Business Environment
Exam Preparation Guide
Course Introduction
Business Environment explores the dynamic and complex external factors that influence organizational decision-making and strategy. This course examines the economic, legal, political, technological, social, and global forces shaping the contemporary business landscape. Students will analyze how businesses adapt to regulatory frameworks, ethical considerations, market trends, and competitive pressures. Through case studies and current examples, the course fosters a holistic understanding of the opportunities and challenges organizations face, equipping students with the analytical tools necessary to identify and respond to changes in the business environment effectively.
Recommended Textbook
The Future of Business 4th Edition by Norm Althouse
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18 Chapters
2111 Verified Questions
2111 Flashcards
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Chapter 1: Politics Governments Roles
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/13993
Sample Questions
Q1) What is the difference between a progressive tax and a flat tax?
Answer: A progressive tax like personal income tax sees the rate go up the more your income goes up whereas a flat tax like the income taxes for business are flat,meaning the same rate is applied to everyone.
Q2) Types of not-for-profit organizations include which of the following?
A) book stores
B) museums
C) movie theatres
D) hockey rinks
Answer: B
Q3) Which of the following is one of the criteria used to measure quality of life?
A) political stability and security
B) GDP
C) unemployment
D) level of democracy
Answer: A
Q4) Why was the Competition Act established?
Answer: To protect consumers from things like conspiracies,monopolies,and mergers.
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Page 3
Chapter 2: Economics Evolving Systems
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) What is a decline in real GDP for at least two consecutive quarters called?
A) economic downsizing
B) recession
C) depression
D) resource divestment
Answer: B
Q2) The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?
A) regional monetary policy
B) aggregated economics
C) area economics
D) microeconomics
Answer: D
Q3) When Parliament passes a law to raise individual tax rates,it is creating fiscal policy.
A)True
B)False
Answer: True
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Chapter 3: Social Society, Corporate Responsibility, and
Making Ethical Decisions
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Paul Thomas was going to leave the gas station without paying for the gas he had just put into his car when he noticed a police car pull up at one of the other pumps.He went into the cashier and paid because he was afraid he would get caught if he tried to get away without paying.Thomas is in which of the following stages of ethical development?
A) preconventional ethics
B) self-defined ethics
C) conventional ethics
D) ego-centred development
Answer: A
Q2) In the PEST model of the business environment,the "S" represents which of the following concepts?
A) stability
B) standards
C) stakeholders
D) social
Answer: D
Q3) According to management expert Peter Drucker,what are the basic dimensions of social responsibility?
Answer: legality and responsibility
Page 5
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Chapter 4: Technology Managing Information for Business
Success
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) When compared to a wired LAN,the wireless LAN is best described by which of the following?
A) It is unable to transmit data at one single site.
B) It is significantly more expensive.
C) It is faster and more reliable.
D) It is unable to communicate with wired communication systems.
Q2) How does spam pose a security threat for organizations?
Q3) When a bank collects deposits during the day,then deposits them all after banking hours,it is using a reserve processing system.
A)True
B)False
Q4) Networking links make it easier for someone outside an organization to gain access to a computer's information.
A)True
B)False
Q5) Many companies have hired a chief information officer (CIO)to be responsible for managing all information resources.
A)True
B)False
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Chapter 5: International The Global Marketplace
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115 Verified Questions
115 Flashcards
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Sample Questions
Q1) In 1914,the United States prohibited the importation of Mexican avocados even though Mexico is the world's largest producer of the fruit.This prohibition remained in effect until 1996.The ban on importing Mexican avocados is an example of which type of restriction?
A) boycott
B) import quota
C) embargo
D) tariff
Q2) Which of the following are goods and services that are made in one country and sold to other countries?
A) tangibles
B) countertrades
C) exports
D) imports
Q3) Which of the following is an accelerating trend in the economies of India and China?
A) importance of technical and managerial skills
B) dominance in mass production
C) cheap assembly labour
D) movement toward political stability
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Page 7
Chapter 6: Entrepreneurship and Small Business
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Why does small business thrive in Canada?
A) the owners' ability to avoid outsourcing
B) the owners' regular working hours
C) our rapidly changing technology
D) they have lower costs to comply with regulations
Q2) 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.
Q3) One you have decided to go into business for yourself,what are the three ways that you can acquire the business?
Q4) The first step in starting your own business is the creation of a unique marketable idea.
A)True
B)False
Q5) List reasons that small businesses thrive in Canada.
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Chapter 7: Analyzing the Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Canadian companies are answerable not only to the shareholders,but also to the other stakeholders,including the customers.The customers expect that the company is not only providing value,but being good corporate citizens.
A)True
B)False
Q2) A pro forma balance sheet projects the types and amounts of revenues a company will need to execute future plans and shows the amount of additional financing needed to acquire those assets.
A)True
B)False
Q3) An income statement is the financial statement that reports revenues,expenses,and profit or loss resulting from a company's operations over an accounting period.
A)True
B)False
Q4) Which issues are important to Canadians when it comes do doing business internationally?
Q5) What does SWOT stand for?
Q6) Describe the purpose of an income statement.
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Chapter 8: Forms of Business Ownership
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Which of the following is a disadvantage of sole proprietor ownership?
A) ease of dissolution
B) no special taxation
C) ease of formation
D) difficulty in raising capital
Q2) Sole proprietorships experience which of the following tax situations?
A) They are double taxed.
B) They are neither a legal nor a taxable entity.
C) They are exempt from taxation.
D) They are usually taxed higher than individuals.
Q3) If the sole proprietorship acquires a legal business name,the owner then has limited liability.
A)True
B)False
Q4) Which type of merger brings together companies in unrelated businesses to reduce risk?
A) a diagonal merger
B) a horizontal merger
C) a vertical merger
D) a conglomerate
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Chapter 9: Management and Leadership in Todays Organizations
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) Which of the following statements best describes empowering employees?
A) Empowerment gives employees responsibility for organizational outcomes.
B) Empowering employees does not require the sharing of any company information.
C) In order for empowerment to work, managers have to create an environment conducive to high levels of management autocracy.
D) Empowering employees gives employees a decreased feeling of competency.
Q2) Which two different leadership styles use empowerment?
A) autocratic and free rein
B) autocratic and laissez-faire
C) autocratic and participative
D) laissez faire and participative
Q3) Which of the following is one of the three essential,broad-based managerial skills?
A) technical skills
B) ethical skills
C) financial skills
D) production skills
Q4) Managerial skills fall into four basic categories.What are they?
Q5) Which managers are typically responsible for implementing operational plans?
Q6) What are global management skills?
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Chapter 10: Designing Organizational Structures
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Briefly define accountability.
Q2) What is one of the advantages of a wide span of control?
A) close supervision of employees
B) a lack of synchronization
C) an absence of managerial support
D) greater organizational flexibility
Q3) What term best describes the type of organizational structure commonly found in the military?
Q4) Mario Laytana is a warehouse manager for a company that produces and sells peaches and peach-related products.In this small entrepreneurial company,there are direct lines of communication and authority flowing from the company's CEO down to Laytana,and through her to the workers in the warehouse.Laytana works in which of the following?
A) a functional organization
B) a matrix organization
C) a staff organization
D) a line organization
Q5) What is the management pyramid?
Q6) What is the best type of organizational structure?
Q7) At its simplest level,an organization engaged in reengineering is doing what?
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Chapter 11: Motivating Employees
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Motivation is basically a need-satisfying process.
A)True
B)False
Q2) In Herzberg's model,salary and fringe benefits are job satisfiers.
A)True
B)False
Q3) Anila Sudavarian works as a receptionist for a medical clinic from 8 a.m.until 12 noon 5 days a week.At noon,he is replaced by Louise Cho who works at the same job from noon until 4 p.m.Which of the following scheduling options is being used by Sudavarian and Cho?
A) job partnering
B) flextime
C) compressed work week
D) job sharing
Q4) Which theorist proposed a theory of motivation based on universal human needs?
A) Frederick Taylor
B) Elton Mayo
C) Abraham Maslow
D) Frederick Herzberg
Q5) What was the primary flaw in Frederick Taylor's scientific management?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) What is it called when a union tries to disrupt a company's stockholder meeting to pressure the company to agree to the union's demands?
Q2) What is a contingent worker?
Q3) Which of the following is a type of off-the-job training?
A) role-playing
B) simulation
C) benchmarking
D) mentoring
Q4) Ethan Djuna is a territorial salesperson for Lennox heating and air conditioning systems.Every six months Djuna is given feedback by comparing his actual performance with his objectives and goals.What type of feedback is this?
A) compensation appraisal
B) performance appraisal
C) projected appraisal
D) controlled appraisal
Q5) What is the tactic most frequently used by unions to pressure employers into agreeing to a union's demands?
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Q6) What are the two sources of job applicants?
Q7) What is the first step in the employee selection process?
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Chapter 13: Marketing The Customer Focus
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) During and right after the Industrial Revolution,companies focused on mass production and assembly lines,and placed a strong emphasis on lower costs.During this period manufacturers had which of the following orientations?
A) manufacturing focus
B) exchange mission
C) customer orientation
D) production orientation
Q2) Shenshen Zhongxing Telecom (ZTE)is a Chinese company that is the only telecommunications company in China producing and marketing a specific inexpensive camera phone to sell to middle-class Chinese living in urban areas.Because ZTE targets a single segment within a limited geographical area,it can be said to have which of the following advantages?
A) a relationship-building advantage
B) a comparative advantage
C) a differential competitive advantage
D) a niche competitive advantage
Q3) List the components of the marketing mix.
Q4) What kind of segmentation is the publisher of Golf Digest magazine using?
Q5) List the three basic marketing research techniques.
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Chapter 14: Creating Marketing Strategies
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143 Verified Questions
143 Flashcards
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Sample Questions
Q1) Distribution managers generally choose a mode of transportation on the basis of several criteria.Which of the following is one of the criteria used and refers to the consistency with which the carrier delivers goods on time and in acceptable condition?
A) flexibility
B) accountability
C) accessibility
D) reliability
Q2) Integrated marketing communications is the coordination of all marketing activities.
A)True
B)False
Q3) Total fixed costs divided by fixed-cost contribution leads to which of the following figures?
A) profit maximization
B) breakeven point in units
C) perceived value
D) total revenues
Q4) What intensity of distribution is being used by Bic Corp,marketer of inexpensive pens,cheap lighters,and throwaway razors?
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Page 16
Chapter 15: Achieving World-Class Operations Management
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Which of the following approaches uses a master computerized system to ensure that materials,labour,and equipment are available for production?
A) the materials adjustment system
B) perpetual inventory
C) materials requirement planning
D) controlled assembly plan
Q2) Production efficiency begins as soon as the first part of the product reaches the factory floor.
A)True
B)False
Q3) Which of the following is a useful tool for routing,where production managers "map" the flow from suppliers through the factory to customers?
A) value-stream mapping
B) route visualization
C) production charting
D) bottleneck identification
Q4) The marketing division makes make-or-buy decisions for the production division.
A)True
B)False
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Chapter 16: Accounting for Financial Success
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) An example of an intangible asset is accounts receivable because the company does not see or feel it until it is paid in full.
A)True
B)False
Q2) Which of the following are debts that are to be paid within 12 months?
A) current assets
B) fixed assets
C) current liabilities
D) fixed liabilities
Q3) The Jolly Green Giant appears on all packages of frozen and canned vegetables and other dishes sold by the Green Giant Company.Because it does not have a physical existence,what is the Jolly Green Giant?
A) a retained asset
B) a tangible expense
C) an intangible asset
D) a hidden asset
Q4) Auditors are correctly portrayed as bean-counters.
A)True
B)False
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Chapter 17: Understanding Money and the Canadian Financial System
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) When Nissan sells a new Sentra and receives the proceeds,the transaction is similar to one market.When the same Sentra is traded in the used car market,the transaction is similar to another market.Which markets are we referring to,respectively?
A) private and public
B) seller's and buyer's
C) buyer's and seller's
D) primary and secondary
Q2) Durability and simplicity are two important characteristics of money.
A)True
B)False
Q3) List three types of nondepository financial institutions.
Q4) Which of the following is an example of a depository financial institution?
A) a consumer finance company
B) a pension fund
C) a credit union
D) a commercial finance company
Q5) Under no circumstances should you use online sources for investment information.
A)True
B)False
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Chapter 18: Finance Maximizing the Value
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127 Flashcards
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Sample Questions
Q1) Long-term forecasts that cover two to ten years and take a broader view of the company's financial activities are known as which of the following?
A) tactical plans
B) operating plans
C) strategic plans
D) projected plans
Q2) Earth Worm is an independent bookstore that only eight months after opening went bankrupt due to an unexpected demand for cash to fix a leaking roof.Which of the following activities might have allowed the business to continue operation?
A) better cash maintenance
B) better cash targeting
C) better cash management
D) better cash capitalization
Q3) An IOU is most similar to which type of bank loan?
A) business trade credit
B) revolving credit
C) collateralized credit
D) commercial paper
Q4) What is another name for short-term forecasts?
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