Contemporary Business Issues
Practice Exam
Course Introduction
This course explores the dynamic landscape of contemporary business by examining key issues and challenges faced by organizations today. Topics include globalization, technological advancements, ethical and social responsibility, sustainability, diversity in the workplace, and the impact of regulatory environments. Students will analyze real-world case studies and current events to understand how business leaders respond to rapid changes in the market and society. Emphasis is placed on critical thinking, problem-solving, and strategic decision-making to prepare students for navigating the complexities of the modern business environment.
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) 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
Q2) What are the three levels of government in Canada?
A) federal, provincial, municipal
B) federal, state, city
C) country, province, city
D) country, province, municipality
Answer: A
Q3) The warranty you receive in the box with a DVD player is an express warranty.
A)True
B)False
Answer: True
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Chapter 2: Economic Environment
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160 Flashcards
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Sample Questions
Q1) Relationship management includes which of the following?
A) customer reach out
B) supply chain management
C) retailer appreciation programs
D) manufacturer incentives
Answer: B
Q2) Canada, Great Britain, and Sweden are market economies.
A)True
B)False
Answer: False
Q3) 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
Q4) List the four types of market structures.
Answer: pure monopoly, perfect (pure) competition, monopolistic competition, and oligopoly
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Chapter 3: Social Environment
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Sample Questions
Q1) A new trend in the form of a new social contract between employer and employee regarding job security is emerging. How is the responsibility for ensuring job security shared?
Answer: Employees can ensure security of their jobs by continuing to add value to the organization. Employers can ensure job security by treating good performers fairly and with continued jobs.
Q2) Which of the following statements best describes ethical development?
A) A child who decides not to play with her mother's jewellery because she is afraid she will be punished is in a state of ego-centred ethical development.
B) An individual with conventional ethics is self-centred.
C) An adult who refuses to visit his aunt in the hospital because the visit will cause him to miss Hockey Night in Canada on television is in the postconventional stage of ethical development.
D) An individual in the preconventional stage of ethical development would be more concerned about rewards and punishment than about what is right or wrong.
Answer: D
Q3) What is the first step in learning to make good ethical decisions?
Answer: learning to recognize unethical activities
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Chapter 4: Technological Environment
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Sample Questions
Q1) What is information technology (IT)?
Q2) What is hardware or software designed to prevent unauthorized access to or from a private network?
A) brickwall
B) cyberwall
C) firewall
D) encrypted wall
Q3) What role does a CIO serve in an organization?
A) a middle-level manager who develops information for strategic planners
B) a middle-level manager responsible for providing information to answer "what-if" questions
C) an operational manager responsible for all information retrieval
D) a top manager who is responsible for all information resources in the organization
Q4) What does the statement, "Today most of us are knowledge workers," mean?
Q5) Technology offers many advantages, whether to perform mundane functions or to spur innovation.
A)True
B)False
Q6) Different technology systems can cause a problem in which aspect of businesses?
Page 6
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Chapter 5: International Environment
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148 Flashcards
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Sample Questions
Q1) What are some of the challenges that multinational corporations face?
A) bribery offers
B) resentment from locals
C) cultural issues
D) hiring employees from many different countries
Q2) Which of the following is the best motivator for a company to enter the global market?
A) change of domestic law
B) saturated domestic market
C) competition doing it
D) potential new partners abroad
Q3) A complete ban on trading with another country is called an entreaty.
A)True
B)False
Q4) What three countries were the initial signers of the North American Free Trade Agreement?
Q5) The need for businesses to expand their markets is one of the most fundamental reasons for the growth in world trade.
A)True
B)False
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Chapter 6: Entrepreneurship and Small Business
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137 Flashcards
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Sample Questions
Q1) What is one way to ease the burden of managing a business?
A) operate the business 20 hours a week
B) hire outside consultants
C) do all the work oneself and hire no employees
D) keep minimal inventory on hand
Q2) Somebody who specializes in financing small high-growth companies in return for an ownership interest and a voice in management is referred to as which of the following?
A) angel investor
B) equity entrepreneur
C) venture capitalist
D) financier
Q3) The first step in starting your own business is to do a self-assessment.
A)True
B)False
Q4) What does the Business Development Bank of Canada do?
A) It provides direct loans for business start-ups.
B) It provides on-site consulting.
C) It helps people start and manage small businesses.
D) It helps immigrants with Canadian business start-ups.
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Chapter 7: Understanding the Business
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Sample Questions
Q1) Which of the following is used to predict when a company will likely experience temporary shortages or surpluses of cash?
A) statement of projected revenue flows
B) balance sheet
C) statement of cash flows
D) pro forma balance sheet
Q2) Which of the following compare(s) select items in financial statements by computing percentages, rates, and proportions?
A) profitability quotients
B) ratio analysis
C) vertical analysis
D) pro rata analysis
Q3) The mission statement is used to differentiate an organization from its competition and further refines the direction articulated in the vision statement, answering questions such as, "Who are we?" and "What businesses are we in?"
A)True
B)False
Q4) Which issues are important to Canadians when it comes to doing business internationally?
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) Sanford Lee is planning to open a pizza parlour. He has a secret tomato sauce recipe that he does not want to divulge to anyone. Lee also wants to have sole responsibility for all business decisions. What sort of organization should Lee form?
A) limited cooperative
B) joint venture
C) sole proprietorship
D) limited partnership
Q2) Tara Brtek owns and operates the Singing Pig Food Company. Brtek makes and markets 20 different gourmet mustards, salsas, marinades, and dip mixes using her crooning pig logo. Brtek has been thinking about changing her sole proprietorship to a corporation so she can take advantage of which of the following?
A) an enhanced ability to attract financing
B) fewer government restrictions and regulations
C) lower and fewer taxes
D) guaranteed loans for expansion
Q3) Which forms of business ownership have to deal with the disadvantage of unlimited liability?
Q4) What is double taxation?
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Page 10
Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Dividing up the tasks (division of labour) is an important part of organizing.
A)True
B)False
Q2) Dewayne Gibbons of Burger King decided to introduce a new sliced chicken sandwich without consulting any of his subordinates or the franchisees. Managers who use this style of decision making exhibit which style of leadership?
A) closed door
B) consultative
C) autocratic
D) laissez-faire
Q3) Which managers are typically responsible for implementing operational plans?
Q4) Which of the following processes involves guiding and motivating others toward the achievement of organizational goals?
A) communications
B) influence
C) power
D) leadership
Q5) List the three types of participative leadership.
Q6) What two types of leadership style use empowerment?
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization.
A)True
B)False
Q2) Which type of organization is a company with a wide span of control and short chain of command?
A) matrix organization
B) networked organization
C) flat organization
D) tall organization
Q3) Describe the span of control in an organic organization.
Q4) Which of the following is evolving from being just an organizational trend to a way of doing business?
A) vertical integration
B) outsourcing
C) virtual teams
D) diversifying
Q5) What type of organizational structure has no central office, no organization chart, no managerial hierarchy, and no vertical integration?
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Chapter 11: Motivating Employees
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Sample Questions
Q1) What are things such as pay raises, bonuses, promotions, and prestigious assignments that are valued by the individual?
A) Intrinsic rewards
B) Incentives
C) Motivators
D) Extrinsic rewards
Q2) What is the set of forces that that prompt a person to release energy in a certain direction?
A) work
B) motivation
C) drive
D) desire
Q3) What was Elton Mayo, North America's first industrial psychologist, responsible for formulating?
A) the principles of scientific management
B) Theory X and Theory Y
C) the explanation of the Hawthorne effect
D) the motivational-maintenance theory
Q4) List the five levels of needs on Maslow's hierarchy of needs.
Q5) What do telecommuting, flextime, and job sharing have in common?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Before making a decision on hiring an applicant, the employer looks into the background of the candidate. What is a new way for employers to check backgrounds?
A) past professors
B) LinkedIn
C) social networks
D) friends
Q2) Which of the following is a union that consists of many local unions in a particular industry, skilled trade, or geographic area and thus represents workers throughout an entire country?
A) union aggregate
B) federated union
C) union conglomerate
D) national union
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 human resources management?
Page 14
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Chapter 13: Marketing
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159 Flashcards
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Sample Questions
Q1) Distribution strategy is another term for place strategy.
A)True
B)False
Q2) Formal and informal groups that influence buyer behaviour are referred to as which of the following?
A) persuasive groups
B) peer groups
C) reference groups
D) elder groups
Q3) Topik is a product that is sprayed on thinning hair to make the hair appear thicker. The manufacturer has identified its potential market as blue-collar workers who earn less than $30,000 per year, are divorced, and like to think of themselves as weekend athletes. Which segmentation variables are being used to identify the Topik target market?
A) benefit and geographic
B) psychographic and volume
C) demographic and psychographic
D) demographic and geographic
Q4) What is the marketing concept?
Q5) List the three basic marketing research techniques.
Page 15
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Which of the following is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers?
A) physical transportation
B) physical distribution
C) material handling
D) channel distribution
Q2) The stages of the product life cycle are introduction, growth, peak, and decline.
A)True
B)False
Q3) When Top-Flite introduced its Strata golf balls with a new dimple design and a more solid core for better flight with metal clubs, it charged three times the price of golf balls currently on the market. This high introductory pricing is an example of which of the following strategies?
A) limited value pricing
B) market share pricing
C) penetration pricing
D) skimming
Q4) List the four major categories of consumer products.
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Chapter 15: Achieving World-class Operations Management
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Sample Questions
Q1) Total quality management says that quality is the responsibility solely of the production and shipping departments.
A)True
B)False
Q2) Underlying the success of supply chain management is the ability to use enterprise resource planning systems to monitor for changes in supplier product quality.
A)True
B)False
Q3) Robots are especially useful for repetitive tasks such as cutting sheet metal and spot welding.
A)True
B)False
Q4) Computer-aided manufacturing uses computers to develop and control the production process.
A)True
B)False
Q5) Process layout is almost always designed as a continuous, assembly-line layout.
A)True B)False
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Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) All publicly held companies must include a statement of cash flows in their financial reports to shareholders.
A)True
B)False
Q2) The postage stamps and petty cash in the architect's drawer as well as his drawing table, his office furniture, and money owed to him by clients are all examples of assets.
A)True
B)False
Q3) Which of the following is NOT one of the three primary financial statements included in the annual report?
A) balance sheet
B) cash flow statement
C) statement of changes in equity
D) income statement
Q4) What are the two types of reports generated by accounting systems?
Q5) What is accounting?
Q6) Another term for net worth is working capital.
A)True
B)False
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample
Questions
Q1) A brokerage company is an example of a depository financial institution.
A)True
B)False
Q2) What is a system where goods and services are exchanged for other goods and services as a form of payment?
A) trading system
B) barter system
C) cashless system
D) transaction system
Q3) Two tools used by the Bank of Canada in managing the money supply are open market operations and the overnight rate.
A)True
B)False
Q4) What can you expect to happen to your securities investment when a bull market exists?
Q5) What is another name for a stockbroker?
Q6) What are demand deposits?
Q7) Preferred shareholders have the voting rights in a corporation.
A)True
B)False Page 19
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Page 20
Chapter 18: Finance
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Sample Questions
Q1) When a high-growth company first makes its shares available to investors, it has an IPO because it needs to raise more funds to continue its growth. What is an IPO?
Q2) What are long-term forecasts that cover two to ten years and take a broader view of the company's financial activities?
A) tactical plans
B) operating plans
C) strategic plans
D) projected plans
Q3) Long-term debt would be used to finance which of the following activities?
A) replace broken glass in a window
B) buy new tablecloths for a restaurant
C) provide customer with a cash discount
D) pay for a few pieces of equipment
Q4) Budgets that forecast a company's outlays for fixed assets, typically covering a period of several years, are known as capital budgets.
A)True
B)False
Q5) What are the three main types of unsecured short-term loans?
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