Canadian Business Environment
Review Questions
Course Introduction
The Canadian Business Environment course offers a comprehensive overview of the unique characteristics, opportunities, and challenges faced by businesses operating in Canada. Students will explore the economic, legal, political, and cultural factors that influence business activities in the country, with a focus on understanding how Canadian history, government policy, multiculturalism, and trade agreements shape the business landscape. The course also examines regional distinctions, Canada's relationship with global markets, ethical considerations, and the role of innovation in driving economic growth, equipping students with the knowledge needed to navigate and succeed in the dynamic Canadian marketplace.
Recommended Textbook
Business Essentials 8th Canadian Edition by
Ronald J. Ebert
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15 Chapters
4158 Verified Questions
4158 Flashcards
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Chapter 1: Understanding the Canadian Business System
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250 Verified Questions
250 Flashcards
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Sample Questions
Q1) Bailey Wear manufactures children's clothing. The company is able to set its prices higher than its competitors because of the fine material it uses and the attention it pays to the quality of the sewing. Bailey Wear is operating in a competitive environment of A) monopolistic competition.
B) perfect competition.
C) oligopolistic competition.
D) oligopoly.
E) monopoly.
Answer: A
Q2) The points on a curve showing the relationship between the price of a good or service and the quantity of that good or service which customers will purchase is known as the
A) variable price curve.
B) equilibrium curve.
C) demand curve.
D) supply curve.
E) balance curve.
Answer: C
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Chapter 2: The Environment of Business
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235 Verified Questions
235 Flashcards
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Sample Questions
Q1) How does a poison pill work?
Answer: A poison pill is a defence used to make a firm less attractive to an actual or potential hostile suitor in a takeover attempt. The objective is to make the "pill" so distasteful that the potential acquirer will not want to swallow it. For example, BCE allowed its shareholders to purchase BCE stock at a 50 percent discount if another organization announced its intention to purchase 20 percent or more of BCE.
Q2) When the Organic Trade Association partnered with Free Range Graphics to produce a 5-minute online spoof of the latest Star Wars movie, this was an example of A) a strategic alliance.
B) viral marketing.
C) outsourcing.
D) business process management.
E) none of these.
Answer: B
Q3) List the three primary factors that threaten economic stability.
Answer: Inflation, deflation, and unemployment are the three primary factors that threaten economic stability.
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4
Chapter 3: Conducting Business Ethically and Responsibly
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275 Verified Questions
275 Flashcards
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Sample Questions
Q1) How do organizations exercise social responsibility toward the environment?
Answer: Many organizations adopt methods that will reduce greenhouse emissions and control pollution. Although noise pollution is now attracting increased concern, air, water, and land pollution remain the greatest problems in need of solutions from businesses. Companies often install pollution-controlling devices that prevent eventual buildup of acid rain. Businesses are also taking advantage of new forms of solid-waste disposal; further, they are working to limit toxic wastes left over from their production processes. Recycling has received increased attention from businesses in recent years; some controversy exists regarding proper recycling since some materials and products do not recycle well.
Q2) The three general factors that have been identified as important in causing individuals to behave in unethical ways are
A) pressure, opportunity, and rationalization.
B) the chance for financial gain, increased status, and poor control systems.
C) the chance for financial gain, status, and power.
D) pressure from peers, subordinates, and superiors.
E) pressure from external competitors, bosses, and investors.
Answer: A
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Page 5
Chapter 4: Entrepreneurship, Small Business, and New Venture Creation
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243 Verified Questions
243 Flashcards
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Sample Questions
Q1) What is the difference between a public and private corporation?
A) Public corporations issue shares, whereas private corporations do not.
B) Public corporations are owned by a government, whereas private corporations are owned by private individuals.
C) Public corporations are always large, whereas private corporations are not allowed by law to be large.
D) Public corporations have articles of incorporation, whereas private corporations do not.
E) Public corporations issue shares that are widely held, whereas private corporations issue shares that are held by only a few people.
Q2) The most important reason that women give for starting their own business is to gain control of their schedules.
A)True
B)False
Q3) Define a new venture.
Q4) What are the advantages and disadvantages of the corporate form of organization?
Q5) Describe the advantages and disadvantages of operating a business as a sole proprietorship.
6
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Chapter 5: The Global Context of Business
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260 Verified Questions
260 Flashcards
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Sample Questions
Q1) Why might a company decide not to conduct business internationally?
Q2) When a country's exchange rate falls, that country's exports become more expensive to other countries.
A)True
B)False
Q3) The aim of NAFTA is to create a free trade area for Canada, the United States, and Western Europe.
A)True
B)False
Q4) The most fundamental goal of the WTO is to open world markets to international trade.
A)True
B)False
Q5) The major reasons why Mexico has recently become a major manufacturing centre are
A) cheap labour and low transportation costs.
B) elimination of quotas and tariffs and low tax rates.
C) low tax rates and cheap labour.
D) cheap labour and elimination of quotas and tariffs.
E) low transportation costs and low tax rates.
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Chapter 6: Managing the Business Enterprise
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271 Verified Questions
271 Flashcards
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Sample Questions
Q1) When Disney allowed for an extra two weeks between the time when a new cruise ship was supposed to be finished and its first scheduled cruise, they were engaged in ________, while they would have been engaged in ________ if the ship suddenly sank as it was launched.
A) crisis management; contingency planning
B) contingency planning; public relations
C) contingency planning; crisis management
D) crisis management; crisis management
E) none of these
Q2) What is the primary purpose of setting a goal for an organization?
A) Determining if the firm is highly leveraged
B) Making workers think in quantitative terms
C) Identifying threats and opportunities
D) Assuring successes for the firm
E) Providing guidance and direction for all managers
Q3) Why are human relations skills important for all managers?
Q4) List the steps in the rational decision-making process.
Q5) List the three basic levels of management and explain how both the power and complexity of their duties increases as we move from the lowest level to the highest level.
Page 8
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Chapter 7: Organizing the Business Enterprise
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278 Verified Questions
278 Flashcards
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Sample Questions
Q1) Businesses use profit centres because
A) sales revenue in various territories is easier to determine.
B) each individual reports to no more than two managers.
C) a greater degree of job specialization can be attained.
D) the organization may be divided according to the production process used.
E) each separate unit is responsible for its own costs.
Q2) With regard to the issue of geographic vs. product departmentalization, it is correct to say that
A) it is generally fairly easy for managers to decide whether to use geographical or product departmentalization.
B) geographic departmentalization reduces the likelihood of duplicate production and other facilities.
C) geographic departmentalization may lead to compartmentalization of knowledge in each geographic area.
D) many years ago it made more sense to use product departmentalization, but now more and more companies are moving to geographic departmentalization.
E) PepsiCo was formerly organized around product areas, but it recently moved to geographic departmentalization.
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Chapter 8: Managing Human Resources and Labour Relations
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293 Verified Questions
293 Flashcards
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Sample Questions
Q1) When migrant workers in Manitoba voted to no longer be represented by their union, this was an example of
A) decertification.
B) emancipation.
C) arbitration.
D) mediation.
E) a referendum.
Q2) Adam, the manager of sewing production, has been asked to rank-order his team from top to bottom. This is an example of what type of ranking method?
A) High-low feedback
B) Graphic rating
C) Top-down order ranking
D) Forced distribution
E) Simple ranking
Q3) In an effort to reduce costs, many companies are hiring contingent workers. But these companies may not actually achieve lower costs. Explain why that might occur.
Q4) What is the difference between instructional-based programs and work-based programs?
Page 10
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Chapter 9: Motivating, Satisfying, and Leading Employees
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) A company is convinced of the benefits of exercise for its workers. Healthy employees take fewer sick days and tend to be more focused on their job. In addition, exercise enhances the workers' positive moods. The company is so persuaded of the value of exercise that it has adopted a new policy: Moving forward, all workers will be allowed to exercise during the work day for up to three hours per week. Which of the following, if true, would weaken the argument for the company's exercise policy?
A) The company has set up an arrangement with a local gym to provide facilities for exercising.
B) The policy is not designed to increase the amount of time that the workers' families will spend exercising.
C) Many of the workers who exercise more because of the policy would return to their previous levels of exercise if they left the company.
D) Different people require different kinds of exercise in order to get the benefits of exercise.
E) The workers who are most in need of additional exercise are least likely to participate in the exercise program.
Q2) Describe employee participation and empowerment and provide an example.
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Page 11
Chapter 10: Operations Management, Productivity, and Quality
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300 Verified Questions
300 Flashcards
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Sample Questions
Q1) How does a company select a production strategy?
Q2) A public transit system is an example of a ________ process, while a cheque processing operation at a bank is a ________ process.
A) fabrication; chemical
B) transport; fabrication
C) high-contact; low-contact
D) low-contact; high-contact
E) goods producing; service producing
Q3) A supply chain includes the entire network of manufacturing firms, beginning with suppliers and ending when production is complete at the factory and the product is put into inventory in the warehouse.
A)True
B)False
Q4) Inventory control and materials management have essentially the same meaning and are used interchangeably.
A)True
B)False
Q5) What is a flexible manufacturing system?
Q6) Give an example of an internal failure.
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Chapter 11: Understanding Accounting
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258 Verified Questions
258 Flashcards
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Sample Questions
Q1) According to the accounting equation, if assets equal $4000 and liabilities equal $1500, then owner's equity would equal
A) $5500.
B) $2500.
C) $3500.
D) $8000.
E) It is not possible to tell with the information given.
Q2) Financial and managerial accounting are differentiated on the basis of the different users they serve.
A)True
B)False
Q3) Mary Ann is considering buying an existing catering business that is up for sale. An auditor has found annual budgets for the catering business from the past few years. How can Mary Ann benefit from these?
Q4) The equity that a homeowner has in a house is the amount of money that could be made by selling the house and paying off the mortgage. This idea is similar to the idea of owners' equity in a business.
A)True
B)False
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Chapter 12: Understanding Marketing Principles and Developing Products
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324 Flashcards
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Sample Questions
Q1) Suppose that you have just obtained your first job after graduation, and you conclude that your new income will allow you to purchase items that were once too expensive for you. You are in the information seeking stage of the consumer buying process.
A)True
B)False
Q2) Describe the four types of brand names and give an example of each.
Q3) All of the following are reasons for packaging products except A) the package serves as an in-store advertisement.
B) the package serves as an attractive display.
C) the package provides reassurance of safety for consumption of the product. D) the package is harmful to the environment.
E) the package reduces the risk of damage, breakage, or spoilage.
Q4) Boilers Inc. sells 100% of its boilers to churches to improve their energy efficiency and to decrease their heating costs. The company is involved in
A) charitable marketing.
B) industrial marketing.
C) consumer marketing.
D) quality assurance marketing.
E) institutional marketing.
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Chapter 13: Pricing, Promotion, and Distributing Products
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296 Verified Questions
296 Flashcards
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Sample Questions
Q1) A wholesaler is
A) the combination of distribution channels by which a firm gets its products to end users.
B) an intermediary who sells products to other businesses for resale to final consumers.
C) an individual or firm that helps to distribute a product.
D) a network of independent companies through which a product passes from producer to end user.
E) an intermediary who sells products directly to consumers.
Q2) A company like Black & Decker has product lines which do not require intense market exposure to increase sales. Which distribution strategy is it likely to use?
A) Intensive distribution
B) Industrial distribution
C) Discriminatory distribution
D) Exclusive distribution
E) Selective distribution
Q3) What is public relations?
Q4) What is price lining?
Q5) Identify the two most common pricing objectives.
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Chapter 14: Money and Banking
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226 Verified Questions
226 Flashcards
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Sample Questions
Q1) Banks are the major source of short-term loans for business.
A)True
B)False
Q2) Banks are now making a larger proportion of their profits from fees than they formerly did, and this is blurring the traditional boundary between banks and securities firms.
A)True
B)False
Q3) The main function of financial institutions is to
A) offer trust services.
B) create money.
C) provide loans to small businesses.
D) offer chequing and savings accounts.
E) facilitate the flow of money from sectors with surpluses to those with deficits.
Q4) What is M-1 and what are the major elements that make it up?
Q5) Explain why beef would not make an appropriate form of currency in modern society.
Q6) What is the main function of financial institutions in Canada?
Q7) What is a smart card?
Page 16
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Chapter 15: Finacial Decisions and Risk Management
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330 Verified Questions
330 Flashcards
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Sample Questions
Q1) When a company decides to insure its buildings and equipment against loss by fire, it is practising risk transfer.
A)True
B)False
Q2) Why is it necessary for a business firm to put up collateral when it takes out a loan?
A) So that the bank can keep a portion as advance payment on the loan
B) To show the bank that the business is big enough to require the loan
C) To assure the bank that loan payments will be made as promised
D) So the financial managers know dates of payment
E) So that the accounting people can generate accurate financial statements
Q3) In what way is accounts receivable a short-term (operating) expenditure?
Q4) All of the following are responsibilities of the financial manager except
A) determining a firm's long-term investments.
B) obtaining funds to pay for those investments.
C) developing the firm's financial statements.
D) conducting the firm's everyday financial activities.
E) managing the risks that the firm takes.
Q5) What is investor relations?
Q6) What is an exchange-traded fund (ETF)? How is it different than a mutual fund?
Page 17
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