Business in Canada
Final Test Solutions
Course Introduction
This course offers a comprehensive overview of the Canadian business landscape, examining the unique economic, cultural, legal, and political factors that shape business practices within the country. Students will explore topics such as the structure of Canadian industries, regulatory frameworks, trade relationships, the role of multiculturalism, and the influence of indigenous peoples on commerce. Through case studies and real-world examples, the course emphasizes practical approaches to managing and operating businesses in Canada, providing insights into current challenges and opportunities faced by entrepreneurs, corporations, and international investors in the Canadian market.
Recommended Textbook Business Essentials 8th Canadian Edition by
Ronald J. Ebert
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15 Chapters
4158 Verified Questions
4158 Flashcards
Source URL: https://quizplus.com/study-set/1360
Page 2
Chapter 1: Understanding the Canadian Business System
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250 Verified Questions
250 Flashcards
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Sample Questions
Q1) Nutrition labelling and claims are intended to provide consumers with information to aid them in the selection of a healthy diet aimed at reducing risk of premature illness and death due to diet-related chronic diseases. Insufficient labelling is a violation of which act?
A) Food and Drug Act
B) Weights and Measures Act
C) Advertising and Packaging Act
D) Textile Labelling Act
E) Consumer Protection Act
Answer: A
Q2) In a command economy, the central government
A) supports free enterprise in every way possible.
B) decides on the allocation of all or most factors of production.
C) encourages citizens to buy shares of stock in small companies rather than large ones.
D) keeps its control activities to a minimum so it doesn't interfere with business efficiency.
E) creates shortages on purpose in order to motivate businesses to be more efficient.
Answer: B
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3
Chapter 2: The Environment of Business
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235 Verified Questions
235 Flashcards
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Sample Questions
Q1) Viral marketing uses word of mouth that spreads information like a virus from customer to customer.
A)True
B)False
Answer: True
Q2) ________ is the economic condition characterized by widespread increased prices throughout an economic system.
A) Stability
B) Deflation
C) Unemployment
D) Stagflation
E) Inflation
Answer: E
Q3) The private sector accounts for about 80 percent of R&D expenditures.
A)True
B)False
Answer: False
Q4) Define the term unemployment.
Answer: Unemployment is the joblessness of people actively seeking work in an economic system.
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Chapter 3: Conducting Business Ethically and Responsibly
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275 Verified Questions
275 Flashcards
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Sample Questions
Q1) The fundamental goal of sustainable development is to
A) make sure that oil resources last until 2100.
B) discover more oil so that developing nations will be able to eventually attain the standard of living that developed nations now enjoy.
C) encourage managers to focus more on social issues and less on profit issues.
D) pursue activities that meet current needs, but which will not put future generations at a disadvantage when they attempt to meet their needs.
E) encourage businesses to publish sustainability reports each year.
Answer: D
Q2) To show the company's desire for employee ethical behaviour, many business firms have established
A) an ethical review board.
B) an office of ethical affairs.
C) a whistle-blower reward system.
D) random ethical audits.
E) codes of conduct.
Answer: E
Q3) List four ethical norms.
Answer: Utility, rights, justice, and caring
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Page 5
Chapter 4: Entrepreneurship, Small Business, and New
Venture Creation
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243 Verified Questions
243 Flashcards
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Sample Questions
Q1) Should government be involved in giving assistance to small businesses?
Q2) Identify the four major forms of legal organization for business firms. List two advantages and two disadvantages of each.
Q3) A study conducted by CIBC found that small businesses with above-average growth rates were run by owners with more formal education.
A)True
B)False
Q4) Approximately how many new businesses are started each day in Canada?
A) 25
B) 100
C) 250
D) 380
E) 500
Q5) What is a co-operative?
Q6) Describe the business plan and the start-up decisions made by small businesses.
Q7) Private investors, also known as angels, provide most of the debt financing for new businesses.
Page 6
A)True
B)False
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Chapter 5: The Global Context of Business
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260 Verified Questions
260 Flashcards
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Sample Questions
Q1) Explain why foreign direct investment is often the riskiest, most complex, and most involved of the various types of international involvement.
Q2) According to the World Bank, upper middle-income countries are defined as
A) those with per capita income between US$4126 and US$12 745.
B) those with per capita income between US$5210 and US$8210.
C) those with per capita income between US$765 and US$21 345.
D) those with per capita income between US$3595 and US$11 115.
E) those with per capita income between US$205 and US$9386.
Q3) Why would two companies, both earning large profits and expanding into Japan, form a strategic alliance?
Q4) Which of the following types of payments are usually received by an exporter as an ongoing payment calculated as a percentage of the licence holder's sales?
A) Quantity discounts
B) Royalties
C) Agent fees
D) Direct investments
E) Flat fees
Q5) Explain the two forms of competitive advantage and provide examples of each.
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Chapter 6: Managing the Business Enterprise
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271 Verified Questions
271 Flashcards
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Sample Questions
Q1) List the steps in the rational decision-making process.
Q2) Lenore is heading up a planning team at her company. The team has just completed the job of developing plans to reach the company's goals. What should they do next?
A) Set new corporate goals
B) Determine whether a gap exists between the company's current situation and its desired situation
C) Assess the effectiveness of the plan before proceeding further
D) Implement the plan that has been developed
E) None of these
Q3) Top managers depend on conceptual skills the most, while first-line supervisors depend on these skills the least.
A)True
B)False
Q4) Vertical integration means acquiring control of competitors in the same or similar markets with the same or similar products.
A)True
B)False
Q5) What are the three levels of plans?
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Chapter 7: Organizing the Business Enterprise
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278 Verified Questions
278 Flashcards
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Sample Questions
Q1) Departments which are directly linked to the production or sales of revenue-generating products are
A) staff departments.
B) function critical departments.
C) line departments.
D) matrix departments.
E) none of these.
Q2) Managers of staff departments do not have authority over the people that work in their department.
A)True
B)False
Q3) Johnson Products has vice-presidents for copiers, printers, and fax machines. How is Johnson Products departmentalized?
Q4) In small organizations, jobs tend to be unspecialized.
A)True
B)False
Q5) What is the informal organization? What is the relationship between the formal and informal organization?
Q6) What is the relationship between specialization and departmentalization?
Page 9
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Chapter 8: Managing Human Resources and Labour Relations
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293 Verified Questions
293 Flashcards
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Sample Questions
Q1) In an effort to reduce costs, many companies are hiring contingent workers. But these companies may not actually achieve lower costs. Explain why that might occur.
Q2) When an employee is paid a certain amount of money for every unit produced, this is a
A) salary program.
B) piece-rate incentive program.
C) wage program.
D) pay-for-performance.
E) job evaluation.
Q3) The ________ is federal legislation that designates four groups as employment disadvantaged: women, visible minorities, aboriginal people, and people with disabilities.
A) Equal Pay Act of 1963
B) Canadian Human Rights Act
C) Fair Labour Standards Act
D) Employment Equity Act of 1986
E) Canadian Employment Rights Act
Q4) Describe the major legislation that impacts labour management relations.
Q5) List the three major laws that govern labour-management relations.
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Chapter 9: Motivating, Satisfying, and Leading Employees
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) A leadership consultant says: "Definitions of leadership tend to focus on the ability to influence others. Some definitions believe that managerial authority is necessary, and others believe that the influence leaders exercise must advance their organization's goals. All of these definitions, however, leave out the central issue of consent. Someone cannot fairly be called a leader if he or she influences people only through threats and fear." Which of the following principles would most strongly justify the leadership consultant's argument?
A) Effective leadership is an essential element of strong business performance.
B) Getting employees to perform according to directives is more important than the measures required to accomplish an organization's goals.
C) Any leadership strategy needs an effective communications strategy in order to be effective.
D) A leader must be able to persuade people to do things that they are not required to do.
E) People who are likely to insist that managerial authority is an essential element of leadership are also likely to insist that the achievement of managerial goals is also an essential element of leadership.
Q2) Why is the Hawthorne effect important?
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Chapter 10: Operations Management, Productivity, and Quality
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300 Verified Questions
300 Flashcards
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Sample Questions
Q1) What are the steps involved in operations planning and control?
Q2) John's job responsibilities include the acquisition of all the raw materials and services that the company needs to produce its products. He is most likely in the ________ function.
A) warehousing
B) transportation
C) quality control
D) inventory control
E) purchasing
Q3) The most successful companies, such as 3M and FedEx, use the same basic operations strategy.
A)True
B)False
Q4) In businesses like restaurants or supermarkets, the business is sized to meet a level of
A) normal demand.
B) low demand.
C) peak demand.
D) average demand.
E) high demand.
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Chapter 11: Understanding Accounting
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258 Verified Questions
258 Flashcards
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Sample Questions
Q1) Paid-in capital is
A) a debt that must be paid within the year.
B) the process of distributing the cost of an asset over its useful life.
C) the amount paid for an existing business above the value of its other assets.
D) a debt that is not due for at least one year.
E) additional money, above proceeds from a stock sale, paid directly to a firm by its owners.
Q2) The field of accounting that serves internal users of a company's financial information is
A) financial accounting.
B) auditing.
C) public accounting.
D) bookkeeping.
E) managerial accounting.
Q3) The current ratio measures a firm's ability to meet
A) interest payments.
B) long-term liabilities.
C) short-term liabilities.
D) all liabilities.
E) dividend payments.
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Chapter 12: Understanding Marketing Principles and Developing Products
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324 Verified Questions
324 Flashcards
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Sample Questions
Q1) Marketing research is
A) the study of consumer needs and wants, and the ways in which sellers can best meet them.
B) the process of collecting, storing, and retrieving data in electronic files.
C) the process of fixing, adapting, and communicating the nature of the product itself.
D) the process of dividing a market into categories of customer types.
E) a marketing strategy that emphasizes long-lasting relationships with customers.
Q2) The primary way to distinguish consumer goods from industrial goods is by considering the "place" element of the marketing mix.
A)True
B)False
Q3) Video mining is used by retailers mainly to catch shoplifters.
A)True
B)False
Q4) Identify the five steps in the consumer buying process and explain what is involved in each step.
Q5) List the three industrial markets.
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Chapter 13: Pricing, Promotion, and Distributing Products
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296 Verified Questions
296 Flashcards
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Sample Questions
Q1) Makers of industrial products most often use a push strategy, while makers of consumer products often use a push strategy.
A)True
B)False
Q2) In the direct channel of distribution, how many intermediaries are there between the producer and the consumer?
A) 0
B) 1
C) 2
D) 3
E) 4
Q3) One advantage of using magazine advertisements is that magazines represent a market that has already been segmented.
A)True
B)False
Q4) What are the various business objectives that influence pricing decisions?
Q5) Why would you expect a product sold at a specialty store to cost more than the same product that is sold at a department store?
Q6) List two strategies for pricing new products.
Page 15
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Chapter 14: Money and Banking
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226 Verified Questions
226 Flashcards
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Sample Questions
Q1) The characteristics of money are
A) divisible, interchangeable, portable, and exchangeable.
B) durable, paper, coin, and stable.
C) interchangeable, divisible, paper, and banks.
D) durable, divisible, stable, and portable.
E) portable, divisible, durable, and interchangeable.
Q2) Which of the three functions of money does a time deposit account most exemplify?
Q3) Money held by a financial institution which requires notice prior to making a withdrawal and cannot be transferred to others by a written cheque is known as
A) money market funds and accounts.
B) time deposits.
C) currency.
D) certified holdings.
E) demand deposits.
Q4) Foreign banks are not allowed to do business in Canada.
A)True B)False
Q5) List several examples of electronic funds transfer.
Q6) What steps have credit card issuers taken to deal with credit card fraud?
Page 16
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Chapter 15: Finacial Decisions and Risk Management
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330 Verified Questions
330 Flashcards
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Sample Questions
Q1) Generally speaking, debt financing is wiser from a financial perspective than equity financing.
A)True
B)False
Q2) Start-up firms without proven financial success usually aren't required to present a business plan, as long as the owner has considerable financial assets.
A)True
B)False
Q3) The mix of debt and equity funding that a firm uses is called its
A) long-term funding mix.
B) financial mix.
C) corporate capital mix.
D) capital structure.
E) debt-to-equity ratio.
Q4) What is a short sale?
Q5) Hedge funds are not allowed to engage in risky practices such as short selling and leveraging.
A)True
B)False
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