Business Environment
Final Exam
Course Introduction
The Business Environment course offers a comprehensive exploration of the external and internal factors that influence organizations. Students will analyze economic, political, legal, social, technological, and global forces that shape business decisions and strategies. The course emphasizes understanding how businesses adapt to changes in the environment, manage stakeholder relationships, and respond to competitive pressures. Through case studies and real-world examples, students will develop the analytical skills necessary to assess environmental challenges and opportunities in various industries.
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
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Sample Questions
Q1) Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company.Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of which of the following?
A) restricted endorsement
B) fault free obligations
C) patent infringement
D) strict liability
Answer: D
Q2) Which of the following protects the original work of authors and artists (e.g.,their books,photos,or cartoons)?
A) trademark
B) copyright
C) the uniform commercial code
D) patent
Answer: B
Q3) The warranty you receive in the box with a DVD player is an express warranty.
A)True
B)False
Answer: True
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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) If the national unemployment rate goes up,which of the following might be a contributing factor?
A) Some people took a job transfer to another province.
B) Some people took a job right out of high school.
C) Some people are preparing for later employment by attending school.
D) Some people started a new job and their old position is vacant.
Answer: C
Q2) Which of the following strategies involves building,maintaining,and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships?
A) customer maximization
B) relationship management
C) a developing strategic alliance
D) profit maximization
Answer: B
Q3) The higher the price of a good or service,the greater the amount a producer is willing to supply.
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) Half the residents of Toronto and Montreal may be members of visible minorities by 2017.
A)True
B)False
Answer: False
Q2) Which of the following is the concern of businesses for the welfare of society?
A) social responsibility
B) consumer protection
C) the marketing concept
D) business ethics
Answer: A
Q3) A code of ethics can best be characterized by which of the following?
A) It can offer a lengthy and detailed set of guidelines to employees.
B) It is considered a public relations tool.
C) It provides employees with the knowledge of what their company expects with regard to their responsibilities and behaviour.
D) It summarizes the company's goals, policies, and priorities.
Answer: C
Q4) What is the first step in learning to make good ethical decisions?
Answer: learning to recognize unethical activities
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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) 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
Q2) What do we call processing data as they become available?
A) off-line processing
B) batch processing
C) online processing
D) auxiliary processing
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) Like local area networks (LANs),intranets are private corporate networks.
A)True
B)False
Q5) What are the two basic kinds of networks?
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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) Briefly explain how an exchange of merchandise can occur without involving cash or any other form of financial consideration.
Q2) Venezuela can grow and sell cut flowers for floral bouquets more easily and more cheaply than most other countries can produce the same flowers.When it comes to flowers,Venezuela has which of the following?
A) comparative advantage
B) advantageous competency
C) absolute advantage
D) total advantage
Q3) Which of the following is a form of trading arrangement in which part or all of the payment for purchased goods or services is in the form of other goods and services?
A) a countertrade
B) a counteroffer
C) a nonfinancial exchange
D) a counteraction
Q4) In order to show a commercial on South Korean television,a company like Gillette must film the commercial using South Korean actors.What political consideration is most likely responsible for this legal requirement?
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Chapter 6: Entrepreneurship and Small Business
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102 Flashcards
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Sample Questions
Q1) Which of the following two forms of business financing describe borrowed funds and ownership funds,respectively?
A) debt; equity
B) credit; leverage
C) equity; debt
D) equity; leverage
Q2) A person who organizes,operates,and assumes the risk of a business venture in the hope of making a profit is called an entrepreneur.
A)True
B)False
Q3) Willa Dakin started a high-tech company that she expects to grow into a major corporation within three years.Which of the following type of entrepreneurs best describes Dakin?
A) blossoming
B) latent
C) growth-oriented
D) potential
Q4) What are the two types of financing available to entrepreneurs?
Q5) What is the first step in starting a new business?
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Chapter 7: Analyzing the Business
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108 Flashcards
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Sample Questions
Q1) In a SWOT analysis the strengths and weaknesses come from the internal environment (e.g.,financial,operations,marketing,and human resources).
A)True
B)False
Q2) Revenue,expenses,and net income are the key sections found on a statement of cash flows.
A)True
B)False
Q3) Companies today cannot just provide what the customer wants.They need to satisfy customers beyond their expectations.
A)True
B)False
Q4) The statement of cash flows shows the cash flowing into and out of a company. A)True
B)False
Q5) The five stages of industry evolution are evolution,growth,shakeout,mature,and declining industry environment.
A)True
B)False
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) Which forms of business ownership have to deal with the disadvantage of unlimited liability?
Q2) Which of the following statements best describes the taxation of partnerships?
A) Partnerships are limited in taxes depending on number of partners.
B) Both the partnership and the individuals are taxed for any profits earned.
C) Partnerships file tax returns but pass profits and losses on to partners who report them on their tax returns.
D) Partnerships use corporate tax rates in filing returns.
Q3) When Sara Lee,a company known for its baked goods,purchased Dim S.A.,a French hosiery manufacturer,it was an example of a conglomerate merger.
A)True
B)False
Q4) Which of the following are corporate takeovers financed by large amounts of borrowed money?
A) liquidity corporations
B) financed mergers
C) debt acquisitions
D) leveraged buyouts
Q5) List the three major types of mergers.
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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) What is the lowest level of management,which usually has the most people to manage?
A) operational management
B) supervisory management
C) strategic management
D) middle management
Q2) Which of the following is the set of attitudes,values,and standards that distinguishes one organization from another?
A) strategic policy
B) corporate policy
C) corporate culture
D) the mission statement
Q3) Reader's Digest Association,Inc.has published Reader's Digest magazine for over 80 years,and many believe the publication is dated and can no longer attract many readers.Which of the following plans would be needed to revamp the magazine's content,editorial staff,and readership?
A) operational plans
B) tactical plans
C) supervisory plans
D) strategic plans
Page 11
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) What type of organizational structure has no central office,no organization chart,no managerial hierarchy,and no vertical integration?
Q2) Which of the following identifies the goal to redesign business processes to achieve improvements in cost control,product quality,and customer service?
A) redesigning
B) downsizing
C) reengineering
D) reprocessing
Q3) Which type of organization is a company with a wide span of control and short chain of command?
A) a matrix organization
B) a networked organization
C) a flat organization
D) a tall organization
Q4) 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
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Chapter 11: Motivating Employees
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102 Flashcards
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Sample Questions
Q1) According to the Hawthorne effect,which of the following occurs?
A) Good leadership is the key to motivation.
B) Workers respond to being paid attention to.
C) Responsibility motivates workers.
D) Workers respond to money.
Q2) What are gain-sharing plans?
Q3) What do telecommuting,flextime,and job sharing have in common?
Q4) The original Hawthorne studies were set up to study which of the following?
A) testing used in the selection of employees
B) employee incentives
C) employee breaks
D) lighting
Q5) Julia Li is a low-level manager for a manufacturer of collectible plates and figurines.She is assigned new jobs every few months so she can learn all aspects of her company's operations.Management is utilizing which of the following concepts?
A) job enrichment
B) job rotation
C) job enlargement
D) job development
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Which of the following is a type of on-the-job training?
A) programmed instruction
B) vestibule training
C) apprenticeship
D) brainstorming
Q2) In which of the following shops does the worker not have to join the union but must pay dues to cover union expenses?
A) a closed shop
B) an agency shop
C) a managed shop
D) an open shop
Q3) 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?
Q4) Human resource management is the process of hiring,developing,motivating,and evaluating people in order to achieve organizational goals.
A)True
B)False
Q5) What is the first step in the employee selection process?
Q6) What is a contingent worker?
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Chapter 13: Marketing The Customer Focus
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125 Flashcards
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Sample Questions
Q1) Loyalty cards are a way for retailers to capitalize on volume segmentation.
A)True
B)False
Q2) Rikki Eckstein believes that it is wrong to eat pork or touch a pig carcass.His belief is so strong that he will not eat in a restaurant that serves pork.This is an example of which of the following influences on consumer buying decisions?
A) physiological
B) cultural
C) individual
D) psychological
Q3) Personal selling is an element of the product strategy.
A)True
B)False
Q4) Scanner-based research is a system for gathering information from a single group of respondents by continuously monitoring the advertising,promotion,and pricing they are exposed to and the things they buy.
A)True
B)False
Q5) List the components of the marketing mix.
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Chapter 14: Creating Marketing Strategies
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143 Flashcards
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Sample Questions
Q1) A warehouse that specializes in breaking down bulk goods to small shipment sizes but not in storing goods is called which of the following?
A) a supply chain captain
B) a distribution centre
C) a physical handling system
D) a material control system
Q2) List the elements of the promotional mix.
Q3) What is a product for which consumers may search long and hard and for which they refuse to accept substitutes?
A) a specialty product
B) a generic product
C) a shopping product
D) a convenience product
Q4) It is rare for a company to use both push and pull strategies on the same products.
A)True
B)False
Q5) Give an example of bundling.
Q6) List two reasons that a company might use penetration pricing.
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Chapter 15: Achieving World-Class Operations Management
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Sample Questions
Q1) Manufacturing resource planning II is best described by which of the following?
A) It considers both the external and the internal environment.
B) It was developed by the Japanese at the same they developed just-in-time systems.
C) It is used to make production planning decisions, such as facility layout and site selection.
D) It is a complex computerized system for generating production plans.
Q2) What do the letters "CAD" stand for?
A) competitive ad designer
B) commercial-art design
C) computer-aided design
D) continuous art documentation
Q3) Which of the following is a characteristic of the intermittent process?
A) short production runs
B) high volume
C) standardized products
D) low variety of products
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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Sample Questions
Q1) Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?
A) an account payable
B) an account receivable
C) an intangible asset
D) a current asset
Q2) Which of the following are the two types of expenses recorded on the income statement?
A) cost of goods sold and production costs
B) sales expenses and administrative expenses`
C) operating expenses and administrative expenses
D) cost of goods sold and operating expenses
Q3) Which of the following are temporary investments of excess cash in bonds and shares that can readily be converted into cash?
A) marketable securities
B) accounts receivable
C) owners' net contribution margins
D) notes payable
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Page 18
Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) Alli Kamal loaned Textron Corporation $1,000 in the form of a bond purchase.Textron must pay back the $1,000 on August 1,2015.The $1,000 is known as which of the following?
A) the premium amount
B) the market value
C) the principal
D) the book value
Q2) ATMs let customers of banks make deposits and withdrawals while in a shopping centre or supermarket 24 hours a day.What do the letters ATM stand for?
A) accounting transfer machine
B) accounting transfer management
C) automatic transfer machine
D) automated teller machine
Q3) Futures contracts are best described by which of the following?
A) They are a way to buy common shares on a margin.
B) They appeal to investors because they are sure providers of retirement income.
C) They do not pay dividends.
D) They are good investments for risk-aversive investors.
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Chapter 18: Finance Maximizing the Value
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Sample Questions
Q1) In which of the following industries are you most likely to find factoring being used?
A) the tire industry
B) the fast-food industry
C) the soft drink industry
D) the appliance industry
Q2) What is financial management?
Q3) Venture capitalists provide a source of debt financing and usually charge high interest for loans because of the high risk of the enterprises they finance.
A)True
B)False
Q4) A term loan is a loan with a maturity of less than a year.
A)True
B)False
Q5) The financial crisis of 2008 has had little effect on money management.
A)True
B)False
Q6) What kind of budgeting would be used to make sure the company has enough money to purchase an additional warehouse when it achieves its growth goal?
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