Business 101
Mock Exam
Course Introduction
Business 101 serves as an introduction to the fundamental principles and practices of the business world. This course covers essential topics such as management, marketing, finance, economics, and entrepreneurship, offering students a broad understanding of how businesses operate in local and global contexts. Through case studies, class discussions, and real-world examples, students learn to analyze business environments, understand organizational structures, and develop basic skills in decision-making and problem-solving. By the end of the course, students will have a foundational grasp of key business concepts, setting the stage for more advanced studies in various business disciplines.
Recommended Textbook
BUSN 2nd Canadian Edition by Marce Kelly
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21 Chapters
3188 Verified Questions
3188 Flashcards
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Chapter 1:
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) Which of the following strategies is most clearly related to how leading-edge companies respond to the challenges of their competitive environment?
A)developing long-term mutually beneficial relationships with customers
B)focusing primarily on the use of natural resources in the production process
C)lobbying for higher tariffs on foreign goods
D)keeping prices as low as possible
Answer: A
Q2) Which of the following is the best example of a natural resource?
A)entrepreneurship
B)the effort supplied by an assembly line worker
C)silver
D)corn grown on a farm
Answer: C
Q3) Satellite systems that are built to enhance wireless communications represent an effective use of business technology.
A)True
B)False
Answer: True
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3
Chapter 2: Business Communication: Creating and Delivering Messages That Matter
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) When should the key points be summarized during a presentation?
A)at least three times during the body of the presentation
B)only at the close of the presentation
C)once before launching into the body of the presentation and once during the closing segment of the presentation
D)only at the opening of the presentation
Answer: C
Q2) Which of the following best describes effective business writing?
A)It includes all of the main points in the first paragraph.
B)It sounds natural.
C)It maintains a formal, serious tone.
D)It is free from opinions.
Answer: B
Q3) Effective presentations require verbal communication,nonverbal communication,and consideration of how the audience will interpret the message.
A)True
B)False
Answer: True
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Chapter 3: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Define and describe two vocabulary terms: business ethics and ethical dilemmas.Give two current examples of ethical dilemmas in business.
Answer: Business ethics is the application of right and wrong,good and bad,in a business setting.
Ethical dilemmas arise when values are in conflict,so that a decision that supports a given ethical value violates another equally valid ethical value.In such situations,the decision maker must choose among bad options. Student answers will vary based on in-class discussions.
Present-day examples might include:
·Retirement perks for senior management
·Excessive compensation packages to recruit and retain senior executives
·Stock option plans and the effect on management decision making
·Use of lobbyists to enhance contract awards for private companies
·Real-life stories such as the Enron,WorldCom,and Tyco (Dennis Kozlowski)cases
·Made-into-movie stories like Erin Brockovich
Q2) The federal government is a core stakeholder for all businesses.
A)True
B)False
Answer: False
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Chapter 4: Economics: the Framework for Business
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) A typical supply curve shows that an increase in the price of a good will cause producers to decrease the quantity they supply.
A)True
B)False
Q2) 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
Q3) What is the Bank of Canada primarily responsible for conducting?
A)monetary policy
B)fiscal policy
C)treasury policy
D)tax policy
Q4) Capitalism is based on private ownership,economic freedom,and fair competition.
A)True
B)False
Q5) Unfortunately,depressions are a common problem in most free-market economies.
A)True
B)False
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Chapter 5: Business Formation: Choosing the Form That Fits
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) Suzie Kew 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
Q2) Under a business format franchise,the franchisees pay royalties for the right to sell the product of the franchisor,but otherwise they have complete freedom as to how they manage their businesses.
A)True
B)False
Q3) From the standpoint of an owner,what is a major advantage of a sole proprietorship?
A)retention of control
B)permanence of the business
C)ability to capitalize on complementary skills
D)ability to pool financial resources
Q4) List and define the advantages and disadvantages of forming a general corporation.
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Dom Castille feels like the world must be against him.He feels his boss is making unreasonable demands and treating him very unfairly at work,and he tells everyone who will listen about the incredible string of bad luck that has dogged his personal life.He hopes that he can hang on long enough for his luck to turn around.Dom's perceptions suggest that he has an external locus of control.
A)True
B)False
Q2) Jacob currently works as a manager at a major corporation but has been thinking about quitting and starting his own business.Which of the following reasons would most likely explain Jacob's interest in making this major career change?
A)He wants a job with fewer responsibilities.
B)He doesn't like the risk associated with working in the corporate environment.
C)He wants to have more independence and flexibility than his corporate position allows.
D)He wants more benefits and a steadier income.
Q3) More than 50% of small businesses don't survive beyond their first year.
A)True
B)False
Q4) Identify and describe the pros and cons of starting a business from scratch.
Page 8
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Chapter 7: Accounting: Decision Making by the Numbers
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) If a firm's assets = $6000 and its liabilities = $3500,what is owners' equity?
A)$4500
B)$2500
C)$6000
D)$2000
Q2) Discuss the career opportunities available to accountants.
Q3) What has the accounting profession adopted to guide the practice of financial accounting in order to provide external shareholders with relevant,reliable,consistent,and comparable financial information?
A)formal accounting rules and procedures (FARP)
B)standardized accounting procedures (SAP)
C)generally accepted accounting principles (GAAP)
D)general accounting rules for financial statements (GARFS)
Q4) Which of the following is concerned with preparing financial statements for external stakeholders according to a fixed schedule?
A)audit results
B)a master budget
C)managerial accounting
D)financial accounting
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Although they may be prepared for a shorter time period,how often are cash budgets usually prepared?
A)weekly
B)monthly
C)daily
D)annually
Q2) Kendra Wright was recently hired by High Adventure Inc.to be a financial manager.She is surprised to learn that the company currently operates "by the seat of its pants." As she seeks to develop a more rigorous financial plan,what will she have to do?
A)make heavy use of a technique known as value mapping
B)work independently of others in the organization
C)avoid too much reliance on pro forma statements
D)seek input from the managers of the various functional units of the firm as well as the firm's accountants
Q3) The debt-to-asset ratio measures the extent to which a firm relies on debt financing by dividing total debt by total assets.
A)True
B)False
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Chapter 9: Securities Markets : Trading Financial Resources
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) Which of the following are nongovernmental organizations operating in the securities industry that develop and enforce rules and standards governing the behaviour of members?
A)self-regulatory organizations
B)self-moderating organizations
C)self-legislating organizations
D)self-maintenance organizations
Q2) Individual investors are not permitted to trade stocks on the NYSE or NASDAQ.Therefore,individuals must seek the help of which of the following?
A)an investment banker
B)a broker
C)an underwriter
D)a banker
Q3) The price of a firm's stock in the secondary market is often interpreted as a measure of the success by whom in building the value of the corporation?
A)investment bankers
B)brokers and dealers
C)management team
D)shareholders
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Page 11
Chapter 10: Marketing: Building Profitable Customer
Connections
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Today's businesses compete for customer loyalty,using marketing plans to define specific strategies.
A)True
B)False
Q2) Although both B2C and B2B marketers segment their markets,they use somewhat different categories.
A)True
B)False
Q3) Many companies adopted the philosophy that consumer satisfaction should be the central focus of the entire organization in which of the following eras?
A)laissez faire
B)marketing
C)selling
D)production
Q4) What is an advantage of secondary data when compared to primary data?
A)it is usually more confidential
B)it is usually more relevant
C)it is usually less biased
D)it is usually less costly
Page 12
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Chapter 11: Part 1: Product and Promotion: Creating and Communicating Value
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187 Verified Questions
187 Flashcards
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Sample Questions
Q1) For a business to thrive long-term,effective new product development is vital. A)True
B)False
Q2) Information used to create successful promotional messages must flow not only from the top down but also from the bottom up and laterally across divisions and departments.
A)True
B)False
Q3) Trade shows are designed to allow firms to promote their products directly to final consumers.
A)True
B)False
Q4) Brand equity is the overall value of a brand to an organization. A)True
B)False
Q5) Consistency in quality tends to be very high for most services. A)True
B)False
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Chapter 11: Part 2: Product and Promotion: Creating and Communicating Value
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) 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
Q2) E-mail opt-in/opt-out programs are a relatively new way for marketers to make use of which of the following?
A)direct mail
B)publicity
C)advertising
D)public relations
Q3) The word overnight creates which of the following for the Federal Express brand in the minds of consumers?
A)image
B)reference
C)psychometric
D)hook
Q4) Define "product layers." Give examples for each layer.
Page 14
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Chapter 12: Distribution and Pricing: Right Product, right
Person, right Place, right Price
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) 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
Q2) Mary Kay Cosmetics,Tupperware,and The Pampered Chef all use multilevel marketing as a means to sell products directly to consumers.
A)True
B)False
Q3) Your local video store charges $39.99 instead of $40.00 for a video game.This store is using a strategy known as penny-less pricing.
A)True
B)False
Q4) Which of the following involves planning and coordinating the flow of goods from raw materials to the finished products bought by final consumers?
A)tactical shipment coordination
B)product staging
C)logistics
D)supply chain management
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Chapter 13: Management, motivation, and Leadership: Bringing Business to Life
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215 Verified Questions
215 Flashcards
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Sample Questions
Q1) Autocratic leadership often works well when consumers desire consistency in the delivery of the product.
A)True
B)False
Q2) The strategies of most successful firms focus on developing one core advantage rather than trying to develop competitive advantages on multiple fronts.
A)True
B)False
Q3) What are some of the qualities typically found in an effective business leader? Name and briefly describe three key leadership styles.
Q4) Which process includes these three steps-establish clear performance goals,measure actual performance against standards,and take corrective action if necessary?
A)leading
B)control
C)planning
D)organizing
Q5) What is strategic planning? What are the key steps of the strategic planning process?
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Compensation of workers includes the combination of pay and benefits that employees receive in exchange for their work.
A)True
B)False
Q2) The specific qualifications necessary to hold a particular position are presented in which of the following?
A)a job specification
B)a job description
C)a performance appraisal
D)apprenticeships
Q3) Respected HR departments do which of the following?
A)They strictly enforce company policies without exception.
B)They distance themselves from other areas of the organization in order to maintain objectivity.
C)They focus on the short-run tactical aspects of managing their company's human resource needs, while allowing top management to deal with strategic issues.
D)They find ways to quantify their contributions to their company in terms of dollars and cents.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and
Link
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) What is the difference between data and information? What is the purpose of a business intelligence system,and how does it help convert data to information?
Q2) Horizontal market software consists of highly specialized applications used in a particular industry such as medicine,law,or accounting.
A)True
B)False
Q3) Many firms have used the Internet to implement very effective viral marketing campaigns that encourage customers and others not employed by the seller to help promote the seller's products.
A)True
B)False
Q4) A cybermediary is an Internet-based firm specializing in the secure electronic transfer of funds.
A)True
B)False
Q5) Describe three ways companies and individuals can protect themselves from adware,spyware,and viruses.
Page 18
Q6) Explain how companies use expert systems to solve problems.
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Chapter 16: Operations Management: Putting It All Together
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Sample Questions
Q1) Value stream mapping is a project scheduling tool that illustrates all of the "paths" that represent sequences of activities that must be carried out in order for a project to be completed.
A)True
B)False
Q2) Poka-yoke is a Japanese term that refers to simple procedures built into the production process that prevent workers from making mistakes or allows them to catch and correct mistakes quickly if they do occur.
A)True
B)False
Q3) Total quality management (TQM)relies on a small cadre of quality experts to exert complete control over the organization's quality assurance efforts.
A)True
B)False
Q4) One weakness of the Critical Path Method is that it doesn't provide a way to determine the sequence in which the activities involved in a project must be performed.
A)True
B)False
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Chapter 17: The World Marketplace: Business Without Borders
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Which of the following strategies does McDonald's use to build its corporate presence worldwide?
A)direct investment
B)outsourcing
C)franchising
D)licensing
Q2) What is the term for a domestic firm granting a foreign firm the rights to produce,promote,and use its trademark/patents in a defined geographical area?
A)exporting
B)direct investment
C)licensing
D)outsourcing
Q3) According to the textbook,which of the following are key economic factors to consider when entering a foreign market?
A)laws and regulations the government creates
B)per capita income, economic growth rate, and currency exchange rate
C)language, attitudes, and values
D)political stability and a fair and uncorrupt judicial system
Q4) Define countertrade and explain its impact on a nation's economy.
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Chapter 18: Labour-Management Relations
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45 Verified Questions
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Sample Questions
Q1) Evaluate the impact unions have had on their members' welfare and the economy as a whole,and explain the new challenges that today's unions face.
Q2) What is the term for workers walking and carrying signs near the entrance of an establishment with which they have a dispute in order to publicize their position and concerns?
A)picketing
B)striking
C)blocking-out
D)boycotting
Q3) After a period of decline from the early 1980s through the mid-1990s,union membership in the private sector has grown significantly since the late 1990s.
A)True
B)False
Q4) Under a closed shop arrangement,unions are not permitted,and an employer can fire any workers who attempt to organize or join a union.
A)True
B)False
Q5) Explain the types of topics discussed in a collective bargaining process.
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Chapter 19: Business Law
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59 Verified Questions
59 Flashcards
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Sample Questions
Q1) A distinctive mark,symbol,word,phrase,or motto used to uniquely identify the goods of a particular business,like the Nike "swoosh," can be protected by registering it as which of the following?
A)copyright
B)trademark
C)patent
D)symbol
Q2) An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.
A)True
B)False
Q3) When a contract involves the sale of a unique item that the injured party could not obtain from anyone but the other party to the contract,the courts are most likely to apply the remedy of which of the following?
A)restrictive injunction
B)nominal damages
C)punitive damages
D)specific performance
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Chapter 20: Personal Finance
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) One of the first things you can do in your effort to prepare a budget is to track and analyze a few weeks worth of your personal financial decisions,including what you take in and what you spend,and how you use your money.
A)True
B)False
Q2) Companies are required to pay dividends on corporate stock.
A)True
B)False
Q3) Evaluate various options for investing to build wealth.
Q4) 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
Q5) Discuss the traditional ways to wealth accumulation.
Q6) The key to building wealth is to remain consistent.
A)True
B)False
Q7) How can you apply the principles of budgeting to your own finances?
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