Business Fundamentals
Test Preparation
Course Introduction
Business Fundamentals provides a comprehensive introduction to the core concepts and practices essential to understanding the modern business environment. Covering topics such as management principles, marketing, finance, operations, and entrepreneurship, the course equips students with foundational knowledge necessary for navigating and succeeding in various organizational roles. Through case studies and practical examples, students learn to analyze business scenarios, develop strategic thinking, and comprehend the impact of economic, ethical, and global factors on business decision-making.
Recommended Textbook
Business Eighth Canadian Edition by Ricky W. Griffin
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19 Chapters
4123 Verified Questions
4123 Flashcards
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Chapter 1: Understanding the Canadian Business System
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Communism is an example of a market economy where a central government controls most factors of production.
A)True
B)False
Answer: False
Q2) The law of demand states that buyers will purchase more of a product as its price drops.
A)True
B)False
Answer: True
Q3) The textbook describes three main ways in which business can influence government policy.They are
A) advertising,lobbyists,trade associations.
B) political contributions,letters to the editors of newspapers,advertising.
C) advertising,trade associations,political contributions.
D) trade associations,lobbyists,letters to the editors of newspapers.
E) lobbyists,political contributions,advertising.
Answer: A
Q4) List the four elements required in a private enterprise system.
Answer: Private property,freedom of choice,profits,and competition.
Page 3
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Chapter 2: Understanding the Environments of Business
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) Which of the factors in Porter's five forces model is generally seen as most important?
A) Threat of potential entrants
B) Rivalry among existing competitors
C) Threat of substitutes
D) Suppliers
E) None of these
Answer: E
Q2) ________ includes human knowledge,work methods,physical equipment,electronics and telecommunications,and various processing systems that are used in performing business activities.
A) The technological environment
B) The social environment
C) The political-legal environment
D) The competitive environment
E) The economic environment
Answer: A
Q3) What is the national debt?
Answer: The national debt is the amount of money a country owes its creditors.
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Page 4
Chapter 3: Conducting Business Ethically and Responsibly
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237 Verified Questions
237 Flashcards
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Sample Questions
Q1) What is the simplified three-step model for applying ethical judgments to situations that may arise during the course of business activities?
Answer: Three-step model:
- Gather the relevant factual information.
- Determine the most appropriate moral values.
- Make an ethical judgment based on the rightness or wrongness of the proposed activity or policy.
Q2) What are the four stances an organization can take concerning its obligations to society? Provide a short explanation of the four stances.
Answer: - obstructionist stance: a company does as little as possible to solve social or environmental problems
- defensive stance: an organization does only what is legally required and nothing more - accommodative stance: a company meets all of its legal and ethical requirements,and in some cases even goes beyond what is required - proactive stance: an organization actively seeks opportunities to be socially responsible (e.g.,McDonald's creating Ronald McDonald Houses with children's hospitals)
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Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) What percentage of businesses in Canada have fewer than 100 employees?
A) 98
B) 58
C) 88
D) 78
E) 28
Q2) There are two basic types of partners: ________ and _________.
A) dormant; active
B) key; secondary
C) secret; open
D) general; limited
E) primary; secondary
Q3) There are approximately ________ women entrepreneurs in Canada.
A) 18 000
B) 1 million
C) 910 000
D) 54 000
E) 1.5 million
Q4) Where do the majority of entrepreneurial ideas come from?
Q5) What is an intraprenuer?
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Chapter 5: The Global Context of Business
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Saudi oil and Canadian timber are examples of A) relative advantage.
B) comparative advantage.
C) import advantage.
D) export advantage.
E) absolute advantage.
Q2) In 2011-2012,the top three countries in the World Economic Forum's global competitiveness ranking were Switzerland,Finland,and Iceland.
A)True
B)False
Q3) Greencorp Ltd.sold the rights for production of 4 Star Soil to Soil X of Italy who now produces the special mix of fertilized soil and sells it in Italy.This arrangement is called a(n)
A) independent agent.
B) licensing arrangement.
C) strategic alliance.
D) branch office.
E) equality relationship.
Q4) What is a tariff?
Q5) What are the two forms of competitive advantage? Provide two examples of each.
Page 7
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Chapter 6: Managing the Business Enterprise
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252 Verified Questions
252 Flashcards
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Sample Questions
Q1) The textbook describes five different key functional areas which managers work in.Identify and briefly describe each of the five.
Q2) A manager is likely to be engaged in planning,organizing,leading,and controlling during the course of any given day.
A)True
B)False
Q3) What is a mission statement?
Q4) ________ managers design and implement systems to gather,organize,and distribute data.
A) Information
B) Finance
C) Operations
D) Human resources
E) Marketing
Q5) Describe the three steps in strategy formulation.
Q6) What are the basic steps in decision making?
Q7) Explain the three types of managers and what skills are necessary for their job.
Q8) What is organizational analysis?
Q9) Define the term corporate culture.
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Chapter 8: Managing Human Resources
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) Networking and mentoring are informal means of management development.
A)True
B)False
Q2) ________ is the set of organizational activities directed at attracting,developing,and maintaining an effective workforce.
A) Production management
B) Operations management
C) Developing a mission statement
D) Human resource management
E) Financial management
Q3) The questionnaire that asks for information such as the background,experience,and education of each applicant is known as the job application form.
A)True
B)False
Q4) A job description outlines the key tasks,objectives,and responsibilities of a job.
A)True
B)False
Q5) What are the key activities of human resource management?
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Chapter 9: Understanding Labourmanagement Relations
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) The Fair Employment Practices section of the Canada Labour Code prohibits employers from refusing a person employment on the basis of the person's race or religion,but this prohibition does not apply to non-profit,charitable,and philanthropic organizations.
A)True
B)False
Q2) The process by which union leaders and management personnel negotiate common terms and conditions of employment is known as A) mediation.
B) collective bargaining.
C) labour unions.
D) arbitration.
E) certification.
Q3) Managers are covered by the provisions of the Canada Labour Code.
A)True
B)False
Q4) Plumbers are members of craft unions.
A)True
B)False
Q5) What are the trends in unionism from the 1970s to today?
Page 10
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Chapter 10: Motivating and Leading Employees
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261 Verified Questions
261 Flashcards
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Sample Questions
Q1) What is job satisfaction?
Q2) ________ refers to the degree of enjoyment that people get while performing their jobs,while _______ refers to the overall attitude people have toward their workplace.
A) Organizational commitment; morale
B) Morale,organizational commitment
C) Motivation; human relations
D) Job satisfaction; morale
E) Morale; job satisfaction
Q3) In Herzberg's two-factor theory,which of the following would be the MOST reliable indication that a morale problem in a work team is primarily due to a lack of motivators?
A) Team members like the building and location where they work.
B) A survey of team members shows that most of them have a good sense of how important their work is.
C) Some of the team members have difficulty relating to each other.
D) Deidra's team members report getting negative messages about customers from other parts of the company.
E) Team members have not expressed any dissatisfaction with their work conditions.
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Chapter 11: Producing Goods and Services
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) Of the following products/services,which is the most intangible?
A) Restaurant meal
B) Haircut
C) Jewellery
D) Legal services
E) Clothing
Q2) Identify and briefly discuss the three characteristics that uniquely separate services from goods.
Q3) What is a cellular layout?
Q4) The quality of a product that satisfies a human need during its consumption is known as
A) ownership utility.
B) place utility.
C) need utility.
D) form utility.
E) time utility.
Q5) Utilities and auto repair shops are good examples of low-contact service processes.
A)True
B)False
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Chapter 12: Increasing Productivity and Quality
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Marshall Corp.began its re-engineering project by identifying the business activity that needed to be changed.Its next step is to diagnose the current process to identify its strengths and weaknesses.
A)True
B)False
Q2) When Noella goes shopping,she evaluates service quality on the criterion of reliability,which means that the retailer
A) maintains a pleasing appearance among personnel,and in materials and facilities.
B) provides caring,individualized attention.
C) performs the service as promised,both accurately and on time.
D) employs knowledgeable and courteous employees who will earn the confidence of customers.
E) helps customers promptly.
Q3) Additional wealth from higher productivity can be shared among workers in the form of higher wages,but not among investors or customers.
A)True
B)False
Q4) Give an example of an internal failure.
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Chapter 13: Managing Information Systems and Communication Technology
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Lotus Domino 6.5 is an example of groupware software.
A)True
B)False
Q2) Alice wants to know what lines of business her company should be in five years from now.What type of information system would she use to answer this question?
A) Transaction processing system
B) Systems for knowledge workers
C) Management information system
D) Decision support system
E) Executive support system
Q3) Transaction processing systems are relevant for all of the following except A) customer order-taking by online retailers.
B) monthly budgeting.
C) payroll processing and bill payment at almost every company.
D) receiving and confirming reservations by airlines.
E) approval of claims at insurance companies.
Q4) What is the World Wide Web?
Q5) What does the term information technology refer to?
Q6) What are the two types of software?
Q7) Describe three popular application software programs and how they are used. Page 14
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Page 15
Chapter 14: Understanding Accounting Issues
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212 Verified Questions
212 Flashcards
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Sample Questions
Q1) Jerry wants to calculate gross profit.Which formula should he use?
A) Operating expenses minus income taxes
B) Sales revenue minus income taxes
C) Sales revenue minus operating expenses
D) Sales revenue minus cost of goods sold
E) Sales revenue plus operating expenses.
Q2) A forensic accountant is a special type of accountant who audits companies which have gone bankrupt.
A)True
B)False
Q3) Arthur's primary responsibility as an auditor is
A) publishing the audit report results in The Financial Post.
B) preparing budgets for the forthcoming year.
C) ensuring the firm's accounting practices adhere to generally accepted accounting principles.
D) collecting taxes.
E) determining that the company actually has the inventory that it says it has.
Q4) Activity ratios are used to determine the amount of sales for the year.
A)True
B)False
Page 16
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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227 Verified Questions
227 Flashcards
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Sample Questions
Q1) The four Ps of the marketing mix are product,pricing,promotion,and place,and the most important of these is price.
A)True
B)False
Q2) New developments in technology have a big impact on the production area of a business,but much less impact on the marketing area.
A)True
B)False
Q3) Westminster Office Products buys paper products from Boise Cascade for sale in its retail stores.Westminster Office Products purchases paper products in the ________ market.
A) retail
B) government
C) industrial
D) reseller
E) institutional
Q4) What is a target market?
Q5) What is primary data?
Q6) What is marketing?
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Chapter 16: Developing and Promoting Goods and Services
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) In retail selling,the buyer usually comes to the seller,but in industrial selling,the salesperson comes to the buyer.
A)True
B)False
Q2) List the four approaches to advertising during the life cycle of a product.
Q3) Personal selling provides the personal link between seller and buyer,which adds to a firm's credibility.
A)True
B)False
Q4) The total array of products a company has for sale is its product mix,while a product line is a group of products that are closely related because they function in similar manner or are sold to the same customer group who will use them in similar ways.
A)True
B)False
Q5) What are the two major classes of industrial products?
Q6) A company's image remains fairly constant from nation to nation.
A)True
B)False
Q7) List five sales promotion tools.
18
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Chapter 17: Pricing and Distributing Goods and Services
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232 Verified Questions
232 Flashcards
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Sample Questions
Q1) Retailers who carry an extremely deep selection of goods in a relatively narrow product line and hire technical experts to give customers advice are called
A) supermarkets.
B) specialty stores.
C) factory outlets.
D) department stores.
E) category killers.
Q2) A commodity buyer like Quaker Oats can pay a company like Ariba a fixed annual subscription fee and get networked into Ariba's auction headquarters where real-time bids come in from suppliers at remote locations.This is an example of
A) direct response retailing.
B) syndicated selling.
C) shopping agents.
D) electronic retailing.
E) electronic catalogues.
Q3) Describe the different types of companies specializing in transportation.
Q4) Identify at least three services provides by full-service merchant wholesalers.
Q5) What is a direct channel?
Q6) What is the primary advantage of water carriers as a mode of transportation?
Page 19
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Chapter 18: Understanding Money and Banking
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) Which of the following will result in an decrease of the money supply?
A) An increase in taxes
B) Purchase of securities by the Bank of Canada
C) A decrease in the bank rate
D) An increase in the discount rate
E) A decrease in reserve requirements
Q2) Cynthia is genuinely concerned about electronic money because
A) power failures cause information to be lost.
B) hackers may break into ecash systems and steal the money in them.
C) there are extensive rules and regulations dealing with emoney.
D) electronic money generates an extremely large amount of paper.
E) banks will generally not recognize this form of money.
Q3) Credit unions lend money to consumers,but not to businesses.
A)True
B)False
Q4) Certificates of deposits (CDs)and saving certificates are classified as time deposits,which means that advance notice is required to make a withdrawal.
A)True
B)False
Q5) Identify the components of the M-2 money supply.
Page 20
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Chapter 19: Understanding Securities and Investments
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) What should an investor consider when selecting an investment broker?
Q2) Discuss the methods by which bonds may be retired.Which method offers the greatest security for investors? Which method does the issuing firm prefer?
Q3) Which of the following statements is correct with respect to bonds?
A) Nearly all secondary trading of bonds occurs in the over-the-counter market.
B) Over the years,bonds have become steadily less important as a source of long-term funds for corporations.
C) From an investor's perspective,debentures are generally a better investment than bearer bonds.
D) When an investor hears that a bond has a sinking fund,that is a sign that the company is in financial trouble.
E) All of these statements are correct.
Q4) Identify the three major types of bonds and identify the biggest advantage of each.
Q5) What is the difference between par value,market value,and book value?
Q6) Differentiate between bull and bear markets.
Q7) A corporation bond selling at 155 1/4 would cost a buyer $1552.50.
A)True
B)False
Page 21
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Chapter 20: Financial Decisions and Risk Management
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) A manufacturing company is planning to go international.If the following facts were known,which one would strengthen the case that the company should acquire the needed capital through debt financing?
A) It will likely have slim profit margins in its international sales.
B) It will have to hire many new salespeople to make the international move work.
C) It will have a new,steady stream of revenue from its international sales.
D) It will launch several new product lines very soon.
E) It will have to conduct training sessions for its international employees.
Q2) A promissory note states when payment will be made and how much money will be paid to the seller in return for immediate credit.
A)True
B)False
Q3) Excel Corp.has a long-term loan with a bank at 1 percent above prime.This is an example of a fixed loan rate.
A)True
B)False
Q4) What is open-book credit?.
Q5) What are the methods used by business firms to cope with risk?
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