Business Strategy
Practice Exam
Course Introduction
Business Strategy is a comprehensive course that explores the formulation, implementation, and evaluation of strategies to achieve competitive advantage in dynamic business environments. Students learn how to analyze industry trends, assess organizational strengths and weaknesses, and make informed decisions that align with long-term goals. Through case studies, simulations, and practical application, the course develops critical thinking and problem-solving skills necessary for strategic management in diverse organizations. Key topics include competitive analysis, resource allocation, business model innovation, and the impact of external forces such as globalization and technological change.
Recommended Textbook business strategy development application 1st Canadian Edition by Gary Bissonette Available Study
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Page 2
Chapter 1: What Is Business
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Sample Questions
Q1) At Isuzu's Appliance Store,all new products are offered with an extended service contract,as well as free delivery installation.By offering these value enhancers,Isuzu's has added to their total product offer.
A)True
B)False Answer: True
Q2) Price,store surroundings,service,and brand name are all elements that consumers evaluate in a total product offer.
A)True
B)False Answer: True
Q3) Businesses differ from nonprofit organizations in that a business's focus is on A) price. B) goods.
C) profit.
D) organization. E) plans.
Answer: D
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Chapter 2: The Canadian Economic Environment
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Q1) Suppliers need to think about the cost of production versus the revenue which will be received from selling their product,and the change in profit which will be realized at different points on the schedule.This is called the:
A) Demand Curve
B) Supply Line
C) Law of supply
D) Law of demand
E) Demand Schedule
Answer: C
Q2) Global trading has been significantly simplified by the introduction of standardized international laws regulating business organizations.
A)True
B)False
Answer: False
Q3) In the long run,the actual market price tends to adjust toward the equilibrium price.
A)True
B)False
Answer: True
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Chapter 3: The Global Marketplace
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Sample Questions
Q1) Direct investment is the least risky and least expensive way to participate in foreign trade.
A)True
B)False
Answer: False
Q2) Trade occurs between _________.
A) countries
B) organizations
C) individuals
D) a) and b)
E) b) and c)
Answer: E
Q3) been?
A) 12
B) 2
C) 17
D) 5
E) 8
Answer: C
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Page 5
Chapter 4: The Environment and Sustainable Business Practices
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Q1) Name and briefly describe the goals of sustainable business strategies.
Q2) The economic power of large multinational firms allows them to ignore the ethical standards of a society without consequences.
A)True
B)False
Q3) One responsibility of business is to satisfy customers by offering them goods and services of real value.
A)True
B)False
Q4) 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
Q5) Why can't businesses alone solve the environmental sustainability challenge?
Page 6
Q6) List and briefly describe the 7 key supply side factors for resource availability.
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Chapter 5: Ethics and Corporate Social Responsibility
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Q1) Codes of ethics foster ethical behavior by
A) expanding the opportunity to behave ethically by providing rewards for following the rules.
B) limiting the opportunity to behave unethically by providing punishments for violations of the rules and standards.
C) limiting the opportunity to behave unethically by providing rewards for violations of the rules and standards.
D) expanding the opportunity to behave ethically by providing punishments for following the rules.
E) all of the answers are correct.
Q2) What is business ethics?
Q3) The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to
A) punish those who committed accounting fraud in the late 1990s.
B) improve corporate profits.
C) help laid-off employees get their jobs back.
D) help investors recoup their losses.
E) help restore confidence in Corporate America and Canada.
Q4) Do Canadian Not-for-profit leaders need to worry about CSR?
Q5) How can an organization improve ethical behavior?
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Chapter 6: Developing a Business Strategy
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Q1) Continuously monitoring the success of the implementation of the strategy is a key requirement of the strategy execution phase.
A)True
B)False
Q2) Strategic planning looks at the organization as a whole,while ________ planning focuses on specific supervisors,department managers,and individual employees.
A) tactical
B) strategic C) mission
D) operational
Q3) Corporate,Business,and Operating are the three parts of formulating the strategic plan.
A)True
B)False
Q4) In order for an organization to be successful over the long term,managers need to have a game plan.
A)True
B)False
Q5) What is the internal analysis portion of the I/E Analysis?
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Chapter 7: Entrepreneurship and Forms of Business Ownership
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Sample Questions
Q1) Many organizations have a tendency to follow a generalized structure development path as they flow through their _______.
A) growth cycles
B) evolution cycles
C) progress
D) life cycles
E) stages
Q2) In today's business environment,the trend is to decrease the span of control.
A)True
B)False
Q3) Employee Interaction refers to the degree of entrepreneurship which is embedded into the organization.
A)True
B)False
Q4) Current product growth is a factor used to determine the best organizational structure for a particular company?
A)True
B)False
Q5) Describe a situation where a Matrix-style structure would be appropriate.
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Chapter 8: Developing Your Business Structure and Culture
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Q1) Jackie had been very pleased with her part-time job at a local convenience store until a recent incident occurred.During Jackie's shift,the store was burglarized.Although no one was hurt,Jackie now feels uneasy and fearful during her late night shift.She is so nervous and worried that she is having a hard time concentrating on her work and is thinking about quitting.Management needs to be aware of Jackie's unmet _______ needs.
A) esteem
B) self-actualization
C) physiological
D) safety
Q2) Non-health related fringe benefits are perceived as a nuisance by employers.
A)True
B)False
Q3) Human relations is concerned with all of the following except A) the needs of employees.
B) employee motivation.
C) job performance.
D) morale.
E) sales.
Q4) Why is strong leadership important?
Page 10
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Chapter 9: Managing and Leading the Organizations Talent
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Q1) _________ is the alignment of the operational tasks within an organization,by its management team,in order to meet the strategic outcomes defined in the organization's business strategy.
A) Strategy implementation
B) The operations cycle
C) Strategy execution
D) Operational management
E) Tactical implementation
Q2) Six Sigma focuses on how organizations transform production and manufacturing processes to improve the way that people work.
A)True
B)False
Q3) In recent years,operations management has become more focused on providing services,because that is where the growth and profit potential is greatest.
A)True
B)False
Q4) Determining quality can be difficult.
A)True
B)False
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Chapter 10: The Marketing Challenge
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Q1) An example of a Company-driven marketing technique is Point of Purchase Displays.
A)True
B)False
Q2) In its simplest context,the purpose of marketing is to design,develop,and communicate quality.
A)True
B)False
Q3) A key objective that marketing managers need to attain to effectively position brands,products and/or services is:
A) Communicate the solution effectively to the targeted customers
B) Understand the market to be served
C) Understand the customers to be targeted
D) Deliver the solution in a way that is superior to competitors
E) All of the above
Q4) Primary data consists of information that has already been researched by others and published in journals or books,or has been made available online.
A)True
B)False
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Chapter 11: Understanding the Marketing Effort
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Q1) The revised the Growth/Share Matrix model recognizes that market potential may not always be categorized as high or low,but that a given,threshold level of market potential may offer managers opportunities to further grow a product line and/or service opportunity via selective strategies.
A)True
B)False
Q2) The revised the Growth/Share Matrix model recognizes that market potential may not always be categorized as high or low,but that a given,acceptable level of market potential may offer managers opportunities to further grow a product line and/or service opportunity via selective strategies.
A)True
B)False
Q3) What can result in viewing product strategies through value proposition attributes?
Q4) The right product/service value proposition components is a key to "message rifling".
A)True
B)False
Q5) Provide examples of Consumer-driven marketing techniques.
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Chapter 12: Technology and Operations Management
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Q1) Why do managers need to understand the cost structure?
Q2) The point where the revenue, from the sales of the products (units) offered to the marketplace, equals the total costs (variable costs + fixed costs) associated with producing these products (units) is contribution margin.
A)True
B)False
Q3) Demand-based pricing is the process used to determine the profitability of a product at various levels of sales.
A)True
B)False
Q4) The formula for the Break-even Point plus profit is:
A) (Total Fixed Costs + Profit Objective) divided by (1 - Variable Cost%)
B) (Total Variable Costs) divided by (1 - Fixed Cost%)
C) (Total Variable Costs% + Profit Objective%) divided by (Total Fixed Costs)
D) (Total Fixed Costs + Profit Objective) divided by (1 - Variable Cost%).
E) (Total Fixed Costs) divided by (1 - Variable Cost%).
Q5) What should managers consider with operating at or below the BEP?
Q6) What are fixed costs and provide an example.
Q7) What does the breakeven point mean for managers?
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Chapter 13: Understanding Business Finances
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Q1) What is the key advantage of the Sole Proprietorship,beyond the simplicity of the commencement of the operation?
A) the sole proprietor is 100% personally exposed to the liabilities incurred by the business
B) the sole proprietor has 100% control of the business
C) the skill set of the business is limited to the skills possessed by the sole proprietor
D) no real creation of a separate legal business entity
E) limited to their personal capacity to invest and/or borrow money
Q2) For many individuals,commencing business operations is easiest via the establishment of _______.
A) a Partnership
B) a Private Corporation
C) a Sole Proprietorship
D) a Public Corporation
E) none of the above
Q3) The type of ownership form which can raise capital most easily is a private corporation.
A)True
B)False
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Chapter 14: Financial Statements Structure and Interpretation
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Q1) Name and briefly describe the four specific areas of financial analysis.
Q2) ______ is the process by which we assess and interpret the relationships between the financial results shown on an organization's financial statements.
A) Ratio Analysis
B) Leverage Analysis
C) Trend Analysis
D) Absolute Analysis
E) Proportional Analysis
Q3) Future revenues are considered in an organization's solvency analysis.
A)True
B)False
Q4) Solvency refers to the ability of the company,on the basis of the cash it has on hand and the cash it is generating within its operations,to meet its ongoing financial obligations.
A)True
B)False
Q5) Efficiency is an issue that Not-for-profit (NFP) managers must manage
A)True
B)False
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Chapter 15: Analyzing New Business Ventures
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Sample Questions
Q1) All of the following are key analytical areas of operational capacity,EXCEPT:
A) infrastructure
B) equipment
C) value chain flow
D) technology decisions
E) set-up
Q2) "Relationships" refers to the overall desire to excel.
A)True
B)False
Q3) In many cases,the final "GO" or "NO GO" decision comes down to capital analysis.
A)True
B)False
Q4) Mitigating uncertainty and risk is all about __________.
A) working hard
B) developing a sound business model
C) designing a risk analysis model
D) controlling for contingencies
E) Planning
Q5) What is the alternative to growing organically?
Q6) What does benchmark requirements focus on and what are the two key benchmarks?
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