Contemporary Issues in Business Solved
Exam Questions
Course Introduction
This course examines current challenges, trends, and debates shaping the modern business landscape. Students will explore topics such as globalization, ethical decision-making, technological innovation, sustainability, diversity and inclusion, and the impact of social, political, and economic factors on organizations. Through case studies, group discussions, and analysis of real-world scenarios, students will develop a deeper understanding of the complexities facing businesses today and enhance their critical thinking and problem-solving skills to address these multifaceted issues.
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) The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.
A)True
B)False
Answer: True
Q2) Which of the following does the federal government have authority over?
A) roads
B) education
C) health care
D) employment insurance
Answer: D
Q3) What does a warranty guarantee?
A) The seller will replace or repair the product at no charge if the customer finds a cheaper substitute.
B) The buyer has read and understood the information provided in the owners' manual.
C) Consumers will have access to a customer complaint resolution hot line.
D) The product sold will be acceptable for the purpose for which the buyer intends to use it.
Answer: D
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Page 3
Chapter 2: Economic Environment
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160 Flashcards
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Sample Questions
Q1) If the national unemployment rate goes up, which of the following might be a contributing factor?
A) Some people took a job transfer to another province.
B) Some people took a job right out of high school.
C) Some people are preparing for later employment by attending school.
D) Some people started a new job and their old position is vacant.
Answer: C
Q2) Which type of inflation occurs when the demand for goods and services is greater than the supply?
A) demand-push
B) cost-push
C) demand-pull
D) supply-side
Answer: C
Q3) Canada, Great Britain, and Sweden are market economies.
A)True
B)False
Answer: False
Q4) What is the name of the business cycle that follows a recessionary one?
Answer: recovery
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Chapter 3: Social Environment
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Sample Questions
Q1) Which of the following is a philosophy that focuses on the consequences of an action to determine if it is right or wrong and expresses the idea that anything that negatively affects the majority of people in a situation is morally wrong?
A) utilitarianism
B) social responsibility
C) preconventional morality
D) distributive justice
Answer: A
Q2) Producing a product using existing standards as a guideline, even though new information suggests those standards may be unsafe or in need of change for safety reasons, is irresponsible and illegal.
A)True
B)False
Answer: False
Q3) The board of directors is responsible for the organization being managed in the best interest of the corporation.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Technological Environment
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Sample Questions
Q1) Which term describes most of the information used to make decisions in business?
A) inaccessible
B) protected
C) confidential
D) proprietary
Q2) Technology has allowed individuals to save time and keep us informed and connected.
A)True
B)False
Q3) Social media allows small businesses with niche markets to expand and have which of the following?
A) a global presence
B) a younger customer
C) more market penetration
D) increased exposure
Q4) Hardware or software designed to prevent unauthorized access to or from a private network is referred to as a brickwall.
A)True
B)False
Q5) What does the term "network effects" describe?
Page 6
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Chapter 5: International Environment
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Sample Questions
Q1) Which of the following is described by the fact that Algeria includes 3,973 km of railroads, 104,000 km of roads, and 54 paved airports?
A) infrastructure
B) natural advantage
C) ethnocentrism
D) cultural environment
Q2) A good product transcends cultural barriers. It does not need to be changed to suit different countries or cultures.
A)True
B)False
Q3) In 1997, Russia and Ukraine exported carbon steel plate into Canada at a price much lower than the countries charged for the identical steel in their home markets. Russia and Ukraine were engaged in which of the following activities?
A) add-on pricing
B) dumping
C) unloading
D) export pricing
Q4) What is the most fundamental reason for the growth in world trade?
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) Multipreneurs are businesspeople who have tried a succession of entrepreneurial start-ups without finding an area in which they could be successful.
A)True
B)False
Q2) Which of the following describes the trend in entrepreneurship in recent years?
A) The number of people starting businesses has remained the same.
B) The number of people starting businesses has increased.
C) The number of people starting businesses has slowed.
D) The number of people starting businesses has decreased.
Q3) According to the text, which of the following best describes some of the personality traits of an entrepreneur?
A) creativity and financial skill
B) energy and optimism
C) vision and drive
D) people skills and determination
Q4) The most common use of a business plan is to persuade lenders and investors to finance the venture.
A)True
B)False
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Chapter 7: Understanding the Business
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Sample Questions
Q1) Which of the following is the income statement equation?
A) Owners' Equity - Assets = Liabilities
B) Net Income - Expenses = Revenue
C) Revenue - Expenses = Net Income
D) Assets = Liabilities + Owners' Equity
Q2) Companies can be analyzed based on their commitment to the environment and to sustainable business. Companies that demonstrate that they are good stewards of the environment are more likely to earn higher profits than those that are not.
A)True
B)False
Q3) Small business owner Barry Shain has always paid all of his current bills on time. However, this year he has more bills coming due than normal. Which type of ratio would help him evaluate whether he is likely to have enough cash to continue meeting his obligations over the next year?
A) liquidity ratio
B) managerial ratio
C) leverage ratio
D) profitability ratio
Q4) Explain the purpose of a SWOT analysis.
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Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) The corporation's board of directors hire the corporate officers.
A)True
B)False
Q2) Sam Beauvois has invested $10,000 in his son's pizza restaurant, but takes no part in its management. What is Beauvois?
A) limited partner
B) general partner
C) nonworking partner
D) entrepreneur
Q3) Which form of business ownership has the most difficulty in raising capital?
A) sole proprietorship
B) general partnership
C) limited partnership
D) corporation
Q4) Which type of business organization experiences the least governmental regulation?
A) limited partnership
B) public corporation
C) private corporation
D) sole proprietorship
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Plans that identify alternatives courses of action for very unusual or unforeseen situations is called contingency planning.
A)True
B)False
Q2) Consensual leaders talk with subordinates before making a decision but retain the final decision-making authority.
A)True
B)False
Q3) Supervisor Astra Johanson demoted one subordinate and fired two others for misuse of the company's communications system. What type of power was she using?
A) referent
B) coercive
C) controlling
D) influential
Q4) Which of the following is NOT one of the three basic roles of management?
A) decisional
B) operational
C) interpersonal
D) informational
Page 11
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) GTE modified its telephone operations by creating "customer care centres." The purpose of this change was to identify and abandon outdated rules and fundamental assumptions and act as if it were creating a new company more in tune with the needs of today's customers. Which business concept was GTE using?
A) operations research
B) quality improvement
C) operational control
D) reengineering
Q2) As part of her marketing project, Lily Unruh is studying how Marriott operates. Since she had thought it was simply a hotel chain, she was amazed to learn that its food divisions provide food for school cafeterias, airlines, hotels, and fast-food restaurants. Marriott's food division is departmentalized by which of the following?
A) geography
B) function
C) product
D) customer
Q3) 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) Frederick Taylor's scientific management theory has one fundamental flaw. Which of the following best describes that flaw?
A) It doesn't take in too consideration changes in technology.
B) It was developed a long time ago and doesn't apply to today.
C) It assumes all people are primarily motivated by economic factors.
D) It is too scientific, doesn't consider human factors.
Q2) Theory X managers view their workers as untrustworthy and unmotivated.
A)True
B)False
Q3) What is one of the criticisms of Maslow's hierarchy of needs theory?
A) It doesn't account for differences across cultures.
B) It doesn't address money as a motivator.
C) There should be seven or eight levels.
D) It is outdated.
Q4) Training workers by changing and varying jobs is called job rotation.
A)True
B)False
Q5) Commissions, bonuses, and retainer fees are all forms of variable pay.
A)True
B)False
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Which of the following describes an apprenticeship?
A) It is commonly found in the trades of plumbing and electrical work.
B) It does not involve classroom training.
C) It can last as long as four years.
D) It is a form of off-the-job training.
Q2) Which of the following factors are the two basic types of compensation?
A) direct and indirect
B) wage and bonus
C) salary and hourly
D) salary and commission
Q3) Which function does an arbitrator perform?
A) He or she can make a nonbinding decision on management.
B) He or she makes a decision called an award.
C) He or she can make a nonbinding decision on the union.
D) He or she presents suggestion to persuade union and management to settle.
Q4) What might recruitment involve?
A) reference checks
B) prospecting on university and college campuses
C) background checks
D) writing job descriptions
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Chapter 13: Marketing
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Sample Questions
Q1) Market behaviour is a term used to describe the actions people take in buying and using goods and services.
A)True
B)False
Q2) CBC is experiencing poorer overall ratings during the new fall season but increased ratings among younger people. Many experts in the entertainment industry believe that the audience for programming on the CBC network is people over the age of 55 in spite of claims by executives that its programming is designed to reach a younger, less conservative audience. Which of the following statements correctly describes this situation?
A) CBC does not have a target market.
B) The target market for CBC is people over the age of 55.
C) CBC does not need a target market because other television networks succeed without one.
D) CBC is efficiently reaching its self-defined target market.
Q3) The condition of having beliefs or knowledge that are internally inconsistent or that disagree with one's behaviour is known as cognitive dissonance.
A)True
B)False
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Page 15
Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) The owner of Mercury Appraisal Company held a ribbon-cutting event when he opened his new business. He invited city dignitaries, representatives from news media, and anyone who might eventually need his services. The presence of news representatives, whom he hoped would cover the event in their respective media, was an attempt to use which of the following elements of the promotional mix?
A) advertising
B) sales promotion
C) personal selling
D) public relations
Q2) Suppose a manufacturer has a product that is in strong demand and selects only one dealer to handle the product in a particular area. This is an example of which type of distribution?
A) exclusive
B) selective
C) dedicated
D) demand-pull
Q3) What intensity of distribution is being used by Bic Corp, marketer of inexpensive pens, cheap lighters, and throwaway razors?
Q4) List the four stages of the product life cycle.
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Chapter 15: Achieving World-class Operations Management
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Sample Questions
Q1) Products that require a continuous or repetitive production process use a product or assembly line layout.
A)True
B)False
Q2) Which of the following approaches is a computerized resource planning system that includes information about the company's suppliers and customers as well as data generated internally?
A) enterprise resource planning
B) the PERT chart
C) manufacturing resource planning II
D) manufacturing resource planning
Q3) Which of the following best describes Six Sigma?
A) It is a technique for routing that eliminates bottlenecks.
B) It is a quality control process.
C) It is a method for customizing production scheduling.
D) It is a type of reverse auction.
Q4) Product layout is also called assembly-line layout.
A)True
B)False
Q5) What is another name for the product layout?
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Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) Which of the following classifications of ratios measures the degree and effect of the company's use of borrowed funds to finance its operations?
A) liquidity
B) debt
C) equity
D) profitability
Q2) Which of the following are the two types of expenses recorded on the income statement?
A) cost of goods sold and production costs
B) sales expenses and administrative expenses`
C) operating expenses and administrative expenses
D) cost of goods sold and operating expenses
Q3) 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
Q4) What are the two types of reports generated by accounting systems?
Q5) What does triple bottom line refer to?
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) Credit cards are simply a form of which of the following?
A) depositing
B) borrowing
C) investing
D) leveraging
Q2) The most important function of the Bank of Canada is to carry out fiscal policy.
A)True
B)False
Q3) What is a basket of marketable securities in a category-such as an industry sector, an investment objective, or a geographical area-or that track an index and trade like shares?
A) exchange-traded fund
B) mutual fund
C) market tracking portfolio
D) diversified stock portfolio
Q4) The primary market is where new securities are sold to the public, usually with the help of investment bankers.
A)True
B)False
Q5) What are demand deposits?
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Chapter 18: Finance
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Sample Questions
Q1) The major disadvantage of debt financing is the inability to deduct interest expenses for income tax purposes.
A)True
B)False
Q2) A short-term forecast is also called an operating plan.
A)True
B)False
Q3) What are payments in the form of more shares to existing shareholders?
A) rights offerings
B) warrants
C) share offerings
D) share dividends
Q4) What are the three main types of unsecured short-term loans?
A) trade credit, bank loans, and commercial paper
B) treasury bills, certificates of deposit, and accounts payable
C) trade credit, accounts payable, and bank loans
D) accounts payable, notes payable, and loans payable
Q5) What is a financial manager doing when he or she sets credit terms and decides on collection policies?
Page 20
Q6) Give an example of internal equity financing.
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