Introduction to Business Exam Bank
Course Introduction
Introduction to Business provides students with an overview of the fundamental concepts and principles that form the foundation of the business world. The course covers key topics such as the roles and functions of various types of businesses, the basics of management, marketing, accounting, and finance, as well as the influences of economic, ethical, and legal environments. Through real-world examples and interactive activities, students develop an understanding of how businesses operate, make decisions, and respond to external challenges. This foundational knowledge prepares students for further study in specialized business fields and offers practical insights into the dynamic nature of todays marketplace.
Recommended Textbook Business Essentials 8th Canadian Edition by Ronald
J. Ebert
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15 Chapters
4158 Verified Questions
4158 Flashcards
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Chapter 1: Understanding the Canadian Business System
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250 Flashcards
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Sample Questions
Q1) In a small town of 3,000 people, the number of car washes has grown from two to five in the last two months. Which result will likely occur?
A) The increase in supply will have no effect on the equilibrium price.
B) The increase in supply will lead to a decrease in demand.
C) The increase in supply will lead to a decrease in the equilibrium price.
D) The increase in supply will lead to an increase in demand.
E) The increase in supply will lead to an increase in equilibrium price.
Answer: C
Q2) If the equilibrium point of 5-for-1 Pizza is 2000 pizzas per week and $10.00 per pizza, and the owner decides to make 1900 pizzas and sell them at the same price, what is the likely outcome?
A) The business will have less expenses and also have greater profit.
B) The business will have a shortage.
C) The business will make more profit.
D) The business will have a surplus.
E) The business will have less expenses but no more profit.
Answer: B
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Chapter 2: The Environment of Business
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235 Flashcards
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Sample Questions
Q1) When Molson merged with Adolph Coors, this was an example of
A) a reverse merger.
B) a conglomerate merger.
C) a vertical merger.
D) a poison pill.
E) a horizontal merger.
Answer: E
Q2) Companies that continue to act unethically (especially in the area of accounting) will most likely
A) have their shares appreciate in value because shareholders like aggressive accounting practices which help increase the price of their stock.
B) have their shares depreciate in value as shareholders become leery of aggressive accounting practices which distort a company's real financial condition.
C) never be able to sell shares of stock to the public.
D) find that their share price will be unaffected by this practice.
E) no pattern is evident.
Answer: B
Q3) List the four phases in the business cycle.
Answer: The four phases are peak, recession, trough, and recovery.
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Page 4
Chapter 3: Conducting Business Ethically and Responsibly
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275 Verified Questions
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Sample Questions
Q1) Paramount Pizza wants to be seen as a socially responsibility company. It can support its claim of being a socially responsible company by
A) using more nutritious ingredients even if they are more expensive.
B) cutting employees' wages and benefits in order to boost the company's stock price.
C) reducing pizza size while holding the price constant.
D) packaging products in material that costs less, even if customers object to the change.
E) taking actions to force competitors into bankruptcy.
Answer: A
Q2) The fair trade movement is designed to level the playing field with respect to trade between developing and developed countries.
A)True
B)False
Answer: False
Q3) What is sustainability?
Answer: Sustainability means pursuing activities that meet current needs, but which will not put future generations at a disadvantage when they attempt to meet their needs.
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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) Entrepreneurship is an individual's willingness to take advantage of business opportunities and to assume the risks of establishing and operating a business.
A)True
B)False
Q2) In the 2015 Heritage Foundation index of economic freedom, the top three countries were ________; Canada ranked ________.
A) Australia, Japan, and Singapore; 25th
B) the United States, Germany, and Japan; 8th
C) the United States, Ireland, and Germany; 11th
D) Hong Kong, Singapore, and New Zealand; 6th
E) China, Japan, and South Vietnam; 37th
Q3) What are the main reasons that female entrepreneurs give for starting a business?
Q4) There are two basic types of partners: ________ and ________.
A) dormant; active
B) key; secondary
C) secret; open
D) general; limited
E) primary; secondary
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Chapter 5: The Global Context of Business
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260 Flashcards
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Sample Questions
Q1) How will a business firm know if there is a demand for its product in another nation?
A) The company is willing to discuss royalty fees with other international firms.
B) There is a positive balance of payments.
C) A firm cannot know if such a demand exists.
D) The product is very successful in the company's home nation.
E) Due to the successful prior entry of a competitor firm with a similar product in the international market.
Q2) Local content laws cannot exist within a single country.
A)True
B)False
Q3) Ford, an American car company, purchased Volvo, which is based in Sweden. This is an example of
A) a multinational firm.
B) an independent agency.
C) a licensing arrangement.
D) a foreign direct investment.
E) a strategic alliance.
Q4) What are the three goals of the World Trade Organization (WTO)?
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7
Chapter 6: Managing the Business Enterprise
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271 Flashcards
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Sample Questions
Q1) What are the benefits of a strong corporate culture?
Q2) The purpose of the four-part management process is to
A) determine what the organization needs to do.
B) create jobs for society.
C) monitor the organization's performance in order to ensure that goals are achieved.
D) increase employee satisfaction.
E) achieve the organization's goals of supplying various products and services to society.
Q3) Top managers at Cortland are involved in the planning process, and they have just finished setting goals for the company. What should they do next?
A) Develop plans to achieve the 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 plans that are necessary to reach the goals that have been set
E) None of these
Q4) At which level of management are conceptual skills most important?
Q5) What is the difference between contingency planning and crisis management?
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Page 8
Chapter 7: Organizing the Business Enterprise
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Sample Questions
Q1) Organizations in which traditional structures are minimized or eliminated are called ________ organizations.
A) learning
B) virtual
C) Smith's
D) boundaryless
E) international
Q2) Compare and contrast the three forms of authority: line, staff, and committee and team authority.
Q3) A group of top managers has been selected to guide the restructuring of the company's business. Because of the critical nature of its activities, the group has been granted
A) line authority.
B) committee and team authority.
C) staff authority.
D) executive authority.
E) temporary authority.
Q4) What is delegation?
Q5) Discuss the three-step process used to establish the decision-making hierarchy.
Page 9
Q6) What is the difference between specialization and departmentalization?
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Chapter 8: Managing Human Resources and Labour Relations
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Sample Questions
Q1) List seven external recruitment methods.
Q2) Labour gained the right to collectively bargain with the passage of the Industrial Disputes Investigation Act.
A)True
B)False
Q3) What is recruiting?
Q4) The process of considering present employees as candidates for openings within the organization is referred to as
A) profit sharing.
B) job analysis.
C) internal recruitment.
D) external recruitment.
E) vestibule training.
Q5) Summarize the historical development of Canadian labour unions.
Q6) In recent years, the number of contingent workers has increased dramatically. A)True
B)False
Q8) List the three major laws that govern labour-management relations. Page 10
Q7) Describe the concept of bona fide occupational requirements and provide two examples.
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Chapter 9: Motivating, Satisfying, and Leading Employees
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Sample Questions
Q1) People who have high self-esteem are more likely to focus on intrinsic rewards, while people with low self-esteem are more likely to focus on external rewards.
A)True
B)False
Q2) What conclusions did business managers draw from scientific management?
A) Because salary is a hygiene factor, wages do not motivate workers to produce more.
B) The informal group was relatively unimportant.
C) Goal setting increased worker output.
D) Business firms had to provide for food, water, and shelter for their workers in order to increase output.
E) Paying workers a higher wage and redesigning the job into simple tasks would dramatically increase output.
Q3) What is the key assumption in the leader-member exchange (LMX) model?
Q4) What is the key difference between the trait approach and the behavioural approach?
Q5) Describe the motivating factors of Herzberg's two-factor theory. What is the role of salary and working conditions in Herzberg's theory of job satisfaction?
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Page 12
Chapter 10: Operations Management, Productivity, and Quality
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300 Verified Questions
300 Flashcards
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Sample Questions
Q1) A soft drink manufacturer who has many outlets for its product is providing A) place utility.
B) ownership utility.
C) form utility.
D) price utility.
E) time utility.
Q2) Quality/cost studies show what a firm's current costs are, and also reveal
A) areas that have the biggest cost-savings potential.
B) the limits of acceptable and unacceptable quality in production of a good or service.
C) how much quality will have to be achieved in order to meet consumer expectations.
D) how motivated employees are to build quality into products.
E) the level of quality that is currently being achieved.
Q3) Product layouts are efficient ways to manage the manufacturing of multiple product lines because of its inherent structural simplicity.
A)True
B)False
Q4) Identify the primary factor influencing the location of high-contact services.
Q5) What are two commonly used statistical process control tools?
Page 13
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Chapter 11: Understanding Accounting
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Sample Questions
Q1) Short-term solvency ratios are used primarily to measure the profitability of a business firm, but they can also be used to measure long-term profitability.
A)True
B)False
Q2) How do accountants define merchandise inventory?
Q3) With fixed assets of $4 billion and current assets of $1.7 billion, Realm Company has long-term liabilities of $2 billion and current liabilities of $0.34 billion. What is Realm's current ratio?
A) 0.85
B) 2
C) 2 .44
D) 5
E) 11.76
Q4) Which term is used to identify how quickly assets can be converted into cash?
A) Acid-test ratio
B) Activity
C) Accounts receivable
D) Current ratio
E) Liquidity
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Chapter 12: Understanding Marketing Principles and Developing Products
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324 Flashcards
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Sample Questions
Q1) What type of brand is Coca-Cola?
A) Generic brand
B) National brand
C) Off-the-shelf brand
D) Copyrighted brand
E) Private brand
Q2) Automobiles, colour TVs, and DVD players are in the ________ stage of their product life cycle.
A) introduction
B) growth
C) decline
D) maturity
E) development
Q3) How does an understanding of consumer behaviour help marketing managers? Include the meaning of the major factors influencing consumer behaviour.
Q4) 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
Page 15
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Chapter 13: Pricing, Promotion, and Distributing Products
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296 Flashcards
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Sample Questions
Q1) A firm that wanted to conduct a short-term activity in order to boost consumer buying would use which of the following strategies?
A) Sales promotions
B) Special offers
C) Trade shows
D) Point-of-sale displays
E) Missionary selling
Q2) Piper & Son sells pickled peppers to stores for $3 per jar, and the stores sell each jar to consumers for $7.50. What is the markup percentage?
A) 40 percent
B) 60 percent
C) 67 percent
D) 150 percent
E) 250 percent
Q3) Television is a good medium to use if a company wants to educate viewers about complex products.
A)True
B)False
Q4) What is public relations?
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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) According to the Big Mac index
A) Big Mac's must be priced higher in China than in Canada.
B) the price of a Big Mac is used to determine if a given currency is overvalued or undervalued.
C) Big Mac's are better than Mom's homemade hamburgers.
D) Big Mac's are always cheaper in France than they are in Canada.
E) Big Mac's are priced the same all over the world.
Q2) After using her ________ card to make a purchase, Janet checks an electronic display to determine how much money is left on the card.
A) debit
B) smart
C) direct purchase
D) direct deposit
E) credit
Q3) Deregulation has allowed banks to shift away from their historical role as intermediaries between depositors and borrowers.
A)True
B)False
Q4) Identify the types of businesses that make up the Canadian financial system.
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Chapter 15: Finacial Decisions and Risk Management
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Sample Questions
Q1) What are the key areas that must be considered when comparing debt and equity financing?
Q2) Manitoba Hydro has steady, predictable profits and cash flow patterns. Its best choice for long-term funding is most likely
A) factoring accounts receivable.
B) common stock.
C) either common or preferred stock but not bonds.
D) preferred stock.
E) bonds.
Q3) Bonds that receive poor ratings are likely to
A) be registered.
B) not be issued.
C) pay higher interest rates.
D) require more underwriting.
E) reduce the total amount issued.
Q4) Give an example of how commercial paper works.
Q5) Differentiate between a trade draft and a trade acceptance.
Q6) List the four choices that a company has to handle risk.
Q7) Explain how the Rule of 72 works using an example.
Q8) What is a short sale?
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