Contemporary Business Test Bank
Course Introduction
Contemporary Business provides students with an in-depth understanding of the modern business environment, exploring how companies operate in the context of rapid technological changes, globalization, and evolving societal expectations. The course covers key topics such as organizational structure, innovation, digital transformation, ethical decision-making, corporate social responsibility, and the impact of economic, legal, and cultural factors on business practices. Through real-world case studies and interactive discussions, students will develop critical thinking and problem-solving skills relevant to todays dynamic and diverse business world.
Recommended Textbook
Business Eighth Canadian Edition by Ricky W. Griffin
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19 Chapters
4123 Verified Questions
4123 Flashcards
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Page 2
Chapter 1: Understanding the Canadian Business System
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Natural resources include land and mineral deposits.
A)True
B)False
Answer: True
Q2) This week,Jessica's Variety Store had sales of $4,000,employees were paid $1,000,the cost of goods was $1,500,and rent was $500.Profit for the week was
A) $3,000.
B) $1,000.
C) $4,000.
D) $2,000.
E) $1,500.
Answer: B
Q3) Discuss the benefits and drawback of each type of economic system.In which economic system would you prefer to work,and why?
Answer: market economy-is most efficient; work for own purposes; command economy-equality/one class,no poor
Q4) What does the supply curve reflect?
Answer: The supply curve shows how much of a product will be supplied at different prices.
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Chapter 2: Understanding the Environments of Business
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) The Organic Trade Association partnered with Free Range Graphics to produce a 5-minute on-line spoof of the latest Star Wars movie.The film was then passed around the internet by consumers who favour organic foods.This is an example of
A) a strategic alliance.
B) viral marketing.
C) outsourcing.
D) business process management.
E) none of these.
Answer: B
Q2) Paul owns a Canadian shipping company that generates profits as a result of business activities in Brazil.These profits are included in ____ in Brazil.
A) GDP
B) national employment
C) productivity
D) GNP
E) GPI
Answer: A
Q3) What is the main measure of growth in the business cycle?
Answer: The main measure of growth in the business cycle is aggregate output.
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Page 4
Chapter 3: Conducting Business Ethically and Responsibly
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237 Verified Questions
237 Flashcards
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Sample Questions
Q1) The final step in managing a social responsibility program is to
A) conduct a social audit.
B) survey the various causes that might be supported.
C) select an individual to run the program.
D) develop a policy statement outlining the firm's commitment.
E) form a committee to develop a detailed plan.
Answer: A
Q2) Which of the following behaviours is illegal?
A) Company executives encourage employees to invest in company stock while withholding information about financial problems.
B) An employee accepts a gift from a supplier in return for a large order.
C) A manager refuses to hire or promote a qualified visible minority,in spite of company policy requiring this.
D) A manager underpays an employee,knowing that the employee can't afford to quit.
E) All of these actions are illegal.
Answer: C
Q3) What are the three major types of pollution? Give an example of each.
Answer: Air: acid rain,smog.Water: chemical and waste dumping.Land: toxic wastes.
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Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) All of the following are questions to ask in order to identify a genuine business opportunity except
A) will our sales lead to profits?
B) does this product/service solve a problem or meet a significant need?
C) who are our customers?
D) what is our estimated demand?
E) what government loan assistance is available?
Q2) Individuals who both recognize and seize opportunities are referred to as A) speculators.
B) franchisees.
C) entrepreneurs.
D) intrapreneurs.
E) independents.
Q3) Sam Clark has a custom cheesecake business that he owns and operates out of his home.Sam's ownership structure likely is
A) a franchise.
B) a limited partnership.
C) a partnership.
D) a corporation.
E) a sole proprietorship.
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Chapter 5: The Global Context of Business
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) When we talk about international trade,we are referring to trade in manufactured goods only.
A)True
B)False
Q2) The CEO of Charter Books thinks that the company should "go global" by using the internet,but the vice president thinks that too many problems would be encountered.Which of the following statements would support the vice president's position?
A) The English language dominates the internet,but more traffic would be generated by web pages in the local language.
B) Going global via the internet would not put a big strain on existing personnel.
C) Books can be easily shipped overseas by companies like UPS and FedEx.
D) The marketing department estimates that sales will initially increase by about 30 percent,and then taper off to a 20 percent increase annually.
E) The advertising costs needed to increase sales would be incurred would be fairly modest.
Q3) Define the term globalization.
Q4) What is a trade deficit?
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Chapter 6: Managing the Business Enterprise
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252 Verified Questions
252 Flashcards
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Sample Questions
Q1) In a SWOT analysis,strengths and weaknesses are factors that are ________ to the firm,while opportunities and threats are factors that are _________ to the firm.
A) irrelevant; relevant
B) relevant; irrelevant
C) internal; external
D) external; internal
E) central; peripheral
Q2) The basic management skill that deals with understanding and getting along with people is
A) conceptual.
B) technical.
C) human relations.
D) decision-making.
E) time-management.
Q3) What is intuition?
Q4) What are the steps in the rational decision-making process?
Q5) Where does an organization's culture come from?
Q6) What is management?
Q7) List the three types of strategy.
Page 8
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Chapter 8: Managing Human Resources
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) Vestibule training is an instructional-based program in which a trainer presents material in a descriptive fashion to those attending a trainee program.
A)True
B)False
Q2) Adam,the manager of sewing production,has been asked to rank-order his team from best to worst.This is an example of what type of ranking method?
A) High-low feedback
B) Graphic rating
C) Top-down order ranking
D) Forced distribution
E) Simple ranking
Q3) Comparable worth programs focus mostly to paying similar wages or salaries to individuals who hold that jobs that are of equal value to the employer.
A)True
B)False
Q4) What is the difference between job analysis,job description,and job specification?
Q5) List three forms of performance-based compensation.
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Page 9
Chapter 9: Understanding Labourmanagement Relations
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) ________ was a management tactic considered by the NHL where minor hockey players were to be brought in to replace striking NHL players.
A) A lockout
B) The use of strikebreakers
C) Compulsory arbitration
D) An injunction
E) Mediation
Q2) Which of the following statements about collective bargaining is false?
A) A contract is usually arrived at through the process of arbitration.
B) It begins with the recognition of the union as the exclusive negotiator for its members.
C) It is the process of negotiating labour agreements.
D) It involves union representatives and employer representatives.
E) It involves the ongoing process of administering existing agreements.
Q3) A union that includes among its members only skilled machinists is
A) an industrial union.
B) a craft union.
C) a union federation.
D) a common union.
E) a local union.
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Page 10
Chapter 10: Motivating and Leading Employees
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261 Verified Questions
261 Flashcards
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Sample Questions
Q1) Motivation is
A) a characteristic in employees over which management has no control.
B) the set of forces that causes people to behave in certain ways.
C) a characteristic only of middle and upper management.
D) an inner characteristic that employees either have or don't have.
E) something that allows management to step aside and let the workers take control.
Q2) Recent corporate scandals have led to calls for more attention to ___________.
A) virtual leadership
B) ethical leadership
C) strategic leadership
D) charismatic leadership
E) participative management
Q3) In a compressed work week,employees work fewer days per week but more hours per day.
A)True
B)False
Q4) Scientific management was focused on finding the "one best way" to do a job.
A)True
B)False
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Chapter 11: Producing Goods and Services
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) What is the relationship between business strategy and operations?
Q2) Lean manufacturing means getting rid of traditional assembly lines.
A)True
B)False
Q3) Bell Industries is a clothing manufacturer that has established a designated area that is dedicated to making various pockets for shirts,coats,blouses,trousers,and slacks.This strategy illustrates the process layout.
A)True
B)False
Q4) The product layout is an efficient way to manage the manufacturing of multiple product lines because of its inherent structural simplicity.
A)True
B)False
Q5) GE produces refrigerators using a(n)________ process.
A) chemical B) synthetic C) assembly
D) analytic
E) fabrication
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Chapter 12: Increasing Productivity and Quality
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) When new versions of software include features not in previous editions,the vendors are demonstrating
A) quality assurance.
B) quality ownership.
C) quality reliability.
D) quality control.
E) performance quality.
Q2) What is the purpose of a process capability study?
A) To determine how the quality of the company's products compares to the quality of its competitors' products
B) To provide information about variation in the company's production processes
C) To determine how much value various work activities add for customers
D) To determine if work teams will improve quality
E) To determine whether the causes of product failures are internal or external
Q3) ISO 9000:2000 certified businesses must
A) have documented procedures for each stage of production.
B) have no defects.
C) have strict quality controls.
D) produce a variety of quality goods.
E) be productive.
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Chapter 13: Managing Information Systems and Communication Technology
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Mel says that developments in information technology have had a huge impact in communication and in access to data.Marla agrees that information is important,but thinks that how it is used is even more important,and she cites the dramatic developments in online selling as an example.What is Mel assuming?
A) Every business now uses information technology for communications and the gathering of information.
B) Very few businesses sell products online.
C) More information is available now than was available before the information technology revolution.
D) Consumers prefer to buy from businesses that use the latest information technology.
E) Selling online is relatively unimportant to most businesses.
Q2) A(n)________ is a system for transmitting and transforming data into information that can be used in decision making.
A) accounting device
B) management perk
C) expert system
D) information system
E) computer
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Chapter 14: Understanding Accounting Issues
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212 Verified Questions
212 Flashcards
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Sample Questions
Q1) Financial accounting is primarily for people outside the firm while managerial accounting is primarily for people inside the firm.
A)True
B)False
Q2) The matching principle states that
A) expenses will be matched with revenues to determine net income for an accounting period.
B) the costs of goods sold must match the total expenses of the firm.
C) the firm needs to match the assets and liabilities in order to record the transaction in its journal.
D) revenue recognition occurs before the earnings cycle is completed.
E) the total receipts must match the expenditures for a given period of time.
Q3) What does the term "double-entry" accounting mean?
Q4) What is the difference accountants like CAs (who provide services to the public)and private accountants?
Q5) John wants to determine gross profit for his company.To do so,he must subtract the cost of goods sold from gross sales revenue.
A)True
B)False
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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227 Verified Questions
227 Flashcards
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Sample Questions
Q1) Your boss has empowered you to complete a research project to determine if your company should expand its product line.Your boss only wants to see the final step of the market research process,which is
A) the primary data.
B) a report that includes alternative solutions and recommendations.
C) the study of the current situations.
D) the secondary data.
E) a description of the research method you used.
Q2) Women who purchase clothes for office wear would be segmented using which variable?
A) Level of income
B) Demographic
C) Geographic
D) Product-use
E) Psychographic
Q3) What is a consumer good?
Q4) Psychographic and geographic variables are similar in that neither can generally be changed by marketing efforts.
A)True
B)False
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Chapter 16: Developing and Promoting Goods and Services
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) The combination of television,radio,magazines,etc.that a company uses to promote its products and services is called the promotional mix.
A)True
B)False
Q2) The communications vehicle that is very selective about its audience,allows a more personalized message,and whose response rate is very predictable is
A) direct mail.
B) television.
C) magazines.
D) radio.
E) newspaper.
Q3) When Molson Canadian included a free T-shirt with certain packages of its beer,this was an example of the use of a premium.
A)True
B)False
Q4) What is internet marketing? What are some of the advantages and challenges for buyers and sellers of this advertising medium?
Q5) List four promotional objectives (other than increasing sales).
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Chapter 17: Pricing and Distributing Goods and Services
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232 Verified Questions
232 Flashcards
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Sample Questions
Q1) What tools are used by the marketing managers to determine prices of products? Which tool or combination of tools provides the best price?
Q2) Which of the following is not an anticipated result when Trimar Videos uses the price-skimming strategy?
A) The high price will keep away potential competitors.
B) High profits will attract competitors.
C) High profits permit the firm to cover product development costs.
D) It convinces consumers that a product is truly different from those already on the market.
E) It may allow high profits initially.
Q3) Retailers sell products to other businesses who in turn resell them to the final consumer.
A)True
B)False
Q4) A company that sets prices above the market rate plays on the consumer's belief that higher prices mean higher quality products.
A)True
B)False
Q5) What are the various business objectives that influence pricing decisions?
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Chapter 18: Understanding Money and Banking
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207 Flashcards
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Sample Questions
Q1) Which of the following is a potential problem with ecash?
A) Hackers may break in.
B) Regulation and control are virtually non-existent.
C) There is no protection like that which covers government-controlled money systems.
D) A computer crash could wipe out an account forever.
E) All of these are potential problems.
Q2) A government may ________ its currency to correct its balance-of-payments conditions.
A) regulate
B) devalue
C) reconvert
D) recentre
E) interpolate
Q3) Modern paper currency is light and easy to handle,thus meeting the criterion of A) portability.
B) durability.
C) divisibility.
D) valuable.
E) stability.
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Page 19
Chapter 19: Understanding Securities and Investments
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190 Flashcards
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Sample Questions
Q1) If the market value of a stock falls to approximately the book value,investor interest in buying the stock generally increases.
A)True
B)False
Q2) A stock quote of 30.5 means
A) the stock is down 30.5 cents per share from yesterday's price.
B) the stock is selling at $30.50 per share.
C) the stock is selling at 30.5 cents per share.
D) the stock is up 30.5 cents per share from yesterday's price.
E) the stock will be selling for 30.5 cents per share for the next 5 days.
Q3) Tom has authorized the purchase of a certain stock only if its price is less than or equal to a given amount.This is known as a(n)
A) short sale.
B) odd lot order.
C) market order.
D) limit buy order.
E) round lot order.
Q4) Explain the differences between the primary and secondary security markets.
Q5) Differentiate between odd and round lots.
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Chapter 20: Financial Decisions and Risk Management
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) The Gap has t-shirts boxed and ready to ship to retailers.These goods make up part of the ________ inventory.
A) accounts receivable
B) sales
C) sales-in-process
D) credit
E) finished goods
Q2) What is the difference between a trade draft and a trade acceptance?
Q3) Price Steel issued 1000 common shares at a price of $15.00 each.If all the shares sold,Algoma could expect to raise
A) $14 000.
B) $1500.
C) $15 000.
D) $1000.
E) it is not possible to tell with the information that is given.
Q4) Start-up firms without proven financial success usually must present a business plan to demonstrate that the firm is a good credit risk.
A)True
B)False
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