Canadian Business Context
Mock Exam
Course Introduction
Canadian Business Context explores the unique environment in which businesses operate within Canada, examining the influences of geography, culture, law, and government on commercial activities. The course covers key drivers of the Canadian economy, including major industries, trade relations, and resource management, while also addressing issues such as diversity, Indigenous relations, and regulatory frameworks. Students will gain an understanding of the challenges and opportunities faced by businesses in Canada, the impact of globalization, and the strategic considerations necessary for success in both domestic and international markets.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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18 Chapters
2559 Verified Questions
2559 Flashcards
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Page 2
Chapter 1: Political Environment
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99 Flashcards
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Sample Questions
Q1) Which system ensures that the government is held accountable to you and me?
A) the audit system
B) the tax system
C) the police system
D) the bank system
Answer: A
Q2) Which level of government controls labour laws?
A) federal
B) provincial
C) municipal
D) community
Answer: B
Q3) Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company. Tee has contacted a lawyer because he feels that Whoopee is responsible for his injury based on which legal principle?
A) restricted endorsement
B) fault-free obligations
C) patent infringement
D) strict liability
Answer: D
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Chapter 2: Economic Environment
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160 Flashcards
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Sample Questions
Q1) Which of the following is a way for a company to double its profits?
A) increase the prices on its existing products
B) reduce customer defections
C) launch new products
D) cut expenses
Answer: B
Q2) There is lowered confidence in the markets today. Which of the following is NOT one of those reasons?
A) the inability of the United States to deal with its annual deficits
B) the inability of Europe to handle its financial problems
C) the decline in the price of oil
D) the sustainability in the global economic recovery
Answer: C
Q3) Which of the following is the study of how a society uses scarce resources to produce and distribute goods and services?
A) finance
B) acculturation
C) economics
D) marketing
Answer: C
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Chapter 3: Social Environment
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Sample Questions
Q1) What is the greatest social change that has impacted business in Canada over the past three decades?
A) globalization
B) the phenomenon of working women
C) a better educated workforce
D) greater commuting distances for employees
Answer: B
Q2) Which of the following is the practice of limiting investments to companies that behave in accordance with the investor's beliefs about ethical and social issues?
A) strategic giving
B) social investing
C) investor paternalism
D) corporate philanthropy
Answer: B
Q3) Generation Z is also known as the iGeneration.
A)True
B)False
Answer: True
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Chapter 4: Technological Environment
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Sample Questions
Q1) What is one of the most important roles of an automated accounting process?
Q2) According to your text, what are two of the three IT trends that are having the greatest impact on the IT environment?
A) privacy issues and on-demand computing
B) social media and online retailing
C) digital forensics and privacy issues
D) grid computing and on-demand computing
Q3) What are the responsibilities of a CIO?
Q4) A knowledge worker is an employee who captures, codifies, and transfers knowledge across organizations for competitive advantage.
A)True
B)False
Q5) By limiting the number of times a person can use a type of software before registering as the authorized owner of that software, what types of issues are software companies addressing?
A) software piracy
B) software shrinkage
C) technological turnover
D) unfair access
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Chapter 5: International Environment
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Sample Questions
Q1) A complete ban on trading with another country is called an entreaty.
A)True
B)False
Q2) The method for a company to enter a foreign market with the greatest financial rewards is foreign direct investment.
A)True
B)False
Q3) Which of the following is an argument for tariffs that protect domestic businesses and workers?
A) the protection of industries and technology vital to defence preparedness
B) the maintenance of improved quality of products to protect consumers
C) the quota system argument
D) the protection of large, established businesses
Q4) The World Bank's emphasis has recently shifted from helping to build the infrastructure of developing countries to which of the following goals?
A) developing new agricultural techniques for developing countries
B) purchasing food for the population of developing countries
C) building highways, schools, and hospitals for developing countries
D) offering loans to help to relieve the debt burden of developing countries
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) David Dworkin is the founder and owner of Swoozie's, a chain of stores that carry eclectic lines of wrapping paper, stationery, invitations, and gifts for affluent women. He is a classic entrepreneur who envisions having stores across the United States and Canada. Which of the following type of entrepreneurs best describes David?
A) growth-oriented entrepreneur
B) intrapreneur
C) multipreneur
D) interpreneur
Q2) Small businesses are based locally and independently managed.
A)True
B)False
Q3) Seltzer Darrigan borrowed $25,000 from his bank to open an art gallery. Darrigan used which type of financing?
A) venture
B) liquid
C) debt
D) equity
Q4) List three disadvantages that small businesses experience compared to larger, more complex companies.
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Chapter 7: Understanding the Business
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Sample Questions
Q1) What does SWOT stand for?
Q2) A vision statement outlines why the company exists and where it's going in the future. It clearly states the goals and objectives of the company and helps decision makers plan for future actions.
A)True
B)False
Q3) Geoff has been looking at some liquidity ratios for K&M Enterprises. This indicates that he wants to know whether the company is likely to face problems in repaying its debts.
A)True
B)False
Q4) Providing value means that a business must constantly strive to lower the price of its products and services.
A)True
B)False
Q5) Which of the following measures the ability to pay debts as they come due?
A) liquidity ratio
B) asset management ratio
C) leverage ratio
D) profitability ratio
Page 9
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) The merger of McKesson, a leading drug wholesaler, and HBOC, a producer of health-care inventory software, is an example of which of the following type of merger?
A) vertical merger
B) horizontal merger
C) functional merger
D) acquired merger
Q2) North American Van Lines and Allied Van Lines merged to create the world's largest moving company. Prior to the merger, North American was the leading company in moving high-end merchandise such as computer and hospital equipment, while Allied specialized in households. What type of merger is this?
A) vertical merger
B) combination
C) conglomerate
D) horizontal merger
Q3) Shareholders in a corporation have limited liability.
A)True
B)False
Q4) List the three major categories of business ownership.
Q5) How is the board of directors for a corporation created?
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Middle management usually establishes the long-range plans of an organization.
A)True
B)False
Q2) Which of the following is an element of controlling?
A) designing jobs
B) managing change
C) measuring performance standards
D) coordinating work activities
Q3) What is the lowest level of management, which usually has the most people to manage?
A) operational management
B) supervisory management
C) strategic management
D) middle management
Q4) Which type of leader allows very little input from subordinates?
A) participative
B) autocratic
C) closed door
D) free rein
Q5) List the five primary sources or bases of power.
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) What is the purpose of reengineering?
A) to adopt a product management approach to doing business
B) to identify and establish international markets
C) to implement the latest technology in all functional divisions of the business
D) to identify and abandon the outdated rules and fundamental assumptions that guide current business operations
Q2) An example of a staff position would be the job of district sales manager with 20 people working for him.
A)True
B)False
Q3) Hugh Larrimore, Wilson Knight, and Frieda Perez have worked together for 12 years. They always clock in and clock out together. If one of the threesome happens to be late, the others will wait for him or her. What is this commonly accepted behaviour for this informal group?
A) organizational policy
B) self-mandated regulation
C) work procedure
D) group norm
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Chapter 11: Motivating Employees
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Sample Questions
Q1) Theories X and Y management styles are the result of studies by which theorist?
A) Douglas McGregor
B) Frederick Taylor
C) Frederick Herzberg
D) Elton Mayo
Q2) According to Maslow's hierarchy of needs, people need to feel secure, to be protected from physical harm, and to avoid the unexpected. These are called safety needs.
A)True
B)False
Q3) According to Herzberg, which of the following factors must be present to prevent work dissatisfaction, but these factors cannot serve as a source of satisfaction or motivation?
A) job-controlled
B) demotivational
C) hygiene
D) job-elemental
Q4) What is another name for employee empowerment?
Q5) What are managers doing when they horizontally expand a job to increase the number and variety of jobs an employee performs?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Reisner Inc. is a small company that manufacturers egg cartons. It has a sales force of 15 who sell all over Canada. Last year the company exceeded its predicted sales by almost $25,000. Forty percent of these added sales were divided equally among Reisner's salespeople. Which method did Reisner use to reward its salespeople?
A) bonus
B) fringe benefit
C) augmented commission
D) profit-sharing plan
Q2) What is job rotation?
Q3) Which of the following best describes programmed instruction?
A) It is less expensive than on-the-job training.
B) It uses mentors as instructors.
C) It is a form of on-the-job training.
D) It is a self-paced, highly structured training method.
Q4) What is it called when a union tries to disrupt a company's stockholder meeting to pressure the company to agree to the union's demands?
Q5) The internal labour market is made up of all employees in an industry.
A)True
B)False
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Chapter 13: Marketing
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159 Flashcards
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Sample Questions
Q1) Which of the following best describes a company with a production orientation?
A) It concentrates on customized manufacturing.
B) It focuses internally on maximizing the efficiency of operations.
C) It is determined to be socially responsible.
D) It has customer satisfaction as its primary goal.
Q2) Once a company has established its target market and identified its competitive advantage, what can it create?
A) marketing mix
B) advertising mix
C) marketing strategy
D) promotion strategy
Q3) What are the first two steps in the consumer decision-making process?
Q4) Market behaviour is a term used to describe the actions people take in buying and using goods and services.
A)True
B)False
Q5) Self-concept is the process of deciding which stimuli to notice and which to ignore. A)True
B)False
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Which of the following is the best example of a consumer product?
A) a car bought by a real estate agency for its salespeople to use
B) a textbook purchased by a student taking this class
C) magazines sold to a college bookstore
D) a case of toothbrushes sold to a dentist
Q2) A decorative trashcan costs $9 to buy from the wholesaler. The interior design shop prices the trashcan at $15. What is the markup?
Q3) What is a product that is bought by a company for use in making another product?
A) business product
B) institutional product
C) functional product
D) distribution product
Q4) Which of the following is a strategy of charging a high introductory price for a new product that invites eventual competition?
A) kiting
B) escalation
C) skimming
D) penetration
Q5) What are the two classifications of business products?
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Chapter 15: Achieving World-class Operations Management
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Sample Questions
Q1) The marketing division makes make-or-buy decisions for the production division.
A)True
B)False
Q2) A process layout is best for a company that has which of the following?
A) repeated routine operations
B) a high volume of products
C) a wide variety of products
D) long production runs
Q3) What is a supply chain?
Q4) Product layout is also called assembly-line layout.
A)True
B)False
Q5) What is the process of creating quality standards and measuring finished goods and services against standards?
A) quality circles
B) controlling the elements
C) quality control
D) standard evaluation
Q6) What is another name for the product layout?
Q7) What are the two basic processes for converting inputs into outputs? Page 17
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Page 18
Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) Current assets are listed in a particular order. What is the listing order based on?
A) value
B) net worth
C) liquidity
D) life span
Q2) Which of the following deals with reporting to outsiders?
A) financial accounting
B) auditing
C) bookkeeping
D) internal accounting
Q3) Which of the following is an accounting framework that that not only includes financial information but also accounts for environmental and social impacts?
A) social engineering
B) organic reporting
C) green accounting
D) triple bottom line
Q4) What does triple bottom line refer to?
Q5) What is another name for the ratio of net profit to net sales?
Q6) What are the two types of reports generated by accounting systems?
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) Which of the following are investment certificates that represent either ownership of a corporation or a loan to the corporation?
A) deposits
B) capital funds
C) contracts
D) securities
Q2) Which system is the first electronic-based stock market and the largest over-the-counter market?
A) AMEX
B) NASA
C) NASDAQ
D) AMC
Q3) Securities are investment certificates issued by corporations or governments.
A)True
B)False
Q4) Credit cards are simply a form of which of the following?
A) depositing
B) borrowing
C) investing
D) leveraging
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Chapter 18: Finance
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Sample Questions
Q1) Operating budgets forecast outlays for fixed assets such as plant and equipment.
A)True
B)False
Q2) What are payments in the form of more shares to existing shareholders?
A) rights offerings
B) warrants
C) share offerings
D) share dividends
Q3) Tracy Lefteroff is the global managing partner for PricewaterhouseCoopers. She said that her company is eager to invest in newly created biotech companies because Canada has an aging population that will need new medications and treatments. Which of the following kinds of equity capital would Lefteroff be likely to provide?
A) dividends
B) mortgage loans
C) retained earnings
D) venture capital
Q4) In finance, the opportunity for a profit is called return.
A)True
B)False
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