Business and Society
Pre-Test Questions
Course Introduction
Business and Society explores the complex relationship between corporations, governments, and communities in todays global environment. The course examines how businesses influence and are influenced by social, ethical, political, and environmental forces. Through case studies and key theoretical frameworks, students analyze corporate social responsibility, ethical decision-making, stakeholder management, and the impact of globalization. The course also provides insights into the role of businesses in addressing contemporary social issues, fostering sustainable development, and balancing profit with broader societal obligations.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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17 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: The Changing Face of Business
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) What makes a company admired?
Answer: Companies that make lists of "most admired" tend to have solid profits, stable growth, a safe and challenging work environment, high-quality products, and strong business ethics and social responsibility.
Q2) Profits are guaranteed by the private enterprise system for every entrepreneur with good management skills.
A)True
B)False
Answer: False
Q3) All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to ______.
A) fair competition
B) permit price discrimination
C) select from among a variety of goods and services
D) own property
Answer: B
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) If managers and supervisors fail to show ethical leadership, it is unrealistic to expect employees to behave ethically.
A)True
B)False
Answer: True
Q2) A formal procedure that identifies and evaluates all company activities relating to social issues is known as a(n) ___.
A) ethical profile
B) social audit
C) social inventory
D) mission analysis
Answer: B
Q3) Over the long term, society can give power to a business or take that power away, if the business operates outside the expectations of stakeholders. True or false?
A)True
B)False
Answer: True
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Chapter 3: Economic Challenges Facing Contemporary Business
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) Incentives to motivate employees to perform at their highest level are strongest in ______ systems.
A) capitalist
B) communist
C) socialist
D) monopolistic
Answer: A
Q2) All of the following are key challenges facing business in the new century EXCEPT ______.
A) the shift toward a global information economy
B) the aging of the workforce
C) the surplus of college graduates
D) growth of India and China
Answer: C
Q3) What is fiscal policy? How does fiscal policy affect economic conditions?
Answer: Fiscal policy deals with taxing and spending decisions made by the government. Generally, increases in taxes or decreases in spending will tend to reduce inflation and slow economic growth. Increases in spending or decreases in taxes often have the opposite effect.
Page 5
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Chapter 4: Competing in World Markets
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) Trade among the NAFTA nations has changed little since the adoption of the agreement.
A)True
B)False
Q2) Define countertrade, and explain why this form of international trade is a viable option for certain nations.
Q3) The International Monetary Fund (IMF) was created to promote trade through financial cooperation.
A)True
B)False
Q4) Currencies that can be easily converted into other currencies are called soft currencies.
A)True
B)False
Q5) When McDonald's franchises into foreign countries, they are engaging in direct international investment.
A)True
B)False
Q6) Discuss the advantages of the North American Free Trade Agreement (NAFTA).
Page 6
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Chapter 5: Forms of Business Ownership and Organization
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) Many small businesses are home-based businesses.
A)True
B)False
Q2) Which government program guarantees repayment of bank loans given to small business?
A) Business Development Bank of Canada
B) Toronto Stock Exchange
C) Canada Small Business Financing Program
D) Small Business Investment Company Program
Q3) Shareholders are the de-facto owners of a corporation.
A)True
B)False
Q4) ______ newly launched businesses fail after three years of commencing operations.
A) Less than 10 percent
B) About 15 percent
C) About 50 percent
D) Almost all
Q5) List the elements contained in a business plan.
Q6) Compare and contrast the three forms of business ownership.
Page 7
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Chapter 6: Starting Your Own Business: the Entrepreneurship Alternative
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) Describe how social networking has transformed the business environment for entrepreneurs.
Q2) ______ are specific geographic areas designated for economic revitalization.
A) Economic stimulus zones
B) Investor zones
C) Enterprise zones
D) Commerce areas
Q3) About 35 percent of large firms do set aside funds to support intrapreneurship.
A)True
B)False
Q4) Logan is an entrepreneur who takes personal responsibility for the success or failure of his actions rather than believing in luck or fate. Which characteristic best describes Logan's entrepreneurial philosophy?
A) tolerance for failure
B) internal locus of control
C) need to achieve
D) tolerance for ambiguity
Q5) List the eight major characteristics of an entrepreneur.
Q6) Compare and contrast the difference between the three categories of entrepreneurs? Page 8
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Page 9
Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Jackie is a manager who spends most of her time in day-to-day decisions assigning non-managerial employees to specific jobs. Jackie is considered a ______ manager.
A) staff
B) supervisory
C) mid-level
D) technical
Q2) In an organization, authority and responsibility tend to move downward, while accountability moves upward.
A)True
B)False
Q3) Via Rail Canada has plans in place to reroute trains in the event that floods or other natural disasters close some of the railroad's tracks. This is an example of ______ planning.
A) contingency
B) tactical
C) strategic
D) operational
Q4) List in order the steps involved in the strategic planning process.
Page 10
Q5) Describe three personal qualities found in great leaders.
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) With examples, discuss the three main employee tactics they may use when dealing with management to win support for their demand.
Q2) Carlos, a management trainee, completed a leadership profile in which he was identified as having Theory Y assumptions about people. Therefore, Carlos would believe that ______.
A) workers can exercise self-control and direction toward organization goals
B) the average person has relatively little ambition and wants security above all C) the average worker will, under proper conditions, not only accept but also actually seek responsibility
D) the expenditure of physical and mental effort in work is as natural as play or rest
Q3) As long as picketing doesn't involve violence or intimidation it is considered a form of free speech.
A)True
B)False
Q4) What are flexible benefit plans?
Q5) With examples, describe any three forms of classroom instruction techniques.
Q6) Describe the core responsibilities of human resource management.
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) Jason's team has reached agreement about the role each member is expected to play. Jason's team has reached the ______ stage.
A) forming
B) norming
C) storming
D) performing
Q2) Advances in information technology have had little impact on employee empowerment.
A)True
B)False
Q3) How a company handles a crisis can affect its reputation.
A)True
B)False
Q4) "Spinning" bad news to make it look better almost always backfires.
A)True
B)False
Q5) Distinguish between cognitive and affective conflict.
Q6) Conflicts should always be avoided.
A)True
B)False Page 12
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Chapter 10: Production and Operations Management
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203 Verified Questions
203 Flashcards
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Sample
Questions
Q1) McDonald's has moved from continuous production to intermittent production model. Justify the reason for the same.
Q2) Which of the following is NOT part of the mission of ISO?
A) Provide a framework for continual improvement.
B) Enforce quality standards.
C) Facilitate global trade and cooperation.
D) Promote international standards for business, government, and society.
Q3) Snyder Industries uses 100,000 widgets each year. If Snyder decides to place more orders each year, ordering fewer widgets each time, Snyder will be carrying ______ inventory on average and the risk of running out of inventory will ______.
A) more; fall
B) more; rise
C) less; fall
D) less; rise
Q4) Discuss the factors a firm should consider when deciding whether to make, buy, or lease components.
Q5) Distinguish between a continuous production process and an intermittent production process
Q6) Mention the importance of the follow-up phase of the production process.
Page 14
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Chapter 11: Customer-Driven Marketing
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) The production era in marketing stressed that the customer was always right.
A)True
B)False
Q2) Market segmentation is the process of dividing a total market into several relatively diverse groups.
A)True
B)False
Q3) Government statistics are examples of secondary data.
A)True
B)False
Q4) Approximately how much more does it cost to attract one new customer than to keep an existing one?
A) twice as much
B) three times as much
C) five times as much
D) about the same
Q5) Business products usually require adaptation since they tend to be culture dependent.
A)True
B)False
Page 15
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Chapter 12: Product and Distribution Strategies
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222 Verified Questions
222 Flashcards
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Sample Questions
Q1) Coca-Cola, Nike, Google, and American Express are examples of ______.
A)marketing intermediary
B)test marketing
C)brand insistence
D)product life cycle
E)brand name
F)wholesaler
G)family brand
H)product line
I)convenience products
J)product line.
K)wheel of retailing
L)logistics
Q2) A building contractor is creating a southwestern-style restaurant in Calgary. Which method of transportation would be best for shipping ceramic tile from New Mexico to Alberta?
A) truck
B) air
C) railroad
D) water
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Page 16
Chapter 13: Promotion and Pricing Strategies
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Paid nonpersonal communication usually targeted at large numbers of potential buyers is referred to as marketing.
A)True
B)False
Q2) Define sales promotion and outline the various types of sales promotion.
Q3) Dell Computer is offering $100 cash back on the purchase of a computer. This is an example of a(n) ______.
A) specialty advertising
B) rebate
C) sample
D) premium
Q4) In breakeven analysis, total cost is composed of ______.
A) price divided by number of units sold
B) variable costs minus fixed costs
C) total variable costs and total fixed costs
D) total sales minus expenses
Q5) What is Integrated Marketing Communication?
Q6) Creative selling promotes a good or service whose benefits are NOT readily seen.
A)True
B)False
Page 17
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Chapter 14: Using Technology to Manage Information
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) DVD drives and monitors are examples of computer input devices.
A)True
B)False
Q2) All Walmart stores have satellite dishes that link stores together with the company's headquarters. Walmart is using a(n) ______.
A) local area network
B) expert system
C) wide area network
D) enterprise resource system
Q3) ______ tie geographic regions together using long-distance telephone lines or satellite transmissions.
A) Local area networks
B) Executive information systems
C) Databases
D) Wide area networks
Q4) Differentiate between operational support systems and management support systems, and give two examples of each.
Q5) Briefly explain information systems and their significance within an organization.
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Chapter 15: Understanding Accounting and Financial Statements
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) Cash budgets include all of the following EXCEPT ______.
A) a statement of the company's cash inflows and outflows
B) an analysis of interest on cash earned from company profits
C) an indication when the company can invest excess funds in securities
D) a tangible standard against which to compare actual cash inflows and outflows
Q2) A management accountant is responsible for collecting and recording financial transactions and preparing of financial statements used by the firm's managers in decision making.
A)True
B)False
Q3) Companies often focus more on increasing revenue than on controlling costs. If the company can increase its revenue, it can remain in business for a long time.
A)True
B)False
Q4) All public companies must prepare and publish ______.
A) a statement of changes in equity
B) a statement of cash flows
C) the salaries of managers
D) a strategic plan for each year
19
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Chapter 16: The Financial System
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) If the money supply grows too rapidly, inflationary pressures will begin to build.
A)True
B)False
Q2) Businesses are net savers, while households are net users of funds.
A)True
B)False
Q3) Commercial banks obtain most of their funds from ______.
A) the government
B) the sale of securities
C) stockholders
D) depositors
Q4) Issuers tend to call bonds when market interest rates are declining.
A)True
B)False
Q5) M1 consists of currency in circulation and balances in bank checking accounts.
A)True
B)False
Q6) Describe financial institutions and mention the two main types discussed in the chapter.
Page 20
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Chapter 17: Financial Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Commercial paper is the least desirable financing option.
A)True
B)False
Q2) The gain or loss that results from an investment over a specified period of time is known as ______.
A) risk
B) return
C) uncertainty
D) expected value
Q3) Explain the difference between long-term and short-term funds used by a company for its operations.
Q4) In preparing a financial plan, the CFO first estimates expenses such as purchases, employee compensation, and taxes. Then a forecast of sales or revenue is done for the given time period.
A)True
B)False
Q5) Why do firms divest assets?
Q6) What is an important determinant of a firm's dividend policy?
Q7) Elaborate on the steps involved in preparing a financial plan.
Q8) Explain the concept of risk-return trade-off.
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