Business Management
Practice Questions
Course Introduction
Business Management is an interdisciplinary course that explores the principles, strategies, and practices involved in running and overseeing organizations effectively. The course covers core areas such as organizational structure, leadership, decision-making, operations, human resource management, marketing, and financial analysis. Students will develop critical problem-solving skills, gain insight into business planning and strategy, and understand how to adapt to a dynamic global business environment. Through case studies and practical applications, learners will be equipped to manage resources efficiently, lead teams, and drive organizational success.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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20 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: Business Now: Change Is
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Not-for-profit organizations focus mainly on health, human services, and religion.
A)True
B)False
Answer: False
Q2) Assume Jamal and Cora are competing for a job position as an elementary school teacher. Jamal tells the potential employer about his skills on the computer in making report cards. Cora tells the potential employer about her skills in creating an innovative classroom learning environment. In today's work environment, which skills have more value to employers?
A) creativity, communication, and caring
B) timeliness, communication, and computing
C) organization, planning, and caring
D) creativity, organization, and computing
Answer: C
Q3) Henry Ford's introduction of the assembly line occurred during the production era.
A)True
B)False
Answer: True
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3
Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Managers of socially responsible companies are guaranteed to make ethical decisions, regardless of the situation.
A)True
B)False
Answer: False
Q2) Which of the following serves as a good example of a proactive socially responsible approach toward global marketing?
A) asking business vendors to comply with human rights policies, safety rules, and sustainable environmental goals
B) partnering with the low-cost providers of goods and services, because this strategy serves the interests of stakeholders and shareholders
C) providing one's customers with the best value at the lowest cost and doing what it takes to make that happen
D) refusing to do business with unethical companies.
Answer: A
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Page 4
Chapter 3: Economics: The Framework for Business
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170 Flashcards
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Sample Questions
Q1) Which of the following is NOT a fundamental right of capitalism?
A) the right to own property
B) the right to eliminate competition
C) the right to compete
D) the right to run a business
Answer: B
Q2) What is unemployment rate? Identify and describe the four types of unemployment. Answer: The Canadian government tracks employment levels largely through the unemployment rate, which includes everyone age 16 and older who doesn't have a job and is actively seeking one.Frictional unemployment involves a worker quitting or being terminated and has a short-term impact on the economy, as the worker is able to find new employment within a relatively short amount of time.Structural unemployment, on the other hand, is usually longer term. This category encompasses people who don't have jobs because the economy no longer needs their skills. In Canada, growing numbers of workers in the past decade have found themselves victims of structural unemployment, as manufacturing jobs have moved overseas. Often their only option is expensive retraining.Two other categories of unemployment are cyclical, which involves layoffs during recessions, and seasonal, which involves job loss related to the time of year. An example of seasonal unemployment is the loss of jobs by landscapers during cold winter months.
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Page 5
Chapter 4: The World Market-Place: Business Without Borders
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181 Flashcards
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Sample Questions
Q1) What is the primary purpose of the General Agreement on Tariffs and Trade (GATT)?
A) to create intellectual property regulations
B) to encourage worldwide trade
C) to ensure that every nation receives its fair share of any revenues generated from international trade and tariffs
D) to prevent wars based on trade issues
Q2) A nation has a comparative advantage in the production of a good if it can produce that good at a lower opportunity cost than other nations.
A)True
B)False
Q3) Which of the following terms refers to the net result of all money that flows into and out of a nation due to international payments?
A) balance of payments
B) balance of trade
C) surplus account
D) net national payment
Q4) Define exchange rate and explain how exchange rates can affect international trade.
Page 6
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Chapter 5: Business Formation: Choosing the Form That Fits
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Sample Questions
Q1) Acquisition is a corporate restructuring in which one firm buys another. After the acquisition, the target firm ceases to exist as an independent entity, while the acquiring firm continues to operate.
A)True
B)False
Q2) Selena has a talent for making attractive but inexpensive jewellery and wants to set up a small business to sell some of her creations. She asks for your advice about setting up her firm, telling you that she wants to start her business as quickly and inexpensively as possible. In addition, she doesn't want to share control (or profits) with anyone else. Which form of business ownership would you suggest for Selena?
A) corporation
B) limited liability company (LLC)
C) sole proprietorship
D) general partnership
Q3) Which form of business ownership offers its owners limited liability?
A) sole proprietorship
B) partnership
C) corporation
Q4) Describe how a corporation is formed.
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) Renée Senn has worked very hard for the past six months to start up a new business. Although she was very confident when she launched her business that it would be a great success, she now realizes that it is doomed to fail. If Renée is a true entrepreneur, this failure is likely to be a devastating blow to her ego and self-confidence.
A)True
B)False
Q2) What do we call people who are willing to take the risk of starting, owning, and operating a business?
A) shareholders
B) intrapreneurs
C) stakeholders
D) entrepreneurs
Q3) Successful entrepreneurs are seldom visionaries. Instead, their strength is the ability to take the abstract ideas of others and turn them into successful businesses.
A)True
B)False
Q4) Identify and describe two opportunities and two threats to small business success.
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Chapter 7: Accounting: Decision Making by the Numbers
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) The accounting entity approach is an accounting method that recognizes revenue when it is earned and matches expenses to the revenues produced.
A)True
B)False
Q2) What process would provide shareholders or creditors with information about the overall financial performance of a firm?
A) accrual accounting
B) internal auditing
C) financial accounting
D) managerial accounting
Q3) What has the accounting profession adopted to guide the practice of financial accounting in order to provide external shareholders with relevant, reliable, consistent, and comparable financial information?
A) Formal Accounting Rules and Procedures (FARP)
B) Standardized Accounting Procedures (SAP)
C) International Financial Reporting Standards (IFRS)
D) International Accounting Financial Rules (IAFR)
Q4) Define fixed costs and variable costs. Provide an example of each.
Q5) List and describe at least three users of a firm's accounting information.
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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Sample Questions
Q1) Setting high credit standards reduces the likelihood a firm will have problems with customers who pay late (or not at all).
A)True
B)False
Q2) Financial managers typically seek more permanent funding to finance major investments and provide a secure financial base for their company. Discuss two forms of long-term financing available to firms.
Q3) Money market mutual funds are an attractive cash equivalent for smaller firms.
A)True
B)False
Q4) Financial managers at Tuckerverse Corporation have just computed the NPV for a capital budgeting proposal and found that it is $1500. The financial managers are likely to approve this proposal.
A)True
B)False
Q5) Define the two primary sources of equity financing.
Q6) Unlike debt, equity financing imposes no required payments.
A)True
B)False
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Chapter 9: Financial Markets: Allocating Financial Resources
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Sample Questions
Q1) When a company issues preferred stock with a cumulative feature, any time it skips a preferred dividend in one quarter, the amount it owes the next quarter is equal to the dividend for that quarter plus the dividend it skipped in the previous quarter.
A)True
B)False
Q2) Your grandfather has just passed away, leaving everything to your grandmother. Your grandfather managed all the finances. There are bills like rent, electricity, phone, and cable that have to be paid every month. Your grandmother has asked for your assistance as she knows you are a business major. What strategy for investing would be most appropriate for your grandmother's situation?
A) value investing strategy
B) buy and hold strategy
C) investing for growth strategy
D) investing for income strategy
Q3) An investment bank is a financial intermediary that specializes in helping firms raise financial capital in primary markets.
A)True
B)False
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Chapter 10: Marketing: Building Profitable Customer
Connections
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) What is market research? Define and describe how companies use market research to make better marketing decisions.
Q2) Researchers collecting data from consumers in other countries need to consider the mode of preferred communication for that consumer group.
A)True
B)False
Q3) Business marketers direct their efforts to people who purchase their products for personal use.
A)True
B)False
Q4) Which of the following stresses customer satisfaction as the central focus of the entire organization?
A) scientific management
B) operations research
C) psychographic analysis
D) the marketing concept
Q5) The evolution of marketing includes the production era and the selling era.
A)True
B)False
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Chapter 11: Product and Promotion: Creating and Communicating Value
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335 Verified Questions
335 Flashcards
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Sample Questions
Q1) What do we call an organization's ongoing efforts to create positive relationships with its consumers, employees, suppliers, the community, the general public, and the government?
A) publicity
B) advertising
C) public relations
D) sales promotion
Q2) At the most fundamental level, why does a consumer buy a product?
A) to obtain status
B) to obtain its core benefit
C) to obtain its implicit benefit
D) to obtain a lifestyle enhancement
Q3) Which of the following do companies use to coordinate their messages through every promotional vehicle?
A) virus detection software
B) integrated marketing communication
C) promotional channels
D) positioning statement
Q4) Explain the difference a between product line and a product mix. Provide an example of each.
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Chapter 12: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Infomercials and telemarketing are examples of direct response retailing.
A)True
B)False
Q2) The prices quoted on the menu of an upscale restaurant all end in zeros. This approach is a way the restaurant can signal to its customers that the food it serves is a real bargain.
A)True
B)False
Q3) What type of pricing is the most popular method of fixed margin pricing?
A) breakeven pricing
B) cost-based pricing
C) skimming pricing
D) demand-based pricing
Q4) The wheel of retailing refers to the tendency for the price of products at the retail end of the distribution channel to fall over time.
A)True
B)False
Q5) What are three key strategic options for distribution of products? Explain and define these strategies.
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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213 Flashcards
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Sample Questions
Q1) Expectancy theory deals with the relationship among individual effort, individual performance, and individual reward.
A)True
B)False
Q2) Describe the three basic leadership styles and explain when each might be appropriate.
Q3) Lisa has joined the company as a middle-level manager. Her current job has her coordinating a special project, so she must have the ability to communicate clearly and lead effectively in order to keep the members of the project focused and motivated. What skill set would she draw on the most to accomplish her job?
A) human skills
B) technical skills
C) conceptual skills
D) marketing skills
Q4) The main purpose of the controlling function of management is to monitor and control the flow of sensitive information to the firm's stakeholders.
A)True
B)False
Page 15
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) What must HR managers do in order to gain the respect of other managers within their organizations?
A) They must concentrate on the nonmonetary aspects of the organization that other managers tend to ignore.
B) They must become knowledgeable about their company's broad goals, key customers, and competition.
C) They must learn to trust their own judgment and become more assertive.
D) They must focus more of their efforts on the legal aspects of their company's human resource problems.
Q2) What is the first step in the training and development process, designed to introduce employees to the company culture?
A) orientation
B) employment simulation
C) job shadowing
D) vestibule training
Q3) Benefits are noncash compensation, including programs such as health insurance, vacation, and childcare.
A)True
B)False
Page 16
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and
Link
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) A strong password is any combination of at least five characters consisting of both letters and numbers and isn't a common word or name.
A)True
B)False
Q2) Utility programs are applications software packages, such as word processor and spreadsheet programs, that help users perform a desired task.
A)True
B)False
Q3) Explain the roles that hardware and software play in a computer system. How does system software differ from applications software?
Q4) Transforming data into useful information for decision makers is the vital function of which of the following?
A) transferring networks
B) managing partnerships
C) business
D) the information technology department
Q5) Explain how companies use expert systems to solve problems.
Page 17
Q6) What is viral marketing? Provide an example.
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Chapter 16: Operations Management: Putting It All Together
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Sample Questions
Q1) Just-in-time production may leave producers vulnerable to supply disruptions.
A)True
B)False
Q2) Which of the following is something a firm must do in order to receive ISO 14001 certification?
A) make a commitment to continually improve their environmental performance
B) show proof of the critical path method being used
C) identify a specific location where waste will be stored
D) eliminate all unnecessary processes from production
Q3) Operations managers at Marcus Industries agree that the company is trying to handle too many supply chain functions on its own, resulting in the inefficient use of resources. This suggests that the firm may soon embark on what type of strategy?
A) outsourcing
B) free-sourcing
C) vertical integration
D) De-sourcing
Q4) With services quality is based mainly on customer perceptions.
A)True
B)False
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Cheryl is presenting the new payroll system to the managers. She was unable to reserve the large conference room, so she scheduled the presentation for the cafeteria, which is not designed for giving presentations and has poor acoustics. What is her challenge?
A) nonverbal communication
B) an inability to use active voice
C) intercultural communication
D) physical barriers that are likely to create noise
Q2) Suppose you are writing a letter applying for a job with a company, and you don't know the name or gender of the vice president of human resources to whom you are writing. The best way to deal with this problem is to address the recipient as which of the following?
A) "Dear Sir"
B) "To Whom It May Concern"
C) "Dear Vice President of Human Resources"
D) "Hi!"
Q3) Speaking immediately after someone stops talking shows poor listening skills.
A)True
B)False
Q4) Describe three factors used to analyze an audience.
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Chapter 18: Labour Unions and Collective Bargaining
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Sample Questions
Q1) Which of the following is a group of workers who have organized in order to pursue common work-related goals, such as better wages and benefits, safer working conditions, and greater job security?
A) labour federation
B) labour union
C) labour collective
D) Cooperative
Q2) The Canada Labour Code covers labour-relations issues for all firms in all provinces.
A)True
B)False
Q3) Although they help organize new local unions and provide locals with leadership training, national unions generally take a "hands-off" approach when it comes to the actual process of negotiating a labour contract.
A)True
B)False
Q4) Explain the types of topics discussed in a collective bargaining process.
Q5) Describe the four main areas the Canada Labour Code addresses. Provide an example for each.
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Chapter 19: Business Law
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60 Flashcards
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Sample Questions
Q1) In which type of contract are the terms explicitly spelled out either orally or in writing?
A) a notarized contract
B) an express contract
C) a tangible contract
D) a specified contract
Q2) The period of protection for a creator's creative work like a play, song, painting, or book lasts for the remainder of the creator's life plus an additional 100 years after his or her death.
A)True
B)False
Q3) Case law (or common law) refers to laws that result from rulings, called precedents, made by judges who initially hear a particular type of case.
A)True
B)False
Q4) A tort is a private wrong that results in physical or mental harm to an individual or damage to that person's property.
A)True
B)False
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Chapter 20: Personal Finance
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Sample Questions
Q1) Which of the following is a popular investment that also represents a share of ownership?
A) precious metals
B) common stock
C) dividends
D) comic books
Q2) New credit card legislation passed and signed by the prime minister in 2009 requires credit card companies to give credit card holders a 90-day grace period.
A)True
B)False
Q3) A debit card allows you to make "cash-like" purchases, because your bank balance is reduced immediately each time your card is used.
A)True
B)False
Q4) A promissory note is what the bank takes as security for a loan, such as a car for a car loan.
A)True
B)False
Q5) Discuss the traditional ways to wealth accumulation.
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