Business in Canada
Final Exam Questions
Course Introduction
This course provides an in-depth exploration of the Canadian business environment, examining key aspects such as the economic, legal, political, and cultural factors that influence business operations in Canada. Students will study Canadian business structures, government policies, international trade agreements, and the role of small and large enterprises in the national economy. The course also covers topics including Indigenous business perspectives, bilingual business practices, regional economic differences, and the impact of globalization on Canadian businesses. Through case studies and practical applications, students will develop a comprehensive understanding of how to navigate and succeed in the dynamic Canadian marketplace.
Recommended Textbook
Contemporary Business 1st Canadian Edition by Louis E. Boone
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17 Chapters
2591 Verified Questions
2591 Flashcards
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Chapter 1: The Changing Face of Business
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) Although the number of college-educated workers has doubled in the last 20 years,the demand for workers is still greater than the supply.
A)True
B)False
Answer: True
Q2) What are the advantages of a diverse workforce?
Answer: Studies show that diverse employee teams and workforces tend to perform tasks more effectively and develop better solutions to business problems than homogeneous employee groups.Also,a diverse workforce may improve management's underst anding of customer needs and relationships with consumer groups.
Q3) Restating issues in reverse,such as naming ways to lose customers,is a method of developing ________.
A) critical thinking
B) social responsibility
C) vision
D) creativity
Answer: A
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Why do investors expect a firm to act ethically and exhibit social responsibility?
Answer: Even though the primary purpose of a firm is to make a profit,investors also expect the firm to act ethically,as well as legally, and exhibit social responsibility.Investors know that the failure of a firm to act ethically,legally,or without a sense of social responsibility can result in substantial monetary losses to investors.For instance,ethical or legal problems can cause a sudden and substantial drop in a company's stock price.
Q2) A code of conduct rarely goes beyond stating the rules,laws,and regulations employees are expected to follow.
A)True
B)False
Answer: False
Q3) Employers expect employees to generally act in the best interests of the organization.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Describe how worker incentives vary in each of the four economic systems.
Answer: In a capitalist system,considerable incentives exist to motivate people to perform at their highest levels.Most communist systems traditionally had little in the way of worker incentives,although some are beginning to emerge.In a socialist economy,incentives are limited in state enterprises but do exist in privately owned firms.In a mixed economy,capitalist-style incentives operate in the private sector.Worker incentives are more limited in the public sector.
Q2) Barriers to entry into an industry are highest in ________.
A) pure competition
B) an oligopoly
C) a monopoly
D) monopolistic competition
Answer: C
Q3) The Bank of Canada can implement both expansionary and restrictive monetary policies.
A)True
B)False
Answer: True
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Chapter 4: Competing in World Markets
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) The majority of the world's population lives in less-developed countries.
A)True
B)False
Q2) All of the following are social and cultural barriers EXCEPT ________.
A) language
B) gift-giving traditions
C) religious attitudes
D) currency shifts
Q3) If the value of the Canadian dollar falls relative to the U.S.dollar,Canadian exports to the United States should increase.
A)True
B)False
Q4) When a company operates in other countries,it ________ risk.
A) spreads out
B) increases
C) eliminates
D) has no impact on
Q5) The currency of all EU countries is the euro.
A)True
B)False
Page 6
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Chapter 5: Forms of Business Ownership and Organization
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Which of the following is a trend in the area of franchising?
A) One out of every 14 working Canadians is employed by a franchise
B) Franchises are becoming less expensive to fund.
C) Franchisees determining their own pricing and marketing.
D) Franchisees are able to negotiate better pricing than franchisors.
Q2) Preferred shareholders typically have voting rights.
A)True
B)False
Q3) Although ______ are the most common type of business ownership,the greatest revenues come from ______.
A) sole proprietorships,partnerships
B) partnerships,corporations
C) corporations,partnerships
D) sole proprietorships,corporations
Q4) Some cooperatives are created so that small producers can be more competitive in the marketplace.
A)True
B)False
Q5) Describe three primary reasons a small business might fail.
Q6) Discuss the economic and social contributions of small business.
Page 7
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Chapter 6: Starting Your Own Business: The
Entrepreneurship Alternative
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) A ____ is a specific geographic area set aside for economic renewal.
A)lifestyle entrepreneur
B)globalization
C)angel investor
D)enterprise zone
E)debt financing.
F)internal locus of control
G)debt financing
H)classic entrepreneur
I)social entrepreneur
J)seed capital
K)venture capitalist
L)intrapreneurship
M)urban reserve
N)information technology
Q2) List the four factors that have contributed to the expansion in entrepreneurship.
Q3) Desire for self-management is the motivation that drives many entrepreneurs.
A)True
B)False
Page 8
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Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) The principles of management apply to both Wal-Mart and United Way.
A)True
B)False
Q2) McDonald's has decided to add a pork sandwich to its menu.This is an example of a
A) contingency plan
B) line organization
C) nonprogrammed decision
D) programmed decision
Q3) The basic purpose of directing is to evaluate the success of the planning function.
A)True
B)False
Q4) A(n)________ is a structured grouping of people working together to achieve common goals.
A) system
B) span of management
C) chain of command
D) organization
Page 9
Q5) Provide examples of tools managers might use to reinforce corporate culture.
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Outsourcing is defined as transferring core jobs outside the company.
A)True
B)False
Q2) What types of benefits are mandated by law?
Q3) Explain the concept of human resource management and the role of human resource planning in an organization's competitive strategy.
Q4) The laws governing employer discrimination are designed to make the competition fairer for all job seekers.
A)True
B)False
Q5) Which of the following is often a negative result of downsizing?
A) employee morale declines
B) product quality drops
C) competitive position deteriorates
D) customer service quality declines
Q6) A key management tactic is the lockout.
A)True
B)False
Page 10
Q7) Describe the tactics used by organized labour when dealing with management.
Q8) Explain the advantages of Internet recruiting.
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Chapter 9: Top Performance through Empowerment,
Teamwork, and Communication
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141 Verified Questions
141 Flashcards
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Sample Questions
Q1) An employee suggestion box is an example of a formal communication channel. A)True
B)False
Q2) Explain the difference between team level and team diversity.Which characteristic is most effective for complex tasks?
Q3) Because employee stock ownership plans can be expensive to set up,they are more common in larger firms than in smaller ones.
A)True
B)False
Q4) Customer orders are considered to be an internal communication. A)True
B)False
Q5) "Spinning" bad news to make it look better almost always backfires. A)True
B)False
Q6) A good way to encourage team cohesiveness is to encourage workers to socialize,but only off the job.
A)True B)False
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Chapter 10:Production and Operations Management
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161 Flashcards
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Sample Questions
Q1) Explain the purpose of inventory control.
Q2) The production process is applicable for not-for-profit organizations.
A)True
B)False
Q3) How are production processes classified? Provide an example of each type.
Q4) Computer chip manufacturers,such as Intel,must be primarily concerned with ________.
A) availability of a water supply
B) community living conditions
C) proximity to markets
D) availability to energy
Q5) When a cabinet maker combines wood,tools,and skill to create finished kitchen cabinets for a new home,the cabinet maker is engaging in ________.
A) time utility
B) distribution
C) production
D) process utility
Q6) Describe the differences between mass production,flexible production,and customer-driven production.
Page 13
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Chapter 11: Customer-Driven Marketing
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) A convenience store offers ________ utility by being open 24 hours each day.
A) place
B) form
C) time
D) ownership
Q2) Joe is developing the marketing mix for his company's new line of power tools.A brand name,price,and distribution system have been decided.Now Joe is concentrating his efforts on developing the best advertising plan for the product line.The advertising plan is part of Joe's ________ strategy.
A) production
B) pricing
C) promotional
D) product
Q3) The first step in the consumer behaviour process is the recognition of a problem or opportunity.
A)True
B)False
Q4) Marketing is a process that begins with meeting an unmet customer need.
A)True
B)False
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Chapter 12: Product and Distribution Strategies
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) One advantage of Internet retailing is that adding a large product mix to a website is less costly than making room on a store's shelves.
A)True
B)False
Q2) Where does the supply chain begin?
A) Producer
B) Delivery of raw materials
C) Creation of the good or service
D) Delivery of the good or service to a marketing intermediary
Q3) Global brand names must be selected with care,because an acceptable name in one country may be unacceptable in another country.
A)True
B)False
Q4) A new refrigerator falls into which of the following classifications of goods?
A) Specialty products
B) Accessory equipment
C) Shopping products
D) Convenience products
Q5) Describe methods used to extend life cycle of a product.
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Chapter 13: Promotion and Pricing Strategies
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) In-store displays are an example of trade promotion.
A)True
B)False
Q2) Explain how marketers breakeven analysis.
Q3) Melissa is a marketing manager for the Small Business Network at American Express and regularly sends materials to various companies to participate in credit card promotions.Melissa is employing a ________ strategy.
A) sales promotion
B) pulling
C) public relations
D) pushing
Q4) Wal-Mart's pricing objective is based primarily on ________ while a jewelry store's pricing objective is based primarily on ________.
A) profitability;prestige
B) profitability;profitability
C) volume;prestige
D) volume;profitability
Q5) Explain the relationship between advertising and the product life cycle.
Q6) Describe the four basic categories of pricing objectives.
Page 16
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Chapter 14: Using Technology to Manage Information
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113 Flashcards
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Sample Questions
Q1) A(n)_____________ is a computer program that imitates human thinking through complicated sets of "if/then" rules.
A)CIO
B)VoIP
C)decision support system
D)firewall
E)application service provider
F)virtual private network
G)WiFi
H)Intranet
I)malware
J)local area network
K)data
L)grid computing
M)expert system
N)executive support system
O)spyware
P)databases
Q)cloud computing
R)botnet
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Chapter 15: Understanding Accounting and Financial Statements
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132 Flashcards
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Sample Questions
Q1) Montreal Fabrication has $80 million in assets and $50 million in owners' equity.How much does the firm have in liabilities?
A) $20 million
B) $30 million
C) $50 million
D) $80 million
Q2) The primary role of government accountants is to determine how efficiently their organizations have accomplished their objectives.
A)True
B)False
Q3) Financing activities focus on providing valuable assets required to run a business.
A)True
B)False
Q4) Return on equity is a profitability ratio.
A)True
B)False
Q5) What is the purpose of the balance sheet? Explain how it is it organized.
Page 18
Q6) Explain the purpose of the Sarbanes-Oxley Act.
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Chapter 16: The Financial System
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154 Flashcards
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Sample Questions
Q1) Mortgage-backed corporate bonds are relatively safe,even when loans are made to borrowers with poor credit ratings.
A)True
B)False
Q2) Municipal bonds are bonds issued by the federal government.
A)True
B)False
Q3) Alex buys a money market instrument.It will mature in ____.
A) ten years
B) two years
C) one year
D) six months
Q4) The two largest stock markets in the world are the ____ and the ____.
A) New York Stock Exchange;SP 500
B) Tokyo Stock Exchange;New York Stock Exchange
C) New York Stock Exchange;NASDAQ stock market
D) Tokyo Stock Exchange;London Stock Exchange
Q5) Bonds with the highest level of risk are rated AAA.
A)True
B)False
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Chapter 17: Financial Management
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Sample Questions
Q1) All short-term bank loans are secured,meaning that the borrower pledges specific assets as collateral.
A)True
B)False
Q2) Unlike private equity funds,which tend to focus on small,start-up companies,venture capital funds invest in all types of businesses,including mature ones.
A)True
B)False
Q3) The process that periodically checks actual revenues and expenses against forecast values is ________.
A) asset management
B) budgeting
C) financial control
D) financial planning
Q4) When the buyer makes what is known as a tender offer for the target's shares,it specifies a price and the form of payment.
A)True
B)False
Q5) What is the purpose of a financial plan?
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