Business Fundamentals
Final Exam
Course Introduction
Business Fundamentals offers an introduction to the core principles and practices that underpin the modern business environment. This course covers essential topics such as management, marketing, accounting, finance, operations, and entrepreneurship, providing students with a comprehensive overview of how organizations function and make strategic decisions. Through case studies, real-world examples, and interactive activities, students develop practical skills and foundational knowledge necessary to analyze business problems, understand key economic concepts, and communicate effectively in a professional context. The course also emphasizes ethical decision-making and the impact of globalization on business practices, preparing students for further study or entry-level positions in the field.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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Page 2
Chapter 1: Political Environment
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Sample Questions
Q1) Lucas writes a play in his English class and it is so good that his teacher recommends he publish it. Which of the following will protect his work?
A) a trademark
B) a print right
C) a copyright
D) a patent
Answer: C
Q2) The sole purpose of Canada's federal Competition Act is to ensure that all advertising done by corporations meets government standards.
A)True
B)False
Answer: False
Q3) Which jurisdiction has responsibility for natural resources?
A) federal
B) provincial
C) municipal
D) community
Answer: B
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Page 3
Chapter 2: Economic Environment
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Sample Questions
Q1) The Bank of Canada can print money and raise taxes.
A)True
B)False
Answer: False
Q2) If a government spends $2.7 billion on government programs, and receives revenues of $2.3 billion, what does the country have?
A) a low GDP
B) a budget deficit
C) a high CPI
D) an expansionary policy
Answer: B
Q3) The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP, two-thirds of its exports, and half of its labour force. This type of information would be revealed through which perspective?
A) regional monetary policy
B) aggregated economics
C) area economics
D) microeconomics
Answer: D
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Page 4
Chapter 3: Social Environment
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Q1) A television station that refused to sell advertising space to a company that sells child-oriented junk food would be in the postconventional stage of ethical development.
A)True
B)False
Answer: True
Q2) What are the questions that a manager might ask herself about the ethics of a decision, if she is using the three question test?
Answer: (1) Is it legal
(2) Is it balanced
(3) How does it make me feel?
Q3) What is the term used to describe the group consisting of the employees, investors, suppliers, and consumers of a manufacturer of laboratory equipment?
Answer: stakeholders
Q4) What is the first step in learning to make good ethical decisions?
Answer: learning to recognize unethical activities
Q5) Name the group that is the largest mass market demographic in Canada.
Answer: baby boomers
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Chapter 4: Technological Environment
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Sample Questions
Q1) An employee who captures, codifies, and transfers knowledge across organizations for competitive advantage is referred to as which of the following?
A) information technician
B) traffic manager
C) knowledge worker
D) technology specialist
Q2) Who does the CIO report directly to?
A) vice-president
B) chief executive officer
C) shareholders
D) board of directors
Q3) What is one of the most important roles of an automated accounting process?
Q4) Hardware or software designed to prevent unauthorized access to or from a private network is referred to as a brickwall.
A)True
B)False
Q5) Describe three trends relevant to business today.
Q6) What is information technology (IT)?
Q7) What are the responsibilities of a CIO?
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Chapter 5: International Environment
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Sample Questions
Q1) Which of the following best describes an effect of free trade?
A) It establishes artificial barriers to trade.
B) It allows companies to conduct business without licences.
C) It permits people to buy and sell where they please.
D) It contributes to protectionism.
Q2) Which of the following terms means that prices of currencies vary based upon demand and supply of that currency?
A) variable trade
B) the international trade rate
C) the floating exchange rate
D) variable costs
Q3) The Caucasus Mountains along the northeastern border of Georgia make it difficult for the nation to trade with other former Soviet republics that are to its north and east. The mountain range acts as which type of barrier or deterrent?
A) a natural blockage
B) a natural embargo
C) a natural trade barrier
D) an infrastructure deterrent
Q4) What term has the opposite meaning from "protectionism"?
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Chapter 6: Entrepreneurship and Small Business
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Q1) An entrepreneur is the same as a small-business owner.
A)True
B)False
Q2) An advantage of a small manufacturer over a large manufacturer is the speed with which new products can be introduced to the marketplace.
A)True
B)False
Q3) Many of Canada's financial institutions offer advice on starting, operating, planning, and selling a business.
A)True
B)False
Q4) Which of the following is a formal written statement that describes in detail the idea for a new business and how it will be carried out?
A) a business plan
B) a mission statement
C) a vision
D) a statement of purpose
Q5) List reasons that small businesses thrive in Canada.
Q6) What are the two types of financing available to entrepreneurs?
Page 8
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Chapter 7: Understanding the Business
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Q1) What is a discipline that involves the management of people, process, and technology around the care of information?
A) management of computer systems
B) management of information systems
C) management of information technology
D) management of systems technology
Q2) The industry life cycle model analyzes the effects of an industry's evolution on competitive forces.
A)True
B)False
Q3) Which of the following projects the types and amounts of assets a company will require to carry out its future plans and forecasts the amount of additional funds that will be needed to acquire those assets?
A) prototype operating budget
B) statement of net working capital
C) pro forma income sheet
D) pro forma balance sheet
Q4) What is the ultimate indicator that a company has met and exceeded customer needs?
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) What are companies that are traded on a stock exchange or in the over-the-counter market?
A) trading companies
B) private companies
C) general companies
D) listed companies
Q2) Which of the following are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership?
A) franchises
B) joint ventures
C) limited partnerships
D) cooperatives
Q3) If Alonzo Bajalia were to become a limited partner in a landscaping company, which of the following would occur?
A) He will agree not to participate in day-to-day management of the company.
B) He will be limited in the number of hours he can work each month.
C) He will limited in the amount he can invest.
D) He will qualify for a limited income tax rate.
Q4) List the three major types of mergers.
10
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Dean Jager is in charge of the volunteer staff at the Booth Western Art Museum. He makes the work assignments, determines work schedules, and ensures the museum uses all of its volunteer staff efficiently. What type of manager is he?
A) top manager
B) coordination manager
C) functional manager
D) supervisory manager
Q2) Supervisory managers are the ones who primarily need to have strong conceptual skills.
A)True
B)False
Q3) Yanjing is a Chinese brewery that decided to open manufacturing plants outside mainland China with the goal of being one of the world's top 10 beer producers in 2010. Which of the following were necessary to determine what resources were needed to achieve this goal?
A) supervisory plans
B) tactical plans
C) strategic plans
D) operational plans
Page 11
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) Which of the following refers to the levels of management within the organization?
A) functional group
B) managerial hierarchy
C) subordinated unit
D) authoritative span
Q2) Which of the following is a supervisor engaged in when he or she groups people, tasks, and resources into organizational units to facilitate the planning, leading, and control processes?
A) job enrichment
B) functionalization
C) task integration
D) departmentalization
Q3) According to the text, what are two trends in organizational structure?
A) global mergers and virtual teams
B) reengineering and matrix structures
C) virtual skills and global diversification
D) team structures and inverted managerial hierarchies
Q4) What is the best type of organizational structure?
Q5) What is another name for the matrix structure?
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Chapter 11: Motivating Employees
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Sample Questions
Q1) What should companies do if they are trying to lower employee absenteeism?
A) offer employees the opportunity to work overtime
B) provide on-site daycare for employees' children
C) allow employees to set their own hours of work
D) reduce the number of paid sick days
Q2) What is one of the criticisms of Maslow's hierarchy of needs theory?
A) It doesn't account for differences across cultures.
B) It doesn't address money as a motivator.
C) There should be seven or eight levels.
D) It is outdated.
Q3) Equity theory is a theory of motivation that focuses on the link between motivation and organizational culture.
A)True
B)False
Q4) What are gain-sharing plans?
Q5) Employee ownership creates too much stress and is a poor motivator.
A)True
B)False
Q6) What do telecommuting, flextime, and job sharing have in common?
Q7) What was the primary flaw in Frederick Taylor's scientific management?
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Chapter 12: Managing Human Resources and Labour Relations
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Q1) Collective bargaining is the process of making a binding decision in labour negotiations.
A)True
B)False
Q2) Dallas Walz is an electrical engineer. He works as a temporary worker for a contracting company that needs his talents only about nine months out of the year. While he likes the extra income, he would much rather stay home with his two preschoolers. His wife earns a six-figure salary selling computers, so Walz has no need to work. Walz is an example of which of the following?
A) contingent worker
B) outsourced worker
C) unpromotable employee
D) conditional employee
Q3) What is the appropriate role of top management in managing diversity?
Q4) Which of the following is NOT one of the selection steps in hiring a new employee?
A) an intelligence test
B) initial screening
C) a selection interview
D) a background and reference check
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Chapter 13: Marketing
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Sample Questions
Q1) Which of the following is an example of a social factor that influences the consumer decision-making process?
A) values
B) family
C) attitude
D) self-concept
Q2) What is the first step in the buying process?
A) craving for something
B) want or desire
C) need recognition
D) financial assessment
Q3) For the Mazda purchasing agent who buys materials needed to build the Mazda 6, the purchase of Mazda 6 windshields from a new supplier would require which of the following?
A) conventional buying behaviour
B) extensive decision making
C) limited decision making
D) routine response behaviour
Q4) List the three basic marketing research techniques.
Q5) What is the marketing concept?
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Price skimming is a price strategy often used in the maturity stage of the product life cycle.
A)True
B)False
Q2) Normally the most accessible way to ship merchandise is by truck because trucks can operate around the clock.
A)True
B)False
Q3) Which of the following is an expense item for an independent bookstore?
A) order forms
B) the building in which store is located
C) book shelves
D) display cabinet for first editions
Q4) Within the distribution channel, what are retailers and wholesalers?
A) inventory control agents
B) marketing intermediaries
C) movement facilitators
D) logistical managers
Q5) List the four stages of the product life cycle.
Q6) List the four major categories of consumer products.
Page 16
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Chapter 15: Achieving World-class Operations Management
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Sample Questions
Q1) Production planning is the aspect of operations management in which the company considers its resources and its own strategic goals in an effort to determine the best production methods.
A)True
B)False
Q2) Which of the following manufacturers would be most likely to use a product layout?
A) a small print shop
B) a company that manufactures the helium balloon characters used in a parade
C) a manufacturer of customized air filters
D) a motorcycle manufacturer
Q3) In the production of cornmeal for baking, corn is ground. This conversion process is an example of which of the following processes?
A) process manufacturing
B) production segregation
C) the assembly process
D) consumer product conversion
Q4) List two commonly used techniques for streamlining a business's production.
Q5) What kind of layout does Bombardier use when it is building an aircraft?
Q6) What is another name for the product layout?
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Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) What is the first step in the accounting cycle?
Q2) Which of the following is an account that is often used to analyze financial transactions and is named after a letter?
A) C-account
B) D-account
C) P-account
D) T-account
Q3) The balance sheet summarizes a company's financial position over a period of time; for instance, three months or a year.
A)True
B)False
Q4) A yearly document that describes a company's financial status and usually discusses a company's financial activities during the past year and its prospects for the future is called the balance sheet.
A)True
B)False
Q5) What the two main types of operating expenses?
Q6) List three measures of a company's liquidity.
Q7) What does triple bottom line refer to?
Page 18
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) Which of the following are agreements to buy or sell specified quantities of commodities or financial instruments at an agreed price at a future date?
A) futures contracts
B) mutual debenture contracts
C) options contracts
D) on-time contracts
Q2) Megan Voorhees recently inherited $200,000. She has invested the inherited money in real estate and government securities. Voorhees is using her money for which of the following purposes?
A) store of value
B) medium of exchange
C) commodity of exchange
D) measure of wealth
Q3) What are two types of equity securities?
A) common shares and preferred shares
B) common shares and debentures
C) debentures and convertible bonds
D) convertible bonds and preferred shares
Q4) List three types of nondepository financial institutions.
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Chapter 18: Finance
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Sample Questions
Q1) What is the willingness to bear risk without insurance?
A) risk avoidance
B) risk assumption
C) risk reduction
D) risk transfer
Q2) As part of the task of managing cash flows, financial managers perform which of the following activities?
A) They collect financial data.
B) They present financial data.
C) They oversee the collection of accounts receivable.
D) They hire accountants.
Q3) A short-term forecast is also called an operating plan.
A)True
B)False
Q4) Dividends are best described by which of the following?
A) They are annual payments on bonds.
B) They are the earnings of the corporation.
C) They are payments to the shareholders from company earnings.
D) They are guaranteed payments to the common shareholders.
Q5) What are the three main types of unsecured short-term loans?
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