Business Studies
Exam Practice Tests
Course Introduction
Business Studies explores the principles and practices that drive organizations in the modern economy. The course covers key topics such as management, marketing, finance, operations, and human resources, providing students with a comprehensive understanding of how businesses are structured and operate. Emphasizing decision-making, problem-solving, and strategic thinking, Business Studies prepares students to analyze business environments, interpret financial information, and understand the impact of economic and legal factors on organizations. Through real-world case studies and practical assignments, students gain the skills necessary to pursue further studies or careers in various business-related fields.
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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Chapter 1: Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) A core goal for successful businesses is to deliver value to customers while generating long-term profits.
A)True
B)False
Answer: True
Q2) People can create natural resources by growing and harvesting agricultural products.
A)True
B)False
Answer: False
Q3) Replacing baby boomers in the workforce will be easy, as there are many workers to choose from.
A)True
B)False
Answer: False
Q4) During the entrepreneurship era, the government began to regulate business practices.
A)True
B)False
Answer: True
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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) Business ethics are a set of beliefs about which of the following?
A) what is right and wrong in a business setting
B) how to meet the social responsibilities of business organizations
C) how to earn the maximum amount of profit legally
D) the best way to manage a company's natural resources
Answer: A
Q2) What is the main purpose of a written code of ethics?
A) to satisfy the requirements of federal legislation
B) to eliminate the need for top management to monitor ethical behaviour, thus giving these managers more time to deal with other issues
C) to provide guidance to help employees make sound ethical decisions across a range of situations
D) to explain how the organization will go about satisfying its social responsibilities to each major type of stakeholder
Answer: C
Q3) Cheaters in high school are far more likely to lie as adults.
A)True
B)False
Answer: True
4
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Chapter 3: Economics: The Framework for Business
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) Unfortunately, depressions are a common problem in most free-market economies.
A)True
B)False
Answer: False
Q2) The North Korean and Cuban governments still own most of their nation's enterprises and actively control the performance of their nation's economies.
A)True
B)False
Answer: True
Q3) Individuals quitting their jobs experience structural unemployment.
A)True
B)False
Answer: False
Q4) A typical supply curve shows that an increase in the price of a good will cause producers to decrease the quantity they supply.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The World Market-Place: Business Without Borders
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) The licensee is the company granting the right to produce and market its product overseas.
A)True
B)False
Q2) Define absolute advantage and comparative advantage. Explain how China has an absolute advantage over Canada and how Canada has a comparative advantage over China.
Q3) International trade stimulates competition as it encourages innovation and creativity for new products.
A)True
B)False
Q4) Infrastructure refers to a country's physical facilities supporting economic activity including transportation, power generation, and banking.
A)True
B)False
Q5) Barter opportunities tend to increase when economies are strong.
A)True
B)False
Q6) Provide three reasons to create trade restrictions.
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Chapter 5: Business Formation: Choosing the Form That Fits
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) If the owner of a sole proprietorship dies, the company legally ceases to exist.
A)True
B)False
Q2) The general partnership is the dominant form of business ownership, with the vast majority of large business organizations using this form of ownership.
A)True
B)False
Q3) Marco Valez is comparing forms of business structure in order to make the best decision for the business he plans to form next month. He plans to be the only investor/owner, and he will also actively manage the business. He is convinced that the company will be profitable, so he wants to keep all of the after-tax earnings for himself. Which of the following forms of business ownership is Marco most likely to choose?
A) limited liability company
B) sole proprietorship
C) corporation
D) limited partnership
Q4) What is a sole proprietorship? Identify and explain two advantages and two disadvantages of sole proprietorships.
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Page 7
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) Three downsides to buying a franchise include initial high costs, the ongoing percentage-of-sales royalty fees, and the franchise requirements that, in effect, reduce the owner's independence.
A)True
B)False
Q2) Most small business owners start their businesses with the intention of changing the world through transformative growth.
A)True
B)False
Q3) The development of the Internet has made it harder for small firms to compete effectively against giant businesses.
A)True
B)False
Q4) What source of funding do the majority of new small business owners rely heavily on to finance their start-ups?
A) loans from commercial banks
B) investments by venture capital firms
C) personal sources, including family, friends, and credit cards
D) money from angel investors
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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 balance sheet is organized to reflect the accounting equation. What is the accounting equation?
A) Owners' Equity = Liabilities + Assets
B) Assets = Liabilities + Owners' Equity
C) Liabilities = Assets + Owners' Equity
D) Assets - Liabilities = Assets + Owners' Equity
Q2) Variable costs rise when a firm increases its production of goods and services.
A)True
B)False
Q3) What is a balance sheet? What is the accounting equation? Define each term in the accounting equation.
Q4) Which of the following is true about a firm's current liabilities?
A) They must equal its current assets.
B) They do not have to be repaid on any specific date. Instead, repayment can be deferred as long as the firm is willing and able to make the required interest payments.
C) They are what it owes to its shareholders.
D) They are due in less than a year.
Q5) Explain three different opinions that may result from an accounting audit.
Q6) List and describe at least three users of a firm's accounting information.
Page 9
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Which of the following represents an advantage of offering more lenient credit terms to a firm?
A) increasing sales
B) reducing risk
C) decreasing debt
D) speeding up the receipt of cash
Q2) The present value of a cash flow received in a future time period is the amount of money which, if invested today at a specified rate of interest, would grow to become that future amount of money.
A)True
B)False
Q3) A guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement. Which of the following describes these arrangements?
A) revolving credit agreement
B) trade credit
C) short-term bank loan
D) commercial paper
Q4) Discuss how financial managers use cash budgets.
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Chapter 9: Financial Markets: Allocating Financial Resources
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) Describe the three basic types of securities issued by corporations.
Q2) The price of a firm's stock in the secondary market is often interpreted as a measure of the success by whom in building the value of the corporation?
A) investment bankers
B) brokers and dealers
C) management team
D) shareholders
Q3) Portia qualifies as an accredited investor. This means that, unlike most investors, she can buy stocks and bonds on the secondary market.
A)True
B)False
Q4) Which of the following is an organization that provides a venue for stockbrokers or securities dealers to trade listed stocks and other securities for their clients?
A) securities platform
B) primary market
C) securities exchange
D) investment bank
Q5) List and describe three basic rights of common shareholders.
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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) Starbucks aggressively opens conveniently located stores that provide customers with easy access to gourmet coffee beverages and pastries. This is an example of providing place utility.
A)True
B)False
Q2) What is market research? Define and describe how companies use market research to make better marketing decisions.
Q3) Which of the following is the process of using strategies to satisfy customer needs while achieving long-term profitability for the organization?
A) primary data
B) segmentation
C) marketing
D) consumer behaviour
Q4) The production era of marketing focused on finding ways to stimulate more demand for the company's output.
A)True
B)False
Q5) Explain the global marketing mix and its impact on businesses.
Page 12
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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) With the invention of the telephone, Alexander Graham Bell created a completely new way for people to communicate over long distances. What did this invention demonstrate?
A) bleeding-edge innovation
B) discontinuous innovation
C) nonderivative innovation
D) dynamically continuous innovation
Q2) Which of the following best describes the big idea that results from a successful creative development process?
A) It is usually based on a humorous exaggeration of the firm's core values.
B) It is a meaningful, believable, and distinctive concept that cuts through the clutter of promotional messages.
C) It is a single key concept that is both rational and emotional in its appeal.
D) It is a message that is easily transferable to other cultures.
Q3) Premiums, samples, coupons, and rebates are all examples of consumer promotion tools.
A)True
B)False
Q4) Define "product layers." Give examples for each layer.
Page 13
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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) Firms that produce items for which customers are not willing to make special trips or travel long distances to buy normally use an intensive distribution strategy.
A)True
B)False
Q2) Direct selling includes all methods of selling directly to customers at home and work.
A)True
B)False
Q3) Examples of nonstore retailers include online retailing and direct response retailing. Which of the following represents a third example?
A) physical distribution
B) wheel of retailing
C) direct selling
D) exclusive distribution
Q4) Retailers buy products from producers and sell them to businesses while wholesalers sell products to businesses for personal consumption.
A)True
B)False
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Which of the following practices assumes that challenging, creative work will motivate employees to do their best?
A) job enrichment
B) job enlargement
C) job self-actualization
D) job equity
Q2) Bipin has been an intern at the local bank for almost all of his final year of college. Lately, his motivation has suffered because the work he is doing is repetitive and makes little use of his college education. Today, his supervisor, Lana, approached him and asked if he would like to be part of a larger project for the bank-one that would be much more complex, challenging, and important. Feeling empowered to make a difference, Bipin agrees. He cannot wait to get started. According to Maslow, Lana is motivating Bipin by meeting which of his needs?
A) physiological needs
B) social needs
C) self-actualization needs
D) internalization needs
Q3) Describe McGregor's Theory X and Theory Y assumptions about workers.
Q4) Discuss how expectancy theory and equity theory impact employee motivation.
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 is a key problem faced by HR managers as they attempt to add value to their companies?
A) They have responsibilities that aren't directly related to helping the company achieve financial success.
B) They often lack the respect and support of other managers within the organization.
C) They tend to lack confidence in their own abilities.
D) They typically report to the CEO rather than the CFO.
Q2) What is the main way by which HR managers contribute to increasing the value of their firm?
A) making sure that employees focus their effort toward implementing the firm's tactical plans
B) engaging in effective collective bargaining with employees
C) consulting on legal issues with managers in other departments so that the firm avoids employee lawsuits
D) finding ways to raise the value of their firm's human capital
Q3) Name and briefly describe the two main steps that managers must complete when creating a human resource (HR) plan. List the six core areas that must be covered in a complete HR plan.
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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) Which of the following installs itself on a computer without the user's knowledge or permission for the purpose of tracking the user's behaviour?
A) adware
B) freeware
C) cyberware
D) spyware
Q2) According to the Business Software Alliance, an organization dedicated to combating the piracy of software, approximately what percentage of all software installed on computers in 2013 was illegally obtained, resulting in the loss of over $62 billion in revenue to software companies?
A) 60 percent
B) 43 percent
C) 23 percent
D) 20 percent
Q3) Utility programs are applications software packages, such as word processor and spreadsheet programs, that help users perform a desired task.
A)True
B)False
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Chapter 16: Operations Management: Putting It All Together
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) What is ISO and how does it help buyers and sellers in global markets? Explain and describe the ISO 9000 certification process and its relevance to an organization's standard of operations.
Q2) The critical path method (CPM) is a network of relationships that channels the flow of inputs, information, and financial resources through all of the processes directly or indirectly involved in producing goods and services and distributing them to customers.
A)True
B)False
Q3) Just-in-time production is called a pull system because actual orders "pull" the goods through the production process.
A)True
B)False
Q4) Ambience refers to factors such as décor, background music, lighting, noise levels, and even scents.
A)True
B)False
Q5) Define efficiency and effectiveness as operations managers use these terms. Which of these goals is more important? Why?
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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) Anne Michaels is planning to take a course in business communications. Her studies are likely to involve two-way exercises that encompass the ability to be a good listener as well as a good speaker and writer.
A)True
B)False
Q2) Rohan Chandra is a marketing director for the Redding Company. His recent trip to a developing Asian country got off to an awkward start when his attempt to greet his host with a hearty handshake was not well-received. What does Rohan's experience exemplify?
A) a cultural barrier
B) a language barrier
C) a perceptual barrier
D) an exchange barrier
Q3) What do effective writers think about first when deciding how to structure must-read messages?
A) the basic rules of grammar
B) the needs of the audience
C) specific examples that can illustrate the main point
D) a good way to inject humour into the subject
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Chapter 18: Labour Unions and Collective Bargaining
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46 Verified Questions
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Sample Questions
Q1) Which of the following is a union composed of workers who share the same skill or work in the same profession?
A) concentric union
B) industrial union
C) craft union
D) pure union
Q2) Under federal laws governing the process of collective bargaining, how are topics dealing with wages, benefits, and working conditions best described?
A) They are completely off limits, because these are determined by the application of federal laws rather than by negotiation.
B) They are mandatory subjects of bargaining, meaning that if either side makes a proposal about one of these topics, the other cannot legally refuse to discuss it.
C) They are negotiated only under the direction and supervision of a third party known as an arbitrator.
D) They are permissible topics of bargaining, meaning that the two sides are free to bargain about these subjects if they wish, but neither side can be required to do so.
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Chapter 19: Business Law
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) A distinctive mark, symbol, word, phrase, or motto used to uniquely identify the goods of a particular business, like the Nike "swoosh," can be protected by registering it as which of the following?
A) a copyright
B) a trademark
C) a patent
D) a symbol
Q2) An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.
A)True
B)False
Q3) Which of the following duties does an agent owe to the principal?
A) reimbursement for expenses
B) compensation
C) indemnification
D) loyalty
Q4) What is meant by an agent's scope of authority? Name and describe three types of scopes of authority.
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Chapter 20: Personal Finance
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) A debit card takes three days before it removes the money from your bank account.
A)True
B)False
Q2) You recently had a conversation with your neighbour Ruth Ripoff about her problems with getting a loan. She mentioned, in the course of the conversation, that she had been turned down at least five times. Based on this information, what can you conclude about your neighbour?
A) Her credit history is neither positive or negative.
B) She has either high credit balances or unpaid credit.
C) She has not tried hard enough to secure a loan.
D) She has an excellent credit history.
Q3) Companies are required to pay dividends on corporate stock.
A)True
B)False
Q4) Preparing your budget doesn't do you much good unless you track your actual spending to what you budgeted for various items.
A)True
B)False
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