Business Strategy
Final Exam Questions
Course Introduction
Business Strategy is a comprehensive exploration of the frameworks, tools, and analytical methods used to assess and develop long-term plans for organizations to achieve competitive advantage. This course examines the external and internal factors influencing strategic decision-making, such as industry dynamics, core competencies, and market positioning. Through case studies and real-world examples, students learn how leaders formulate, implement, and evaluate business strategies in various contexts. By the end of the course, learners will gain the skills to critically analyze complex business environments and recommend effective strategic solutions.
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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Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The consumer price index (CPI)is partially composed of which of the following?
A) cars bought by a delivery company
B) food bought by a restaurant in order to prepare menu items
C) iron ore used by the steel industry
D) trips to amusement parks
Answer: D
Q2) Which of the following statements about demand and supply curves is most accurate?
A) The supply curve will shift to the left if taxes are decreased.
B) The demand curve will shift to the left if buyers' incomes increase.
C) The demand curve will shift to the right if the number of buyers decreases.
D) The supply curve will shift to the left if the number of suppliers increases.
Answer: A
Q3) Which of the following statements describes an oligopoly?
A) In an oligopoly,three or four firms usually dominate the marketplace.
B) In an oligopoly,there are many firms selling identical products.
C) Market entry into an oligopoly is easy.
D) Capital requirements are minimal for entering an oligopolistic market.
Answer: A
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 is the reduction of a currency's value relative to another currency?
A) deregulation
B) currency levelling
C) devaluation
D) exchange depreciation
Answer: C
Q2) The difference in value between a country's imports and exports is called its balance of payments.
A)True
B)False
Answer: False
Q3) Companies can use several methods to participate in the global marketplace.To which of the methods is franchising is most closely related?
Answer: licensing
Q4) What term has the opposite meaning from "protectionism"?
Answer: free trade
Q5) What is the most fundamental reason for the growth in world trade?
Answer: the need for businesses to expand their market
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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) Which of the following statements about social responsibility is true?
A) The federal government has written laws that require businesses to act in a socially responsible way.
B) Companies that exhibit corporate philanthropy are not acting in a socially responsible way.
C) The four components of the social responsibility pyramid model are equally important.
D) The obligation that a business has to act in a socially responsible way extends beyond shareholders,to include employees,suppliers,consumers,and the community.
Answer: D
Q2) Amra Singh was walking through the mall near her home and found an expensive watch lying on the ground.The decision that she must make-to keep the watch for herself,or turn it in to the mall's lost-and-found counter-involves which of the following?
A) consumerism
B) cultural awareness
C) ethics
D) social reciprocity
Answer: C
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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) Like local area networks (LANs),intranets are private corporate networks.
A)True
B)False
Q2) In a transaction processing system,the database can be updated in two ways.Which of the following lists these ways?
A) open and auxiliary
B) batch and database
C) open and closed
D) batch and online
Q3) The Internet is essentially a worldwide wide area network (WAN).
A)True
B)False
Q4) An office automation system is a communication tool that includes voice mail,e-mail,word processing,and facsimile systems.
A)True
B)False
Q5) ____________________ is the equipment and techniques used to manage and process informatio.
Q6) What is information technology (IT)?
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Chapter 5: Forms of Business Ownership
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) What is the purchaser of a franchise called?
A) a franchisee
B) a franchisor
C) a sole proprietor
D) a contractor
Q2) ____________________ is the operation of two or more franchises in one location to generate more customer traffic and maximize space,personnel,and management utility.
Q3) What is the headquarters,seller,and supplier of the service or method of operation of a franchise called?
A) a franchisor
B) a contractee
C) a direct seller
D) a franchisee
Q4) The corporation's board of directors elects the corporate officers.
A)True
B)False
Q5) Who are the owners of a corporation?
Q6) List the three major types of mergers.
Q7) List the two basic types of partnership.
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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) What is the first step in starting a new business?
Q2) What are the two leading reasons that women start their own firms?
Q3) Entrepreneurs start a business with the hope that they will be compensated for their investment of time,expertise,and money with profits.
A)True
B)False
Q4) What is the first step in starting your own business?
A) a business plan
B) finding an idea for a new product or service
C) to determine where the funding will come from
D) a self-assessment
Q5) What is the difference between the small business owner and the entrepreneur?
A) The entrepreneur is responsible for the profits of the business.
B) The entrepreneur assumes the risk of the business.
C) The entrepreneur files taxes for the business.
D) The entrepreneur manages the business.
Q6) Emily Millou is planning to open a bed and breakfast inn.To borrow money from the bank,she should prepare a ____________________,a formal,written plan that discloses details about her product,markets,competition,and financial status.
Page 8
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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) What basic type of management is typically performed by middle managers?
Q2) A manager who is placing a reorder for office supplies would be making a nonprogrammed decision.
A)True
B)False
Q3) Which of the following managers are concerned with implementing the plans and policies of top managers and supervising lower-level managers?
A) functional
B) supervisory
C) coordinating
D) middle
Q4) Supervisor Astra Johanson demoted one subordinate and fired two others for misuse of the company's communications system.What type of power was she using?
A) referent
B) coercive
C) controlling
D) influential
Q5) Managerial skills fall into four basic categories.What are they?
Q6) What is the first step in making a nonprogrammed decision?
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Chapter 8: Designing Organizational Structures
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149 Flashcards
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Sample Questions
Q1) Which of the following is the process of dividing the work and assigning tasks to workers?
A) task division
B) functional division
C) division of labour
D) grouping of workers
Q2) The nature of the task and the location of the workers affect the size of a manager's span of control.
A)True
B)False
Q3) ____________________ is the complete redesign of business structures and processes in order to improve operations.
Q4) An organization that has a narrow span of control with many levels of managers and a long chain of command has a tall organization structure.
A)True
B)False
Q5) A(n)____________________ is also called the project management approach and is sometimes used in conjunction with the traditional line-and-staff structure in an 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) Managers can use equity theory to do which of the following?
A) Determine which employees would benefit from having a goal.
B) Improve worker satisfaction.
C) Match reward to performance for each individual employee.
D) Determine which employees are not working efficiently.
Q2) The original Hawthorne studies were set up to study which of the following?
A) testing used in the selection of employees
B) employee incentives
C) employee breaks
D) lighting
Q3) Managers can use equity theory to improve worker satisfaction.
A)True
B)False
Q4) In Herzberg's model,salary and fringe benefits are job satisfiers.
A)True
B)False
Q5) What are managers doing when they horizontally expand a job to increase the number and variety of jobs an employee performs?
Q6) What is another name for employee empowerment?
Q7) How can managers use the equity theory to improve worker satisfaction?
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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) Robin Banyan applied for a job at Shane Printing,which is unionized.She was told that she need not join the union and did not have to pay union dues if she did not want to.Shane Printing's labour contract supports which of the following type of shop?
A) a closed shop
B) an open shop
C) an agency shop
D) a union shop
Q2) From the union's perspective,what is the most secure type of working arrangement?
Q3) ____________________ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job.
Q4) What is the first step in the typical grievance procedure?
Q5) If the workers do not have to join the union,and they do not pay dues or fees to the union,a unionized company has which of the following type of shop?
A) a union shop
B) an open shop
C) a closed shop
D) a managed shop
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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) The just-in-time system schedules arrival of inventory so that it can be used almost immediately and will not need to be stored on site.
A)True
B)False
Q2) Electronic data interchange is an important communications tool for which of the following?
A) just-in-time
B) supply chain management
C) manufacturing resources planning
D) PERT charts
Q3) What do Gantt charts and PERT charts have in common?
A) They are both tools for computer-aided design.
B) They are both common scheduling tools for complex situations.
C) They both are useful in making sure that all resources are available at the start of a complex project.
D) They are both tools used for evaluating potential site locations.
Q4) List the three most commonly used scheduling tools for complex production situations.
Q5) Define total quality management.
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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) What is the key difference between consumer products and business-to-business products?
Q2) Marketing to attract customers and funding for museums,symphonies,and zoos is an example of ____________________ marketing.
Q3) In selling telephone service,Rogers tries to gather as much information as possible about the consumer's income,buying habits,service preferences,and occupation.Rogers is using which type of decision-making information?
A) mass customization
B) psychographic data
C) marketing research
D) niche marketing
Q4) Personal selling,advertising,public relations,and sales promotions are decisions made when planning which of the following strategies?
A) place
B) promotion
C) pricing
D) possession
Q5) What are the first two steps in the consumer decision-making process?
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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) Eli Wenzki works in the warehouse for a manufacturer of high-quality office furniture.He is involved in the transportation of metal components,fabric,lumber,etc.used to manufacture the furniture as well as the movement of the finished furniture from the manufacturing facility to the warehouse to distribution trucks.Wenzki is involved in which of the following type of distribution?
A) channel distribution
B) centralized distribution
C) physical distribution
D) component distribution
Q2) All a manufacturer needs to know to calculate the breakeven point is the fixed and variable costs.
A)True
B)False
Q3) Distribution managers generally choose a mode of transportation on the basis of several criteria.Which of the following is one of the criteria used?
A) traceability
B) empowerment
C) flexibility
D) empathy
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Chapter 14: Using Financial Information and Accounting
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133 Flashcards
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Sample Questions
Q1) The final figure or bottom line on an income statement is called the net revenue.
A)True
B)False
Q2) Which of the following are debts that are to be paid within 12 months?
A) current assets
B) fixed assets
C) current liabilities
D) fixed liabilities
Q3) What is the acceptable inventory turnover ratio?
A) once every sixty days
B) once per year
C) once every ninety days
D) it is different for each industry
Q4) The ____________________ refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation of the report.
Q5) List three measures of a company's liquidity.
Q6) How would the building,the parking lot,and the land owned by a superstore be listed on the store's balance sheet?
Page 16
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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) When the government of Canada issues money on a short-term basis,it issues which of the following?
A) certificates of deposit
B) notes
C) treasury bonds
D) treasury bills
Q2) Which of the following are the link between public companies and the investors interested in buying their stock?
A) underwriters
B) investment bankers
C) account managers
D) stockbrokers
Q3) Organized stock exchanges operate in a similar manner to which of the following?
A) an auction company
B) an indirect distribution channel
C) a retailer
D) a wholesaler
Q4) List the four key characteristics of money if it is to be a suitable means of exchange.
Q5) What are the two broad groups involved in financial intermediation?
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Chapter 16: Managing the Firms Finances
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144 Flashcards
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Sample Questions
Q1) Payments in the form of more shares to existing shareholders are known as which of the following?
A) rights offerings
B) warrants
C) share offerings
D) share dividends
Q2) What are the three main types of unsecured short-term loans?
Q3) The benefits from capital expenditures extend beyond one year's time.
A)True
B)False
Q4) The primary goal of the financial manager is BEST described by which of the following?
A) He or she concentrates on short-term growth strategies.
B) He or she develops new goods and services for the company.
C) He or she ensures all employees get paid on a regular schedule.
D) He or she maximizes the value of the firm to its owners.
Q5) What kind of budgeting would be used to make sure the company has enough money to purchase an additional warehouse when it achieves its growth goal?
Q6) Long-term forecasts are also called ____________________ plans.
Page 18
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