Business Strategy
Practice Exam
Course Introduction
Business Strategy explores the fundamental concepts, frameworks, and tools necessary for analyzing, formulating, and implementing effective strategies in both established and emerging businesses. The course equips students with the ability to assess competitive environments, identify organizational strengths and weaknesses, and understand the dynamics of industry structure and market positioning. Emphasis is placed on strategic decision-making, sustainable competitive advantage, corporate-level strategy, and the impact of globalization and innovation. Through case studies, group projects, and interactive discussions, students learn to integrate analytical tools and managerial judgment to tackle complex business challenges and drive long-term success.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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17 Chapters
3207 Verified Questions
3207 Flashcards
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2
Chapter 1: The Changing Face of Business
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) ______ is an example of external forces that can course change to happen in an organization.
A) Management issues
B) Government regulations
C) Employee demands
D) Shareholders demands
Answer: B
Q2) Which of the following is a benefit of entrepreneurship?
A) flexibility
B) guaranteed profit
C) low risk
D) reduced competition
Answer: A
Q3) An entrepreneur and a manager are the same.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) The Sarbanes-Oxley Act requires that each member of a firm's Board of Directors certify the truthfulness of financial statements.
A)True
B)False
Answer: False
Q2) Paying corporate taxes is an example of corporate philanthropy.
A)True
B)False
Answer: False
Q3) Reprocessing used materials so that they can be reused is known as ___.
A) rotation
B) recycling
C) ecology
D) conversion
Answer: B
Q4) Whistle-blowers always act out of self-interest.
A)True
B)False
Answer: False
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Chapter 3: Economic Challenges Facing Contemporary Business
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) If demand for a product rises sharply, its price should decline and the quantity supplied should increase.
A)True
B)False
Answer: False
Q2) Equilibrium price refers to the intersection of the supply and demand curves.
A)True
B)False
Answer: True
Q3) Real GDP accounts for the changes in prices and currency values.
A)True
B)False
Answer: True
Q4) Because there are only a few manufacturers of computer chips, the product is sold in the pure competition market.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Competing in World Markets
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) If a nation has an unfavourable balance of trade, it also has an unfavourable balance of payments.
A)True
B)False
Q2) The European Union (EU) ______.
A) recently became part of the North American Free Trade Agreement
B) wants to promote European citizenship as a complement to national citizenship
C) made trade with the United States more difficult
D) introduced the euro to coincide with each country's own currency
Q3) A trade deficit exists when a nation's imports exceed its exports.
A)True
B)False
Q4) During the past decade, which of the following countries has experienced the greatest annual rate of GDP growth?
A) United States
B) China
C) Canada
D) Japan
Q5) Describe three contractual agreements firms can enter into when going global.
Page 6
Q6) Why is international trade vital to a nations and its businesses?
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Chapter 5: Forms of Business Ownership and Organization
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) ______ newly launched businesses fail after three years of commencing operations.
A) Less than 10 percent
B) About 15 percent
C) About 50 percent
D) Almost all
Q2) Class action lawsuits filed against drug manufacturers are filed against the corporations themselves, NOT the owners of these corporations.
A)True
B)False
Q3) Of the small businesses which register each year, about 30% on average survive for five years.
A)True
B)False
Q4) Franchising offers all of the following advantages EXCEPT ______.
A) prior performance record
B) a recognizable company name
C) guaranteed level of profitability
D) training
Q5) Why are small businesses especially important to women?
Page 7
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Chapter
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) The significant increase of international marketing and sales by entrepreneurs is a result of ______.
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) Overseas, workers have yet to discover the benefits of entrepreneurship compared to employment by big firms.
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) Managers use symbols, rituals, and ceremonies to reinforce corporate culture.
A)True
B)False
Q2) Tate, president of Progressive Graphics, is highly respected for his ability to analyze and interpret trends in the rapidly changing graphics industry. Tate has effective ______ skills.
A) human relations
B) technical
C) conceptual
D) supervisory
Q3) Danielle runs a restaurant and gives her employees the authority to make on-the-spot decisions to improve customer satisfaction. Danielle is empowering her employees.
A)True
B)False
Q4) First-line managers have a ______ span of control than top-level managers.
A) more narrow
B) wider
C) depends on the organization
D) cannot determine with this information
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) What types of benefits are mandated by law?
Q2) Helène, an industrial sales representative, bought a cellular phone to use if she ever had car trouble while travelling between appointments. Which level of Maslow's need hierarchy is Helène addressing?
A) physiological
B) safety
C) esteem
D) self-actualization
Q3) As long as picketing doesn't involve violence or intimidation it is considered a form of free speech.
A)True
B)False
Q4) Flexible benefits plans are one of the ways organizations are using to proactively address the increasing diversity of their employees.
A)True
B)False
Q5) Theory Y managers believe that workers avoid work when possible.
A)True
B)False
Page 10
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) An annual report to shareholders is an example of external communication. A)True
B)False
Q2) List any four characteristics of open communication within an organization.
Q3) Mya's team members feel attracted to the team and motivated to remain part of it. Mya's team can be characterized as ______.
A) informal
B) formal
C) verbal
D) cohesive
Q4) Absenteeism is more likely to be found in smaller teams.
A)True
B)False
Q5) During the ______ stage of team development, members resolve their differences, accept each other, and reach broad agreement about the roles of the team leader and other team members.
A) forming
B) performing C) norming
D) storming
Page 11
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Chapter 10: Production and Operations Management
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) What is the name given to the system for manufacturing products in large quantities by using effective combinations of employees with specialized skills, mechanization and standardization?
A) production function
B) transformation
C) mass production
D) customer-driven production
Q2) Corn processing is an example of analytic production.
A)True
B)False
Q3) Which type of company would be most interested in locating in an area close to its market?
A) automobile manufacturers
B) shipbuilding companies
C) dry cleaners
D) pharmaceutical companies
Q4) Mention the importance of the follow-up phase of the production process.
Q5) Discuss the five steps in production control.
Q6) Provide examples of each of the three basic types of layouts for manufacturing facilities.
Page 12
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Chapter 11: Customer-Driven Marketing
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) In the exchange process, as long as one party offers something of value, perceived needs are met.
A)True
B)False
Q2) Some products can be classified as either a business or a consumer product depending on ______.
A) the type of product/service
B) the cost of the product/service
C) where the product/service is sold
D) who buys the product/service and why
Q3) An outdoor store sells rafting and camping permits for a close-by national park. The store is creating place utility.
A)True
B)False
Q4) Differentiate between frequency marketing and affinity marketing programs.
Q5) In the marketing era, businesses assumed that consumers would buy as a result of energetic sales efforts.
A)True
B)False
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Chapter 12: Product and Distribution Strategies
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222 Verified Questions
222 Flashcards
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Sample Questions
Q1) Focus groups are sessions in which customers meet with marketers to express their opinions about products.
A)True
B)False
Q2) Marketing intermediaries provide a number of services to producers, including financing.
A)True
B)False
Q3) Which classification of business goods is usually consumed over a long period and usually involves large sums of money?
A) convenience items
B) capital items
C) installations
D) expense items
Q4) Describe the supply chain.
Q5) Stores like Costco which sell to members only are an example of a ______.
A) discount store
B) warehouse club
C) factory outlet
D) supercentre
Page 14
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Chapter 13: Promotion and Pricing Strategies
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Differentiate between skimming pricing and penetration pricing.
Q2) If a product sells for $20 and the variable costs are $14, then the per-unit contribution to fixed costs is $6.
A)True
B)False
Q3) Sales of intangible products or services such as insurance often rely heavily on ______.
A) missionary selling
B) creative selling
C) order processing
D) sales promotion
Q4) A paid, nonpersonal sales communication usually directed at a large number of potential buyers is ______.
A) the media mix
B) sales promotion
C) advertising
D) publicity
Q5) Describe the four basic categories of pricing objectives.
Q6) What is odd pricing and why has it been used for a long time as pricing strategy?
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Chapter 14: Using Technology to Manage Information
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) An ASP makes software more difficult to manage and use.
A)True
B)False
Q2) What are the five important tasks that need to be considered by an organization regarding offsite data storage?
Q3) A program that performs specific tasks that the user wants to carry out is called ______.
A) software
B) the operating system
C) a management information system
D) application software
Q4) The heart of a management information system is the database.
A)True
B)False
Q5) A familiar example of wide area networks is long-distance telephone service.
A)True
B)False
Q6) Explain the differences among a virus, a worm, and a Trojan horse.
Q7) Describe an application service provider.
Q8) Identify four significant trends regarding information systems.
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Chapter 15: Understanding Accounting and Financial Statements
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) The natural progression of a business begins with ______.
A) financing
B) investing
C) operating
D) selling
Q2) What is the difference between an asset and a liability? Give examples of each.
Q3) Financial statements that cover operations in two or more countries do NOT need to treat fluctuations consistently.
A)True
B)False
Q4) Public accountants are NOT employees of the firm they provide services to. This allows them to provide
A) not-for-profit services.
B) unbiased advice.
C) excessive risk assessments.
D) tax preparation services.
Q5) Briefly explain how current ratio differs from inventory turnover and how net profit margin differs from debt ratio.
Q6) Identify and briefly describe the four categories of financial ratios.
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Chapter 16: The Financial System
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) Securities represent obligations on the part of issuers-businesses and governments-to provide purchasers with expected or stated returns on the funds invested or loaned.
A)True
B)False
Q2) Which of the following is a depository financial institution?
A) credit union
B) life insurance company
C) pension fund
D) mutual fund
Q3) Describe the role of the Bank of Canada.
Q4) Bonds with ratings of BB and below are classified as speculative, or so-called junk, bonds.
A)True
B)False
Q5) Explain the difference between primary and secondary markets.
Q6) Do other countries have organizations that play roles similar as those played by the Bank of Canada?
Q7) Explain how banks operate.
Q8) Explain insider trader and give examples.
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Chapter 17: Financial Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Mention and explain three sources of short-term funding.
Q2) Explain the difference between long-term and short-term funds used by a company for its operations.
Q3) What does synergy mean in mergers and acquisitions?
Q4) Trade credit is a major source of short-term financing.
A)True
B)False
Q5) Commercial paper is the least desirable financing option.
A)True
B)False
Q6) Hedge funds are private investment companies open only to qualified large investors.
A)True
B)False
Q7) The term used to describe the benefits produced by a merger or acquisition is ______.
A) partnership
B) leverage
C) synergy
D) profit
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