Canadian Business Practices
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Course Introduction
Canadian Business Practices examines the unique elements that shape business operations within Canada, focusing on its economic environment, regulatory frameworks, cultural diversity, and management approaches. The course explores key topics such as the structure of Canadian industries, international trade agreements (including NAFTA and USMCA), ethical considerations, and the influence of multiculturalism on workplace dynamics. Students will also gain insight into Canadian entrepreneurship, the role of government policies, and strategies for competing in both domestic and global markets. Through case studies and practical examples, learners will develop a thorough understanding of the distinctive characteristics that define Canadian business and the skills necessary to succeed in this context.
Recommended Textbook
Business Essentials 8th Canadian Edition by Ronald J. Ebert
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Chapter 1: Understanding the Canadian Business System
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Sample Questions
Q1) Market economies are considered beneficial for small businesses because they
A) provide small businesses with lots of government assistance and protection.
B) provide a central economic plan within which small businesses can easily prosper.
C) protect small businesses from the power of large corporations.
D) allow small businesses to fail.
E) allow the business to do whatever it wants as long as it doesn't break the law.
Answer: E
Q2) A business is an organization that seeks to earn profits by providing one or more of the factors of production to consumers.
A)True
B)False
Answer: False
Q3) A business is an organization that seeks to earn profits by providing goods and services to customers.
A)True
B)False
Answer: True
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Chapter 2: The Environment of Business
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Sample Questions
Q1) Explain the relationship between productivity and the standard of living.
Answer: Standard of living refers to the total quantity and quality of goods and services that people can purchase with the currency used by their economic system. Productivity is a measure of economic growth that compares how much a system produces with the resources needed to produce it. Standard of living improves only through increases in productivity.
Q2) A(n) ________ separates the organization from its environment.
A) organizational boundary
B) process boundary
C) enterprise resource
D) aggregate output
E) integration
Answer: A
Q3) Why should companies always be on the lookout for technological breakthroughs?
Answer: There are two good reasons. First, technological breakthroughs might allow a company to develop new products to supplement its current product offerings. The new product may well contribute to increased profits. Second, a technological breakthrough may make one or more of a company's current product line obsolete and threaten its very survival.
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Page 4
Chapter 3: Conducting Business Ethically and Responsibly
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Sample Questions
Q1) What requirement does the Personal Information Protection and Electronic Documents Act (PIPEDA) impose on companies?
Answer: PIPEDA requires organizations to obtain consent before they collect, use, or disclose information about employees.
Q2) Which of the following statements is most likely to be included in a company's code of ethics?
A) We reward high achievers.
B) We strive for domination in the market.
C) We achieve our objective by raising capital.
D) We believe in our company brand.
E) We reward all valuable contributions.
Answer: E
Q3) "The only way recycling will ever work is if customers demand it and are willing to pay the higher prices for it." Agree or disagree with this statement, and support your position.
Answer: Answers will vary. An example of the "agree" argument: Consumers who have a concern for the environment will be willing to put up with the increased time and money they have to spend to make recycling work
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Chapter 4: Entrepreneurship, Small Business, and New Venture Creation
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Sample Questions
Q1) The franchise agreement usually requires that the franchisee pay a fee to the franchisor, but sometimes the franchisor is willing to pay the franchisee if the franchisee has a good track record of success.
A)True
B)False
Q2) What are the three key elements in the entrepreneurial process?
Q3) The Miller brothers (Jack, Bill, and Evan) are about to fulfill a lifelong dream. They are buying a thousand-acre farm and plan to grow corn. They are not interested in bringing in any outside owners. The brothers are realistic and expect to work very long hours. Assuming the farm is organized as a general partnership, what are the advantages and disadvantages?
Q4) What percentage of businesses in Canada have less than 100 employees?
A) 98
B) 58
C) 88
D) 78
E) 28
Q5) What is a corporation?
Q6) List the major parts of a good business plan.
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Chapter 5: The Global Context of Business
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Sample Questions
Q1) What is the difference between the balance of trade and the balance of payments?
Q2) Identify some of the free trade agreements located outside of the Americas and the countries involved in them.
Q3) What is a trade surplus?
Q4) Exporting activity is limited mostly to multinational firms.
A)True
B)False
Q5) Many governments require that products sold in their particular country be at least partly made there. This policy involves ________ laws.
A) quota
B) local content
C) business practice
D) free trade
E) subsidy
Q6) Might getting involved in a strategic alliance be considered more risky, more involved, and more complex than operating under a licensing arrangement? Explain.
Q7) What are some advantages for businesses that engage in strategic alliances?
Q8) Why might a company decide not to conduct business internationally?
Page 7
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Chapter 6: Managing the Business Enterprise
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Sample Questions
Q1) The growth of international air travel motivated Boeing and Airbus to see an opportunity to increase the capacity of their planes. This is an example of the first step in the rational decision-making process: recognizing and defining the decision situation. A)True
B)False
Q2) When Maple Leaf Gardens Ltd. acquired the Toronto Raptors, this was an example of related diversification because Maple Leaf already owned the Toronto Maple Leafs. A)True
B)False
Q3) Human relations skills are needed at all levels of management. A)True
B)False
Q4) At which level of management are human relation skills most important?
Q5) Coca-Cola's decision to increase sales in Europe by building European bottling facilities is an example of a strategic plan. A)True
B)False
Q6) What is a SWOT analysis?
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Chapter 7: Organizing the Business Enterprise
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Sample Questions
Q1) All of the following are advantages of the divisional structure except A) the structure facilitates the development of expertise in various areas of the company.
B) the structure encourages training for top management.
C) the structure increases accountability.
D) the structure accommodates change and expansion.
E) the structure focuses attention on the key activities that must be performed.
Q2) Organizations in which traditional structures are minimized or eliminated are called ________ organizations.
A) learning
B) virtual
C) Smith's
D) boundaryless
E) international
Q3) In a large manufacturing business, staff departments like law, accounting, and human resources are typically evident.
A)True
B)False
Q4) What is an organization chart?
Q5) How do the job duties of line employees and staff employees differ?
Page 9
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Chapter 8: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Which of the following is a management tactic used to break a bargaining impasse?
A) Work slowdown
B) Lockout
C) Wildcat strike
D) Boycott
E) Picketing
Q2) Which of the following statements is true?
A) Craft unions restrict membership to workers with specific skills.
B) There are two basic types of unions: local and national.
C) Members of craft unions typically work for just one company over the course of a year.
D) Craft unions don't have a lot of power over the supply of skilled workers because those people can get jobs anywhere.
E) Industrial unions include mostly skilled workers.
Q3) In an assessment centre, managers observe employees doing actual work and determine which ones are most effective in their jobs.
A)True
B)False
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Chapter 9: Motivating, Satisfying, and Leading Employees
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Sample Questions
Q1) Agreeableness, emotionality, and extroversion are all part of
A) EQ.
B) emotional intelligence.
C) personality.
D) attitude.
E) organizational commitment.
Q2) What is the key assumption in the leader-member exchange (LMX) model?
Q3) At Levi Strauss, team members who were faster workers resented slower workers because they reduced the team's total output.
A)True
B)False
Q4) In McClelland's acquired needs theory, which need typically is the most important?
A) The need for achievement
B) The need for affiliation
C) The need for power
D) The need for achievement and the need for power are equally dominant
E) None of the needs generally dominates; rather, for each person, a different need dominates
Q5) Describe three situational (contingency) leadership theories.
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Chapter 10: Operations Management, Productivity, and Quality
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Sample Questions
Q1) Firms with increasing productivity rates can provide higher wage increases to workers more easily than firms with declining productivity rates.
A)True
B)False
Q2) Which of the following is an internal failure that should be considered in a quality/cost study of Honey Nuggets cereal?
A) How much the firm spends for appraising quality during production
B) Expenses incurred during production before bad products leave the plant
C) How much the firm spends to prevent production of defective products
D) Expenses incurred after bad products reach the consumer
E) All of these
Q3) Discuss the current concept of "production" including recent trends.
Q4) Which of the following statements regarding production operations is accurate?
A) The first industrial revolution occurred in England in the 1800s and the second in China during the 1990s.
B) The factory is no longer the centrepiece for manufacturing.
C) The development of 3-D printing illustrates the third industrial revolution.
D) Production operations remain environmentally unfriendly.
E) All of these statements are true.
Page 12
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Chapter 11: Understanding Accounting
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Sample Questions
Q1) If a corporation has gross profit of $151 660 and total operating expenses of $130 685, then net income is $20 975.
A)True
B)False
Q2) A company ends the year with a net income of $7.5 million and earnings per share of $1.50. What is the number of common shares outstanding for this company?
A) 3 million
B) 4.5 million
C) 5 million
D) 6.5 million
E) 11.25 million
Q3) Documents generated by the financial accounting system focus on the activities of the company as a whole, rather than on individual departments or divisions. By contrast, documents generated by the management accounting system focus on individual departments.
A)True
B)False
Q4) How is gross profit calculated?
Q5) What is owners' equity?
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Chapter 12: Understanding Marketing Principles and Developing Products
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Sample Questions
Q1) Branding is a process of using symbols to communicate the qualities of a particular product made by a particular company.
A)True
B)False
Q2) Briefly discuss the steps in the market research process.
Q3) The best way to segment the market for umbrellas is probably by
A) geographic variables.
B) behavioural segmentation.
C) psychographic variables.
D) geo-demographic variables.
E) demographic variables.
Q4) The product life cycle is the concept that states that products have a limited profit-producing life.
A)True
B)False
Q5) Why is it important for companies to develop new products?
Q6) What is the last step in the consumer buying process?
14
Q7) Martin is the director of marketing at Panther Shoes. He has begun to look at product differentiation strategies for Panther Shoes. Why is this concept important to Martin?
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Chapter 13: Pricing, Promotion, and Distributing Products
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Sample Questions
Q1) Intermediaries are not necessary when people sell things on websites like eBay.
A)True
B)False
Q2) When McDonald's announces that there are 168 Ronald McDonald houses in 12 countries, this announcement fits best in the category of A) publicity.
B) creative selling.
C) personal selling.
D) public relations.
E) missionary selling.
Q3) List five sales promotion tools.
Q4) How is psychological pricing different from discounting?
Q5) Personal selling provides the link between seller and buyer, which adds to a firm's credibility.
A)True
B)False
Q6) How is the markup percentage calculated? Give an example.
Q7) What are the various business objectives that influence pricing decisions?
Q9) What is nonstore retailing? Identify the major types. Page 15
Q8) What is the fundamental difference between retailers and wholesalers?
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Page 16
Chapter 14: Money and Banking
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Sample Questions
Q1) A corporation selling bonds to investors will often use a ________ to protect the bondholders' interests.
A) trust company
B) chartered bank
C) credit union
D) caisses populaire
E) finance company
Q2) The interest rate available to a bank's most creditworthy customers is the
A) discount rate.
B) optimal rate.
C) key rate.
D) funds rate.
E) prime rate.
Q3) What are the four characteristics of money?
Q4) Gold satisfies the requirements of portability, divisibility, durability, and stability better than paper money does.
A)True
B)False
Q5) Why are chequing accounts considered a component of M-1, whereas savings accounts are not?
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Chapter 15: Finacial Decisions and Risk Management
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Sample Questions
Q1) Identify, briefly describe, and give one example for each of the two types of long-term financing.
Q2) A mutual fund pools investments from individuals and firms to purchase a portfolio of stocks, bonds, and short-term securities.
A)True
B)False
Q3) Blake Corp. wants to transfer its risk to another organization. Which of the following methods would it most likely use?
A) Surety bonds
B) Fidelity bonds
C) Premiums
D) Contracts
E) Insurance
Q4) List the four choices that a company has to handle risk.
Q5) Equity financing involves obtaining long-term funding from within the business firm. A)True
B)False
Q6) What is a mutual fund?
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