Business Fundamentals
Final Exam Questions
Course Introduction
Business Fundamentals introduces students to the essential concepts and principles that underpin the world of business. The course covers key topics such as organizational structures, management practices, marketing strategies, financial management, and the economic environment in which businesses operate. Through real-world examples and interactive learning, students will gain a foundational understanding of how businesses are formed, operated, and evaluated, equipping them with the critical skills necessary for success in further business studies or entry-level professional roles.
Recommended Textbook BUSN 2nd Canadian Edition by Marce Kelly
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21 Chapters
3188 Verified Questions
3188 Flashcards
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Chapter 1:
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Sample Questions
Q1) Businesses in the relationship era focused their efforts on building long-term customer relationships.What key tool was utilized for business development during this era?
A)entrepreneurship
B)production
C)technology
D)services
Answer: C
Q2) Children's Campground is a summer program for school-age children.It advertises that there is one counsellor for every four children and that several other highly trained professionals are on staff.Its advertisements indicate that Children's Campground relies heavily on what factor of production?
A)entrepreneurship
B)human resources
C)natural resources
D)capital
Answer: B
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Page 3
Chapter 2: Business Communication: Creating and Delivering Messages That Matter
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) What communication channel does a manager use to deliver an important message to many people at the same time and experience the immediate response of the listeners?
A)videoconferencing
B)voice mail
C)instant message
D)memo
Answer: A
Q2) Which of the following can greatly enhance your chances for success in the business arena?
A)good listening skills
B)multilevel noises
C)excellent communication skills
D)cultural norms
Answer: C
Q3) One of the problems with communication is that people listen faster than they are able to think.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Sample Questions
Q1) In order to make ethical decisions,it is helpful to think about several questions,including (1)who will be impacted by the decision,(2)who will benefit from the decision,and (3)who will suffer from the decision.
A)True
B)False
Answer: True
Q2) Which of the following best describes the double bottom line social audit procedure?
A)It measures both a firm's financial performance and its efforts to meet social responsibilities.
B)It indicates a preference for meeting profit goals and de-emphasizes any company social contributions that would cut into profits.
C)It develops financial rewards for managers whose fundraising contributions to community-based organizations exceed expectations.
D)It measures both sales and profits.
Answer: A
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Page 5
Chapter 4: Economics: the Framework for Business
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Sample Questions
Q1) Pampered Pooch is a dog groomer in the area looking to increase productivity for the business.Currently,in an eight-hour day,Pampered Pooch can wash and groom 12 large dogs.How would the management of Pampered Pooch calculate productivity?
A)divide the number of dogs groomed per day (12) by the amount of labour per day (8 hours)
B)divide the total weight of the dogs by 12, then multiply the results by the number of hours of labour per day (8 hours)
C)divide 12 dogs by a 7-day work week and multiply the result by 8
D)divide 8 hours by 12 dogs per day
Q2) Which structure is used for allocating scarce resources?
A)a factor distributor
B)an econometric plan
C)the gross domestic product
D)an economic system
Q3) Competition encourages companies to operate efficiently and responsively.The government does its part to stimulate fair competition by creating regulations to protect consumers and workers.
A)True
B)False
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Page 6
Chapter 5: Business Formation: Choosing the Form That Fits
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Sample Questions
Q1) To increase size and market power in its industry a firm would consider what type of merger?
A)a generic merger
B)a horizontal merger
C)a vertical merger
D)a conglomerate merger
Q2) Successful franchisors are particularly vigilant in avoiding situations where the behaviour of an incompetent or irresponsible franchisee harms the reputation of the franchisor and other franchisees.What is the term for this effect?
A)pie-in-the-sky effect
B)restructuring effect
C)saturated effect
D)negative halo effect
Q3) Franchisors seldom succeed in their attempts to move into foreign markets.
A)True
B)False
Q4) Identify and describe the advantages of general partnerships.
Q5) List and define the advantages and disadvantages of forming a general corporation.
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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Sample Questions
Q1) Small business owners typically find that the small size of their companies makes it simple for them to handle all of the management functions by themselves.
A)True
B)False
Q2) What have Steve Jobs,Ray Kroc,and Walt Disney all experienced?
A)They had failures early in their careers.
B)They became entrepreneurs more out of necessity than out of a real desire to start a business.
C)They started their own businesses with great personal wealth.
D)They had success at the very beginning of their careers.
Q3) Every small business owner starts out as an entrepreneur.
A)True
B)False
Q4) What three factors explain the wide differences in entrepreneurship rates among countries? How do these factors help explain the relatively high rate of entrepreneurship in Canada?
Q5) More than 50% of small businesses don't survive beyond their first year.
A)True
B)False
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Chapter 7: Accounting: Decision Making by the Numbers
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Sample Questions
Q1) When managers are looking at different ways to achieve a certain goal,what can they perform as a means of comparing how the alternative decisions would affect the firm's revenues and costs?
A)activity-based costing
B)marketing analysis
C)incremental analysis
D)ratio analysis
Q2) Which type of accountants provide to individuals and businesses a wide variety of services on a fee basis,including income tax preparation,external auditing services,and consultation on a variety of accounting issues and problems?
A)public accountants
B)private accountants
C)contract-basis accountants
D)forensic accountants
Q3) Private and public accountants do the same type of work but have different qualifications.
A)True
B)False
Q4) Identify the four goals of generally accepted accounting principles (GAAP).
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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Sample Questions
Q1) At Chips and Dips,a local convenience market,an increase in the inventory turnover ratio would indicate which of the following?
A)It is at risk of holding too much inventory.
B)It is more likely to face a cash flow problem.
C)It is selling its stock of merchandise more quickly.
D)It is relying heavily on credit sales.
Q2) A firm can never hold too much cash.
A)True
B)False
Q3) Describe the various key ratios managers rely on,briefly explain what each type of ratio tells the financial manager,and give one specific example of each.
Q4) At Sips and Chips,a local cybercafé,management is measuring the profit earned on each dollar invested by the shareholders.What are the managers measuring?
A)the firm's return on assets
B)the firm's degree of financial leverage
C)the firm's earnings per share
D)the firm's return on equity
Q5) Define the two primary sources of equity financing.
Page 10
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Chapter 9: Securities Markets : Trading Financial Resources
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Sample Questions
Q1) What is the term for the first time a corporation issues stock that may be purchased by the general public?
A)initial DRP
B)initial public offering
C)initial stock option
D)initial prospectus
Q2) An advantage of mutual funds is that they pool the funds of many investors so that these investors can own a broader portfolio of securities than they could not afford if they tried to purchase these securities individually.
A)True
B)False
Q3) A bond's maturity date is the date when a bond will come due and the issuing company must pay the principal amount owed to the bondholder.
A)True
B)False
Q4) The stocks of many of the best-known high-tech stocks are listed on the NASDAQ exchange.
A)True
B)False
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Chapter 10: Marketing: Building Profitable Customer
Connections
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Sample Questions
Q1) Analysis of market share is a key to understanding which of the following about the firm?
A)its promotion strategy
B)its competitive environment
C)its social and cultural environment
D)its demographic strengths
Q2) Toyota is considered to be a green marketer.What is green marketing,and what does it accomplish? Describe why Toyota qualifies as a green marketer.
Q3) Within the last few decades,marketing has been greatly impacted by which of the following?
A)a decline in the effectiveness of environmental scanning
B)an increasing reliance on secondary sources of data
C)the observation method of collecting consumer information
D)a call for greater social responsibility and the increase in the use of technology
Q4) Observation research involves talking to subjects being watched.
A)True
B)False
Q5) Explain the steps a business leader takes when developing a marketing strategy.
Page 12
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Chapter 11: Part 1: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) Margo has decided to join Tone-It-Up Fitness in an effort to become physically fit.The core benefit Margo is seeking revolves around her desire to become more physically fit.
A)True
B)False
Q2) When Pillsbury reached an agreement with M&M's to include the candy in one of its ready-to-bake cookie dough products,the two companies were using a strategy known as cobranding.
A)True
B)False
Q3) Marketers using a push strategy focus on promotional techniques that create demand from final consumers.
A)True
B)False
Q4) Marketers have more control over publicity than they do over advertising.
A)True
B)False
Q5) Solar and wind power plants are in the decline phase of the product life cycle.
A)True
B)False
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Chapter 11: Part 2: Product and Promotion: Creating and Communicating Value
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166 Verified Questions
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Sample Questions
Q1) Explain the difference a between product line and a product mix.Provide an example of each.
Q2) What is one advantage cable television offers advertisers over broadcast television?
A)It has the ability to target highly specialized markets.
B)It allows a greater number of minutes of advertising per hour than broadcast television.
C)It provides access to a larger market.
D)It allows them to develop higher quality advertisements.
Q3) In marketing,promotion refers to which of the following?
A)communication intended to influence consumer purchase decisions through information, persuasion, and reminders
B)any activities designed to increase sales that don't involve advertising or personal selling
C)the paid placement of advertising where consumers shop
D)efforts that focus more on building goodwill among all stakeholders than on generating immediate sales by final consumers
Q4) What is consumer promotion? Name and describe three consumer promotional tools used to generate immediate sales.
Page 14
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Chapter 12: Distribution and Pricing: Right Product, right
Person, right Place, right Price
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Marketing intermediaries can deliver utility created by producers,but they can't create new utility.
A)True
B)False
Q2) The use of skimming pricing is illegal because it discourages competition.
A)True
B)False
Q3) What is the key advantage of trucking over other modes of transportation?
A)it is the fastest mode of transportation
B)it offers faster and more frequent shipments
C)it offers more flexibility in handling
D)it is less costly
Q4) Logistics focuses primarily on the tactics involved in moving products along the supply chain.
A)True
B)False
Q5) Grocery stores and department stores often use high/low pricing.
A)True
B)False
Q6) What is breakeven analysis? Describe how marketers use this tool. Page 15
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Page 16
Chapter 13: Management, motivation, and Leadership: Bringing Business to Life
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215 Verified Questions
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Sample Questions
Q1) Defining the organization's mission and evaluating results are steps involved with setting a strategic agenda.
A)True
B)False
Q2) Operational planning is specific,short-term planning that applies tactical plans to daily,weekly,and monthly operations.
A)True
B)False
Q3) Planning determines the structure for individual jobs and the overall organization.
A)True
B)False
Q4) Theory Y managers tend to believe that workers usually lack the intelligence and motivation to perform complex jobs.
A)True
B)False
Q5) Discuss the differences between line,line-and-staff,and matrix organizations.Identify the advantages and disadvantages of each.
Page 17
Q6) Identify the categories of business planning and explain how they differ.
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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Sample Questions
Q1) Describe the pay-for-performance approach to compensation and its impact on employee morale.
Q2) Halman Routhe will soon begin interviewing potential candidates for a job in his department.He wants to refresh his memory about the specific types of training,education,and experience the interviewees should possess.He could do this by reviewing which of the following about the position?
A)the employee profile
B)a performance appraisal
C)the job description
D)the job specification
Q3) Which of the following would appeal to employees who want to have some flexibility in the choice of the benefits they receive?
A)buffet benefits
B)pick-four plans
C)cafeteria-style benefits
D)smorgasbord benefit plans
Q4) List five reasons why effective training can contribute to a firm's competitive edge and to its healthy bottom line.List and describe two specific examples of training and development programs.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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Sample Questions
Q1) TurboTax is a software program that takes the customer through a series of tax-related questions.Based on the customer's responses,the system will select the next question.In the end,it provides all the information the customer needs to file a return to Canada Revenue Agency,including the amount of taxes owed or the amount of a refund to expect.TurboTax is an example of an expert system.
A)True
B)False
Q2) Electronic bill presentment and payment is a method in which bills are sent to customers via e-mail.Many banks offer this service.
A)True
B)False
Q3) Which of the following installs itself on a computer without the user's knowledge or permission for the purpose of tracking the user's behaviour?
A)adware
B)freeware
C)cyberware
D)spyware
Q4) Describe four differences between B2C and B2B e-commerce.
Page 19
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Chapter 16: Operations Management: Putting It All Together
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Sample Questions
Q1) Operations management is concerned with all of the activities involved in creating goods and services and distributing them to customers.
A)True
B)False
Q2) In recent years the trend has been to rely less on outsourcing.
A)True
B)False
Q3) Robots are often used to perform tedious,dangerous,or dirty work that otherwise would be performed by reluctant employees.
A)True
B)False
Q4) Which of the following is a diagram providing the detailed picture of the flows of all parts,materials,and information throughout the entire production process for the purpose of streamlining the process and avoiding waste?
A)value stream map
B)PERT diagram
C)critical path network
D)Gantt chart
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Chapter 17: The World Marketplace: Business Without Borders
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Sample Questions
Q1) Define trade surplus,trade deficit,and balance of payment surplus.Compare and contrast trade deficit and trade surplus to balance of payment deficit and balance of payment surplus,and explain the total impact on a stable economy.
Q2) Describe how sociocultural differences can become barriers to international trade and how these differences can be addressed to avoid a negative impact on global business.
Q3) Suppose the value of the Canadian dollar strengthened considerably against the euro.Who would be most likely to benefit from this result?
A)European tourists travelling in Canada
B)Canadian manufacturers trying to expand their exports to European markets
C)European firms operating production facilities in Canada
D)European firms exporting goods to Canada
Q4) The International Monetary Fund (IMF)exists to promote international economic cooperation and stable growth.Describe how the IMF accomplishes this.
Q5) Describe the purpose of the European Union as it relates to trade relations with Canada.
Q6) Define countertrade and explain its impact on a nation's economy.
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Q7) Discuss the benefits of global trade and its impact on economic development.
Chapter 18: Labour-Management Relations
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Sample Questions
Q1) Which of the following is a group of workers who have organized in order to pursue common work-related goals,such as better wages and benefits,safer working conditions,and greater job security?
A)labour federation
B)labour union
C)labour collective
D)cooperative
Q2) The level at which most members interact with their union is referred to as which of the following?
A)labour collective
B)regional labour council
C)labour cooperative
D)local union
Q3) Union workers tend to earn higher wages and receive better benefits than nonunion workers performing similar jobs.
A)True
B)False
Q4) Explain the types of topics discussed in a collective bargaining process.
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Page 22
Chapter 19: Business Law
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Sample Questions
Q1) When goods are shipped from the seller to the buyer,the risk of loss due to damage or spoilage always rests with the party who held legal title to the goods at the time the loss occurred.
A)True
B)False
Q2) Civil law deals with disputes between private citizens.These disputes are settled in the courts when one of the parties initiates a lawsuit against the other.Common types of cases brought before civil courts involve breach of contract,negligence,or willful acts that cause harm.
A)True
B)False
Q3) The main difference between civil cases and criminal cases is that criminal cases are concerned only with felonies,while civil cases are concerned only with misdemeanours.
A)True
B)False
Q4) Define a principal-agency relationship,and describe three duties that each party owes the other in this type of relationship.
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Page 23
Chapter 20: Personal Finance
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Sample Questions
Q1) The difference between discretionary costs and nondiscretionary costs is that discretionary costs are more controllable.
A)True
B)False
Q2) Recently your Aunt Gertie asked you about investing $10 000.During the course of your conversation she mentioned that she was looking for a maximum level of safety.Based on this information you suggest you invest the $10 000 in corporate stock.
A)True
B)False
Q3) Which of the following is an example of an individual retirement plan?
A)RESP
B)RRSP
C)traditional IRA
D)a vesting plan
Q4) Which of the following is required for responsible use of a credit card?
A)selfishness
B)self-discipline
C)self-interest
D)self-responsibility
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