Business Ethics
Exam Answer Key
Course Introduction
Business Ethics explores the moral principles and challenges that arise in the world of business, equipping students with the tools to identify ethical dilemmas, evaluate alternatives, and make responsible decisions in professional contexts. The course examines core ethical theories, corporate social responsibility, stakeholder management, and the impact of globalization on ethical practices. Through case studies, discussions, and critical analysis, students will learn how to apply ethical reasoning to real-world business situations, addressing issues such as workplace discrimination, whistleblowing, consumer rights, environmental sustainability, and ethical leadership.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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18 Chapters
2559 Verified Questions
2559 Flashcards
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Page 2
Chapter 1: Political Environment
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) What does the code of conduct for procurement try to ensure for both public servants and vendors?
Answer: The goal of the code of conduct for procurement is more transparency in marketing, operations, and corporate social responsibility from Canadian businesses and government.
Q2) Under the doctrine of strict product liability, a manufacturer can be held liable under which of the following conditions?
A) for any injury or damage caused by products that do not meet industry standards
B) only if the company knowingly sold a hazardous product
C) only if the company purposefully was negligent in the design or production of the product
D) only if the company intentionally introduced a defective product
Answer: A
Q3) Why was the Competition Act established?
Answer: To protect consumers from things like conspiracies, monopolies, and mergers.
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3
Chapter 2: Economic Environment
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) Which market structure is an ideal and does not really exist?
Answer: perfect or pure competition
Q2) The movement of inputs and outputs among households, businesses, and governments is referred to as circular flow.
A)True
B)False
Answer: True
Q3) China is a planned economy with very few entrepreneurs.
A)True
B)False
Answer: False
Q4) No true examples of a pure monopoly exist today.
A)True
B)False
Answer: False
Q5) An increase in the price of crude oil could trigger cost-push inflation.
A)True
B)False
Answer: True
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Chapter 3: Social Environment
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) According to management expert Peter Drucker, what are the basic dimensions of social responsibility?
Answer: legality and responsibility
Q2) There is a strong business case for practising business integrity and behaving in a socially responsible manner.
A)True
B)False
Answer: True
Q3) Generation X refers to the demographic that began entering the workforce during an affluent period in the Canadian economic cycle.
A)True
B)False
Answer: False
Q4) Demographics is the study of people's vital statistics, such as their age, race and ethnicity, and location.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Technological Environment
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Canada has shifted from an industrial society to an export-based economy.
A)True
B)False
Q2) Most of the information used to make decisions in business is proprietary.
A)True
B)False
Q3) Who does the CIO report directly to?
A) vice-president
B) chief executive officer
C) shareholders
D) board of directors
Q4) Hardware or software designed to prevent unauthorized access to or from a private network is referred to as a brickwall.
A)True
B)False
Q5) What does the term "network effects" describe?
Q6) Technology transfer is typically protected by trademarks.
A)True
B)False
Q7) What are the responsibilities of a CIO?
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Chapter 5: International Environment
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) What term has the opposite meaning from "protectionism"?
Q2) Which of the following is a tax levied by a nation on imported goods?
A) an embargo
B) a boycott
C) a premium
D) a tariff
Q3) China imposes a 45 percent tax on the market value of all chickens that are imported from other countries into China. What would be another name for this type of tax?
A) a tariff
B) a quota system
C) a subsidy
D) an embargo
Q4) A policy of permitting the people of a country to buy and sell where they please, without restrictions, is called which of the following?
A) protectionism
B) free trade
C) premium exchange
D) comparative advantage
Q5) How does an infrastructure influence a country's economic development?
Page 7
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Chapter 6: Entrepreneurship and Small Business
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) The first step in starting your own business is the creation of a unique marketable idea.
A)True
B)False
Q2) Somebody who specializes in financing small high-growth companies in return for an ownership interest and a voice in management is referred to as which of the following?
A) angel investor
B) equity entrepreneur
C) venture capitalist
D) financier
Q3) Which of the following is the most common use of business plans?
A) to persuade lenders and investors to finance the venture
B) to comply with the Ontario Securities Commission
C) to persuade customers to buy the new product or service
D) to use as a recruitment tool
Q4) Two-thirds of all Canadians feel that small businesses are a negative influence on our economy.
A)True
B)False
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Chapter 7: Understanding the Business
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Companies are more likely to earn good publicity over the long run if they are which of the following?
A) good stewards of the environment
B) large donors to a charity
C) big sponsors of a community event
D) politically active
Q2) A profitable company can still go bankrupt.
A)True
B)False
Q3) What is Starbucks' core competency?
A) premium products
B) unique product offerings
C) great customer service
D) making great coffee
Q4) SWOT stands for strengths, weaknesses, opponents, and threats.
A)True
B)False
Q5) Explain the purpose of a SWOT analysis.
Q6) What are some of the critical success factors for a business?
Q7) Describe the purpose of an income statement.
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Chapter 8: Forms of Business Ownership
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) The board of directors of a corporation is elected by the shareholders
A)True
B)False
Q2) An association of two or more individuals who agree to operate a business together for a profit is referred to as which of the following?
A) partnership
B) joint venture
C) association
D) strategic alliance
Q3) A corporation can best be described by which of the following statements?
A) It cannot sue or be sued.
B) It ends when the owner of the corporation charter dies.
C) It does not have a life separate from its owners.
D) It does not have a size limitation.
Q4) A person who buys a franchise has the same level of control as an entrepreneur who opens his or her own sole proprietorship.
A)True
B)False
Q5) What is the first step in incorporating a company?
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Chapter 9: Management and Leadership in Todays Organizations
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) At Burger King, the restaurant manager must coordinate tasks, positions, and work units with order takers, food preparers, and cleanup people. Which of the following functions is illustrated by these activities?
A) planning
B) communicating
C) controlling
D) organizing
Q2) What is the first step in the control process?
Q3) What basic type of management is typically performed by middle managers?
Q4) Which of the following is a formal document that states an organization's purpose and reason for existing, and describes its basic philosophy?
A) mission statement
B) corporate manifesto
C) vision
D) company proclamation
Q5) Strategic planning is long range, formulated by top management, and performed as if the company operates in a vacuum.
A)True
B)False
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Chapter 10: Designing Organizational Structures
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) What are groups of employees who share resources and coordinate efforts so as to help members better perform their individual duties and responsibilities?
A) autonomous teams
B) project committees
C) functional groups
D) work groups
Q2) What does the management activity of organizing include?
A) grouping jobs and employees
B) allocating human resources
C) implementing corporate strategies
D) restructuring organizational chart
Q3) According to the text, what are two trends in organizational structure?
A) global mergers and virtual teams
B) reengineering and matrix structures
C) virtual skills and global diversification
D) team structures and inverted managerial hierarchies
Q4) A tall organization structure has few managerial levels and a long chain of command.
A)True
B)False
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Chapter 11: Motivating Employees
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) The Theory X approach to management builds on the idea that worker and organizational interests are congruent.
A)True
B)False
Q2) With the goal-setting theory, managers have learned that easier goals motivate more effectively than challenging ones.
A)True
B)False
Q3) Who was the father of scientific management?
A) Elton Mayo
B) Abraham Maslow
C) Adam Smith
D) Frederick Taylor
Q4) What was the primary flaw in Frederick Taylor's scientific management?
Q5) What four management trends are identified as having the greatest impact on how companies will be operating in the near future?
Q6) What are managers doing when they horizontally expand a job to increase the number and variety of jobs an employee performs?
Q7) What are managers doing when they vertically expand an employee's job?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) The union and management agreement that allows non-union people to be hired but requires that they join the union after a probationary period creates which of the following type of shop?
A) union shop
B) agency shop
C) managed shop
D) open shop
Q2) In the union shop, a non-union member may be hired, but after a probationary period he or she must join the union or leave.
A)True
B)False
Q3) What is human resources management?
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
14
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Chapter 13: Marketing
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) Finding a competitive advantage, creating a marketing mix, and applying marketing principles and techniques is important only to corporations.
A)True
B)False
Q2) What is the belief that a company should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer?
A) marketing concept
B) exchange relationship
C) market mission statement
D) market approach
Q3) Which of the following is an example of an individual factor that influences someone's decision to buy a Dalmatian puppy?
A) the fact their favourite movie is 101 Dalmatians
B) the person's culture
C) the person's personality
D) the person's mother's opinion
Q4) List the components of the marketing mix.
Q5) What is another name for a competitive advantage?
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Chapter 14: Creating Marketing Strategies
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) If a product survives the introductory stage of the product life cycle, it advances to the maturity stage.
A)True
B)False
Q2) Which of the following is a convenience product?
A) tuxedo
B) computer
C) loaf of bread
D) vacuum cleaner
Q3) In Toronto, Black and Decker has granted nine distributors the rights to carry its products. It hopes customers will seek out the Black and Decker products. What type of distribution does Black and Decker use?
A) centralized
B) exclusive
C) demand-pull
D) selective
Q4) Most competitors enter the market in the maturity stage.
A)True
B)False
Q5) List two reasons that a company might use penetration pricing.
Page 16
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Chapter 15: Achieving World-class Operations Management
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) Which of the following best describes good routing procedures?
A) They increase productivity.
B) They continuously confirm the efficiency of the site location.
C) They reduce bottlenecks.
D) They ensure the availability of needed materials in a timely fashion.
Q2) Which of the following is a set of technical standards designed by the International Organization for Standardization to promote clean production processes to protect the environment?
A) ISO 9000
B) ISO 14000
C) ISO 9001
D) ISO 14001
Q3) Product layout is also called assembly-line layout.
A)True
B)False
Q4) Because Straube Electronics has decided to buy terminal switches instead of producing them, Straube has made a make-or-buy decision.
A)True
B)False
Q5) Define total quality management.
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Chapter 16: Accounting for Financial Success
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Financial accounting produces financial reports that are important to which of the following groups?
A) shareholders
B) managers
C) supervisors
D) employees
Q2) Which of the following is the company's ability to expense fixed assets over their useful life?
A) capital budgeting
B) depreciation
C) acceleration
D) assetization
Q3) Revenues are the dollar amount of sales plus any other income received from sources such as interest, dividends, and rent.
A)True
B)False
Q4) What kind of a financial statement shows revenues, gross sales, and net sales?
Q5) An accounting system should generate both internal and external reports.
A)True
B)False
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Chapter 17: Understanding Money and the Canadian Financial System
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161 Verified Questions
161 Flashcards
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Sample
Questions
Q1) Which of the following is one of the advantages of common share ownership?
A) deductability
B) transferability
C) convertibility
D) liquidity
Q2) Rocks, leaves, and glass shards would not make good mediums of exchange because they lack which of the following key characteristics?
A) portability
B) durability
C) scarcity
D) divisibility
Q3) The Canadian Deposit Insurance Corporation insures only deposits at commercial banks.
A)True
B)False
Q4) Securities are investment certificates issued by corporations or governments.
A)True
B)False
Q5) What is a mutual fund?
Q6) How has deregulation affected the financial services industry? Page 19
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Page 20
Chapter 18: Finance
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Briefly define the risk-return trade-off.
Q2) HGQ Corporation had a very profitable year in 2016. After increasing its dividend payout to shareholders, management wanted to reinvest some of the profits back in the company for future expansion. They would put the profits after dividend payouts into which of the following accounts?
A) share equity
B) investor earnings
C) retained earnings
D) secondary earnings
Q3) A secured loan requires that the borrower pledge specific assets to secure the loan. These assets are known as which of the following?
A) negotiable assets
B) intangible assets
C) pledges
D) collateral
Q4) A life insurance policy paid for by the business and naming the company as beneficiary if the employee dies is called key person insurance.
A)True
B)False
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