Contemporary Business Issues
Test Bank
Course Introduction
This course explores the dynamic landscape of modern business, focusing on current challenges, trends, and opportunities that shape organizations globally. Students will examine topics such as globalization, technological innovation, corporate social responsibility, sustainability, ethical decision-making, and the impact of political and economic changes on business operations. Through case studies, discussions, and research, learners will analyze how contemporary issues influence strategic planning and operational effectiveness, preparing them to make informed decisions in a rapidly changing business environment.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
Available Study Resources on Quizplus
18 Chapters
2559 Verified Questions
2559 Flashcards
Source URL: https://quizplus.com/study-set/272 Page 2
Chapter 1: Political Environment
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/4456
Sample Questions
Q1) The judgment handed out in civil court typically entails which of the following?
A) imprisonment only
B) compensation for injury
C) public reprimands
D) a combination of fines and imprisonment
Answer: B
Q2) PEI is the only province that does not collect provincial sales tax.
A)True
B)False
Answer: False
Q3) Which level of government has responsibility for fiscal policy?
A) federal
B) municipal
C) civic
D) provincial
Answer: A
Q4) What is the difference between a progressive tax and a flat tax?
Answer: A progressive tax like personal income tax sees the rate go up the more an individual's income increases whereas a flat tax, like income taxes for business, means the same rate is applied to everyone.
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Economic Environment
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/4457
Sample Questions
Q1) 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
Q2) Which type of economy is based on competition in the marketplace and private ownership of the factors of production?
A) command economy
B) planned economy
C) market economy
D) mixed economy
Answer: C
Q3) The Bank of Canada can stimulate the economy by increasing the money supply.
A)True
B)False
Answer: True
Q4) What is the name of the business cycle that follows a recessionary one?
Answer: recovery
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Social Environment
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/4458
Sample Questions
Q1) Cash donations of equipment and products and support for volunteer efforts of employees are all aspects of which of the following?
A) corporate philanthropy
B) whistle-blowing
C) social contract
D) social responsibility
Answer: A
Q2) Which of the following environmental factors is the most difficult for owners and managers to forecast, influence, or integrate into business plans?
A) social change
B) political change
C) legal change
D) economic change
Answer: A
Q3) Demographics is the study of people's vital statistics, such as their age, race and ethnicity, and location.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Technological Environment
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/4459
Sample Questions
Q1) Which of the following is a term used to describe a formal transfer of rights to use technology from the developer to another party?
A) copyright shift
B) patent transfer
C) technology transfer
D) technology substitution
Q2) Technology offers many advantages, whether to perform mundane functions or to spur innovation.
A)True
B)False
Q3) What does the term "network effects" describe?
Q4) What do we call copying of software programs by people who haven't paid for them?
A) unfair access
B) technological turnover
C) software shrinkage
D) software piracy
Q5) Describe three trends relevant to business today.
Q6) What does the statement, "Today most of us are knowledge workers," mean?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Q7) Different technology systems can cause a problem in which aspect of businesses?
Chapter 5: International Environment
Available Study Resources on Quizplus for this Chatper
148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/4460
Sample Questions
Q1) U.S. plane manufacturer McDonnell-Douglas has authorized Mitsubishi Heavy Industries, a Japanese company, to use its trademarks, patents, and other proprietary knowledge to manufacture F-15 fighter planes. Mitsubishi Heavy Industries pays McDonnell-Douglas. This is an example of which of the following activities?
A) contract manufacturing
B) licensing
C) importing
D) franchising
Q2) One of the difficulties in doing business in France is that often the business must be conducted in French. Therefore, which of the following attitudes appears to be extremely important in France?
A) unionism
B) nationalism
C) federalism
D) multinationalism
Q3) There are certain types of wood that are available only from trees grown in the Brazilian rain forest. What kind of advantage does this give Brazil over all other nations that might want to import these exotic woods?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Entrepreneurship and Small Business
Available Study Resources on Quizplus for this Chatper
137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/4461
Sample Questions
Q1) Entrepreneurs start a business with the hope that they will be compensated with profits for their investment of time, expertise, and money.
A)True
B)False
Q2) List three advantages that small businesses have over larger, more complex companies.
Q3) Why does small business thrive in Canada?
A) the owners' ability to avoid outsourcing
B) the owners' regular working hours
C) our rapidly changing technology
D) small businesses have lower costs to comply with regulations
Q4) One of the reasons that there has been a dramatic increase in the number of small business start-ups is rapidly changing technology.
A)True
B)False
Q5) Entrepreneurs, as a general group, are visionaries.
A)True
B)False
Q6) What is the first step in starting a new business?
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Understanding the Business
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/4462
Sample Questions
Q1) One of the critical success factors for any business is providing value.
A)True
B)False
Q2) What is a vision statement?
Q3) When financial managers are concerned about the ability to pay off debts that will come due in the next year, they are likely to focus on which of the following?
A) liquidity ratios
B) capital budgets
C) incremental analysis
D) leverage ratios
Q4) 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
Q5) SWOT stands for strengths, weaknesses, opponents, and threats.
A)True
B)False
Q6) What are some of the critical success factors for a business?
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/4463
Sample Questions
Q1) Isadore Alfonse is considering the purchase of a Bonus Building Care franchise. Alfonse is NOT likely to get assistance from the commercial cleaning franchisor in which of the following areas?
A) start-up costs
B) accounting procedures
C) permission to use company logo in advertising
D) site selection
Q2) What do partnership agreements generally specify?
A) the methods of taxation of each partner
B) the contributions of each partner
C) the percentage of revenue to be generated by each partner
D) the provisions for spouses and family to work in the partnership
Q3) What term is used if a takeover goes against the wishes of the target company's management and board of directors?
A) vertical merger
B) friendly takeover
C) horizontal merger
D) hostile takeover
Q4) What is the first step in incorporating a company?
Q5) Discuss the following statement: "Joint ventures have unlimited life."
10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Management and Leadership in Todays Organizations
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4464
Sample Questions
Q1) Which of the following functions of management involves resolving conflicts?
A) organizing
B) leadership
C) controlling
D) planning
Q2) When your company hires a consultant to change things at the organization, which type of power does the consultant have?
A) referent
B) coercive
C) legitimate
D) expert
Q3) Managers must perform interpersonal, informational, and decisional roles.
A)True
B)False
Q4) Define organizing as a process of management.
Q5) The first step in setting up a control process is to measure performances.
A)True
B)False
Q6) List the five primary sources or bases of power.
Q7) Which managers are typically responsible for implementing operational plans? Page 11
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 10: Designing Organizational Structures
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/4465
Sample Questions
Q1) Which of the following defines the relationships of authority from one level of organization to the next, from top to bottom?
A) chain of accountability
B) chain of order
C) chain of command
D) functional chain
Q2) An organization that has a narrow span of control with many levels of managers and a long chain of command has a tall organization structure.
A)True
B)False
Q3) Charlie Li has been hired by Exide Technologies to be its legal counsel and handle all of Exide's legal affairs. Li is in which type of position?
A) staff
B) line
C) centralized
D) matrix
Q4) List the three structural building blocks used in designing an efficient and effective organizational structure.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 11: Motivating Employees
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/4466
Sample Questions
Q1) A group of management consultants is studying Lennox Petrochemical Inc., and its team management strategy. After Shannon Ewing's work group was selected for special attention by the management consultants, the work group's production output nearly doubled. Ewing's group's reaction to the special attention is an example of which of the following?
A) the reinforcement theory
B) Theory Y
C) Theory X
D) the Hawthorne effect
Q2) Which of the following statements best describes forms of variable pay?
A) Profit-sharing plans are also called piece-rate plans.
B) Stock options are a category of job-sharing pay plans.
C) Gain sharing is a motivational plan based on group productivity.
D) Profit-sharing plans are based on the concept that intrinsic rewards are more motivating than extrinsic rewards.
Q3) In Herzberg's model, potential job dissatisfiers are called hygiene factors.
A)True
B)False
Q4) What do telecommuting, flextime, and job sharing have in common?
Q5) List the five levels of needs on Maslow's hierarchy of needs.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 12: Managing Human Resources and Labour Relations
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/4467
Sample Questions
Q1) DeShaun Hardin works for a lumber company. His employer requires that all employees wear steel-toed shoes and hard hats when on the work site. Hardin's employer is complying with which federal law?
A) Occupational Hazard Act
B) Occupational Health and Safety Act
C) Fair Labour Standards Act
D) Equal Employment Opportunity Act
Q2) 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.
Q3) Managerial and professional employees are usually paid a fixed amount biweekly or monthly. This is known as which of the following?
A) commission
B) wage
C) bonus
D) salary
Q4) What is a contingent worker?
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 13: Marketing
Available Study Resources on Quizplus for this Chatper
159 Verified Questions
159 Flashcards
Source URL: https://quizplus.com/quiz/4468
Sample Questions
Q1) The seven-member Beauchamp family recently purchased a mini-van because the ads for a GM Horizon showed that it could haul eight or more people and still have room for books, bags, and sports equipment. GM Horizon was using which of the following forms of segmentation in its advertising?
A) volume
B) psychographic
C) benefit
D) geographic
Q2) The rapid growth of technology has accelerated the rate of which of the following?
A) time to market
B) rate of adoption
C) product life cycle
D) cultural change
Q3) Customer value is the ratio of benefits to the sacrifice necessary to obtain those benefits.
A)True
B)False
Q4) What are the first two steps in the consumer decision-making process?
Q5) List the components of the marketing mix.
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 14: Creating Marketing Strategies
Available Study Resources on Quizplus for this Chatper
183 Verified Questions
183 Flashcards
Source URL: https://quizplus.com/quiz/4469
Sample Questions
Q1) What are the four major groupings of consumer products?
A) limited, generic, durable, and unsought
B) unsought, convenience, shopping, and specialty
C) shopping, durable, limited, and brand
D) brand, specialty, convenience, and generic
Q2) What is the process of strategically managing the efficient flow and storage of raw materials, inventory, and finished goods from the point of origin to the point of consumption?
A) inventory control
B) logistics
C) just-in-time
D) sourcing coordination
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) List the four stages of the product life cycle.
Q5) What are the two classifications of business products?
Q6) Give an example of bundling.
Page 17
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Achieving World-class Operations Management
Available Study Resources on Quizplus for this Chatper
153 Verified Questions
153 Flashcards
Source URL: https://quizplus.com/quiz/4470
Sample Questions
Q1) Which of the following is a production technique that uses small, self-contained work stations and has each perform all or most of the tasks necessary to complete a manufacturing order?
A) MRP manufacturing
B) cellular manufacturing
C) robotics
D) work station production
Q2) There are four important decisions that must be made during production planning. What are they?
Q3) Which of the following is a characteristic of the intermittent process?
A) short production runs
B) high volume
C) standardized products
D) low variety of products
Q4) Which type of management emphasizes the use of quality principles in all aspects of a company's operations?
A) quality teamwork
B) cultural quality
C) total quality
D) critical quality
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 16: Accounting for Financial Success
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4471
Sample Questions
Q1) Which of the following is an example of a long-term liability?
A) account payable
B) bonds
C) note payable
D) accrued expenses
Q2) What is another term for an operating statement or an earnings statement?
A) cash flow statement
B) income statement
C) balance sheet
D) transaction ledger
Q3) The ratio of current assets to current liabilities is called the ownership ratio.
A)True
B)False
Q4) What are the two types of expenses that are shown on a company's income statement?
Q5) Revenues are the dollar amount of sales plus any other income received from sources such as interest, dividends, and rent.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 17: Understanding Money and the Canadian Financial System
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/4472
Sample Questions
Q1) Durability, scarcity, portability, and divisibility are the four key characteristics of money.
A)True
B)False
Q2) Why would cherries, ears of corn, and cookies not make good mediums of exchange?
A) divisibility
B) durability
C) profitability
D) exchangeability
Q3) Some corporations pay their shareholders in the form of more shares. Which of the following best describes this type of payment?
A) stock dividend
B) dividend windfall
C) share distribution
D) share reward
Q4) Internet technology can allow investors to buy and sell shares without using a stockbroker.
A)True B)False
Q5) What is the commonly assigned principal for all corporate bonds? Page 20
To view all questions and flashcards with answers, click on the resource link above.
Page 21
Available
Study
Chapter 18: Finance
Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/4473
Sample Questions
Q1) One of the key activities of the financial manager is to obtain funding for the company's operations and investments. In doing this, the financial manager has to constantly strive for a balance between which of the following?
A) debt and equity
B) private or public funding
C) internal and external funding
D) government and business
Q2) What is an agreement between a bank and a person or business that specifies the maximum amount of short-term borrowing the bank will make available to that person or business?
A) credit-line loan
B) line of credit
C) unsecured loan
D) commercial paper loan
Q3) What is the major advantage of debt financing?
A) absence of factoring
B) number of different sources from which it is available
C) deductibility of interest expenses
D) lack of dependence on collateral
To view all questions and flashcards with answers, click on the resource link above.
Page 22