Business Policy
Practice Questions
Course Introduction
Business Policy is a capstone course that integrates knowledge from various business disciplines to develop strategic management skills. The course examines how organizations formulate, implement, and evaluate cross-functional decisions to achieve long-term objectives in dynamic environments. Through case analysis, theoretical frameworks, and real-world applications, students learn to assess internal and external factors affecting businesses, develop strategic alternatives, and recommend optimal courses of action. The course emphasizes ethical considerations, corporate governance, and the role of leadership in shaping organizational direction and sustaining competitive advantage.
Recommended Textbook
business strategy development application 1st Canadian Edition by Gary Bissonette
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15 Chapters
2132 Verified Questions
2132 Flashcards
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Page 2
Chapter 1: What Is Business
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Price,store surroundings,service,and brand name are all elements that consumers evaluate in a total product offer.
A)True
B)False
Answer: True
Q2) The critical component of a total product offer is always a low price.
A)True
B)False
Answer: False
Q3) A business' objectives should be:
A) specific
B) measurable
C) actionable
D) controllable
E) all of the above
Answer: E
Q4) When consumers calculate the value of a product,they look at the benefits and then subtract the cost.
Answer: Answers will vary
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Chapter 2: The Canadian Economic Environment
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123 Verified Questions
123 Flashcards
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Sample Questions
Q1) Economic expansion occurs when an economy is growing and people are spending more money.
A)True
B)False
Answer: True
Q2) An oligopoly is a market that is characterized by:
A) one firm that totally dominates the supply of the product.
B) a large number of small firms all producing very similar products.
C) a few large sellers who dominate the market supply.
D) several small firms that compete primarily by differentiating their products.
Answer: C
Q3) A core fundamental of an open,economic environment,the Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:
A) amount of product or service that will be bought or sold
B) price for which a product or service will be bought and sold
C) amount of product or service that will be produced
D) speed at which a product or service will be bought or sold
E) relative stability of demand for a product or service
Answer: B
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Chapter 3: The Global Marketplace
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) The strategy of global marketing involves selling the same product in essentially the same way everywhere in the world.
A)True
B)False
Answer: True
Q2) Approximately how many people live in the "Emerging Markets"?
A) 5 + billion
B) 2 + billion
C) 3 + billion
D) 1 + billion
E) 4 + billion
Answer: C
Q3) While China presents an important source of Canadian imports,few export opportunities exist for Canadian firms to sell goods and services to Asian consumers.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Environment and Sustainable Business Practices
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Ethical behaviour comes at the expense of stockholder wealth.
A)True
B)False
Q2) For many businesses,environmental sustainability is focused which two short-term outcomes?
A) Pricing power and Enhanced efficiencies
B) Stronger recruitment positioning and Customer retention
C) Stronger employee base and Strong environmental management
D) New business options and Improved Corporate Image
E) Improved Corporate Image and Regulatory Compliance
Q3) One responsibility of business is to satisfy customers by offering them goods and services of real value.
A)True
B)False
Q4) Issues of social responsibility and ethical behaviour are:
A) the result of greed found in capitalist countries.
B) found primarily in countries with a low standard of living.
C) a concern only of business professors.
D) found in many different countries.
Q5) Explain how transportation is key to responding to climate change.
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Chapter 5: Ethics and Corporate Social Responsibility
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Ethical behaviour will allow a firm to meet its corporate social responsibility.
A)True
B)False
Q2) Ethics is based solely on legality.
A)True
B)False
Q3) The majority of CEOs believe that employee misconduct results from a failure in organizational leadership in establishing ethical standards.
A)True
B)False
Q4) People who report illegal or unethical behaviour are known as whistleblowers.
A)True
B)False
Q5) Which of the following have been cited as incidents of unethical business activity recently?
A) Unfair competitive practices in the computer industry
B) Deceptive advertising of medicines and toys
C) Accounting fraud
D) Deceptive advertising of food products
E) All of the answers are correct
Page 7
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Chapter 6: Developing a Business Strategy
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Small and medium-size business owners need to assess and anticipate the changes which are occurring within their markets.
A)True
B)False
Q2) Today,managers have to make allocation decisions around the use of which scarce resources,
A) financial
B) human
C) natural
D) all resources
Q3) What is a key requirement of the strategic execution phase?
Q4) ____________ are specific,short-term results an organization needs to achieve in order to fulfill its long term goals.
A) Directives
B) Opportunity targets
C) Objectives
D) Mission complements
Q5) Explain SMAC principles and provide examples.
Q6) Explain Business system configuration and provide an example.
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Chapter 7: Entrepreneurship and Forms of Business
Ownership
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Culture reflects the interactive aspect of the internal processes and procedures which the organization uses to facilitate the completion of tasks and the management of outcomes.
A)True
B)False
Q2) Mechanisms for Effective Talent Management is considered to be a cornerstones to the structural foundation of a business,how it operates,and how its tactical execution is tied to its strategic plan.
A)True
B)False
Q3) Many organizations have a tendency to follow a generalized structure development path as they flow through their growth cycles.
A)True
B)False
Q4) A Customer organizational structure takes into consideration that individuals will have specific expertise related to defined departmental areas.
A)True
B)False
Page 9
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Chapter 8: Developing Your Business Structure and Culture
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) Non-health related fringe benefits allow employees to spend more time at work.
A)True
B)False
Q2) to a feeling of achievement and recognition.
A) Variety and identity
B) Autonomy
C) Significance
D) Feedback
Q3) Maslow placed _________ needs at the highest level of his hierarchy.
A) self-actualization
B) esteem
C) deferred
D) social
Q4) The aspect of an employee's organization that possesses values which are in line with their own thinking is a core driver of their overall sense of accomplishment.
A)True
B)False
Q5) Describe the potential near-term impacts of "short-termism"?
Q6) What is position power and provide an example?
Page 10
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Chapter 9: Managing and Leading the Organizations Talent
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) Small business owners should seek to involve their employee team in discussions relating _______.
A) facility layout
B) process planning
C) service delivery changes
D) distribution process
E) a), b), and c)
Q2) Distribution logistics is the management of the inter-dependencies which suppliers,manufacturers,and distributors all have with each other.
A)True
B)False
Q3) Small business owners should think in terms of layout design,striving to deliver consistent experience with each customer interaction.
A)True
B)False
Q4) What is the root concept of value chain analysis.
Q5) Explain he interconnectivity of these three business system components.
Q6) How is the Six Sigma approach different from TQM?
Q7) Explain Product/Service Management.
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Chapter 10: The Marketing Challenge
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) Promotion is built around a value proposition which clearly differentiates an organization's brands,products,and/or services from those of its competitors and,based on a solid understanding of market fundamentals,effectively delivers on the identified target customer's needs.
A)True
B)False
Q2) Which of the following is NOT an interpretation of an organization's solutions to their customers' problems over their competitors?
A) higher quality
B) uniqueness
C) enhanced importance
D) convenience
E) pride of ownership
Q3) _____ is a strategy that attracts new customers to existing products.
A) Product development
B) Market development
C) Market penetration
D) Product penetration
E) Diversification
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Page 12
Chapter 11: Understanding the Marketing Effort
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192 Verified Questions
192 Flashcards
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Sample Questions
Q1) A traditional "Pillar" of Marketing,Product has since been replaced with the word "distribution".
A)True
B)False
Q2) To the right audience is a key to "message rifling".
A)True
B)False
Q3) Why would an organization use indirect distribution?
Q4) A traditional "Pillar" of Marketing,Place has since been replaced with the word "communication".
A)True
B)False
Q5) ___________ is all about making decisions on where to invest in order to improve the organization's market position going forward.
A) Growth/Share management
B) Assortment management
C) Investment management
D) Portfolio management
E) Product management
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Chapter 12: Technology and Operations Management
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) The level of sales revenue or volume which is required in order for the organization to cover all of its costs is called the break-even point.
A)True B)False
Q2) Fixed costs are those costs which are directly tied to the manufacturing of a product,or the delivery of a service,depending on the type of business being assessed.
A)True B)False
Q3) All of the following are key elements of understand the configuration of the cost base,EXCEPT:
A) identify the various sacrifices which the organization will face
B) identify the various costs which the organization will face
C) the percentage impact which key cost areas have on the total cost base of the organization
D) the degree of controllability which managers have, in the near term, on costs being incurred`
E) the nature of the various costs which the organization will face
Q4) What impact does a change in selling price make to the breakeven point?
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Page 14
Chapter 13: Understanding Business Finances
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) The concept of benevolence and the ability to accept donations represents a core fundamental source of capital for many NFPs.
A)True
B)False
Q2) A method of long-term financing that requires repaying funds with interest is
A) issuing bonds.
B) using retained earnings.
C) issuing stocks.
D) buying insurance.
E) All of the answers are correct.
Q3) A business organization's legal structure requires them to obtain additional cash resources
A)True B)False
Q4) An essential part of our strategic plan is where and how to use and obtain capital. A)True B)False
Q5) What are retained earnings used for?
Q6) Why is a Sole Proprietorship considered the easiest way to commence a business?
Page 15
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Chapter 14: Financial Statements Structure and Interpretation
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) _______ is the process of assessing the impact of the amount of debt which an organization has incurred in order to finance its asset base.
A) Ratio Analysis
B) Leverage Analysis
C) Trend Analysis
D) Absolute Analysis
E) Proportional Analysis
Q2) A management team tracks the effectiveness of its decisions and product/service offerings with respect to growth,profitability,and asset productivity by analyzing its bank accounts.
A)True
B)False
Q3) That it sets specific strategic objectives for the various divisions and departments within the organization is a reason for the importance of forecasting and budgeting.
A)True
B)False
Q4) What insight does the income statement provide and how is this related to cash flow?
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Chapter 15: Analyzing New Business Ventures
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Overcapitalization is an example of fatal flaws that could potentially derail a venture.
A)True
B)False
Q2) In many cases,the final "GO" or "NO GO" decision comes down to labour analysis.
A)True
B)False
Q3) Mitigating uncertainty and risk is all about working hard.
A)True
B)False
Q4) ______ refers to conducting a search as to potential candidates for acquisition.
A) Identify the Target
B) Assessing the Fit
C) Determine the Price
D) Making the Purchase
E) Integrating the operations
Q5) "Skin in the Game" focuses on the skill set,knowledge base,experience,and decision-making aptitude of the individuals and/or the management team.
A)True
B)False
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