Fundamentals of Business Test Bank
Course Introduction
Fundamentals of Business introduces students to the foundational principles and practices that guide modern organizations in a global environment. This course covers essential topics such as organizational structures, management processes, marketing strategies, financial concepts, business ethics, and the impact of technology on operations. Through real-world case studies and interactive activities, students gain an understanding of how businesses are formed, how they operate, and the critical thinking skills needed for effective problem-solving and decision-making in a business context.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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20 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Entrepreneurs are individuals willing to take the risk of owning and operating a business.
A)True
B)False
Answer: True
Q2) The free-trade movement has lowered prices and increased quality across virtually every product category.
A)True
B)False
Answer: True
Q3) Your university has contracted with a construction company to build a new bookstore; in doing so, the contractor will use heavy machinery and equipment. How are these items classified?
A) human resources
B) current resources
C) natural resources
D) capital
Answer: D
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Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Amy works on a sales team with many male colleagues. Many times she arrives at work and hears the men speaking about sexual relations with their partners. They discuss female body parts and look at Amy and make gestures. Amy feels uncomfortable in this workplace atmosphere and has asked them to stop this behaviour many times. The men are engaging in behaviour that is both illegal and unethical.
A)True
B)False
Answer: True
Q2) Canadian companies such as Home Depot and Sears need not be concerned with child labour laws in the nations where they contract-manufacture their product lines, as long as the laws of those nations permit children to work long hours in factories.
A)True
B)False
Answer: False
Q3) The easiest business challenges to address are those involving business ethics. A)True
B)False
Answer: False
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Chapter 3: Economics: The Framework for Business
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) What are the two key terms of the business cycle?
A) contraction and expansion
B) inflation and recession
C) trend and random variation
D) inflation and deflation
Answer: A
Q2) Less expensive labour pools overseas might create layoffs at a Canadian-based engine plant. This is an example of structural unemployment.
A)True
B)False
Answer: True
Q3) Government policies promoting free trade are consistent with the right to free choice, which is fundamental to capitalism.
A)True
B)False
Answer: True
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Page 5
Chapter 4: The World Market-Place: Business Without Borders
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) According to the textbook, what are the key infrastructure challenges to consider when entering a foreign market?
A) transportation, communication, and finance
B) language, attitudes, and values
C) civil war, riots, and economic viability
D) laws and regulations the government creates
Q2) The exchange rate expresses the price of one nation's currency in terms of another nation's currency.
A)True
B)False
Q3) Of the world's five most populous nations, the United States currently has the largest per capita GDP by a wide margin.
A)True
B)False
Q4) When resources are limited, producing more of one good means producing less of something else. The opportunity cost of producing more of a good is the value given up by not producing the second-best choice.
A)True
B)False
6
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Chapter 5: Business Formation: Choosing the Form That Fits
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Bailey Nix is a limited partner in his company. A general partner in his company is going on an extended vacation and has asked Bailey to run the company while he is gone. If Bailey agrees to do so, he will no longer qualify as a limited partner.
A)True
B)False
Q2) If the owner of a sole proprietorship dies, the company legally ceases to exist.
A)True
B)False
Q3) Crown corporations provide services to Canadians in areas where private industry cannot.
A)True
B)False
Q4) Suzie Xu just graduated with honours from a leading university with a degree in financial management. She wants (and expects) to get a job with excellent pay and benefits, as well as the opportunity for growth and advancement. Suzie is likely to be very interested in working for a company that is organized as a sole proprietorship.
A)True
B)False
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) Andre Baronowicz owns a small sheet metal fabrication business that employs 23 workers. As a small business owner, one of the major advantages Andre will enjoy when competing against larger firms is a lower cost of government regulations.
A)True
B)False
Q2) Successful entrepreneurs are seldom visionaries. Instead, their strength is the ability to take the abstract ideas of others and turn them into successful businesses.
A)True
B)False
Q3) When entrepreneurs fail, what do they tend to do?
A) They quickly dismiss the failure and soon convince themselves that it didn't really occur.
B) They take it very personally, so it has a devastating effect on their self-confidence and self-esteem.
C) They view the failure as an outcome that was caused by forces beyond their control.
D) They view it as an opportunity to learn from their mistakes.
Q4) Describe two threats small business owners face.
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Chapter 7: Accounting: Decision Making by the Numbers
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) Which of the following would be listed in the liabilities section of the balance sheet?
A) retained earnings
B) short-term notes payable
C) debits
D) expenses
Q2) Wages paid to workers is an example of implicit or opportunity costs.
A)True
B)False
Q3) Why are out-of-pocket costs easy to measure?
A) because they do not vary
B) because they involve opportunity costs for assets
C) because they involve expenditures of money or other resources
D) because they are not monetary costs
Q4) What is the body of principles that guides the financial accounting process used to create financial statements?
A) GAAP (Generally Accepted Accounting Practices)
B) IFRS (International Financial Reporting Standards)
C) IFAS (International Financial Accounting Standards)
D) GFAP (General Financial Accounting Practices)
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Which process does a firm use to evaluate long-term investment proposals?
A) capital accounting
B) capital forecasting
C) capital mapping
D) capital budgeting
Q2) Define NPV, and describe how it is used to evaluate capital budgeting proposals.
Q3) Historically, the most widely accepted goal of financial management has been to acquire new shareholders.
A)True
B)False
Q4) Budgets help managers evaluate progress and performance.
A)True
B)False
Q5) Pro forma income statements forecast the assets a firm will need in the next accounting period.
A)True
B)False
Q6) Setting short credit periods increases sales.
A)True
B)False Page 10
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Chapter 9: Financial Markets: Allocating Financial Resources
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) You own 10 percent of the shares of common stock currently held in Zeerocks Corporation. At the most recent meeting, the board of directors authorized 100,000 new shares of stock to be sold to raise funds. As an existing shareholder, you may have a pre-emptive right to buy up to how many shares of the new stock before it is offered to the public?
A) 50,000
B) 10,000
C) 5000
D) 1000
Q2) Cybil likes to buy the stocks of relatively small new companies with innovative products in a rapidly expanding sector of the economy. She believes the values of many of these stocks will rise significantly over time. Cybil's approach is an example of the market timing strategy.
A)True
B)False
Q3) Investors who want to generate a steady and predictable flow of income often find bonds and preferred stocks to be attractive investments.
A)True
B)False
Page 12
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Chapter 10: Marketing: Building Profitable Customer
Connections
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) Companies use event marketing when they sponsor sporting, cultural, or charitable events.
A)True
B)False
Q2) Age, gender, and attitudes are major determinants of your social class.
A)True
B)False
Q3) Consumers are most likely to go through all steps of the purchase decision process when they are buying goods for which the financial or social implications are significant.
A)True
B)False
Q4) Honda's efforts to introduce a car powered by fuel cells that eliminate all undesirable emissions are an example of green marketing.
A)True
B)False
Q5) Define utility, and describe how each of the four types of utility impacts the marketing process.
Page 13
Q6) Explain the global marketing mix and its impact on businesses.
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Chapter 11: Product and Promotion: Creating and Communicating Value
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335 Verified Questions
335 Flashcards
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Sample Questions
Q1) Explain what is meant by big ideas are typically based on either a rational or an emotional premise? Provide an example of each type.
Q2) Which of the following, exemplified by marketing research and marketing services, would be purchased by businesses to facilitate operations?
A) product services
B) cannibalization
C) pure services
D) business services
Q3) Customer benefits occur when a product is well-designed and meets the needs and wants of consumers.
A)True
B)False
Q4) What do we call inexpensive goods and services that take very little consideration on the part of the consumer and are frequently purchased?
A) unsought products
B) specialty products
C) convenience products
D) shopping products
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Chapter 12: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) What is the difference between cost-based pricing and demand-based pricing? For each pricing method, describe the major challenge facing the marketer.
Q2) HP relies heavily on wholesale and retail channel partners to distribute its computers. Dell elects to sell most of its computers directly to consumers without using intermediaries. What do these firms therefore approach differently?
A) channels of distribution
B) types of customers
C) profit goals
D) promotion strategies
Q3) Drop shippers do not take title to the goods they help distribute. Instead, they merely provide delivery services for other wholesalers.
A)True
B)False
Q4) Rail transport is the mode dependable form of transportation.
A)True
B)False
Q5) Define and explain the wheel of retailing theory. Why is it important for customer satisfaction?
15
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) According to Douglas McGregor, which of the following assumptions should managers use in order to capitalize on the intelligence of the workers they supervise?
A) Theory A
B) Theory X
C) Theory Y
D) Theory Z
Q2) "What emergency preparedness process should we consider in the event of a catastrophic emergency?" is an example of a question answered by a contingency plan.
A)True
B)False
Q3) What does a profile of Gen Yers suggests about most individuals in this generation?
A) They tend to be concerned mainly about status and income.
B) They tend to be change-oriented and idealistic.
C) They tend to be angry and militant.
D) They tend to be nervous and uncertain about the future.
Q4) List and describe two key organizing considerations that help determine the best organizational structure for a business.
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Chapter 14: Human Resource Management: Building a
Top-Quality Workforce
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) How can companies nurture their human investment so it yields the highest possible return?
A) by applying the autocratic leadership style
B) by promoting career development
C) by reprimanding employees who do not achieve goals
D) by providing employee parking far from the building so employees get a workout on their way in to work
Q2) Some employees view the human resources (HR) department as irrelevant and do not consider HR practitioners as true business leaders.
A)True
B)False
Q3) Which of the following provides a simple indication of whether senior management values the contributions of the HR department?
A) The HR department is listed as a line item on the budget.
B) The HR department is listed as a line department instead of a staff department on the organization chart.
C) The HR department has offices near the vice president for strategic planning.
D) The HR department reports to the CEO.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) Which of the following is a characteristic of high-quality information?
A) It is in binary code.
B) It has been stored a long time.
C) It is accurate.
D) It is updated regularly.
Q2) Define what is meant by cloud computing. Discuss why until recently some companies were reluctant to use it.
Q3) Provide three examples of what the cloud offers its users the ability to do.
Q4) Internet2 is a new Internet that utilizes technologies that give it a speed and capacity that far exceed those of the current Internet. Only institutions participating in a consortium of dues-paying members have access to Internet2.
A)True
B)False
Q5) Transforming data into useful information for decision makers is the vital function of which of the following?
A) transferring networks
B) managing partnerships
C) business
D) the information technology department
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Chapter 16: Operations Management: Putting It All Together
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) The critical path method is a project management tool that illustrates the relationships among the activities involved in completing a project and enables managers to identify those activities that are most likely to create delays in the completion of the overall project.
A)True
B)False
Q2) How is efficiency different from effectiveness?
A) Efficiency means producing a product or service at the lowest cost and effectiveness means to market those products or services so as to increase sales.
B) Efficiency and effectiveness are just two terms for the same basic concept.
C) Efficiency is about low cost production while effectiveness is about finding ways to give customers more for their money
D) Efficiency can be measured and effectiveness cannot.
Q3) The critical path method may illustrate several different paths that must be completed in order to complete the entire project.
A)True
B)False
Q4) Explain how technology has influenced operations management.
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Barney Chang is interviewing Web developers for his company. Over lunch, he tells you that his top candidate showed lots of enthusiasm when he first entered the office. "His tone and attitude really showed an interest in the job," Barney said. "And he just looked confident and composed. Unlike some other candidates, he looked me right in the eye when he answered some tough questions." What is Barney impressed by about this candidate?
A) transparency
B) proactivity
C) nonverbal communication skills
D) speaking ability
Q2) The successful communicator avoids gender bias.
A)True
B)False
Q3) The needs of the audience are a priority in business writing, regardless of the tool used to deliver the message.
A)True
B)False
Q4) Texting provides a richer communication channel than telephone conversations.
A)True
B)False
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Chapter 18: Labour Unions and Collective Bargaining
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46 Verified Questions
46 Flashcards
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Sample Questions
Q1) Which of the following is a union composed of workers who share the same skill or work in the same profession?
A) concentric union
B) industrial union
C) craft union
D) pure union
Q2) The fair employment section of the Canada Labour Code prohibits an employer from doing which of the following during the hiring process?
A) discriminating on grounds such as a person's race or religion
B) hiring a friend or relative for the job over others
C) offering an applicant the job while still in the interview
D) discriminating on the grounds that someone has been unemployed for a long time
Q3) What is a labour union? What are the two basic ways that unions can be organized?
Q4) Explain how labour contracts are negotiated. Disagreements about documents as long and complex as labour contracts are not unusual. Name and describe the procedure workers can follow if they feel their employer has not lived up to the collective bargaining agreement.
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Chapter 19: Business Law
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) Precedents are laws based on rulings by government regulatory agencies that Parliament has given authority to regulate a specific type of activity.
A)True
B)False
Q2) Scope of authority for an agent is the extent to which an agent has the authority to act for and represent the principal.
A)True
B)False
Q3) Tim Tullio acts as a principal for his firm when he makes sales calls to secure contracts for the testing services that his firm provides.
A)True
B)False
Q4) The statute of frauds stipulates that certain types of contracts, such as those involving the sale of land, must be in writing in order to be enforceable.
A)True
B)False
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Page 22
Chapter 20: Personal Finance
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) Which of the following is a popular investment that also represents a share of ownership?
A) precious metals
B) common stock
C) dividends
D) comic books
Q2) Explain the importance of building a good credit history.
Q3) The key to building wealth is to remain consistent.
A)True
B)False
Q4) Most financial experts believe one key to financial security is the establishment of a "safety net." What amount should you keep in this "safety net" or savings account?
A) only the minimum, since this type of account is not FDIC insured
B) 3 to 6 weeks of your salary
C) 3 to 6 months of monthly expenses
D) just enough money to pay next month's bills
Q5) A tax-free savings account contribution is tax deductible. A)True
B)False
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