Contemporary Business
Pre-Test Questions
Course Introduction
Contemporary Business examines the dynamic environment in which modern organizations operate, focusing on the challenges and opportunities presented by globalization, technological advancements, and changing consumer preferences. The course explores key business functions including management, marketing, finance, and operations, while also addressing topics such as corporate social responsibility, ethics, and sustainability. Through real-world case studies and practical examples, students gain insights into how innovative strategies and agile decision-making drive success in todays rapidly evolving business landscape.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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20 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Businesses in the relationship era focus their efforts on building long-term customer relationships. What key tool is utilized for business development during this era?
A) entrepreneurship
B) production
C) technology
D) services
Answer: C
Q2) The four factors of production are natural resources, capital, human resources, and entrepreneurship.
A)True
B)False
Answer: True
Q3) For fast-moving companies, what can the technological environment represent?
A) major threats
B) a rich source of competitive advantage
C) lower efficiency and effectiveness
D) employee resistance to change
Answer: B
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Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Whose priorities do socially responsible businesses consider in their business decision making?
A) the highest-paid employees
B) other businesses
C) competitors
D) stakeholders
Answer: D
Q2) Which of the following best describes the concept of a living wage?
A) It should be based on the amount of money a worker would need to buy the most basic goods necessary for day-to-day survival.
B) It is an elusive concept that could be interpreted in many different ways.
C) It is the same thing as the concept of the minimum wage as it is defined in Canada.
D) Is defined by the United Nations as the wage that would allow a typical household to maintain a modest but comfortable lifestyle.
Answer: B
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Chapter 3: Economics: The Framework for Business
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) One of Coca-Cola's slogans is "It's the real thing" and one of Pepsi's slogans is "The choice of a new generation." This is an example of which type of competition?
A) monopolistic competition
B) pure competition
C) monopoly
D) natural competition
Answer: A
Q2) The devaluation of the Canadian dollar means that American tourists will come in increasing numbers to Canada.
A)True
B)False
Answer: True
Q3) Unfortunately, depressions are a common problem in most free-market economies. A)True
B)False
Answer: False
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Chapter 4: The World Market-Place: Business Without Borders
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) The International Monetary Fund (IMF) has been especially aggressive in recent years in its efforts to force poor nations to repay the money they owe on IMF loans.
A)True
B)False
Q2) Which of the following is the most basic level of international market development that involves shipping domestically produced products overseas?
A) franchising
B) exporting
C) licensing
D) importing
Q3) Which of the following gives Canada an advantage over other nations?
A) low-cost labour
B) silicon
C) weather
D) capital
Q4) Exporting is a low-cost way to reach global markets.
A)True
B)False
Q5) Provide three reasons to eliminate trade restrictions.
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Chapter 5: Business Formation: Choosing the Form That Fits
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) There are attractive advantages and no significant drawbacks to starting a sole proprietorship.
A)True
B)False
Q2) Marcel's Motorcycles Inc. has just incorporated the business in Ontario. If John Chu had been a partner, what would he now become?
A) shareholder
B) board member
C) CEO
D) management trainee
Q3) Most shareholders in large corporations take an active role in managing their companies.
A)True
B)False
Q4) If an oil company merged with a company that produced motion pictures, the result would be a vertical merger.
A)True
B)False
Q5) Describe how a corporation is formed.
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) If you're thinking about starting a small business, it is often a good idea to work for about three years for someone else in the same industry before venturing out on your own.
A)True
B)False
Q2) Which of the following is one of the primary reasons people become entrepreneurs?
A) to achieve an external locus of control
B) to pay less taxes
C) to have a more relaxed life
D) to create one's own schedule
Q3) Which of the following is the federal government agency dedicated to maintaining and strengthening the national economy by aiding, counselling, assisting, and protecting the interests of small business?
A) Canada Business Network
B) Federal Small Enterprise Resource Centre
C) National Centre for Business Development
D) Federal Trade Commission
Q4) Identify and describe two competitive advantages small businesses offer?
Q5) Describe two threats small business owners face.
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Chapter 7: Accounting: Decision Making by the Numbers
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) What are three major financial statements? Describe the key elements of those financial statements.
Q2) Describe the purpose of an income statement. Give the equation that illustrates the logic that explains the way the income statement is organized, and define each one of the equation's terms.
Q3) Activity-based costing is a technique to assign product costs based on links between activities that drive costs and the production of specific products.
A)True
B)False
Q4) The owners' equity section of the balance sheet indicates the claims a firm's owners have against their company's assets.
A)True
B)False
Q5) The International Accounting Standards Board is constantly modifying, clarifying, and expanding IFRS as business practices evolve and new issues arise.
A)True
B)False
Q6) Explain three different opinions that may result from an accounting audit.
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Define capital budgeting, and explain how it is used to evaluate business proposals.
Q2) Lentz-Tucker Incorporated reported net income of $3 million and paid no dividends to its shareholders. The shareholders have the legal right to sue the company for failure to provide a return on their investment.
A)True
B)False
Q3) A firm that extends credit for only 30 days is likely to receive its payments faster than a firm that allows customers 60 or 90 days, but such a policy is likely to cause a loss of sales.
A)True
B)False
Q4) Allowing customers to buy on credit can significantly increase sales; however, credit sales can create cash flow problems.
A)True
B)False
Q5) Money market mutual funds are an attractive cash equivalent for smaller firms.
A)True
B)False
10
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Chapter 9: Financial Markets: Allocating Financial Resources
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) The CEO of your firm has just remarked to you, "Quit worrying about the price of the company stock on the secondary market. After all, we received our funds for long-term expansion when we issued the stock in the primary market." As the finance director of the firm, what would your response be?
A) "Not so fast! Don't you know that we get a percentage of any revenue earned on the sale of stock on the secondary market?"
B) "You're right! Investors who buy stock in the secondary market don't provide us with any funds, so their views aren't relevant to how we manage the company."
C) "You're right! The price on the secondary market really has no relationship to our firm's financial situation."
D) "Not so fast! The price of our stock on the secondary market indicates how well we are managing our firm and benefiting our shareholders."
Q2) Investors who want to generate a steady and predictable flow of income often find bonds and preferred stocks to be attractive investments.
A)True
B)False
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Chapter 10: Marketing: Building Profitable Customer
Connections
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) Business will only use market research when promoting business-to-business products and services.
A)True
B)False
Q2) One major disadvantage of primary data is that it is usually outdated even before the marketer receives it.
A)True
B)False
Q3) While Suzanne is shopping for school supplies, she is approached in the mall by a woman with a clipboard asking questions about her preference for jeans. What has Suzanne become involved in?
A) weighted response data collection
B) survey research collection
C) observation research collection
D) secondary research collection
Q4) Today's businesses compete for customer loyalty, using marketing plans to define specific strategies.
A)True
B)False
Page 12
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Chapter 11: Product and Promotion: Creating and Communicating Value
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335 Verified Questions
335 Flashcards
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Sample Questions
Q1) What is the goal of promotion?
A) to reach the largest number of people
B) to inform, persuade, and remind consumers to purchase a good or service
C) to establish the best distribution strategy for the organization's products
D) to develop the best marketing mix
Q2) Accessory equipment includes large capital purchases designed for an extended productive life.
A)True
B)False
Q3) Product differentiation attempts to create real or perceived differences in the minds of the consumer.
A)True
B)False
Q4) The two fastest-growing advertising media are radio and direct mail.
A)True
B)False
Q5) Company sponsorships of sporting and cultural events are one of the fastest growing types of promotion.
A)True
B)False
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Chapter
12: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Which of the following would most likely be classified as a variable cost in breakeven analysis for a furniture manufacturer?
A) cost of lumber and upholstery
B) insurance on delivery truck
C) property taxes
D) office rent
Q2) A distribution strategy consists of two main parts: pricing strategy and promotion strategy.
A)True
B)False
Q3) Providing credit, cashing cheques, and delivering products are all examples of how distributors provide ownership utility.
A)True
B)False
Q4) Vendor-managed inventory strategies allow suppliers to determine their buyers' needs and automatically ship supplies as needed.
A)True
B)False
Page 14
Q5) Outline the pros and cons of using an odd pricing strategy.
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) First-line managers often need a high degree of technical skills in order to hire, train, and evaluate workers.
A)True
B)False
Q2) The main purpose of the controlling function of management is to monitor and control the flow of sensitive information to the firm's stakeholders.
A)True
B)False
Q3) Which of the following refers to the number of people a manager supervises?
A) span of control
B) span of operations
C) managerial focus
D) locus of supervision
Q4) Managers can often motivate workers who are seeking to fulfill self-actualization needs by assigning them challenging work that uses their skills to the fullest extent possible.
A)True
B)False
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Q5) What does SWOT stand for? Explain the purpose of SWOT analysis.
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Chapter 14: Human Resource Management: Building a
Top-Quality Workforce
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Independent contractors, on-call workers, and workers provided by temporary agencies are all examples of contingent workers.
A)True
B)False
Q2) One of the advantages of hiring younger workers is that they tend to have a strong sense of loyalty and commitment to the organizations they join, which pays off in terms of lower worker turnover.
A)True
B)False
Q3) Investing in employees and treating them well can be an effective way to sustain a competitive edge.
A)True
B)False
Q4) Wages are the pay that employees receive in exchange for the number of hours or days worked.
A)True
B)False
Q5) Compare the pros and cons of the internal and external recruitment of human resources.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and
Link
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) Expert systems help their users solve a problem or accomplish a task by asking the user a series of questions, basing each new question on the response to previous questions. The program continues to ask questions until it has enough information to reach a decision and make a recommendation.
A)True
B)False
Q2) Intellectual property is the result of creative or intellectual effort, such as books, musical works, inventions, and computer software.
A)True
B)False
Q3) What do we call skilled computer users who try to gain unauthorized access to other people's computers?
A) networkers
B) hackers
C) phishers
D) cyberstalkers
Q4) List five types of intellectual property. What is piracy of intellectual property and how does it negatively affect society?
Page 17
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Chapter 16: Operations Management: Putting It All Together
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167 Flashcards
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Sample Questions
Q1) Which of the following can be produced independently of the consumer and then stored and shipped?
A) processes
B) goods
C) any type of product
D) services
Q2) One way a movie theatre may attempt to spread out demand is to offer lower prices for matinée showings.
A)True
B)False
Q3) Just-in-time production is a production system that emphasizes the production of goods to meet actual current demand, thus minimizing the need to hold inventories of finished goods and work-in-process at each stage of the supply chain.
A)True
B)False
Q4) Discuss the role of operations management in business.
Q5) With services quality is based mainly on customer perceptions.
A)True
B)False
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) What are a manager's facial expressions, posture, and gestures examples of?
A) nonverbal communication
B) physical communication
C) pseudo communication
D) verbal communication
Q2) Slang statements are acceptable in verbal communication, because clarification is immediate.
A)True
B)False
Q3) Which of the following best describes effective business writing?
A) It includes all of the main points in the first paragraph.
B) It sounds natural.
C) It maintains a formal, serious tone.
D) It is free from opinions.
Q4) In business communication, it is improper to use graphs and charts on PowerPoint presentations.
A)True
B)False
Q5) Describe three factors used to analyze an audience.
Q6) Define noise, and describe how it impacts business communications. Page 19
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Chapter 18: Labour Unions and Collective Bargaining
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Sample Questions
Q1) Arbitration is a process in which a neutral third party has the authority to resolve a dispute by rendering a binding decision.
A)True
B)False
Q2) Jeff Ristos is a member of his union's collective bargaining team, and Sharon Balliol is on the management's bargaining team. As part of the negotiating process, Jeff and Sharon are working together to find ways to provide workers with more flexible work schedules and improve worker productivity. They hope to combine these two goals to create a win-win solution that can be incorporated into the new labour contract. This approach suggests that the two sides are using a tactic known as distributive bargaining.
A)True
B)False
Q3) Distributive bargaining is the traditional adversarial approach to collective bargaining.
A)True
B)False
Q4) What is a labour union? What are the two basic ways that unions can be organized?
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21
Chapter 19: Business Law
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60 Verified Questions
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Sample Questions
Q1) Which type of damages are monetary payments a party who breaches a contract is ordered to pay in order to compensate the injured party for the actual harm suffered due to the breach of contract?
A) specific damages
B) punitive damages
C) nominal damages
D) compensatory damages
Q2) When a loan officer grants a loan to a borrower on behalf of the bank, what is he or she acting as?
A) an agent
B) a trustee
C) a mediator
D) a securities analyst
Q3) Tim Tullio acts as a principal for his firm when he makes sales calls to secure contracts for the testing services that his firm provides.
A)True
B)False
Q4) What is meant by an agent's scope of authority? Name and describe three types of scopes of authority.
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Chapter 20: Personal Finance
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67 Flashcards
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Sample Questions
Q1) You recently purchased 100 shares of Sand Box Software. One benefit of buying and owning these shares is that you are entitled to receive quarterly dividends.
A)True
B)False
Q2) A debit card takes three days before it removes the money from your bank account.
A)True
B)False
Q3) Evaluate strategies to help build a sufficient savings and emergency fund.
Q4) Credit history is the study of financial markets and their impact on interest rates. A)True
B)False
Q5) A key to financial security is the creation of a "safety net." This "safety net" should be able to cover three to six months of your expenses.
A)True
B)False
Q6) Describe ways to avoid making unwise credit decisions and ways for maintaining good credit.
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