Business and Society Exam Solutions
Course Introduction
Business and Society explores the dynamic relationship between commercial enterprises and the wider social environment in which they operate. The course examines the ethical, legal, economic, and cultural responsibilities of businesses to stakeholders such as employees, consumers, governments, and communities. Students will analyze concepts such as corporate social responsibility, sustainability, ethical decision-making, and the impact of globalization, gaining insight into how businesses shape and are shaped by societal values, norms, and expectations. Through case studies and theoretical frameworks, students will develop a nuanced understanding of the challenges and opportunities faced by organizations striving to balance profitability with social good.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The Bank of Canada increases the growth of the money supply when it implements which of the following?
A) fiscal reengineering
B) retrenchment strategy
C) expansionary policy
D) policy of fiscal augmentation
Answer: C
Q2) If the tourism industry in a Canadian province had 43 percent unemployment due to an economic downturn that gripped the country,the workers in the tourism industry would be experiencing which of the following type of unemployment?
A) seasonal
B) cyclical
C) structural
D) frictional
Answer: B
Q3) What is the term used to describe what is happening when the government spends more on public transportation,and as a result,individuals spend less on private transportation?
Answer: crowding out
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Chapter 2: the Global Marketplace and Governments Roles
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121 Flashcards
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Sample Questions
Q1) Some multinational corporations are so large that they resemble small countries.
A)True
B)False
Answer: True
Q2) When a French company brings its patents on digital telephone switches,and AT&T provides the marketing know-how to a business relationship,which of the following arrangements is occurring?
A) a joint venture
B) an international partnership
C) an oligopoly
D) a joint cooperative
Answer: A
Q3) In international licensing,the licensor is the domestic firm that allows the licensee to use its trademark or brand.
A)True
B)False
Answer: True
Q4) What is the most fundamental reason for the growth in world trade?
Answer: the need for businesses to expand their market
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Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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Sample Questions
Q1) Generation Y are driving the educational software and technology markets.They were raised in an era of affluence.Who are the group that preceded them and what did they experience?
Answer: Generation X preceded them.Gen X was the first group to experience both parents working,or a single working parent,and they received a lot of exposure to television and advertising.
Q2) Which of the following is an example of an unethical business activity?
A) The employee reports his employer for making several illegal deductions from his pay. B) The employee unknowingly gives out incorrect information.
C) The sales representative allows the customer to believe that his purchase would be delivered on time,as he believed this to be true himself.
D) The employee uses a company computer to check his results in an online betting transaction.
Answer: D
Q3) ____________________ refers to the various lifestyle choices that combine to form consumer buying habits.
Answer: Component lifestyles
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Page 5
Chapter 4: Using Technology to Manage Information and for Business Success
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116 Flashcards
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Sample Questions
Q1) In a transaction processing system,the database can be updated in two ways.Which of the following lists these ways?
A) open and auxiliary
B) batch and database
C) open and closed
D) batch and online
Q2) Describe software piracy.
Q3) Which of the following offers companies a more cost-effective way to link computers than linking terminals to a mainframe computer?
A) extranets
B) intranets
C) local area networks
D) virtual private networks
Q4) Which of the following refers to all of the equipment and techniques needed to manage and process information?
A) a transaction system
B) a relational network
C) a data processing system
D) information technology
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Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) The two types of cooperatives are wholesales and retail.
A)True
B)False
Q2) Which of the following is a disadvantage of sole proprietor ownership?
A) all profits to the owner
B) ease and low cost of formation
C) freedom from government regulation
D) unlimited liability
Q3) The corporation's board of directors elects the corporate officers.
A)True
B)False
Q4) Pete Yankin and Ken Lowery established a company that markets fishing expeditions.Yankin and Lowery share responsibilities for booking the trips,gathering supplies,and guiding groups into locations where they can fish for salmon.Since the two share any profit equally,what sort of business do they have?
A) a sole partnership
B) a general partnership
C) a limited cooperative
D) a general cooperative
Q5) List the three major categories of business ownership.
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) Which of the following BEST describes angel investors?
A) They provide funding for start-up businesses.
B) They are bank loan officers who are responsible for funding start-up businesses.
C) They are most interested in investing in businesses that are well established.
D) They provide equity financing to a business by loaning the business money at a low interest rate.
Q2) Jim Lightsey sold stock to investors in order to finance his company,which will run an Internet auction for sports memorabilia.Lightsey used which type of financing?
A) equity
B) liquid
C) venture
D) debt
Q3) What does the hopeful entrepreneur do once he or she has finished the business plan?
Q4) Retail stores are the most popular category of small businesses.
A)True
B)False
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Chapter 7: Management and Leadership in Todays Organizations
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Sample Questions
Q1) The three participative leadership styles are autocratic,democratic,and socialistic.
A)True
B)False
Q2) Managers must perform interpersonal,informational,and decisional roles.
A)True
B)False
Q3) Which of the following decision types is indicated by the following statement? A manager of a factory that employs 230 women and 185 men grants a female employee six weeks of disability leave and assigns her workload to an employee who has been trained on how to operate nearly every machine in the factory.
A) nonprogrammed
B) contingency
C) programmed
D) strategic
Q4) Leadership includes which of the following activities?
A) measuring performance against standards
B) departmentalizing work segments
C) monitoring goals
D) guiding others to achieve specific goals
Page 9
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Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) What is one strength of group decision making?
A) Groups typically take much less time to reach a solution than an individual.
B) In a group,no one person or group will ever dominate the decision-making process.
C) Conformity is not important when it comes to making a group decision.
D) Group decision making results in a higher-quality decision then individual decision making.
Q2) What is a disadvantage of group cohesiveness?
A) conflict with other work groups in the organization
B) decreased productivity
C) congruent individual and group goals
D) increased absenteeism
Q3) Which of the following is a permanent organization structure that draws from horizontal and vertical authority relationships?
A) subordinated management
B) matrix structure
C) functional organization
D) committee structure
Q4) ____________________ is the practice of giving only limited authority to lower-level managers.
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Chapter 9: Motivating Employees
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Sample Questions
Q1) An employee who was more worried about having a safe work environment and a financially sound pension plan than anything else would be most concerned with which of the following needs in Maslow's hierarchy of needs?
A) self-actualization needs
B) safety needs
C) social needs
D) physiological needs
Q2) Managers can use equity theory to improve worker satisfaction.
A)True
B)False
Q3) What is another name for employee empowerment?
Q4) Theory X managers view their workers as untrustworthy and unmotivated.
A)True
B)False
Q5) What does the Theory Z style of management emphasize?
A) long-term employment
B) extensive specialization
C) fast career development
D) very formal control over employees
Q6) How can managers use the equity theory to improve worker satisfaction?
Page 11
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Chapter 10: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Dak Zincy is a safety officer for a petroleum company.At the end of every month,he receives a cheque for $3,810.Zincy is receiving which of the following?
A) wage
B) salary
C) commission
D) profit-sharing rate
Q2) Which of the following is a branch union that represents a specified area or even a specific plant?
A) task-oriented union
B) local union
C) controlled union
D) restricted union
Q3) List the three major functions of the local union.
Q4) In a(n)____________________ shop,workers do not have to pay dues,and they do not have to join the union.
Q5) The selection interview is designed to test an applicant's communication ability and motivation.
A)True
B)False
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Chapter 11: Achieving World-class Operations Management
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Sample Questions
Q1) The ____________________ layout arranges work flow around the process,grouping together all workers who perform similar tasks.
Q2) Which of the following systems uses a computer to design and test new products and modify existing ones?
A) computer-aided manufacturing
B) computer-aided design
C) just-in-time design
D) flexible manufacturing system
Q3) PERT charts differ from the critical path method in one important way.What is it?
A) PERT charts assign one time to finish each task; CPM does not.
B) PERT charts are based on the use of quality principles; CPM is not.
C) PERT charts assign three time estimates for each activity; CPM does not.
D) PERT charts can be used in service organizations; CPM cannot.
Q4) Which of the following BEST describes good routing procedures?
A) They increase productivity.
B) They continuously confirm the efficiency of the site location.
C) They set up bottlenecks.
D) They ensures the availability of needed materials in a timely fashion.
Q5) What is the relationship between mass production and customization?
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Chapter 12: Understanding the Customer
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Sample
Questions
Q1) There are numerous office supplies manufacturers.Company X concentrates on selling filing products and desktop products such as staplers and pen sets.Because Company X brand is recognized as an innovative leader in the development of filing products and desktop items,the company can be said to have which of the following advantages?
A) comparative advantage
B) differential competitive advantage
C) promotional emphasis
D) economies-of-scale-based strategy
Q2) Which of the following concepts is based on the four Ps?
A) production mix
B) target market
C) advertising mix
D) marketing mix
Q3) What is the marketing concept?
Q4) The family is responsible for the ____________________ process,the passing down of cultural norms and values to children.
Q5) The four Ps are product,promotion,price,and possession.
A)True
B)False
14
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Chapter 13: Creating Marketing Strategies
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174 Flashcards
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Sample Questions
Q1) Products such as cotton,wheat,iron ore,and soybeans,that have undergone little or no processing and become inputs for another product are____________________.
Q2) Which of the following is a pricing strategy in which the target market is offered a high-quality product at a fair price and with good service?
A) prestige pricing
B) variable costing
C) value pricing
D) target marketing
Q3) Adding a certain percentage to a product's wholesale cost to arrive at the retail price is known as which of the following type of pricing?
A) markdown
B) effective cost
C) cost-effective
D) markup
Q4) Imagine a friend has told you that he had been hired to be a logistics manager.At what three points in the distribution process would he interact with the product?
Q5) List the elements of the promotional mix.
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Chapter 14: Using Financial Information and Accounting
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133 Flashcards
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Sample Questions
Q1) Trademarks,franchises,patents,and copyrights are carried on the company's books as which of the following?
A) intangible assets
B) owners' equity
C) tangible assets
D) long-term assets
Q2) ____________________ are items on the balance sheet that can be converted into cash within the next 12 months.
Q3) What are the two main types of operating expenses?
A) production and general and administrative
B) production and selling
C) selling and general and administrative
D) office and selling
Q4) ____________________ are things of value owned by the firm,such as cash,equipment,and buildings.
Q5) ____________________ are amounts owed to the firm by customers who bought goods and services on credit.
Q6) What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?
Page 16
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) Consumer finance companies make loans to individuals; commercial finance companies make loans to businesses.
A)True
B)False
Q2) What is another term for a chequing account?
A) a treasury account
B) a time deposit
C) a demand deposit
D) a certificate of deposit
Q3) Which of the following financial institutions is a not-for-profit institution?
A) a savings bank
B) a credit union
C) a commercial bank
D) a savings and loan association
Q4) Preferred shareholders have the voting rights in a corporation.
A)True
B)False
Q5) List three types of non-depository financial institutions.
Q6) Being able to split a $10 bill into $5,$1,and coins illustrates the ____________________ characteristic of money. Page 17
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Page 18
Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) Which of the following statements BEST describes preferred shares?
A) Preferred shareholders are paid before other debt holders in the event of company dissolution.
B) The dividends for preferred shares are a variable amount.
C) Preferred shares are less costly than debt financing.
D) Preferred shareholders have to be paid annually.
Q2) List three forms of long-term debt that are available to companies.
Q3) Which of the following are formal written forecasts of revenues and expenses that set spending limits based on operational forecasts?
A) profit and loss statements
B) business predictions
C) budgets
D) financial forecasts
Q4) Another term for the net profit of a firm is retained earnings.
A)True
B)False
Q5) Sales made,but for which payment has not yet been collected,are called accounts payable.
A)True
B)False
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