - D) Avoidance of risk
 - ANS: B) Alignment with the company's mission and vision
 - Rationale: A successful business strategy aligns with the
company's mission and vision, guiding long-term goals and
decision-making.

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