Class slides for Fundamentals of Business, fourth edition (2023) are freely-available, screen-reader friendly, openly-licensed, and editable. The slides align with the freely-available open textbook, Fundamentals of Business, fourth edition, which was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business.
FUNDAMENTALS OF BUSINESS, 3rd edition is an open education resource intended to serve as a no-cost, instructor-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, and personal finances. The textbook was adapted for use in Virginia Tech’s Pamplin College of Business' introductory level business course, MGT1104 Foundations of Business.
Fundamentals of Business, fourth edition (2023) is an 434-page 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.
The main landing page for this book is: https://doi.org/10.21061/fundamentalsofbusiness4e
An online, interactive, accessible version of this book is available at: https://pressbooks.lib.vt.edu/fundamentalsofbusiness4e
Information for Instructors
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Class slides are available for this book: http://hdl.handle.net/10919/105157
A testbank is available by request for this book: http://hdl.handle.net/10919/93404 Please note that the testbank does not at this point reflect changes made between the third and fourth editions. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Please note that there are THREE steps in the test bank request process.
Where to Find the Book
Permanent handle: http://hdl.handle.net/10919/111385 (PDF, epub, and other versions)
URL: https://pressbooks.lib.vt.edu/fundamentalsofbusiness4e (HTML eBook-Pressbooks)
DOI: https://doi.org/10.21061/fundamentalsofbusiness4e (PDF, epub, and other versions)
ISBN 978-1-957213-24-8 (print-color) Order here https://www.amazon.com/Fundamentals-Business-Color-4th-Poff/dp/1957213248
ISBN 978-1-957213-25-5 (print-black & white) Order here https://www.amazon.com/Fundamentals-Business-black-white-4th/dp/1957213256
ISBN 978-1-957213-21-7 (ebook-PDF)
ISBN 978-1-957213-23-1 (HTML eBook-Pressbooks)
ISBN 978-1-957213-22-4 (epub)
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This work is published by Pamplin College of Business in association with Virginia Tech Publishing. Funding and technical assistance for this project was provided by the University Libraries' Open Education Initiative.
Accessibility notice Virginia Tech Publishing is committed to making its publications accessible in accordance with the Americans with Disabilities Act of 1990. The Pressbooks (HTML) and ePub versions of this text are tagged structurally and include alternative text, which allows for machine readability.
What’s new? This version of the book, the Fourth Edition, improves upon the 2016, 2018, and 2020 editions. Improvements include:
- Data updates
- Updated graphics and photos;
- Added interactive, live-data graphs to the online version for key economic indicators in Chapter 3: Economics and Business;
- Reorganized and added significant additional content to Chapter 4: Ethics and Social Responsibility;
- Renamed and substantially expanded content in Chapter 7: Entrepreneurship and Small Business Development;
- Added additional content to chapters 8, 10, 12, 13, 14, and 17;
- Addition of completely new chapter — Chapter 19: Technology in Business;
A detailed list of changes by chapter is available in Version Notes at the back of the book.
Features of the book. Each chapter lists learning objectives at the beginning of the chapter and key takeaways at the end of the chapter. The Pressbooks version of this book also includes interactive self-quizzing.
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
How to cite this book
Ron Poff (2023). Fundamentals of Business, 4th Edition, Blacksburg: Pamplin College of Business. https://doi.org/10.21061/fundamentalsofbusiness4e. Licensed with CC BY-NC-SA 4.0 https://creativecommons.org/licenses/by-nc-sa/4.0.
About the Author
About the Previous Author
Fundamentals of Business, 4th edition is adapted from a work produced and distributed under a Creative Commons license (CC BY-NC-SA 3.0) by a publisher who has requested that they and the original author not receive attribution. We wish to extend our gratitude to the original author for portions of her book which were remixed and adapted to form portions of Chapters 1-15 and 17-18 of Fundamentals of Business. If the publisher and author are both willing to allow us to provide attribution to the author while retaining use of the Creative Commons license and continuing to provide free public access, we will gladly and publicly thank the original author here.
About Ron Poff
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.
About Stephen Skripak
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.
Lead Contributor: Ron Poff
Contributors to the Fourth Edition: Howard Haines, John Andy Travers
Managing Editor: Anita Walz
Editorial Assistant, Graphic Design, and Production Manager: Kindred Grey
Past reviewers/contributors: Anastasia Cortes, Jonathan De Pena, Lisa R. Fournier, Lauren Holt, Nina Lindsay, Katie Manning, Sarah Mease, Richard Parsons, Sachi Soni, Michael Stamper, Gary Walton, and Blake Warner
Fundamentals of Business, third edition (2020) is an 370-page 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, and personal finances. 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 Non-Commercial ShareAlike 4.0 license.
Read more about the book and see various access links at: https://blogs.lt.vt.edu/openvt/2021/01/06/announcing-open-textbook-fundamentals-of-business-third-edition
The testbank includes 377 peer-reviewed, multiple-choice questions which correspond to topics taught in introductory-level business open textbook, "Fundamentals of Business." "Fundamentals of Business" is a freely available, openly licensed resource available at: http://hdl.handle.net/10919/84848 .
Between 11-29 multiple-choice items are available for each of the following topics: Teamwork in Business, Foundations of Business, Economics and Business, Ethics and Social Responsibility, Business in a Global Environment, Forms of Business Ownership, Entrepreneurship: Starting a Business, Management and Leadership, Structuring Organizations, Operations Management, Motivating Employees, Managing Human Resources, Union/Management Issues, Marketing: Providing Value to Customers, Pricing Strategy, Hospitality and Tourism, Accounting and Financial Information, and Personal Finances.
The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Please complete the four steps listed at http://hdl.handle.net/10919/93404 to request access to the testbank.
1. View and test the "sample" files at http://hdl.handle.net/10919/93404 in the left hand column to determine which format works best for you. Additional information about each format type is available below under FORMATS.
2. Indicate requested files by clicking on any of the testbank files at http://hdl.handle.net/10919/93404 on the left (marked "permission required") add a note and press submit to request access.
3. Email a copy of the course syllabus to firstname.lastname@example.org
4. Complete and submit the User Verification Process Form https://forms.gle/ueaihc96LgNrE9uf9. You will receive a copy of your request via email.
Requested files will be released via email when steps two through four have been completed and reviewed. Note that access approvals are processed only during regular business hours.
Sample questions are available for those who wish to test various formats and assess the suitability of the testbank as part of their course material adoption decision-making process. Sample questions are provided in the same formats (XLS, Canvas IMS QTI 1.1.3, XML QTI, and Blackboard formats) as the permission-only testbank files. Sample questions have been removed from the electronically secure testbank.
The testbank and portions thereof are available in multiple formats. Links to external sites regarding uploading different types of QTI files are here: Canvas | Blackboard or on the help pages for your respective learning management system by searching for "QTI". Files marked "IMS QTI 1.1.3" and have been tested to successfully import into Canvas but may work with other LMS/VLE systems. Please use the sample files to determine if one of the export formats will work for your specific situation. Please note that we are unable to provide additional file types, support for uploading, or assistance with reformatting files. Please contact your local learning management system (LMS) manager for additional support.
The information in the testbank is of a proprietary nature, produced by or for faculty of public institutions of higher education as a result of collaborative study, research, and peer review. Because it is intended to be used in student assessment the information has not been publicly released or published.
If you become aware of public distribution of the testbank or portions thereof shared outside of a secure electronic environment, assessment context, or other security breach please inform us at: email@example.com
The testbank and testbank items are provided "as is." Users of this resource assume all risks and further agree to hold Virginia Tech, the Commonwealth of Virginia and their employees and agents, and project contributors harmless from any and all actions related to use of this program.