Course Introduction
Business Environment
Study Guide Questions
Business Environment explores the dynamic and complex external factors that influence organizations and their operations. The course examines key elements such as economic systems, political and legal frameworks, social and cultural trends, technological advancements, and global forces shaping business decisions. Students analyze how these environmental factors impact strategic planning, competitiveness, and corporate social responsibility. Through case studies and real-world examples, learners gain insights into adapting to regulatory changes, ethical considerations, and emerging opportunities and threats in the ever-evolving marketplace.
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) The private enterprise system encourages government intervention.
A)True
B)False
Answer: False
Q2) The Industrial Revolution in England transformed America's economy by introducing ______.
A) the concept of each worker producing one complete product
B) labour unions
C) the factory system
D) the continuously moving assembly line
Answer: C
Q3) The Great Depression led Canadian businesses to enter a new business era referred to as the ______.
A) marketing era
B) colonial era
C) social responsibility ear
D) production era
Answer: A
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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) Why is it important for a company to create and communicate a code of conduct?
Answer: A code of conduct defines how an organization expects its employees to resolve ethical issues. It improves ethical awareness among employees, helps them identify ethical problems when they occur, and provides guidance about how they should respond.
Q2) An employee hotline, a telephone number that employees can call anonymously for advice or to report unethical behaviour they have seen, is intended to support A) ethical leadership.
B) ethical reasoning.
C) ethical action.
D) ethical awareness.
Answer: C
Q3) Formally stating that employees must NOT discriminate on the basis of race, gender, or age in their dealings with customers is something that could be found in a company code of conduct.
A)True
B)False
Answer: True
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4
Chapter 3: Economic Challenges Facing Contemporary Business
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) Because there are only a few manufacturers of computer chips, the product is sold in the pure competition market.
A)True
B)False
Answer: False
Q2) Fiscal policy is used primarily to increase or decrease interest rates.
A)True
B)False
Answer: False
Q3) Business borrowing becomes more difficult when ______.
A) the federal government increases spending
B) the federal government decreases spending
C) the Bank of Canada increases the money supply
D) the Bank of Canada decreases the money supply
Answer: D
Q4) Monopolistic competition differs from pure competition because sellers have some control over prices.
A)True
B)False
Answer: True
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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) Which of the following is NOT a social or cultural barrier in international trade?
A) language
B) religion
C) consumer attitudes
D) currency exchange
Q2) Explain the advantages and disadvantages of imposing trade restrictions.
Q3) Why have Canadian firms become increasingly focused on international business?
Q4) What is the difference between absolute advantage and comparative advantage?
Q5) A superior education system can lead to a comparative advantage in human resources.
A)True
B)False
Q6) The European Union leads the world in international trade.
A)True
B)False
Q7) Much of Canada's trade with the United States is resource-based.
A)True
B)False
Page 6
Q8) Mention and explain at least two effects of international trade restrictions.
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Chapter 5: Forms of Business Ownership and Organization
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190 Flashcards
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Sample Questions
Q1) One important advantage of franchising is its ability to provide business expertise for relatively inexperienced franchisees.
A)True
B)False
Q2) Franchising overseas is too difficult for most companies.
A)True
B)False
Q3) Explain the role of corporate management.
Q4) The number of jobs created each year varies in Canada. However, in many years, ______ of the new jobs created in the economy have been created by companies with fewer than 100 employees.
A) 20%
B) 30%
C) 40%
D) 50%
Q5) More than half of all small businesses fail within the first year.
A)True
B)False
Q6) Why are small businesses especially important to women?
Q7) Explain the benefits and drawbacks of buying a franchise.
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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) An overall idea for how to convert a business idea into a success is called ______.
A) vision
B) creativity
C) internal locus of control
D) tolerance for ambiguity
Q2) Social entrepreneurs focus on what type of problems as a business opportunity?
A) problems of companies
B) private problems
C) human problems
D) political problems
Q3) Owning a business, by definition, means that you are an entrepreneur.
A)True
B)False
Q4) Distinguish between venture capitalists and angel investors.
Q5) An entrepreneur
A) owns controlling interest in a company.
B) manages a business that operates in more than one country.
C) accepts the risk of starting and running a business.
D) manages a business for someone else.
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Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Once a manager has determined the problem or opportunity, the next step in the decision-making process is to ______.
A) decide whether the manager is facing a programmed decision or a nonprogrammed decision
B) identify the problem
C) develop alternatives
D) evaluate alternatives
Q2) One disadvantage of a matrix organization is that employees may be confused and frustrated in reporting to two bosses.
A)True
B)False
Q3) How does strategic planning differ from tactical planning? Give an example of each type of planning.
Q4) Provide examples of tools managers might use to reinforce corporate culture.
Q5) Explain what is meant by span of management. Describe the trend in determining span of management.
Q6) Describe competitive differentiation. Provide possible examples of competitive differentiation.
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Q7) Describe contingency planning and its two components.
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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) Demitrius is scheduled for a 360-degree performance review at UPS. What advantage can he and the company gain from this review?
A) less work for employees and managers
B) less paperwork than a traditional review
C) personal disputes cannot taint the outcome
D) feedback from multiple perspectives
Q2) How are employees classified when their compensation is calculated periodically (often on weekly or monthly basis)?
A) hourly employees
B) management employees
C) salaried employees
D) permanent employees
Q3) A signed and ratified contract eliminates the potential of disagreement between labour and management.
A)True
B)False
Q4) Describe the core responsibilities of human resource management.
Q5) Distinguish between the terms outsourcing and downsizing and explain when each may be used in the organization.
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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) Explain how the provision of a company's financial information to employees could result in empowerment.
Q2) An annual report to shareholders is an example of external communication.
A)True
B)False
Q3) The sender can only use one type of communicate channel to pass a message along to the receiver.
A)True
B)False
Q4) Ingrid's team is engaged in problem solving and appears focused on accomplishing tasks. Ingrid's team is likely in which stage?
A) forming stage
B) norming stage
C) storming stage
D) performing stage
Q5) When responding during a crisis, it's best to avoid visual images because they will undermine the seriousness of the situation.
A)True
B)False
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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) Describe the major tasks of production and operations managers.
Q2) Woodworking and dry cleaning shops are most likely to use which layout?
A) product
B) customer
C) process
D) cellular
Q3) Which of the following situations would present a challenge for a just-in-time (JIT) investment system?
A) vendor-managed inventory
B) sudden increase in demand
C) increase in the number of suppliers
D) long-term relationships with suppliers
Q4) A light bulb is an example of a standardized part, which simplifies the replacement process.
A)True
B)False
Q5) Explain customer-driven production.
Q6) Explain the purpose of inventory control.
Q7) What is a flexible manufacturing system?
Q8) Describe a flexible manufacturing system.
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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) Define the term target market.
Q2) A focus group is a type of survey method for collecting secondary data.
A)True
B)False
Q3) An outdoor store sells rafting and camping permits for a close-by national park. The store is creating place utility.
A)True
B)False
Q4) The era in marketing history characterized by the notion that the customer is always right is known as the ______ era.
A) production
B) sales
C) marketing
D) relationship
Q5) Personal factors that influence consumer behaviour include cultural, social, and family influences.
A)True
B)False
Q6) In your own words, define marketing.
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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) A product is a bundle of physical, service, and symbolic attributes.
A)True
B)False
Q2) Briefly discuss the four stages of a product life cycle and explain what strategies you are likely to adopt to promote and sustain the demand for a new product?
Q3) The two major distribution channels are ______.
A) selling and advertising
B) production scheduling and inventory control
C) branding and customer service
D) direct and marketing intermediary
Q4) Travis wants to replace his old mattress with a new soft-foam mattress, and has spent almost a week researching different brands and prices. When he's ready to buy, Travis will be purchasing a(n) ______ product.
A) convenience
B) shopping
C) specialty
D) accessory
Q5) Describe the supply chain.
Q6) Explain the concept of distribution intensity.
Page 14
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Chapter 13: Promotion and Pricing Strategies
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Marketers using a pushing promotional strategy might offer which of these services to marketing intermediaries?
A) cash discounts
B) trade discounts
C) cooperative advertising allowances
D) promotional materials
Q2) Volume objectives bases pricing decisions on ______.
A) image goals and status quo pricing
B) supply and demand
C) breakeven analysis
D) market share
Q3) Elizabeth and Tom have had an in-ground swimming pool installed in their backyard. About one week after installation, the salesperson telephoned and asked if everything about the pool met with their approval. The salesperson is ______.
A) prospecting
B) trying to get a repeat order
C) conducting a follow-up
D) overcoming objections
Q4) Explain breakeven analysis.
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Chapter 14: Using Technology to Manage Information
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155 Flashcards
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Sample Questions
Q1) On-site data backup involves storing software and data in a separate physical location or online on the Internet.
A)True
B)False
Q2) Which of the following statements is true about intranets?
A) Intranets require a Windows operation system.
B) Intranets may be accessed by anyone with an Internet connection.
C) Intranets provide secure connections between two points on the Internet.
D) Intranets allow information sharing within a company network.
Q3) Grid computing is too expensive for small- to medium-sized companies.
A)True
B)False
Q4) One basic form of disaster prevention is routinely backing up software and data. A)True
B)False
Q5) Hot spots are locations with a wireless router and a high-speed Internet modem.
A)True
B)False
Q6) Briefly describe computer hardware and software.
Q7) Define and give examples of common cybercrime.
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Chapter 15: Understanding Accounting and Financial Statements
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180 Flashcards
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Sample Questions
Q1) Not-for-profit organizations use only public accountants.
A)True
B)False
Q2) The balance sheet is based on the accounting equation.
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) A firm's balance sheet shows its financial position over a period of time.
A)True
B)False
Q5) Investing activities focus on selling goods and services, but they also consider cost control as an important element of sound financial management.
A)True
B)False
Q6) Explain the differences between public accountants and management accountants.
Page 17
Q7) Differentiate between public accountants and management accountants.
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Chapter 16: The Financial System
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200 Flashcards
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Sample Questions
Q1) After the recent credit crisis, many small business owners have suffered because banks began pulling their lines of credit.
A)True B)False
Q2) Nondepository institutions include life insurance companies, such as Manulife Financial; pension funds, the Ontario Teachers' Pension Plan; and mutual funds.
A)True B)False
Q3) Describe stock markets and identify two well-known stock markets.
Q4) The chairman of the Bank of Canada can accelerate economic activity by lowering interest rates. What primary method does the Bank of Canada use to accomplish this?
A) open market operations
B) increasing the discount rate
C) increasing reserve requirements
D) selling margin requirements
Q5) What are the main reasons why investors purchase common shares?
Q6) Describe financial institutions and mention the two main types discussed in the chapter.
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Chapter 17: Financial Management
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Sample Questions
Q1) A mix of a firm's debt and equity capital is ______.
A)venture capitalists
B)private placements
C)factoring
D)capital investment analysis
E)debt capital
F)equity capital
G)financial plan
H)leverage buyout
I)private equity funds
J)divestiture
K)marketable securities
L)financial manager
M)tender offer
N)trade credit
O)leverage
P)capital structure
Q)asset intensity
R)bonds
Q2) Explain the concept of risk-return trade-off.
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