Business Fundamentals
Final Test Solutions
Course Introduction
Business Fundamentals provides an essential introduction to the core concepts and practices that underpin modern business operations. The course explores key topics such as management principles, marketing, finance, operations, and organizational structure. Students gain insight into the various functional areas of business and how they interrelate to achieve organizational goals. Through case studies and practical exercises, learners develop critical thinking and problem-solving skills necessary for decision-making in a dynamic business environment. This foundation course is ideal for students seeking to understand the basics of business and those preparing for more advanced business studies.
Recommended Textbook
Business A Canadian Perspective for a Networked World 4th Edition by Gerald Trites
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14 Chapters
700 Verified Questions
700 Flashcards
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Chapter 1: Introduction to Ebusiness
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Sample Questions
Q1) One of the clear advantages of ebusiness is the lower cost of executing transactions.
A)True
B)False
Answer: True
Q2) What is the role of buy-side procurement systems?
Answer: Involves systems within a business that fully automate purchases by staff and involve electronic contact with outside suppliers, often through the internet or an extranet.
Q3) In the B2B arena, activity has centred on the streamlining of the customer relationship management applications by establishing shared systems between suppliers and customers, using the internet or related technology.
A)True
B)False
Answer: False
Q4) Social media marketing is completely free marketing for businesses.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Internet Business Models and Strategies
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Sample Questions
Q1) List the 5 elements of the Porter Five Forces analysis. Answer: 1() the barriers to entry in the industry
2() the threats posed by substitute products or services
3() the bargaining power of suppliers
4() the bargaining power of buyers
5() the rivalry among existing competitors
Q2) PayPal is a popular third-party transaction broker that operates on the internet to facilitate settlements for purchases. Explain how PayPal works.
Answer: Paypal facilitates settlements for purchases for a small fee per transaction. PayPal provides a plug-in "shopping cart" that sellers can easily add to their websites. A buyer purchases items by depositing funds into the seller's PayPal account. The seller then retrieves the funds from its PayPal account.
Q3) The _______ model is a wholesaler or retailer of goods and services.
A) manufacturer
B) affiliate
C) merchant
D) community
E) subscription
Answer: C
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Page 4
Chapter 3: Evolution and Applications of the Internet
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Sample Questions
Q1) Sympatico and Interlink are examples of:
A) servers.
B) Internet Service Providers (ISP).
C) Internet Research Task Force (IRTF) members.
D) Internet Engineering Task Force (IETF) members.
E) none of the above
Answer: B
Q2) The following are a number of internet facts. Which one is incorrect?
A) A URL is an unsecure relay location that should be avoided.
B) The internet is structured in a complex client-server fashion.
C) The key protocol of the internet is TCP/IP.
D) The World Wide Web is only part of the internet.
E) An internet backbone links various regions and service providers.
Answer: A
Q3) An internet service provider has at least one point of presence on the internet.
A)True
B)False
Answer: True
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Chapter 4: Enterprise-Wide and Inter-Enterprise Systems
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Sample Questions
Q1) Which of the following are the basic elements of any information system?
A) internet, intranet, extranet
B) data, output, processing (applications)
C) hardware and software
D) technology and people
E) all of the above
Q2) There are different ways of effectively creating enterprise-wide systems other than by purchasing a single large software package.
A)True
B)False
Q3) The management of inter-enterprise systems:
A) can be carried out easily by one company's IT department
B) is critical to reducing the costs of EDI and email.
C) requires input from both enterprises.
D) can easily be integrated with new technologies.
E) requires little security work due to firewalls.
Q4) How does middleware differ from the idea of importing and exporting information between applications?
Q5) Describe the benefits of enterprise-wide systems.
Q6) List three differences between XML and HTML.
Page 6
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Chapter 5: Security and Controls
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Sample Questions
Q1) The following are all examples of security controls except:
A) policies on putting test applications into production
B) monitoring employee emails for personal messages
C) requiring passwords to access important applications
D) requiring users to change passwords every thirty days
E) documenting backup policies and procedures
Q2) List six categories included in general controls.
Q3) Digital certificates are used to:
A) identify who a user is and share their public key.
B) identify who a user is and share their private key.
C) let email recipients know what email program you use.
D) encrypt corporate data before it leaves the firewall.
E) encrypt outside data before it comes in through the firewall.
Q4) The most accurate description of a firewall would be:
A) a security company hired to monitor your website.
B) a hardware device used to monitor traffic between a network and the internet.
C) a software application that determines how often backups should be made and ensures that they are stored offsite.
D) a protective barrier in the wall outside of the network room.
E) a high risk area of a network.
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Chapter 6: Billing and Payment Systems
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Sample Questions
Q1) When a user does online banking, the use of Secure Socket Layer:
A) ensures all data is deleted from internet service providers.
B) creates a session encryption that cannot be easily broken.
C) requires the use of a virtual private network.
D) can override encryption and ensure security.
E) creates a virtual private network to the bank.
Q2) Why is PayPal considered to be an email payment system?
Q3) A good electronic payment system should have the same characteristics as traditional money.
A)True
B)False
Q4) In attempting to develop a new global payment mechanism, the following is very important:
A) scalability
B) bank acceptance
C) electronic bill presentment
D) dedicated value-added network
E) electronic document interchange
Q5) What was the major reason for EDI to move from traditionally using value-added networks to using the web as a platform?
8
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Chapter 7: Supply-Chain Management
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Sample Questions
Q1) The army weapons industry is an example of an industry that has experienced some level of disintermediation.
A)True
B)False
Q2) The most popular applications being moved to the cloud include:
A) email, archiving, and storage.
B) upstream, internal, and downstream components.
C) accounting, inventory, and marketing.
D) security, privacy, and confidentiality.
E) procurement, operations, and sales.
Q3) The use of partners in the supply chain to control and monitor inventory levels is known as:
A) supply chain management.
B) customer relationship management.
C) warehouse inventory management.
D) just-in-time inventory.
E) vendor-managed inventory.
Q4) Business process change can occur at three major levels. List and describe these levels.
Q5) Define what is meant by an optimal level of inventory.
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Chapter 8: Eprocurement, Trading Exchanges, and Auctions
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Sample Questions
Q1) Bid evaluation is an important part of the trading exchange process.
A)True
B)False
Q2) A vertical trading exchange:
A) has a product or service focus and doesn't target a specific industry.
B) never limits participation to specific buyers and sellers.
C) is one that has an industry or specific market focus such as healthcare.
D) can build an internet presence for companies in high-rise buildings.
E) uses optimum storage capabilities to outsource data management among trading partners.
Q3) Auctions, both physical and virtual, can take a variety of formats in terms of how the process is conducted and how the winner is determined. An English auction is where:
A) they use a descending price format whereby the auctioneer begins with a high price.
B) the price declines to the point that no products remain.
C) the price ascends and the third highest bidder wins.
D) the price ascends and the highest bidder wins.
E) the price is bargained between the bidder and auctioneer.
Q4) What is esourcing?
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Page 10
Chapter 9: Customer Relationship Management
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Sample Questions
Q1) As technologies converge, CRM applications are becoming offerings within what kind of application?
Q2) CRM (Customer Relationship Management) and BI (Business Intelligence) are one and the same.
A)True
B)False
Q3) Intelligent agents are also called _____.
A) spies
B) artificial intelligents
C) web bots
D) web browsers
E) cookies
Q4) _____ is the use of technologies to establish, develop, maintain, and optimize relationships with customers by focusing on the understanding of needs and desires.
A) SCM
B) CRM
C) SDM
D) BI
E) IM
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Chapter 10: Business Intelligence
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Sample Questions
Q1) Two critical issues in architecture design of the system for intelligence application are:
A) database design and system architecture.
B) database language and system architecture.
C) database interfaces and system design.
D) database performance and system version.
E) database architecture and system design.
Q2) Data sources for business intelligence (BI) have to be internal only.
A)True
B)False
Q3) Which one of the following is a Business Intelligence function?
A) information dissemination
B) collaboration
C) performance analysis
D) data analysis
E) all of the above
Q4) What is business intelligence (BI)?
Q5) What is an ad-hoc query?
Q6) Name the five Business Intelligence functions as outlined in the textbook.
Q7) Why is scalability a critical success factor for BI?
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Chapter 11: E-marketing and Advertising
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Sample Questions
Q1) Marketers are able to tailor a site to the specific wants of the user during this phase of web design:
A) personalization phase
B) brochureware phase
C) interactive phase
D) evaluation phase
E) registration phase
Q2) The internet's flexibility allows businesses to move from implementation back to strategy creation relatively quickly.
A)True
B)False
Q3) Describe what is meant by a market segment.
Q4) Which of the following is an example of secondary data?
A) online news sources
B) experiments
C) surveys
D) focus groups
E) proprietary data
Q5) Emarketing during online branding focuses on which two important factors?
Page 13
Q6) What standard unit is often used to measure costs of banner advertising?
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Chapter 12: Metrics for Performance Measurement in
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Sample Questions
Q1) Identify which expense metric below belongs to the variable cost subset.
A) store development costs
B) monthly commission costs
C) incremental revenue from new traffic
D) site maintenance costs
E) advertising costs
Q2) List five broad categories of measurements that are considered for use in assessing performance of ecommerce units.
Q3) Transaction databases can be used to:
A) measure and understand site traffic.
B) track the quantity of items sold and other similar accounting data.
C) track user movement.
D) measure and evaluate internal processes.
E) generate annual click-through reports.
Q4) During the dot-com bubble, investors focused on financial metrics like return on investment (ROI) when assessing ecommerce sites.
A)True
B)False
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Q5) Name the four major categories used in Kaplan and Norton's balanced scorecard.
Chapter 13: Privacy, Legal, and Taxation Issues in Ecommerce
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Sample Questions
Q1) Programs that can reduce privacy issues include solutions provided by companies such as:
A) Adobe, SAP, and Microsoft
B) Apple, Sun Systems, and 2000- Computers
C) Fastweb, Skype, and Eastlink
D) IDzap, Anonymizer and Symantec (Safeweb)
E) all of the above
Q2) Deep linking is a major problem that has caused difficulty for businesses and the courts in applying existing copyright laws.
A)True
B)False
Q3) A term for the definition in Canadian law that determines where a business is located for tax purposes is called:
A) state jurisdiction code.
B) permanent establishment.
C) physical presence.
D) provincial/state taxation.
E) homeland position
Q4) What is the difference between a trademark and a patent?
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Chapter 14: Ecommerce and Small Business
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Sample Questions
Q1) The selection of a domain name is extremely important. Explain.
Q2) All of the following are opportunities for small businesses in the online world except:
A) gathering valuable market intelligence
B) reaching customers outside their geographic region
C) efficiently trading with other businesses
D) providing customer support easily and efficiently
E) improved currency exchange rates from banks
Q3) Describe the two basic ways in which small businesses can use to go into ebusiness.
Q4) One of the easiest cost savings to small businesses due to email and VoIP-based services such as Skype is:
A) reduced long-distance telephone charges.
B) reduced headcount and employee payroll.
C) less expensive credit card processing.
D) better inventory management.
E) aggregated purchasing to achieve volume discounts.
Q5) List the four major challenges to ecommerce for small businesses as discussed in this chapter and give at least one example for each.
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