Business in Canada Exam Questions
Course Introduction
This course provides an overview of the Canadian business environment, exploring the structures, practices, and regulatory frameworks distinctive to Canadas economy. Students will examine the historical and contemporary factors shaping Canadian businesses, including political, legal, and cultural influences. Topics such as entrepreneurship, corporate social responsibility, Indigenous business perspectives, and Canadas role in global trade are discussed to give students a comprehensive understanding of the opportunities and challenges facing businesses in Canada today. The course also highlights key industries, labor markets, and the impact of technology and innovation within the Canadian context.
Recommended Textbook Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Page 2
Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Laron Kelly recently quit his job as a car salesperson and is now trying to find a job with another car dealership.This is an example of which type of unemployment?
A) structural
B) frictional
C) recessionary
D) fiscal
Answer: B
Q2) Which of the following is the study of the economy as a whole,looking at aggregate data for large groups of people,companies,or products?
A) economics aggregation
B) national economics
C) microeconomics
D) macroeconomics
Answer: D
Q3) The higher the price of a good or service,the greater the amount a producer is willing to supply.
A)True
B)False
Answer: True
Page 3
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Chapter 2: the Global Marketplace and Governments Roles
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Which of the following agreements dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO)?
A) Maastricht Treaty
B) Uruguay Round
C) North American Free Trade Agreement
D) Mercosur
Answer: B
Q2) By using split-run magazines (modifying the U.S.edition so they contain Canadian ads),U.S.magazine publishers can offer lower rates to advertiser and sell the magazines for less money than Canadian publishers can.According to the CMPA,the U.S.magazine publishers are engaged in which of the following?
A) unloading
B) dumping
C) export pricing
D) add-on pricing
Answer: B
Q3) What happens when a country lowers the value of its currency relative to other countries?
Answer: devaluation
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Page 4
Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) In an act of ____________________,Air Canada donated cash and plane trips to fashion models and designers participating in fashion show at a Canadian Cancer Society charitable fundraising event.
Answer: corporate philanthropy
Q2) The base of the corporate social responsibility pyramid is represented by which of the following?
A) responsibilities to stakeholders
B) economic responsibility
C) legal responsibility
D) philanthropic responsibility
Answer: B
Q3) Which of the following is a philosophy that focuses on the consequences of an action to determine if it is right or wrong? This philosophy expresses the idea that anything that negatively affects the majority of people in a situation is morally wrong.
A) utilitarianism
B) social responsibility
C) preconventional morality
D) distributive justice
Answer: A
Page 5
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) A LAN is best described by which of the following?
A) a word processing software system
B) a type of modem
C) a a network of computer systems that share the use of software and hardware
D) a graphic design system
Q2) ____________________ is the equipment and techniques used to manage and process informatio.
Q3) What do we call processing data as they become available?
A) off-line processing
B) batch processing
C) online processing
D) auxiliary processing
Q4) A ____________________ is a computer program that copies itself into other software and can spread to other computer systems.
Q5) Like local area networks (LANs),intranets are private corporate networks.
A)True
B)False
B)False Page 6
Q6) Portals complicate user interface across the company. A)True
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Page 7
Chapter 5: Forms of Business Ownership
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Faye Adkins had a relish that her family and friends raved about.As a result of moral and financial support from her family,Adkins began her own business and sells it in local supermarkets and on the Internet.Faye Adkins is an example of which of the following?
A) a sole partnership
B) a sole proprietorship
C) an S corporation
D) a limited partnership
Q2) Which of the following statements about the taxation of partnerships is MOST accurate?
A) Partnerships are limited in taxes depending on number of partners.
B) Both the partnership and the individuals are taxed for any profits earned.
C) Partnerships file tax returns but pass profits and losses on to partners who report them on their tax returns.
D) Partnerships use corporate tax rates in filing returns.
Q3) If the sole proprietorship acquires a legal business name,the owner then has limited liability.
A)True
B)False
Q4) What is the first step in incorporating a company?
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Chapter 6: Entrepreneurship and Small Business
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Marc Adler is the owner of Macquarium,a multimillion-dollar communications company that does everything from video productions to creating websites to public relations campaigns.Adler began this company when he could not find anyone in Hollywood who was willing to let him get into the movie making business.Adler is an example of which of the following?
A) a venture capitalist
B) an entrepreneur
C) a franchiser
D) a capitalistic adventurer
Q2) Retail stores are the most popular category of small businesses.
A)True
B)False
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) What is the first step in starting a new business?
Q5) What are the two leading reasons that women start their own firms?
Q6) List the four characteristics common to all small businesses
Page 9
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) No matter what the crisis,there are some basic guidelines managers should follow to minimize the negative outcomes.Which of the following is an example of one of those guidelines?
A) Managers should avoid any direct contact with the press.
B) Managers should release ambiguous statements to the media to give them time to assess the problem.
C) Managers should ask for help if it is needed.
D) Managers should take their time so they can have a thorough understanding of the crisis and have all the information on how to handle it at their fingertips.
Q2) Tawna Reed was hired for a top managerial position in Nike Corporation because she had creative ability and a good overall feel for the athletic shoe industry.Reed is said to have which of the following skills?
A) human relations
B) strategic
C) conceptual
D) technical
Q3) List the five primary sources or bases of power.
Q4) What is the first step in making a nonprogrammed decision?
Page 10
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Chapter 8: Designing Organizational Structures
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) An organization that has undergone reengineering has completely redesigned its business structures and processes in order to improve operations.
A)True
B)False
Q2) A company that uses departmentalization groups jobs under the authority of one manager for the purposes of planning,coordination,and control.
A)True
B)False
Q3) What does the informal organization provide?
A) It makes it more difficult to orient new employees.
B) It offers friendship opportunities and social contact.
C) It diminishes status and recognition.
D) It gives employees less control over their work environment.
Q4) The management activity of organizing includes which of the following?
A) a more productive workforce due to increased levels of compensation
B) determining goals,strategies,and tactics
C) determining groups,and assigns work activities
D) planning and monitoring strategy implementation
Q5) Describe the span of control in an organic organization.
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Chapter 9: Motivating Employees
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) According to expectancy theory,the probability of an individual acting a particular way depends on the strength of belief the individual has in which of the following?
A) that the act will have a particular outcome and on whether the individual values that outcome
B) that supervisors treat their employees with equity
C) that the job responsibility is adequate
D) that the job is challenging
Q2) Telecommuting is an arrangement in which employees work at home and are linked to the office by phone,fax,and computer.
A)True
B)False
Q3) Which of the following theorists is responsible for identifying the Theory Z style of management?
A) William Ouchi
B) Douglas McGregor
C) Frederick Taylor
D) Frederick Herzberg
Q4) How can managers use the equity theory to improve worker satisfaction?
Q5) What do telecommuting,flextime,and job sharing have in common?
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Chapter 10: Managing Human Resources and Labour Relations
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) When companies such as Sony offer rebates in their advertising,customers' requests for the rebates are processed by another company hired by Sony for this purpose.What is the term for this practice of hiring outside help?
Q2) Which of the following is an organization of employees formed to represent workers in their disputes with management over wages,hours,and working conditions?
A) a craft federation
B) a labour federation
C) a labour union
D) a job bank
Q3) ____________________ is the process of negotiating labour agreements between union members and management.
Q4) ____________________ is the process of hiring,developing,motivating,and evaluating employees to achieve organizational goals.
Q5) ____________________ include insurance,pension plans,paid sick leave,childcare,and vacations.
Q6) List the three major functions of the local union.
Q7) What are the two sources of job applicants?
Page 13
Q8) What is the first step in the performance appraisal and planning process?
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Chapter 11: Achieving World-class Operations Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Which of the following approaches is a computerized resource planning system that includes information about the firm's suppliers and customers as well as data generated internally?
A) enterprise resource planning
B) the PERT chart
C) manufacturing resource planning II
D) manufacturing resource planning
Q2) The critical path method is a sophisticated scheduling system that is based on the minimum time the project will take to complete.
A)True
B)False
Q3) Production and operations management involves three main types of decisions that are made at three different stages.The final stage of operations management focuses on which of the following?
A) inventory control
B) improving production and operations
C) production planning
D) establishing critical paths
Q4) What are the two basic processes for converting inputs into outputs?
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Chapter 12: Understanding the Customer
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Why are cost competitive advantages not as long lasting as other kinds of competitive advantage?
Q2) Which of the following is research that monitors respondents' actions without direct interaction?
A) survey research
B) secondary research
C) experimental research
D) observation research
Q3) During and right after the Industrial Revolution,firms focused on mass production and assembly lines,and placed a strong emphasis on lower costs.During this period manufacturers had which of the following orientations?
A) manufacturing focus
B) exchange mission
C) customer orientation
D) production orientation
Q4) Vlad Kjinn is doing observation research when he asks people to describe how they brush their teeth.
A)True
B)False
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Chapter 13: Creating Marketing Strategies
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) What intensity of distribution is being used by Bic Corp,marketer of inexpensive pens,cheap lighters,and throwaway razors?
Q2) Distribution channels should be established in the introduction stage of the product life cycle.
A)True
B)False
Q3) What is the goal of supply chain management?
Q4) Which of the following is an expense item for an independent bookstore?
A) order forms
B) the building in which store is located
C) book shelves
D) display cabinet for first editions
Q5) Achieving a ____________________ is the pricing obective used by many companies to give the company a desired return on its money.
Q6) Products such as cotton,wheat,iron ore,and soybeans,that have undergone little or no processing and become inputs for another product are____________________.
Q7) List the elements of the promotional mix.
Q8) Give an example of bundling.
Page 16
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Chapter 14: Using Financial Information and Accounting
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) In what order are current assets placed on the balance sheet?
Q2) Which of the following is the BEST example of a current asset for a clinical psychologist?
A) the building in which his clinic is located
B) money he pays for rent and utilities
C) credit card charges by patients
D) his reputation as a compassionate man
Q3) Net sales is BEST described by which of the following?
A) total sales for the accounting period
B) profit after cost of goods sold is deducted
C) amount after deducting sales discount and returns and allowances from gross sales
D) profit after all expenses are paid
Q4) Which of the following summarizes an organization's financial status at the end of an accounting period?
A) the cash flow statement
B) the balance sheet
C) the trial balance
D) the income statement
Q5) ____________________ is the final figure or bottom line of an income statement.
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Megan Voorhees recently inherited $200,000.She has invested the inherited money in real estate and government securities.Voorhees is using her money for which of the following purposes?
A) a store of value
B) a medium of exchange
C) a commodity of exchange
D) a measure of wealth
Q2) A ____________________ share is a security that represents an ownership interest in a corporation and has voting rights.
Q3) Which of the following are deposits at a bank or other financial institution that pay interest but cannot be withdrawn on demand without penalty?
A) marketable securities
B) demand deposits
C) commercial deposits
D) time deposits
Q4) What is the tool most frequently used by the Bank of Canada to control inflation and interest rates,increase employment,and influence economic activity?
Q5) How do investors use bond ratings?
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Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) Business loans available from commercial banks with terms generally five to twelve years and secured or unsecured are called which of the following?
A) collateral loans
B) mortgage loans
C) term loans
D) line of credit loans
Q2) The major disadvantage of debt financing is the inability to deduct interest expenses for income tax purposes.
A)True
B)False
Q3) Dividends are BEST described by which of the following?
A) They are annual payments on bonds.
B) They are the earnings of the corporation.
C) They are payments to the shareholders from company earnings.
D) They are guaranteed payments to the common shareholders.
Q4) Preferred shares are a form of debt financing because the dividend must be paid before dividends can be paid to the equity owners.
A)True
B)False
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