Business Strategies
Practice Exam
Course Introduction
Business Strategies explores the foundational concepts, tools, and frameworks used to analyze, formulate, and implement effective strategies in a dynamic business environment. Students learn how organizations gain competitive advantage, assess industry landscape, evaluate internal resources, and design strategies that drive long-term success. The course covers topics such as strategic analysis, competitive positioning, corporate strategy, innovation, and global business dynamics, with an emphasis on case studies and real-world applications to develop critical thinking and decision-making skills necessary for successful strategy execution.
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
Source URL: https://quizplus.com/quiz/27146
Sample Questions
Q1) Not-for-profit organizations
A) are content with small profits, whereas business firms want large profits.
B) are more important than business firms in the Canadian economy.
C) use the funds from government grants or from the sale of goods or services to provide service to the public.
D) sell only services, not goods.
E) are not allowed to operate in the manufacturing sector.
Answer: C
Q2) The point on a demand and supply schedule where supply and demand are equal is known as the break-even point.
A)True
B)False
Answer: False
Q3) In the input market, firms supply goods and services in response to demand on the part of households.
A)True
B)False
Answer: False
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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) A(n) ________ separates the organization from its environment.
A) organizational boundary
B) process boundary
C) enterprise resource
D) aggregate output
E) integration
Answer: A
Q2) Most successful firms are getting leaner by focusing on their ________, the skills and resources with which they compete best and create the most value for owners.
A) viral marketing
B) core competencies
C) processes
D) business process management
E) political-legal environment
Answer: B
Q3) Under what circumstances can inflation be a positive factor?
Answer: As a sign of economic growth, where more products are sold, more workers are hired, and more investment in new products is made.
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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) Miranda has decided to evaluate a decision she has made on the basis of the ethical norm of rights. What questions should she ask?
A) Does the decision optimize the satisfaction of all constituencies?
B) Is the decision consistent with what we regard as fair?
C) Does the decision respect the rights of the individuals involved?
D) Is the decision consistent with people's responsibilities to each other?
E) How much will the decision cost if it is wrong?
Answer: C
Q2) You are managing a company that either has to cut the dividend or cut 10% of the company's workforce. What do you do? Why?
Answer: Answers will vary, depending on individual values and beliefs. For example, one person might argue that cutting the dividend is the right decision because people can probably get along with a cut in their dividends, but the workers cannot go without having a job. Another person might argue the opposite and say that investors should have a higher priority than workers.
Q3) What is a whistle-blower?
Answer: A whistle-blower is an employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them.
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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) Describe the business plan and the start-up decisions made by small businesses.
Q2) If sole proprietor Tom decided to merge his business with that of Cindy, another sole proprietor, a ________ would result.
A) partnership
B) T-4A special corporation
C) publicly-traded corporation
D) dual proprietorship
E) co-operative
Q3) Describe some key characteristics of small business in Canada.
Q4) Women lead only a small percentage of small- and medium-sized firms that export goods and services.
A)True
B)False
Q5) What are the two most important questions to ask when evaluating an idea for market and financial viability?
Q6) A disadvantage of a franchise is the initial franchise fee.
A)True
B)False
6
Q7) Identify the four major factors that contribute to small business success.
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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) What is the implication for a manufacturer of electrically powered equipment contemplating international operation upon learning of the wide variety of electric outlets around the world?
A) Modify the product to meet the standards of different countries
B) Deal with independent agents
C) Delay international operations until the currency exchange rate is favourable
D) Drop the idea of international operation
E) None of these
Q2) When a country imports more than it exports, it has a favourable balance of trade.
A)True
B)False
Q3) List the BRICS countries.
Q4) With regard to the BRIC countries, it is correct to say that
A) they all emphasize the export of raw materials.
B) they all have a low level of industrialization at the moment, but are progressing rapidly.
C) Russia is the strongest in terms of manufacturing.
D) Brazil is strong in agriculture and commodities.
E) All of these statements are correct.
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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) Each business unit in an organization will develop a ________ strategy that focuses on how it will achieve corporate goals.
A) corporate
B) business
C) fundamental
D) functional
E) mission
Q2) A manager is likely to be engaged in most of the functions of management during the course of any given day.
A)True
B)False
Q3) Scott, the manager of a Computers R Us store, in reviewing the sales results from last week noticed that all but one employee was on target. As he contemplated how to fix the problem, he was engaged in the management process of A) controlling.
B) organizing.
C) planning.
D) directing.
E) staffing.
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Page 8
Chapter 7: Organizing the Business Enterprise
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278 Verified Questions
278 Flashcards
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Sample Questions
Q1) As you enter your favourite store looking for a graduation gift for your cousin, you notice the signs suspended from the ceiling: Men's, Women's, Children's, Infant's. The store is departmentalized by
A) geography.
B) customer.
C) function.
D) product.
E) process.
Q2) Centralized organizations usually have wide spans of control with a lot of delegation taking place.
A)True
B)False
Q3) Which of the following is likely to be evident at a small, owner-operated firm?
A) Decentralization
B) Functional authority
C) Team authority
D) A narrow span of control
E) Centralization
Q4) Describe what responsibility and authority are, and how they are related.
Q5) What is responsibility?
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) Which of the following statements is true?
A) Craft unions restrict membership to workers with specific skills.
B) There are two basic types of unions: local and national.
C) Members of craft unions typically work for just one company over the course of a year.
D) Craft unions don't have a lot of power over the supply of skilled workers because those people can get jobs anywhere.
E) Industrial unions include mostly skilled workers.
Q2) A performance appraisal is primarily used to judge the effectiveness of training, such as an accident prevention program.
A)True
B)False
Q3) List seven external recruitment methods.
Q4) Explain the tactics that management can use to offset the union's power. Explain the tactics at their disposal.
Q5) What are work-based programs? What are the three common methods of work-based training?
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Q6) Why would a business firm wish to select employees for promotion from within the organization?
Chapter 9: Motivating, Satisfying, and Leading Employees
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) The path-goal theory of leadership suggests that the primary functions of a leader are to make valued or desired rewards available in the workplace.
A)True
B)False
Q2) In the democratic managerial style, subordinates are asked to vote on which alternative is the best, with the alternative getting the most votes being the one that is selected.
A)True
B)False
Q3) If managers were to implement lessons learned from the Hawthorne Studies, they would
A) eliminate informal groups as they are relatively unimportant.
B) pay workers a higher wage as it would cause them to increase their production.
C) have managers who used the Theory X principles.
D) pay more attention to employees.
E) change the specific pay scheme from hourly to piece-rate.
Q4) Describe the human-resources model of motivational theory and identify its author.
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11
Chapter 10: Operations Management, Productivity, and Quality
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300 Verified Questions
300 Flashcards
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Sample Questions
Q1) Scooters Corp. manufactures motorized scooters. Virtually all scooters are sold through direct appeals on the QVC shopping network. Overwhelmed by recent demand, top management is wondering whether a just-in-time production system should be installed. What advantages could the company expect from switching to a just-in-time production system?
Q2) Because Toyota emphasizes ________, its operations capabilities emphasize
A) quality; automated equipment for consistent product buildup
B) dependability; wireless information system to track packages
C) quality; production capacity
D) flexibility; excess production capacity
E) dependability; quality control procedures
Q3) The operations transformation process involves the management of inputs that are transformed into outputs.
A)True
B)False
Q4) How can supply chain management create competitive advantage?
Q5) List the five major areas of materials management.
Q6) Give an example of an internal failure.
Q7) What is quality? Page 12
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Chapter 11: Understanding Accounting
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258 Verified Questions
258 Flashcards
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Sample Questions
Q1) The equity that a homeowner has in a house is the amount of money that could be made by selling the house and paying off the mortgage. This idea is similar to the idea of owners' equity in a business.
A)True
B)False
Q2) Employees and unions use accounting information
A) to plan for tax inflows.
B) to set goals, develop plans, set budgets, and evaluate future prospects.
C) to estimate returns.
D) to decide if the company is a good credit risk.
E) to plan for benefits.
Q3) 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.
Q4) What does the term "double-entry" accounting mean?
Q5) What is a controller?
14
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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) In the 2014 BrandZ Top 100 Global Brands Ranking, the three most successful brands in the world were Apple, Google, and IBM.
A)True
B)False
Q2) Melissa was visiting San Francisco. When she arrived at Fisherman's Wharf, she decided to purchase a souvenir T-shirt for her boyfriend back home. Since there are about 40 T-shirt retailers in that area, Melissa spent the rest of the day searching for the shirt that would convey just the right meaning to her boyfriend. For Melissa, the shirt was a(n) ________ good.
A) specialty
B) convenience
C) shopping
D) accessory
E) industrial
Q3) How might economic environmental factors affect the business of Panther Shoes, a manufacturer of athletic apparel?
Q4) Briefly discuss the steps in the market research process.
Q5) What is a target market? Briefly explain how a well-defined target market is important to a company.
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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) Why might a retailer price a television at $299.99 rather than $300.00?
Q2) Which advertising medium can present only limited information and sellers have little control over who sees their advertisements?
A) Television
B) Radio
C) Online
D) Magazines
E) Outdoor
Q3) A break-even analysis is used to determine how many units of a product must be sold at a given price before the company begins to make a profit.
A)True
B)False
Q4) How is psychological pricing different from discounting?
Q5) What is the fundamental difference between retailers and wholesalers?
Q6) What are sales promotions?
Q7) Explain the primary difference between a wholesaler and a sales agent.
Q8) Online advertising is more advantageous for buyers than for sellers.
A)True
B)False
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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) Explain what is meant by the terms expansionary policy and restrictive policy that may be implemented by the Bank of Canada.
Q2) Money lets you measure the relative values of goods and services. In so doing, money is performing which of the following functions?
A) Store of value
B) Medium of exchange
C) Determination factor
D) Monetary flagging
E) Unit of account
Q3) Canadian chartered banks have to maintain a reserve requirement with the Bank of Canada.
A)True
B)False
Q4) A dollar can be exchanged for four quarters thus demonstrating that it is
A) durable.
B) stable.
C) divisible.
D) portable.
E) valuable.
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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) The second step in a risk management program is to
A) measure frequency and severity of potential losses.
B) monitor results of the program.
C) evaluate alternatives.
D) implement the program.
E) identify risks and potential losses.
Q2) Jenex Corp. has a credit policy that reads "2/10, net 30." This means that
A) the company is offering a 10 percent discount if the customer pays within 2 days.
B) the company will give a net reduction of 30 percent in the amount owed if the customer pays within 10 days.
C) the customer will have to pay at least 10 percent of the bill by the end of 30 days.
D) the customer will have to pay at least 30 percent of the bill by the end of 10 days.
E) none of these.
Q3) The mix between debt and equity financing is termed a company's capital structure.
A)True
B)False
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