Contemporary Issues in Business
Exam Materials
Course Introduction
This course explores the dynamic landscape of modern business, examining current trends, challenges, and opportunities that shape organizations and markets today. Students will analyze topics such as globalization, technological innovation, sustainability, corporate ethics, diversity and inclusion, and the impact of geopolitical events on business practices. Through case studies, discussions, and research, learners will develop critical perspectives on how businesses adapt to rapid change and societal expectations, preparing them to make informed decisions in a complex and evolving environment.
Recommended Textbook
BUSN 2nd Canadian Edition by Marce Kelly
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21 Chapters
3188 Verified Questions
3188 Flashcards
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Chapter 1: Business
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) Entrepreneurs are individuals willing to take the risk of owning and operating a business.
A)True
B)False
Answer: True
Q2) Which of the following is a key feature of an organization that adopts the marketing concept?
A)Executive management and the board of directors focus mainly on the financial aspects of the company's operations.
B)The goal of the organization is to maximize market share by keeping prices as low as possible.
C)Departments throughout the organization adopt a customer orientation.
D)The marketing department is seen as the only department capable of creating lasting value.
Answer: C
Q3) Not-for-profit organizations focus mainly on health,human services,and religion. A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Communication: Creating and Delivering Messages That Matter
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Vice President Harry Farrell is one of the few top managers at his company who has a strong engineering background.Harry loves to sprinkle technical jargon and slang into his speeches when he makes presentations to less technically inclined colleagues.What may result from Harry's use of this communication style?
A)It may create perceptual barriers to good communication.
B)It will likely be very effective since it allows Harry to emphasize his unique qualifications.
C)It will likely contribute to cultural barriers that reduce the effectiveness of his message.
D)It is likely to create a language barrier that undermines the effectiveness of his message.
Answer: D
Q2) When you do not want to reveal any additional information through body language,a memo is an effective tool to disburse information to employees on changes in company policies.
A)True
B)False
Answer: True
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Chapter 3: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) A company's code of ethics describes the preferred behaviour of the firm in its business operation.It typically flows from the corporate culture.
A)True
B)False
Answer: True
Q2) Kleen Things,a mobile dry-cleaning service,provides pick-up and drop-off services to its customers.Although there is a delivery/pick-up charge,Kleen Things offers a 50% discount if customers return the hangers.This is an example of sustainable development.
A)True
B)False
Answer: True
Q3) Companies should discourage whistleblowing because it creates an atmosphere of fear and mistrust.
A)True
B)False
Answer: False
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Chapter 4: Economics: the Framework for Business
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) The economic restructuring necessary to move toward greater reliance on markets has proven to be relatively easy for most previously planned economies to achieve.
A)True
B)False
Q2) What is an economic system a structure for?
A)allocating limited resources
B)forecasting trends
C)government
D)measuring gross domestic products
Q3) The two most common types of real-world economies are pure capitalism and pure socialism.
A)True
B)False
Q4) What is supply? How can the supply relationship be illustrated? What is demand? How can this relationship be illustrated? How can supply and demand be used to determine the market price of a good?
Q5) Define transformational economic trends and describe the impact they have on today's domestic and international businesses.
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Chapter 5: Business Formation: Choosing the Form That Fits
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) Firms that want to improve the integration of production activities or increase their control over the supply of inputs would be likely to consider what type of merger?
A)a conglomerate merger
B)a vertical merger
C)a generic merger
D)a horizontal merger
Q2) Unlike other types of corporations,not-for-profit corporations cannot have shareholders and cannot pay dividends.
A)True
B)False
Q3) Which of the following is a serious drawback of sole proprietorships?
A)They are heavily regulated by the federal government.
B)They expose their owners to unlimited liability for the company's debts.
C)They are difficult and inexpensive to form.
D)They result in double taxation of the company's earnings.
Q4) A closed corporation is also known as a not-for-profit corporation.
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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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Individuals who want to become small business owners are almost always better off starting their own business than they are buying an existing business.
A)True
B)False
Q2) Small businesses often have an advantage in foreign markets where customers want to deal directly with a company's top management.
A)True
B)False
Q3) A business plan should include which of the following topics?
A)an appendix that describes the research about the firm's market and industry
B)a description of the good or service and an explanation of the need it will fill
C)a detailed description of the firm's bankruptcy plans
D)a short financial plan, including how the firm intends to raise the money needed to get the business up and running
Q4) What are the major funding options for small businesses? Which of these options is most likely to be used by the majority of start-ups?
Q5) What competitive advantages do small businesses offer?
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Chapter 7: Accounting: Decision Making by the Numbers
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) The use of computerized accounting systems has greatly reduced the need for private accountants in medium and large-sized firms.
A)True
B)False
Q2) What has the accounting profession adopted to guide the practice of financial accounting in order to provide external shareholders with relevant,reliable,consistent,and comparable financial information?
A)formal accounting rules and procedures (FARP)
B)standardized accounting procedures (SAP)
C)generally accepted accounting principles (GAAP)
D)general accounting rules for financial statements (GARFS)
Q3) Why did accounting firms cease to be truly independent and objective during the 1990s and the early part of the 21st century?
A)because they sat on the same board of directors as the firms they audited
B)because they also consulted for the same firms they audited
C)because they played golf with the heads of the firms that they audited
D)because they had money invested in the company they audited
Q4) What are the major financial statements? Describe the key elements of those financial statements.
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Chapter 8: Finance: Acquiring and Using Funds to Maximize Value
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Cash budgets can help financial managers determine when their firms are likely to have short-term surpluses of cash available to pay off loans or invest in other assets.
A)True
B)False
Q2) The finance managers collected the following information for their firm: Total Assets = $60 000; Current Assets = $10 000; Long-term Liabilities = $100 000; Current Liabilities = $8000.What is the current ratio?
A)2.00
B)1.25
C)1.00
D)2.50
Q3) Which of the following in its narrowest sense consists of a firm's holdings of currency and demand deposits?
A)net working capital
B)cash
C)near money
D)commercial paper
Q4) What is net working capital? Describe the key components of net working capital.
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Chapter 9: Securities Markets : Trading Financial Resources
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) John has been keeping track of stock information for the Lottadoe Corporation on a financial Website.He has discovered that the company's price-earnings ratio has risen significantly in recent days.It would be reasonable for John to conclude that investors are indicating that they expect Lottadoe's earnings will grow in the future.
A)True
B)False
Q2) A comparison of full-service brokers and discount brokers suggests which of the following?
A)Discount brokers are almost always the best choice because most investors are knowledgeable enough to handle all types of transactions without the extra services provided by full-service brokers.
B)Most investors should avoid either type of broker and buy their stocks by placing their own orders directly with the exchanges.
C)Competition has blurred the distinction between the two types of brokers.
D)Full-service brokers are almost always the best deal. They cost a little more, but they provide significant additional services.
Q3) List and describe the basic rights of common shareholders.
Q4) Describe how investors can track the performance of their investments.
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Chapter 10: Marketing: Building Profitable Customer
Connections
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Strategies about the best way to incorporate personal selling,public relations,and word-of-mouth promotion into the marketing of a good are part of the product strategy component of a firm's marketing mix.
A)True
B)False
Q2) You are promoting your lawn-mowing business and are considering serving additional neighbourhoods.Describe the primary research tools you might use to determine if you should expand your service area.
Q3) Define and describe how marketing has evolved in North America over the past 100 years.
Q4) What is a disadvantage of observation research?
A)It yields little or no insight into the motivation behind the observed behaviour. B)It generates secondary data rather than primary data.
C)It focuses on what people say rather than what they actually do.
D)It tends to be very expensive.
Q5) Observation research involves talking to subjects being watched.
A)True
B)False
12
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Chapter 11: Part 1: Product and Promotion: Creating and Communicating Value
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187 Verified Questions
187 Flashcards
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Sample Questions
Q1) Branded minimovies seldom employ A-list talent.
A)True
B)False
Q2) Product placement works to offset the consumer's desire to skip commercials.
A)True
B)False
Q3) Paulo asked his friend Melanie to recommend a local dentist.Melanie had just seen an ad for Dr.Toothy,a local dentist,and gave Paulo the phone number.This demonstrates the power of publicity.
A)True
B)False
Q4) The first cell phone is an example of discontinuous product innovation.
A)True
B)False
Q5) The most effective promotion will build relationships between customers and competitors.
A)True
B)False
Page 13
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Chapter 11: Part 2: Product and Promotion: Creating and Communicating Value
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) Which of the following consist of small-ticket items that businesses consume on an on-going basis but are not needed to develop a final product?
A)accessory equipment
B)convenience goods
C)maintenance, repair, and operating products
D)"Category B" inventory items
Q2) MBI's sales strategy is based on having its sales representatives take the time to make the effort to develop lasting relationships with their customers.The focus is on obtaining a thorough understanding of the needs of each customer so that the representatives can provide practical ways to meet these needs using MBI's products and services.This is an example of which of the following?
A)customer advocacy
B)tactical promotion
C)pre-emptive selling
D)consultative selling
Q3) What are the stages of the product life cycle? How do marketers change their strategy as the product moves from one stage to the next?
Q4) What is missionary selling,and how is it used today?
Page 14
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Chapter 12: Distribution and Pricing: Right Product, right
Person, right Place, right Price
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Although prices for most goods at CDz,your local music and video store,are higher than prices you can find online and at discount stores,it also generally has selected merchandise on sale at very attractive prices.Which pricing strategy has CDz apparently decided to use?
A)loss leader pricing
B)see-saw pricing
C)pendulum pricing
D)high/low pricing
Q2) What is the term for an intermediary that takes legal possession of the goods being distributed?
A)an ownership utility
B)a channel of distribution
C)supply chain management
D)a merchant wholesaler
Q3) Distributors reduce the costs associated with moving goods from producers to consumers.
A)True
B)False
Q4) Define and explain the wheel of retailing theory.Why is it important for customer satisfaction?
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Chapter 13: Management, motivation, and Leadership: Bringing Business to Life
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215 Verified Questions
215 Flashcards
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Sample Questions
Q1) As a manager,Kathy always tries to give the workers in her area clear and frequent information on job performance.Her efforts in this respect provide which of the following?
A)task identity
B)autonomy
C)feedback
D)autonomy.
Q2) Operational planning is specific,short-term planning that applies tactical plans to daily,weekly,and monthly operations.
A)True
B)False
Q3) Job enrichment is the creation of jobs with more meaningful content,reflecting the belief that workers can be motivated by challenging,creative work.
A)True
B)False
Q4) Theory Y managers tend to believe that workers usually lack the intelligence and motivation to perform complex jobs.
A)True
B)False
Page 16
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Compacted scheduling is the term used for a version of flextime scheduling that allows employees to work a full-time number of hours in fewer days than the standard work week.
A)True
B)False
Q2) What problems do human resource managers face when they try to make a strategic contribution to their firm's business success? How can they overcome these problems?
Q3) Kace Grelly is an HR manager with Danze Enterprises,a mid-sized consulting firm.She will soon be recruiting workers to fill some new positions.Before doing so,she wants to review the specific responsibilities associated with each job.Where can she find this information?
A)the position's job description
B)the expectations statement
C)the job metric
D)the job specification
Q4) Most human resource managers have strong strategic skills.
A)True
B)False
Page 17
Q5) Explain the importance of human resources to business success.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and
Link
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) Data are facts and figures.vThese data do not become information until they are organized and presented in a way that makes them useful to the end user.
A)True
B)False
Q2) Describe information overload and its impact on businesses.List two ways managers and employees can avoid information overload.
Q3) B2B e-commerce consists of markets where businesses buy from and sell to other businesses.
A)True
B)False
Q4) Which of the following best describes cloud computing?
A)storing data using Internet-based resources
B)having dedicated network connections between companies
C)having data stored in companies' satellites
D)connecting to the Internet through satellites
Q5) What is viral marketing? Briefly describe how Hotmail successfully used viral marketing to create consumer awareness of a new concept:free Web-based e-mail.
Page 18
Q6) Describe the two broad types of application software.
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Chapter 16: Operations Management: Putting It All Together
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Sample Questions
Q1) General Motors is an example of a manufacturer that produces only tangible goods.
A)True
B)False
Q2) The Stock N Stuffer company produces small,inexpensive toys and novelties that are often used as stocking stuffers during the Christmas season.Almost half of all of the company's sales come between November 1st and December 24th.Stock N Stuffer is likely to find that it makes sense to build up relatively large inventories of goods over the summer and fall months.
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) Outsourcing is essentially the opposite of vertical integration.
A)True
B)False
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Chapter 17: The World Marketplace: Business Without Borders
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156 Flashcards
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Sample Questions
Q1) In the 21st century,individual economies are becoming more isolated as they pursue increasingly protectionist methods to save domestic jobs and incomes.
A)True
B)False
Q2) Global competition can keep prices low,which restrains the impact of inflation.
A)True
B)False
Q3) The only practical way for small businesses to compete globally is through directly investing in foreign production facilities.
A)True
B)False
Q4) When companies do business in developing nations and lack access to hard currencies,which of the following tools are these companies most likely to make extensive use of?
A)foreign exchange
B)goodwill payment schedules
C)countertrade
D)accumulated bank reserves
Page 20
Q5) Describe the kinds of agreements that joint ventures create for global business.
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Chapter 18: Labour-Management Relations
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Sample Questions
Q1) A lockout is a work stoppage initiated by workers when they see that the company will not agree to their demands.
A)True
B)False
Q2) Frank Meadows has never been a member of a union.However,the company that hired him operates under a union shop arrangement,and Frank's job is one covered under the union contract.Frank will have to join the union within a specified time period if he wants to keep his job.
A)True
B)False
Q3) As a labour tactic,a boycott occurs when a union and its supporters refuse to do business with an employer during a labour dispute.
A)True
B)False
Q4) 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
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Chapter 19: Business Law
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Sample Questions
Q1) A key duty of the agent in a principal-agent relationship is to act in the best interests of the principal.
A)True
B)False
Q2) Henry,who is already 25,promised in writing to give his buddy Jake $250 as a gift when he celebrated his 25th birthday.Jake thanked Henry and kept the written promise in his wallet.But when the date arrived,Henry decided not to make the payment.Jake was understandably disappointed and plans to sue Henry for breach of contract in order to require him to make good on his promise.But Jake's lawsuit is unlikely to be successful because of which of the following?
A)Jake didn't offer any consideration to Henry.
B)Jake was a minor at the time of the agreement.
C)Henry lacks the legal capacity to enter into a contract.
D)There was no mutual assent.
Q3) The statute of frauds stipulates that certain types of contracts,such as those involving the sale of land,must be in writing in order to be enforceable.
A)True
B)False
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Chapter 20: Personal Finance
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) The federal government requires mutual funds to only invest in government securities.
A)True
B)False
Q2) An RRSP contribution is not tax deductible.
A)True
B)False
Q3) When you purchase common stock you have a stake in ownership of the corporation.
A)True
B)False
Q4) Recently your Aunt Gertie asked you about investing $10 000.During the course of your conversation she mentioned that she was looking for a maximum level of safety.Based on this information you suggest you invest the $10 000 in corporate stock.
A)True
B)False
Q5) All experts agree that credit cards are dangerous and should be avoided at all costs. A)True
B)False
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