Course Introduction
Business Environment
Chapter Exam Questions
Business Environment explores the dynamic framework within which businesses operate, examining the internal and external factors that influence organizational success. This course provides an in-depth analysis of economic, legal, political, social, technological, and global forces shaping the business landscape. Students gain an understanding of market structures, government regulations, societal expectations, and globalization, emphasizing how businesses adapt to changing environments. Through case studies and practical examples, learners are equipped to identify opportunities and threats, supporting strategic decision-making and responsible business practices in an ever-evolving world.
Recommended Textbook
Business Eighth Canadian Edition by
Ricky W. Griffin
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Page 2
Chapter 1: Understanding the Canadian Business System
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Sample Questions
Q1) There are more command economies in the world now than there were 30 years ago.
A)True
B)False
Answer: False
Q2) Discuss the government's role as: (a)a competitor,(b)a regulator,(c)a taxation agent,and (d)a provider of incentive programs.
Answer: - competitor: the government competes with business through Crown corporations (energy,Royal Canadian Mint,St.Lawrence Seaway Authority).- regulator: federal and provincial governments in Canada still regulate many aspects of business activity.Government regulates business through many administrative boards,tribunals,or commissions (CRTC,CTC,Canadian Wheat Board).- taxation agent: taxes are imposed to fund government services and programs,and to regulate and control certain activities.There are revenue taxes and restrictive taxes.- provider of incentive programs: through programs like the Industrial Regional Development Program,federal assistance is delivered to industries,particularly those in disadvantaged regions.Other programs include tax and duty rebates.
Q3) What does the supply curve reflect?
Answer: The supply curve shows how much of a product will be supplied at different prices.
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Chapter 2: Understanding the Environments of Business
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Sample Questions
Q1) Brown Inc.cuts and packages paper for photocopiers and printers.It merges with Yellow Inc.(a paper mill)in order to reduce the risk of a paper shortage.This is an example of a
A) poison pill merger.
B) enterprise merger.
C) friendly takeover bid.
D) hostile takeover.
E) vertical merger.
Answer: E
Q2) With respect to inflation and deflation,which is correct?
A) Inflation is caused when consumers buy too many luxury goods.
B) When inflation occurs,people have more money to spend,and there will be an increased quantity of goods for sale.
C) When inflation occurs,purchasing power decreases.
D) Deflation is evident when the amount of money injected into the economic system increases faster than actual output.
E) All of these statements are correct.
Answer: C
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4
Chapter 3: Conducting Business Ethically and Responsibly
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Sample Questions
Q1) List the four general approaches to social responsibility.
Answer: Obstructionist,defensive,accommodative,and proactive.
Q2) Clarion Corp.has just established a committee of top managers to develop a plan detailing the level of support they will give to various social programs.What do they need to do next?
A) Conduct a social audit
B) Survey the various causes that might be supported
C) Give authority to one specific person to act as director of the firm's social agenda
D) Develop a policy statement outlining the firm's commitment
E) Form a committee of top managers to develop a detailed plan
Answer: C
Q3) Counterfeit goods are a problem mainly for products like luggage,pharmaceuticals,designer clothing,and watches,but not much of a problem for products like fine wines.
A)True
B)False
Answer: False
Q4) List five general categories of organizational stakeholders.
Answer: Customers,employees,investors,suppliers,and local communities.
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Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
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Sample Questions
Q1) The New Business Group at Hewlett-Packard is a good illustration of intrapreneuring in action.
A)True
B)False
Q2) A service-producing business is considered small if it has fewer than 50 employees.
A)True
B)False
Q3) In order to raise money,existing corporations can sell shares in an initial public offering (IPO).
A)True
B)False
Q4) Part of the franchise agreement usually requires that the franchisor pay a fee to the franchisee.
A)True B)False
Q5) The most common source of equity financing for small businesses is a bank loan. A)True
B)False
Q6) How is a small business defined in the text?
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Chapter 5: The Global Context of Business
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Sample Questions
Q1) If a Canadian architect designs a house in Brazil,this is an example of an import of a service.
A)True
B)False
Q2) A foreign individual or organization that agrees to represent an exporter's interest in foreign markets is called a(n)
A) headquarters arrangement.
B) licensing arrangement.
C) independent agent.
D) strategic alliance.
E) branch office.
Q3) The Transparency International "Corruption Perceptions Index" showed that the least corrupt countries are ________,and the most corrupt countries are ________.
A) Denmark,New Zealand,and Sweden; Chad and Somalia
B) Iceland,Denmark,and New Zealand; Haiti and Myanmar
C) Canada,the U.S.,and New Zealand; Myanmar and Chad
D) Denmark,New Zealand,and Singapore; Myanmar,Afghanistan,and Somalia
E) Ireland,the U.S.,and Canada; Zambia and Libya
Q4) What is a trade deficit?
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Chapter 6: Managing the Business Enterprise
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Sample Questions
Q1) KWS Corp.wants to increase marketing this coming winter season.This is most likely an example of
A) intermediate goals.
B) short-term goals.
C) formulating strategy.
D) long-term goals.
E) none of these.
Q2) Expo '86,the world's fair that was held in British Columbia,is cited as an example of A) good use of intuition.
B) quantitative analysis.
C) organizational politics.
D) escalation of commitment.
E) risk propensity.
Q3) In a SWOT analysis,strengths,weaknesses,opportunities,and threats are factors external to the firm.
A)True
B)False
Q4) Explain how plans differ at the strategic,tactical,and operational levels.
Q5) Define the three types of goals,indicating the approximate time frame for each.
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Chapter 8: Managing Human Resources
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Sample Questions
Q1) What are instructional-based programs? What are the two common methods of instructional-based training?
Q2) The program for the same wages to be paid for jobs that have similar value to a firm regardless of the gender of the job holder is
A) equal employment opportunity.
B) reverse discrimination.
C) equal pay.
D) affirmative action.
E) comparable worth.
Q3) What is the difference between job analysis,job description,and job specification?
Q4) What are work-based programs? What are the three common methods of work-based training?
Q5) A performance appraisal is primarily used to judge the effectiveness of training,such as an accident prevention program.
A)True
B)False
Q6) What are knowledge workers?
Q7) List three forms of performance-based compensation.
Page 9
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Chapter 9: Understanding Labourmanagement Relations
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Sample Questions
Q1) All of the following are challenges facing unions,except
A) technological change.
B) employment growth in manufacturing industries.
C) the decline of the so-called "smokestack industries."
D) deregulation.
E) free trade and the globalization of business.
Q2) Most strikes in Canada are ________ strikes.
A) sympathy
B) wage
C) economic
D) wildcat
E) contingent
Q3) The process by which union leaders and management personnel negotiate common terms and conditions of employment is known as A) mediation.
B) collective bargaining.
C) labour unions.
D) arbitration.
E) certification.
Q4) What is a labour union? Why is it formed and what purpose does it serve?
Page 10
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Chapter 10: Motivating and Leading Employees
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Sample Questions
Q1) Which of the following is not a characteristic belief of a Theory X manager?
A) People are lazy.
B) People want to contribute to business growth and change.
C) People dislike responsibility.
D) People are not very bright.
E) People resist change.
Q2) What are the motivational factors in Herzberg's two-factor theory?
Q3) According to Herzberg,the opposite of satisfaction is not dissatisfaction,but no satisfaction.
A)True
B)False
Q4) Workers at the Bowmanville,Ontario,plant of St.Mary's Cement Inc.joined a team whose goal was to find ways to reduce the company's energy bills.This was an example of a virtual team.
A)True
B)False
Q5) What are the characteristics of a manager with a Theory X belief about people? How does this differ from one who has a Theory Y belief about people?
Q6) What was the goal of the research on the behavioural approach to leadership?
Page 11
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Chapter 11: Producing Goods and Services
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Q1) Bill is working with a system that uses a bill of materials to project the number of components and raw materials needed.It also specifies when they need to arrive.He is most likely using A) warehousing.
B) master production scheduling.
C) material requirements planning.
D) just-in-time.
E) inventory control.
Q2) This ______ transformation process combines data on such items as employee absences,machine breakdowns,and inventory reports.It is the A) assembly
B) fabrication
C) chemical
D) transport
E) clerical
Q3) Toyota's top priority is on providing low prices to customers,so a cost-minimization strategy is appropriate for the company.
A)True
B)False
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Page 12
Chapter 12: Increasing Productivity and Quality
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Sample Questions
Q1) A country's labour productivity is usually calculated as gross domestic product divided by the total number of workers.
A)True
B)False
Q2) The filling machine operator at Honey Nuggets weighs a box of cereal from the production line every 15 minutes.Where is she likely to record the data?
A) Control charts
B) Benchmarking
C) Process capability studies
D) Value-added analysis
E) Quality/cost studies
Q3) Which of the following is most effective for improving success in quality efforts?
A) Train quality inspectors in inspection techniques
B) Hire better trained and qualified employees
C) Establish a separate quality control department
D) Require quality inspectors to inspect every component of the product
E) Use statistical process control methods throughout the production process
Q4) What is statistical process control?
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Chapter 13: Managing Information Systems and Communication Technology
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Sample Questions
Q1) A ____________ attaches itself to a program and migrates from compute to computer,while a _______ masquerades as a harmless software file.
A) computer virus; worm
B) worm; computer virus
C) Trojan horse; computer virus
D) worm; Trojan horse
E) computer virus; Trojan horse
Q2) Three different product development groups at LSX Ltd.are simultaneously working from three separate locations on a product development document.They are involved in A) electronic conferencing.
B) extranets.
C) intranets.
D) groupware.
E) data conferencing.
Q3) What is the purpose of a management information system? How does it help in the operation of the business firm?
Q4) What are the two types of software?
Q5) What are the building blocks of IT?
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Chapter 14: Understanding Accounting Issues
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Sample Questions
Q1) The revenue recognition principle says that earnings may not be reported until the earnings cycle is completed.
A)True
B)False
Q2) Firm A enjoys a better activity ratio than Firm B.What might this mean?
A) Firm A likely generates greater profits or sales than Firm B.
B) Firm A uses its resources less efficiently than Firm B.
C) Firm A has more customers than Firm B.
D) Firm A generates greater profits on sales and uses its resources more efficiently than B.
E) It might not mean anything.
Q3) What is the primary purpose of accounting?
A) To determine when to sell the company
B) To determine the most effective plan to avoid a hostile takeover
C) To determine the value of the company before it is sold
D) To summarize the results of business transactions so that the resulting reports can be used in the decision-making process
E) To provide information for tax authorities
Q4) What is an income statement?
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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Sample Questions
Q1) Harley-Davidson offers social incentives through the Harley Owners Group (H.O.G.),the largest motorcycle club in the world.This is an example of A) industrial marketing.
B) relationship marketing.
C) consumer marketing.
D) marketing research.
E) international marketing.
Q2) In terms of the 4 Ps,promotion is more important in selling toys than it is in selling nails.
A)True
B)False
Q3) With respect to the 4 Ps,"price" refers only to the actual amount of money that consumers must pay for a product or service.
A)True
B)False
Q4) What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?
Q5) Identify and briefly describe the 4 Ps of marketing.
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Chapter 16: Developing and Promoting Goods and Services
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Sample Questions
Q1) In the mid-twentieth century,companies began exporting to other countries when domestic sales stagnated.Companies who chose to adopt a different marketing plan for each country used the
A) centralized approach.
B) brand equity approach.
C) global perspective.
D) decentralized approach.
E) promotional diversification approach.
Q2) All of the following are weaknesses of internet marketing except A) profitability.
B) information overload.
C) limited markets.
D) future prospects.
E) consumer concerns about security issues.
Q3) Milk,newspapers,bread,and batteries are examples of ________ goods.
A) specialty
B) shopping
C) convenience
D) coincidental
E) impulse
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Chapter 17: Pricing and Distributing Goods and Services
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Sample Questions
Q1) Intermediaries include wholesalers,retailers,and customers.
A)True
B)False
Q2) Price lining is generally a more effective pricing tactic than psychological pricing.
A)True
B)False
Q3) What are the different types of wholesalers? Describe each.
Q4) Walmart is known as a ________ because it offers major items such as televisions and large appliances at discount prices.
A) bargain retailer
B) convenience store
C) factory outlet
D) category killer
E) department store
Q5) Describe the advantages of planes as a mode of transportation.
Q6) Wholesalers have declined in popularity because of increasing land and transportation prices.
A)True
B)False
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Chapter 18: Understanding Money and Banking
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Sample Questions
Q1) The characteristics of money include portability,divisibility,durability,and stability.
A)True
B)False
Q2) Credit cards serve as a temporary medium of exchange but are not a store of value; therefore,they are do not qualify as a form of money.
A)True
B)False
Q3) What is the World Bank?
Q4) If the Bank of Canada wants to stimulate business activity,it can buy government securities.
A)True
B)False
Q5) A sales finance company finances installment purchases only for consumers,not businesses.
A)True
B)False
Q6) Describe the kinds of business firms that make up "pillar #3" of the Canadian financial system.
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Chapter 19: Understanding Securities and Investments
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Sample Questions
Q1) Bond prices usually move in the same direction as interest rates.
A)True
B)False
Q2) What is a bond?
Q3) Suppose you were interested in purchasing a printing company.This might be an attractive target if the ________ value of the stock were less than the ________ value.
A) book; market
B) par; market
C) book; par
D) market; book
E) market; par
Q4) A preferred stock is usually issued with a stated par value,and dividends are typically expressed as a percentage of that par value.
A)True
B)False
Q5) Corporate bonds are a major source of long-term financing for Canadian corporations.
A)True
B)False
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Chapter 20: Financial Decisions and Risk Management
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Sample Questions
Q1) What is risk? What is the difference between speculative risk and pure risk? What is risk management?
Q2) Jack is borrowing money which requires him to put up collateral.What type of credit is he using?
A) Line of credit
B) Unsecured loans
C) Trade credit
D) Commercial paper
E) Secured loans
Q3) In most cases,equity financing takes two forms:
A) revolving credit agreements and lines of credit.
B) bank loans and commercial paper.
C) issuing common stock and retaining the firm's earnings.
D) issuing common stock and lines of credit.
E) commercial paper and retaining the firm's earnings.
Q4) Excel Corp.has a long-term loan with a bank at 1 percent above prime.This is an example of a fixed loan rate.
A)True
B)False
Q5) What is the difference between pure and speculative risk?
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