Business Fundamentals Practice Exam
Course Introduction
Business Fundamentals introduces students to the essential concepts and practices that form the foundation of modern business operations. Covering key areas such as management, marketing, finance, operations, and entrepreneurship, this course provides a comprehensive overview of how organizations function and compete in diverse economic environments. Students will gain insights into strategic decision-making, organizational structures, business ethics, and the impact of globalization. Through real-world examples and case studies, the course equips learners with the analytical and practical skills necessary for success in the dynamic world of business.
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The Future of Business 4th Edition by Norm Althouse
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Chapter 1: Politics Governments Roles
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Sample Questions
Q1) Why is Alberta receiving $10 million from Sustainable Development Technology Canada?
Answer: To help make the oil sands less damaging to the environment by testing using solvent instead of water to recover oil sands that are too deep to mine.
Q2) Which of the following holds a company responsible for negligence in the production,design,sale,or use of products the company markets?
A) breach of contract
B) price discrimination
C) unintentional harm responsibility
D) product liability
Answer: D
Q3) Who owns the copyright of a cartoon character created by an employee of a company as part of their normal job responsibilities?
A) the employee who created the cartoon character
B) the employer of the cartoon character's creator
C) all of the employees that worked on the cartoon character
D) the union that represents the employee
Answer: B
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Chapter 2: Economics Evolving Systems
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Sample Questions
Q1) The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?
A) regional monetary policy
B) aggregated economics
C) area economics
D) microeconomics
Answer: D
Q2) Which of the following is the Bank of Canada implementing when it tightens the money supply by selling government securities or raising interest rates?
A) fiscal reduction strategy
B) contractionary policy
C) retrenchment strategy
D) shrinkage policy
Answer: B
Q3) What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?
Answer: the equilibrium point
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Chapter 3: Social Society, Corporate Responsibility, and Making Ethical Decisions
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Sample Questions
Q1) A new trend in the form of a new social contract between employer and employee regarding job security is emerging.How is the responsibility for ensuring job security shared?
Answer: Employees can ensure security of their jobs by continuing to add value to the organization.Employers can ensure job security by treating good performers fairly and with continued jobs.
Q2) What is the first step in learning to make good ethical decisions?
Answer: learning to recognize unethical activities
Q3) The highest level of the corporate social responsibility pyramid is represented by which of the following?
A) philanthropic (charitable) responsibilities
B) economic responsibilities
C) responsibilities to stakeholders
D) legal responsibilities
Answer: A
Q4) Canada is shifting from a society dominated by British and Western European culture toward a society characterized by many racial and ethnic minorities.Name the term used to describe this new society.
Answer: multiculturalism
5
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Chapter 4: Technology Managing Information for Business
Success
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Sample Questions
Q1) A company that needs periodic access to high-end computing resources but has little money to spend on such a project can use which of the following?
A) on-demand computing
B) virtual application providers
C) network servers
D) expert systems
Q2) Cerner Corporation has created a system that helps emergency room physicians make decisions about what kind of treatment to give their patients.The system contains the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms.By comparing inputted information about a patient with information stored in the system,doctors can get a diagnosis and suggestions as to possible treatments.Which of the following best describes this system?
A) a transaction processing system
B) an information reporting system
C) a decision support system
D) an expert system
Q3) According to your text,"Networks include clients and servers." What are clients and servers?
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Chapter 5: International The Global Marketplace
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Q1) Canadian manufacturers sell automobiles in South Korea.To South Korea,the automobiles represent which of the following?
A) countertrades
B) exports
C) imports
D) exchanges
Q2) Bribery translates to kuroi kiri (black mist)in Japan,schmiergeld (grease money)in Germany,and baksheesh (tip or gratuity)in the Middle East.This differing way of looking at bribes is descriptive of differences in which of the following?
A) trade regulations
B) nationalistic standards
C) local laws
D) culture
Q3) Which of the following represents the world's largest free-trade zone?
A) the ASEAN Free Trade Agreement
B) the North American Free Trade Agreement
C) the European Union
D) the South Asia Free Trade Agreement
Q4) What term has the opposite meaning from "protectionism"?
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) An advantage of a small manufacturer over a large manufacturer is the speed with which new products can be introduced to the marketplace.
A)True
B)False
Q2) When buying an existing business,the prospective buyer should ask questions about the operation of the business.Which of the following would be an INAPPROPRIATE question to ask?
A) Why are you selling?
B) Are there any problems with the business?
C) Is the business operating at a profit?
D) What are you going to do with the down payment?
Q3) One of the reasons women start their own companies is a frustration with their current work environment.
A)True
B)False
Q4) List reasons that small businesses thrive in Canada.
Q5) What are the two leading reasons that women start their own companies?
Q6) What is the most common reason that an individual leaves a secure job to start his or her own company?
Page 8
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Chapter 7: Analyzing the Business
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Sample Questions
Q1) XYZ company has just opened a factory in Bangladesh.Bangladesh has different laws than in Canada.The age that the law allows for young people to be employed full-time is much lower than in Canada.If XYZ hires employees that are younger than allowed by law in Canada but legal in Bangladesh what are the potential consequences?
A) The company will save money.
B) Canadians will have a negative view of the company.
C) The company can be charged under Canadian law.
D) The company will be charged under international law.
Q2) Pro forma statements are idealized financial statements that show the company's average financial performance over the past 10 years.
A)True
B)False
Q3) A sustainable competitive advantage is a competitive advantage that a company can continue to exploit over time as it is not easily duplicated.
A)True
B)False
Q4) What is a sustainable competitive advantage?
Q5) What does providing value mean for a business?
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) The most likely strategies for companies in the future is to continue to seek out large merger opportunities.
A)True
B)False
Q2) A corporation's earnings are taxed as corporate earnings and as dividends to the shareholders.What is this known as?
A) double jeopardy
B) double indemnity
C) double taxation
D) primary and secondary taxation
Q3) Which of the following is a disadvantage of sole proprietor ownership?
A) ease of dissolution
B) no special taxation
C) ease of formation
D) difficulty in raising capital
Q4) The sole proprietorship is considered a legal entity; therefore,it is taxed separately from the owner.
A)True
B)False
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Managers typically follow five steps in the decision-making process.Which of the following steps is first?
A) Evaluate the strengths and weaknesses of potential decisions.
B) Gather information.
C) Recognize or define the problem or opportunity.
D) Establish a budget.
Q2) A manager's ability to operate in diverse cultural environments depends primarily on his or her human relations skills.
A)True
B)False
Q3) Maeve Lupin was asked to attend a recent corporate board meeting in which the attendees discussed having all of the corporation's computerized data management done by a company in India.Being a computer specialist,she exerted considerable influence over the decision to outsource,illustrating which of the following?
A) expert power
B) legitimate power
C) controlling power
D) referent power
Q4) What are global management skills?
Page 11
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) Kaitlyn Somerset's supervisor is in charge of the arrangements for the annual company party.He has given Somerset the responsibility for finding a caterer for the event,arranging the entertainment,and selecting the door prizes.Somerset's supervisor used which of the following to make her accountable for most of the success or failure of the party?
A) job sharing
B) transposition
C) substitution
D) delegation of authority
Q2) When workers in a union elect their officers to represent them,it is an example of division of labour.
A)True
B)False
Q3) What is the best type of organizational structure?
Q4) What is another name for the managerial hierarchy?
A) a management matrix
B) a control continuum
C) a management pyramid
D) a managerial continuum
Q5) List the three basic types of work teams.
Page 12
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Chapter 11: Motivating Employees
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Sample Questions
Q1) Which of the following is the horizontal expansion of an employee's job?
A) job enrichment
B) job enlargement
C) job rotation
D) task generalization
Q2) What does the Theory Z style of management emphasize?
A) long-term employment
B) extensive specialization
C) fast career development
D) very formal control over employees
Q3) Feedback is very important to the successful application of the goal-setting theory.
A)True
B)False
Q4) What is the name of the motivational theory that assumes the probability of an individual acting in a particular way depends on the strength of that individual's belief that the act will have a particular outcome and on whether the individual values that outcome?
Q5) What are the other names for Herzberg's job satisfiers and job dissatisfiers?
Q6) What was the primary flaw in Frederick Taylor's scientific management?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Which of the following is the attempt to find and attract qualified job applicants in the external labour market?
A) labour pool development
B) labour forecasting
C) qualifying
D) recruitment
Q2) Which of the following is a union that consists of many local unions in a particular industry,skilled trade,or geographic area and thus represents workers throughout an entire country?
A) a union aggregate
B) a federated union
C) a union conglomerate
D) a national union
Q3) The skills,knowledge,and abilities a person must have to fill a job are spelled out in which of the following?
A) an occupational checklist
B) a résumé
C) a skills requirement checklist
D) a job specification
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Chapter 13: Marketing The Customer Focus
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Sample Questions
Q1) The blend of the marketer's tools is called the four Ps.Which of the following groups represent the four Ps?
A) product, price, place, possession
B) price, presentation, place, product
C) product, price, presentation, possession
D) product, price, promotion, place
Q2) Which of the following is the division of markets into different groups?
A) product segmentation
B) tactical marketing
C) market segmentation
D) market layering
Q3) For the Mazda purchasing agent who buys materials needed to build the Mazda 6,the purchase of Mazda 6 windshields from a new supplier would require which of the following?
A) conventional buying behaviour
B) extensive decision making
C) limited decision making
D) routine response behaviour
Q4) What are the first two steps in the consumer decision-making process?
Q5) What is the primary focus of not-for-profit marketers?
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Which of the following is considered an expense item for a dentist's office?
A) peroxide for whitening teeth
B) dental x-ray equipment
C) an office desk
D) a computer system
Q2) Which of the following is a strategy of charging a high introductory price for a new product that invites eventual competition?
A) kiting
B) escalation
C) skimming
D) penetration
Q3) IGA marked individual-sized snacks down to 25 cents a package for the first five individual packages purchased.This was below the store's cost.These snacks would be considered which of the following type of product?
A) a differentiated product
B) a loss leader
C) a markdown
D) a bargain leader
Q4) List the four stages of the product life cycle.
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Chapter 15: Achieving World-Class Operations Management
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Sample Questions
Q1) A system that utilizes long production runs resulting in high-volume,standardized products is called which of the following processes?
A) continuous
B) controllable
C) customized
D) intermittent
Q2) What is a supply chain?
Q3) Which of the following is one of the biggest shortcomings of Gantt charts?
A) They cannot be used to identify bottlenecks.
B) They assign three time estimates for the completion of each task.
C) They are static.
D) They cannot be used for simple tasks.
Q4) Modular production is a technique that increases the ability of products to satisfy customers and is worth the extra expense it typically produces.
A)True
B)False
Q5) 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) What kind of a financial statement shows revenues,gross sales,and net sales?
Q2) The ratio of net profit to total owners' equity is called what?
A) return on inventory
B) return on earnings
C) return on equity
D) return on sales
Q3) What is the first step in the accounting cycle?
Q4) What are things of value owned by a company?
A) intangibles
B) assets
C) owners' equity
D) tangibles
Q5) Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?
A) cost of goods sold
B) gross revenues
C) gross profit
D) net sales
Q6) What are the two types of reports generated by accounting systems?
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) What is wrong with the following statement "Credit cards replace money"?
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) For money to be an acceptable medium of exchange which of the following are necessary?
A) It must be scarce, divisible, portable, and durable.
B) It must be distributable, durable, comparable, and valuable.
C) It must be portable, sortable, valuable, and divisible.
D) It must be compatible, comparable, scarce, sortable.
Q4) The overnight rate is the interest rate that the Bank of Canada charges member banks for loans.
A)True
B)False
Q5) Under no circumstances should you use online sources for investment information.
A)True
B)False
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Chapter 18: Finance Maximizing the Value
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Sample Questions
Q1) Which of the following is a type of loan often used to finance buildup of inventory for seasonal (cyclical)businesses just before their strongest sales period?
A) a collateral loan
B) an unsecured bank loan
C) trade credit
D) a secured bank loan
Q2) When a high-growth company first makes its shares available to investors,it has an IPO because it needs to raise more funds to continue its growth.What is an IPO?
Q3) Long-term debt would be used to finance which of the following activities?
A) to replace broken glass in a window
B) to buy new tablecloths for a restaurant
C) to provide customer with a cash discount
D) to pay for a few pieces of equipment
Q4) Dividends and interest payment are both tax-deductible.
A)True
B)False
Q5) List three common reasons that companies make capital expenditures.
Q6) Why do companies prepare budgets?
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