Introduction to Commerce Practice Exam
Course Introduction
Introduction to Commerce is a foundational course designed to acquaint students with the basic principles, functions, and scope of commerce in the modern world. The course covers essential concepts including trade, business activities, economic systems, types of commercial organizations, and the role of commerce in economic development. Students will explore topics such as buying and selling, marketing, banking, insurance, transportation, and e-commerce, gaining a comprehensive understanding of how goods and services move from producers to consumers. By the end of the course, students will be equipped with the knowledge to appreciate the vital role commerce plays in society and the skills required to pursue further studies or careers in the commercial sector.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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Page 2
Chapter 1: The Changing Face of Business
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Sample Questions
Q1) Profits are guaranteed by the private enterprise system for every entrepreneur with good management skills.
A)True
B)False
Answer: False
Q2) When management adheres to a set of standards involving the right and wrong actions arising in the work environment, management is practising ______.
A) social responsibility
B) business ethics
C) social welfare
D) creativity
Answer: B
Q3) In the private enterprise system, government has no role to play in ensuring fair competition.
A)True
B)False
Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) Employers have a responsibility to their employees to provide a safe working environment.
A)True
B)False
Answer: True
Q2) Employees should always be loyal, regardless of the situation.
A)True
B)False
Answer: False
Q3) Technology has ___ ethical issues.
A) expanded the range of B) reduced the range of C) made little difference on the range of D) eliminated most
Answer: A
Q4) Companies which fail to follow high ethical standards often see their stock prices drop.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Economic Challenges Facing Contemporary Business
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Sample Questions
Q1) Concerning a balanced budget, all of the following statements are correct EXCEPT
A) a balanced budget does not mean an end to the federal debt.
B) the federal government has rarely balanced its budget during the last 50 years.
C) balanced budgets will result in lower interest rates to all private borrowers.
D) a balanced budget is achieved when all tax receipts equal all spending in a particular year.
Answer: C
Q2) The government uses fiscal policy to make decisions about increasing or decreasing the supply of money in the country. Monetary policy, on the other hand, is used by the government to make spending and taxation decisions.
A)True
B)False
Answer: False
Q3) Forces of nature, such as a hurricane, can affect the supply curve.
A)True
B)False
Answer: True
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Chapter 4: Competing in World Markets
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Sample Questions
Q1) An absolute advantage occurs when a country can maintain ______.
A) a monopoly by outlawing foreign imports
B) a monopoly by levying high taxes on imports
C) a monopoly by being the lowest-cost producer of a good or service
D) its advantage by producing a good or service more efficiently
Q2) A country's exchange rate is based on ______.
A) the rate at which its currency can be exchanged for currencies of other countries
B) the number of foreign banks it has
C) tariffs and related trade restrictions
D) the relationship between its imports and exports
Q3) The International Monetary Fund (IMF) provides emergency loans to member nations which are NOT able to meet its expenses.
A)True
B)False
Q4) Currencies that can be easily converted into other currencies are called soft currencies.
A)True
B)False
Q5) Why is international trade vital to a nations and its businesses?
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Chapter 5: Forms of Business Ownership and Organization
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Sample Questions
Q1) When founding members of Mary Kay Inc. wanted to regain family control of the cosmetics business, they changed the company ownership from publicly held to ______, in order to control and manage corporate activities.
A) limited
B) preferred
C) closed
D) restricted
Q2) Distinguish between a vertical merger, a horizontal merger, and a conglomerate merger. Provide an example of each. Which is likely to receive the closest government scrutiny?
Q3) More than 97 percent of all Canadian businesses employ A) 100 or fewer employees.
B) 1,000 to 3,000 employees.
C) 3,000 to 5,000 employees.
D) more than 5,000 employees.
Q4) Through the Canada Small Business Financing Program (CSBFP) the government guarantees payment for up to 100 percent of money loaned to a small business.
A)True
B)False
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Chapter 6: Starting Your Own Business: the Entrepreneurship Alternative
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Sample Questions
Q1) All entrepreneurs exhibit some common traits. Mention and explain five of those traits.
Q2) To secure ______, entrepreneurs borrow money from banks, finance companies, credit card companies, and family and friends.
A)lifestyle entrepreneur.
B)globalization
C)angel investor
D)enterprise zone
E)debt financing.
F)internal locus of control.
G)debt financing
H)classic entrepreneur
I)social entrepreneur
J)seed capital
K)venture capitalist
L)intrapreneurship
M)urban reserve
N)information technology
Q3) Explain the differences among classic entrepreneurs, serial entrepreneurs, and social entrepreneurs.
Page 8
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Chapter 7: Management, Leadership, and the Internal Organization
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Sample Questions
Q1) Which of the following forms of organization is commonly used in medium- and large-sized firms?
A) committee organization
B) line organization
C) line-and-staff organization
D) matrix organization
Q2) First-line managers have a ______ span of control than top-level managers.
A) more narrow
B) wider
C) depends on the organization
D) cannot determine with this information
Q3) The first step in the decision-making process is
A) develop alternative courses of action.
B) evaluate alternatives.
C) recognize the problem or opportunity.
D) select and implement chosen alternative.
Q4) The corporate culture of an organization is influenced by the leadership styles of its managers.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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Sample Questions
Q1) Demitrius is scheduled for a 360-degree performance review at UPS. What advantage can he and the company gain from this review?
A) less work for employees and managers
B) less paperwork than a traditional review
C) personal disputes cannot taint the outcome
D) feedback from multiple perspectives
Q2) Gloria, a supervisor of data entry clerks, includes her subordinates in decision making when possible. She believes that most people can think of creative ways to solve work-related problems. Gloria's assumption about worker behaviour is based on
A) Theory X
B) Maslow's hierarchy of needs
C) Theory Y
D) management by objectives (MBO)
Q3) The basic components of goal-setting theory include all of the following EXCEPT
A) goal difficulty
B) performance feedback
C) goal acceptance
D) time management
Page 10
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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Sample Questions
Q1) Giving employees responsibility and authority to make decisions about their work is termed ______.
A) performance
B) cohesiveness
C) empowerment
D) motivation
Q2) At a celebratory gathering in a restaurant, Nicholas presents his team members with personal thank you notes in appreciation for their hard work on a project. Nicholas and his team are in the ______ stage of team development.
A) norming
B) performing
C) storming
D) adjourning
Q3) Which of the following statements is correct regarding team conflict?
A) It should be avoided at all costs.
B) It often improves team performance.
C) It will be reduced if the team is diverse.
D) It rarely occurs in most teams.
Q4) Distinguish between cognitive and affective conflict.
Page 11
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Chapter 10: Production and Operations Management
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Sample Questions
Q1) The process that enables manufacturers to use computers to analyze the steps a machine must take to produce a product or part is ______.
A) computer-aided manufacturing
B) program evaluation and review technique
C) computer-aided design
D) computer-integrated manufacturing
Q2) Which of the following is a disadvantage of assembly lines?
A) It is inefficient for producing small batches.
B) It moves the product along a conveyor belt past a number of workstations.
C) Workers perform specialized tasks. d) It takes fewer hours to produce products.
Q3) Briefly explain the human factors to be considered in the location decision of a facility.
Q4) Describe the major tasks of production and operations managers.
Q5) The production process converts inputs into outputs.
A)True B)False
Q6) Distinguish between a continuous production process and an intermittent production process
Q7) What is a flexible manufacturing system?
Page 12
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Frequency marketing is a marketing effort sponsored by an organization that targets people who share common interests and activities.
A)True
B)False
Q2) What is exchange process?
Q3) Explain how a company might decide on a marketing mix for an international company.
Q4) Both personal and interpersonal factors influence the way buyers behave.
A)True
B)False
Q5) A company's financial records are a source of ______ and ______ data for marketing researchers.
A) external; primary
B) internal; primary
C) external; secondary
D) internal; secondary
Q6) Explain benefit of end-use segmentation.
Q7) The Internet is considered a direct method for connecting with customers.
A)True B)False
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Chapter 12: Product and Distribution Strategies
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Sample Questions
Q1) A consumer who is at the stage of brand insistence will buy a competing brand only if his or her preferred brand is unavailable.
A)True
B)False
Q2) A marketer focuses on a product's ______.
A) physical characteristics
B) service attributes
C) symbolic attributes
D) benefits
Q3) Identify and describe the major stages of the product life cycle.
Q4) A food producer's goods are carried by thousands of grocery stores across the country. Which of the following distribution channels is the manufacturer most likely to use?
A) producer to retailer to consumer
B) producer to wholesaler to retailer to consumer
C) producer to wholesaler to wholesaler to retailer to consumer
D) producer to consumer
Q5) Technological changes can compress the life cycle of products.
A)True
B)False
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Chapter 13: Promotion and Pricing Strategies
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Sample Questions
Q1) What is odd pricing and why has it been used for a long time as pricing strategy?
Q2) Paid nonpersonal communication usually targeted at large numbers of potential buyers is referred to as marketing.
A)True
B)False
Q3) A company adds several features to one of its products, and cuts the price slightly. What is the company's objective, most likely?
A) Increase profits.
B) Meet competition.
C) Increase the prestige of the product.
D) Increase the product's market share.
Q4) Describe and provide examples of the two basic types of advertising.
Q5) What is personal selling and under what conditions will a firm use it?
Q6) Define sales promotion and outline the various types of sales promotion.
Q7) Fixed costs are the costs to produce one unit, regardless of output.
A)True
B)False
Q8) Differentiate between a pushing and a pulling strategy.
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Chapter 14: Using Technology to Manage Information
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Q1) The heart of a management information system is the database.
A)True
B)False
Q2) A server supports applications and allows networked users to share output devices, software, and databases.
A)True
B)False
Q3) Virtual private networks are more expensive to install than wide area networks.
A)True
B)False
Q4) One basic form of disaster prevention is routinely backing up software and data.
A)True
B)False
Q5) All of the following are reasonable responses to potential computer problems EXCEPT ______.
A) routinely backing up software and data
B) installing extra hardware in a secure location
C) limiting computer access to only a handful of senior managers
D) using online storage services
Q6) Explain on-demand computing.
Page 16
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Chapter 15: Understanding Accounting and Financial Statements
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Sample Questions
Q1) Who is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards?
A) FASB
B) The World Bank
C) IASB
D) GAAP
Q2) Government and not-for-profit accountants assess an organization's operational efficiency.
A)True
B)False
Q3) Investing activities focus on selling goods and services, but they also consider cost control as an important element of sound financial management.
A)True
B)False
Q4) Define accounting and determine the stakeholders who uses accounting information.
Q5) Differentiate between public accountants and management accountants.
Q6) Identify and briefly describe the four categories of financial ratios.
Q7) Briefly describe the three business activities that involve accounting.
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Chapter 16: The Financial System
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Sample Questions
Q1) Raising the reserve requirement tends to increase the supply of money, thereby lowering interest rates.
A)True
B)False
Q2) Bonds are issued in various denominations-face values-usually between $100 and $2,500.
A)True
B)False
Q3) Do other countries have organizations that play roles similar as those played by the Bank of Canada?
Q4) Differentiate among the different types of bonds.
Q5) Only ______ of the 50 largest banks in the world are Canadian.
A) six
B) four
C) three
D) five
Q6) In the long run, stock prices tend to follow a company's revenues.
A)True
B)False
Q7) Describe the global financial environment.
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Chapter 17: Financial Management
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Sample Questions
Q1) Risk is defined as the uncertainty of a profit or a loss.
A)True
B)False
Q2) Mention and explain three sources of short-term funding.
Q3) What does synergy mean in mergers and acquisitions?
Q4) All of the following are considered to be marketable securities EXCEPT ______.
A) treasury bills
B) commercial paper
C) repurchase agreements
D) bonds
Q5) Explain the difference between long-term and short-term funds used by a company for its operations.
Q6) Corporate debt securities are the most common type of security sold privately.
A)True
B)False
Q7) Debt capital is always preferable to equity capital.
A)True
B)False
Q8) Explain the purposes of a financial plan.
Q9) Define accounts receivable and explain how they are managed. Page 19
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