Canadian Business Practices
Practice Exam
Course Introduction
Canadian Business Practices explores the unique characteristics, regulations, and cultural aspects that shape the business environment in Canada. This course covers foundational concepts including organizational structures, legal frameworks, and ethical considerations specific to the Canadian context. Students will examine the roles of government, key business legislation, taxation, and trade relationships, as well as the influence of multiculturalism and bilingualism on management and communication. Real-world case studies and current trends are integrated to provide practical insights into how Canadian businesses operate domestically and globally.
Recommended Textbook
Strategic Compensation in 6th Canada Edition by Richard Long
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Page 2
Chapter 1: A Road Map to Effective Compensation
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Sample Questions
Q1) Which statement best describes current compensation practices and expectations related to the key criteria for evaluating the success of a compensation system?
A) It is realistic to expect that a reward system will achieve all eight of the effectiveness criteria.
B) Continuing evaluation of the effectiveness of the reward and compensation system is crucial for most organizations.
C) Successful organizations all have equitable reward systems.
D) Most firms have found the right answers to the compensation puzzle.
Answer: B
Q2) Which statement best describes the key aspect of Maslow's theory of needs?
A) Extrinsic rewards are more important than intrinsic rewards.
B) Intrinsic rewards are more important than extrinsic rewards.
C) Humans tend to first satisfy their basic needs before higher order needs.
D) Self-esteem needs are more closely tied to rewards than the other needs.
Answer: C
Q3) A compensation system has two components: base pay and performance pay.
A)True
B)False
Answer: False
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Page 3
Chapter 2: A Strategic Framework for Compensation
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Q1) Which key cultural value would be detrimental to a high-involvement organization?
A) honesty
B) trustworthiness
C) doing things the way they have always been done
D) open communication
Answer: C
Q2) Which rewards are normally associated with a high-involvement managerial strategy?
A) high levels of pay and benefits
B) providing employees with the opportunity to grow professionally
C) providing employees with a pleasant team environment
D) promotions based on a high level of production
Answer: B
Q3) Which of the following is classified as a "main" managerial strategy?
A) job design management strategy
B) laissez-faire management strategy
C) transformational management strategy
D) human relations management strategy
Answer: D
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Page 4
Chapter 3: A Behavioural Framework for Compensation
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Q1) Reward dissatisfaction can result from perceived inequity.
A)True
B)False
Answer: True
Q2) Equity theory partially explains the basic notion of perceived inequity between one's view of his or her contribution and the contribution of others in similar contexts.
A)True
B)False
Answer: True
Q3) A particular employee becomes dissatisfied with a decision by an organization to decrease pay.Which of the following could be considered an attempt by the employee to increase rewards?
A) taking longer coffee breaks
B) increased absenteeism
C) padding their expense accounts
D) seeking a less demanding job in a different company
Answer: C
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Chapter 4: Components of Compensation Strategy
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Q1) Pay for knowledge systems are beneficial for organizations that require great task flexibility from their labour force.
A)True
B)False
Q2) Which of the following refers to job evaluation?
A) determining how well a job is performed
B) surveying the market
C) ranking all jobs according to their value to the firm
D) establishing the skill level of each employee
Q3) Why can medical and dental coverage can be purchased more cheaply by the employer than the employee?
A) indexation
B) economies of scale
C) utility
D) dividends
Q4) Which base pay method best supports behaviours needed by high-involvement firms?
A) market pricing
B) pay for knowledge
C) job evaluation
D) broad banding
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Chapter 5: Performance Pay Choices
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Q1) Which characteristic of profit-sharing plans may be viewed as negative from the perspective of an employer?
A) They align employee and employer interests.
B) They eliminate the "free rider" principle by holding everyone accountable.
C) They are more complex than gain-sharing plans.
D) They require the sharing of potentially confidential information with employees.
Q2) Martin,the HR Manager,bought 1000 shares in his company at a price that was a little less than market prices.What type of stock plan is this?
A) stock option
B) stock bonus
C) share purchase
D) market share
Q3) Which statement best explains why,despite their motivational potential,piece rate systems often do not motivate maximum effort?
A) Work group norms define acceptable rates of production.
B) Piece rates are used in conjunction with base pay.
C) Workers may be tempted to cut corners on quality.
D) Workers are more concerned with production than safety.
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Chapter 6: Formulating the Reward and Compensation Strategy
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Q1) Which type of legislation covers issues such as overtime pay rates,paid time off,and minimum wage levels?
A) human rights
B) employment standards
C) trade union
D) tax
Q2) Golden parachutes generally assure large severance payments for dismissed executives.
A)True
B)False
Q3) Briefly summarize the legislative framework that compensation must comply with.
Q4) What should be your first step when you formulate the compensation strategy?
A) Define the required behaviour.
B) Determine the compensation mix.
C) Evaluate the proposed strategy.
D) Determine the compensation level.
Q5) Briefly discuss the four key understandings necessary for successful formulation of compensation strategy.
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Q6) Briefly describe the five main steps in the formulation of compensation strategy.
Chapter 7: Evaluating Jobs: the Job Evaluation Process
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Q1) Carlos decides to use a time-and-motion study to gather information about a particular job.What kind of job analysis method is Carlos using?
A) observations
B) interviews
C) questionnaires
D) functional job analysis
Q2) What do job specifications focus on?
A) job activities
B) reporting structure
C) employee qualifications
D) performance
Q3) Which statement would NOT describe an appropriate usage of job descriptions?
A) determining necessary employee qualifications
B) creating questions in the interview process
C) supporting the development of business level strategies
D) developing training plans
Q4) With reference to Ontario pay equity legislation,briefly discuss the job comparison methods that can be used for comparing female and male job classes.
Q5) What should a job description contain if it is to be useful for job evaluation?
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Chapter 8: Evaluating Jobs: the Point Method of Job Evaluation
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Q1) The two methods for deriving factor weightings are statistical analysis and expert judgment.
A)True
B)False
Q2) Which of the following is NOT a job evaluation compensable factor required by pay equity legislation in Ontario?
A) skill
B) effort
C) working conditions
D) market comparability
Q3) What does a -1 (negative one)correlation coefficient mean?
A) There is a positive relationship between job evaluation points score and pay levels.
B) There is an inverse relationship between job evaluation points score and pay levels.
C) Your regression equation has a very steep upwards slope.
D) There is very little relationship between job evaluation points score and pay levels.
Q4) Discuss the advantages and disadvantages of the point method of job evaluation.
Q5) What criteria are used to determine movement through the pay range?
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Chapter 9: Evaluating the Market
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Q1) In conducting a compensation survey,the first step should be to identify the jobs to be surveyed.
A)True
B)False
Q2) Briefly describe the process for analyzing and interpreting survey data.
Q3) You determined that $65,000.00 in salary represents the 85th percentile of total compensation paid by employers for the heavy-duty mechanic job in British Columbia.Which statement is most accurate,given the aforementioned statement?
A) 15% of employers compensate above $65,000.
B) $65,000.00 represents the median.
C) 15% of employers compensate below $65,000.
D) 85% of employers compensate above $55,250.
Q4) In analyzing compensation data that include extreme values,what would be an advisable measure of central tendency to use?
A) compa-ratio
B) mean
C) median
D) inter-quartile range
Q5) Briefly discuss some of the limitations of compensation surveys.
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Chapter 10: Evaluating Individuals
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Q1) Merit pay is one of the developmental reasons for performance appraisals.
A)True
B)False
Q2) Which performance appraisal method is congruent with a management approach that dictates that no more than 15 percent of employees are to be rated as excellent,commanding a top percentage increase in merit pay?
A) forced distribution
B) paired comparison
C) behaviourally anchored rating scales
D) field review
Q3) In an effort to "provide something to everyone," organizations may lump merit pay and cost of living increases together.This action dilutes the relationship between merit pay increases and performance.
A)True
B)False
Q4) Performance appraisals accurately reflect employees' performance.
A)True
B)False
Q5) Define and describe the key elements of performance management.
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Chapter 11: Designing Performance Pay Plans
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Q1) Which statement does NOT accurately describe a profit-sharing plan?
A) For motivational reasons,fixed formula profit-sharing plans are recommended.
B) Stock bonus plans provide employees with the right to purchase shares in the future at a fixed price.
C) Deciding the split is an important issue in gain-sharing plans.
D) A key issue in designing profit-sharing plans is the form of the bonus payout.
Q2) Full-time employees at ABC Company are given the opportunity to purchase company stock at a future time at a fixed price.What type of performance-based pay is ABC Company using?
A) stock option plan
B) stock purchase plan
C) stock bonus plan
D) phantom share plan
Q3) Which bonus allocation method best supports the philosophy of gain sharing?
A) Everyone receives an equal share after minor adjustments are made for time worked.
B) Higher performers receive a greater share.
C) Higher-paid employees receive a greater share.
D) Part-time and newly hired employees receive nothing.
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Chapter 12: Designing Indirect Pay Plans
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Q1) As a member of the company's defined benefit plan,employees receive a pension based on one percent of the average of their best three years' earnings for each year of service.What will be your annual pension if you retire after 30 years of service and have averaged $50,000 per year during your three best years?
A) $15,000
B) $28,000
C) $30,000
D) $50,000
Q2) Research shows that satisfaction with a benefits plan declines as employees learn more about it.
A)True
B)False
Q3) Describe the main issues in designing the benefits system.
Q4) Which process of evaluating benefits systems considers the net benefits associated with a particular benefit system?
A) competitive analysis
B) cost break-even analysis
C) cost analysis
D) employee surveys
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Chapter 13: Activating and Maintaining an Effective Compensation System
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Q1) You work as a human resource professional at a large accounting firm in Ontario.Part of your mandate requires that you investigate processes that will streamline basic human resource functions,including remittance of pay stubs to employees.You are currently contemplating the notion of automating this process.What minimum requirements must you adhere to so as to make this process compliant with Bill 88?
A) Make the statements available via the company's intranet to employees.
B) Send out a quarterly summary to each employee via a "personalized email," and make the biweekly stubs available via the Intranet.
C) It is impossible to be compliant with the act while automating the process.
D) On a biweekly basis,send out the statements to each employee via the company's email platform.
Q2) Research suggests that employee satisfaction with their compensation is directly related to their understanding of the compensation system.
A)True
B)False
Q3) Identify the four key aspects that need to be considered in planning for compensation administration.
Q4) What are the primary areas for computer applications in a compensation system?
Page 15
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