Foundations of Business Pre-Test Questions
Course Introduction
Foundations of Business provides students with a comprehensive introduction to the major principles, functions, and concepts of the business world. The course covers an overview of key topics such as economics, business ownership, management, marketing, finance, ethics, global business, and entrepreneurship. By exploring real-world case studies and business scenarios, students gain a practical understanding of how businesses operate and their role in the economy. This foundational knowledge prepares students for advanced business coursework and helps them make informed decisions in their personal and professional lives.
Recommended Textbook
Contemporary Business 1st Canadian Edition by Louis E. Boone
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17 Chapters
2591 Verified Questions
2591 Flashcards
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Page 2
Chapter 1: The Changing Face of Business
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152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/17004
Sample Questions
Q1) A strategic alliance is a partnership formed to create competitive advantage for the businesses involved.
A)True
B)False
Answer: True
Q2) In the context of business,define technology.
Answer: In a business context,technology can be defined as an application of knowledge based on scientific discoveries,inventions, and innovations.In managing relationships with customers,technology most often takes the form of communication.
Q3) In accounting terms,profits are ________.
A) the difference between revenues and expenses
B) the difference between commissions earned and receipts
C) the difference between sales and expenses
D) the sum of sales and expenses
Answer: A
Q4) Companies are not required to be ethical to succeed in the long run.
A)True
B)False Answer: False
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Chapter 2: Business Ethics and Social Responsibility
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Consumer Rights include all of the following EXCEPT the right to ________.
A) boycott
B) choose
C) be heard
D) be informed
Answer: A
Q2) Tanisha is a diabetes educator at a local clinic.Recently,she was offered a lavish trip by a sales representative who has been pushing the clinic to use his company's diabetes supplies.Tanisha declined the gift.Which ethical challenge did she face?
A) whistle-blowing
B) honesty and integrity
C) cultural consequences
D) conflict of interest
Answer: D
Q3) Hewlett-Packard's use of new and recycled plastics in the manufacture of its scanners is an example of acting responsibly to satisfy societal demands.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Define the Consumer Price Index,and explain how it is measured.
Answer: The Consumer Price Index measures the monthly average change in prices of goods and services.Statistics Canada calculates the CPI using the prices of a "market basket," a mix of the goods and services commonly purchased.
Q2) Distinguish between demand-pull inflation and cost-push inflation.Give an example of each.
Answer: Dem and-pull inflation is caused by an increase in the dem and for a good or service.An example might be higher housing prices as a result of higher incomes.Cost-push inflation is caused by an increase in the cost of producing a good or service.An example might be an increase in airline ticket prices caused by higher jet fuel prices.
Q3) Which of the following factors will NOT result in a shift in the supply curve?
A) Change in the number of suppliers
B) Change in the price of substitute goods
C) Cost savings resulting from new technology
D) Change in the costs of labour
Answer: B
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Page 5
Chapter 4: Competing in World Markets
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) _____ are foreign-made products and services purchased by domestic consumers.
A)offshoring
B)balance of trade
C)joint venture
D)dumping
E)imports
F)tariff
G)International Monetary Fund
H)World Trade Organization
I)free trade area
J)devaluation
K)exchange rate
L)absolute advantage
M)global strategy
N)quota
O)multidomestic strategy
P)balance of payments
Q)countertrade
Q2) Why have Canadian firms become increasingly focused on international business?
Q3) What is dumping? How do countries counteract this practice?
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Chapter 5: Forms of Business Ownership and Organization
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Small-business owners want to determine whether their companies meet the standards for small-business designation because
A) they do not have to pay taxes on their profits
B) government agencies offer benefits designed to help and protect the interests of small businesses
C) incorporation is easier for them
D) banks are more likely to grant them loans
Q2) When a government unit owns and operates an organization,the arrangement is known as ________.
A) private ownership
B) a cooperative
C) public ownership
D) employee ownership
Q3) ________ newly launched businesses fail after three years of commencing operations.
A) Less than 10 percent
B) About 15 percent
C) About 50 percent
D) Almost all
Q4) Describe the steps required when incorporating a business.
Page 7
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Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Entrepreneurs take credit for their successes,but often blame external conditions for their failures.
A)True
B)False
Q2) What is intrapreneurship,and why is it important today?
Q3) Katherine is a successful entrepreneur.She stays close to her customers and is constantly looking for effective strategies.She is also willing to make adjustments when necessary.Katherine is demonstrating ________.
A) internal locus of control
B) creativity
C) vision
D) tolerance for ambiguity
Q4) Many colleges and universities offer programs in entrepreneurship.
A)True
B)False
Q5) Entrepreneurs are managers,and managers are entrepreneurs.
A)True
B)False
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Q6) List the four factors that have contributed to the expansion in entrepreneurship.
Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Provide examples of tools managers might use to reinforce corporate culture.
Q2) Top management usually spends the majority of time on ________ plans.
A) tactical
B) contingency
C) strategic
D) operational
Q3) When Carla instructs new employees on handling customer complaints,she motivates them to respond with patience and a positive attitude.Carla has effective ________ skills.
A) conceptual
B) visionary
C) intuitive
D) human
Q4) Free-rein leaders believe in minimal communication since employees are empowered to make all decisions.
A)True
B)False
Q5) A baseball manager would be classified as middle management.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Which of the following is a concern about performance appraisals?
A) they are held too frequently
B) they may be skewed in favour of a single manager's subjective opinion
C) they are based on objective criteria
D) they take place in the form of two-way communication
Q2) Pham is a human resource manager.His responsibilities might include all of the following activities EXCEPT ________.
A) developing employee training programs
B) administering employee benefit programs
C) projecting sales for the coming six-month period
D) administering compensation plans
Q3) Which of the following is an overall objective of the human resource management department?
A) forecasting anticipated sales
B) maximizing employee effectiveness in the organization
C) determining sources of operating funds
D) daily supervision of hourly employees
Q4) What is a 360-degree performance review? What are its advantages and disadvantages?
Page 10
Q5) Describe the mandate of a labour relations board.
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Chapter 9: Top Performance through Empowerment,
Teamwork, and Communication
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141 Verified Questions
141 Flashcards
Source URL: https://quizplus.com/quiz/17012
Sample Questions
Q1) Explain the four types of listening behaviours.
Q2) Japan is considered to be a ________ context country and thus,Japanese businesspeople place importance on ________ communications.
A) high;both verbal and nonverbal
B) low;both verbal and nonverbal
C) high;explicit verbal
D) low;explicit verbal
Q3) In many companies,shared decision-making authority extends to all of the following EXCEPT ________.
A) purchasing supplies
B) selecting members of the board of directors
C) overseeing the safety program
D) determining individual working hours
Q4) Pin-yuan is trying to promote the cohesiveness of his team.Which of the following would LEAST likely improve his team's cohesiveness?
A) encouraging his team members to work from home
B) redesigning their work space
C) increasing the interaction between team members
D) encouraging team members to socialize during and after working hours
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Chapter 10:Production and Operations Management
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) Managers should maintain access to multiple supply sources.
A)True
B)False
Q2) The production facility for a space shuttle would probably be organized according to a ________ layout.
A) customer-oriented
B) process
C) fixed-position
D) product
Q3) Which of the following statements about standardization is NOT correct?
A) Standardization is used as the basis for custom-made machinery.
B) The availability of standardized parts makes possible the replacement of defective and worn-out components.
C) Standardized parts can reduce the cost of repairs.
D) Standardized parts can be produced in quantity and assembled later.
Q4) The production process converts inputs into outputs.
A)True
B)False
Q5) Describe the differences between mass production,flexible production,and customer-driven production.
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Chapter 11: Customer-Driven Marketing
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Mona designs the packages and chooses the brand names for goods produced by her firm.Mona is involved in which part of the marketing mix?
A) Promotion strategy
B) Distribution strategy
C) Product strategy
D) Pricing strategy
Q2) Describe the sources of marketing research data.
Q3) ________ refers to the actions of consumers directly involved in obtaining,consuming,and disposing of products and the decision processes that precede and follow these actions.
A) Buyer behaviour
B) Consumer behaviour
C) Marketing management
D) The marketing mix
Q4) Becky opened a sandwich stand near a row of corporate offices whose employees previously had to drive several miles to get their lunch.Becky is utilizing ownership utility.
A)True
B)False
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Chapter 12: Product and Distribution Strategies
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181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/17015
Sample Questions
Q1) _________ are the distribution channel that sells primarily to retailers,other wholesalers,or business users.
A)marketing intermediary
B)test marketing
C)brand insistence
D)product life cycle
E)brand name
F)wholesaler
G)family brand
H)product line.
I)convenience products
J)product line
K)wheel of retailing
L)logistics
Q2) Coke,Diet Coke,Cherry Coke,Coke Zero,and Coke with Lime constitute Coca Cola's ________ of soft drinks.
A) distribution strategy
B) product mix
C) product line
D) product cluster
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Page 14
Chapter 13: Promotion and Pricing Strategies
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Dell Computer provides inner city schools with free computers and wireless Internet access.This is an example of ________.
A) sales promotion
B) public relations
C) personal selling
D) creative selling
Q2) Elgin Community College purchases golf balls engraved with the words "Elgin Community College," which are distributed at various college fairs in which it participates.These engraved golf balls are considered ________.
A) samples
B) point-of-purchase advertising
C) specialty advertising
D) premiums
Q3) Integrated marketing communications would include all of the following EXCEPT ________.
A) direct mail
B) sales promotions
C) public relations
D) distribution
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Page 15
Chapter 14: Using Technology to Manage Information
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) A computer program that imitates human thinking is a(n)________.
A) information interface
B) decision support system
C) enterprise resource planning system
D) expert system
Q2) An expert system is a computer program that imitates human thinking.
A)True
B)False
Q3) Mari is on a business trip.From her hotel,she uses her computer to access her company's network,checking her e-mail and calendar.Mari's company has a(n)________.
A) Internet
B) virtual private network
C) intranet
D) extranet
Q4) Credit card applications are often evaluated using expert systems.
A)True
B)False
Q5) Explain the difference between an intranet and a virtual private network.
Q6) What are some ways that businesses can protect themselves from computer crimes?
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Chapter 15: Understanding Accounting and Financial Statements
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) _____ is primarily responsible for evaluating,setting,or modifying the generally accepted accounting principles.
A)Chartered Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
r budget
Page 17
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Chapter 16: The Financial System
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) The process used by an insurance company to determine whom to insure and how much to charge is called ________.
A) a premium
B) an insuring agreement
C) underwriting
D) indemnity
Q2) Funds can be transferred between savers and users in two ways:_____________.
A) individually and groups
B) in person and electronically
C) free and not free
D) directly and indirectly
Q3) Any firm can be listed on the Toronto Stock Exchange.
A)True
B)False
Q4) Issuers tend to call bonds when market interest rates are declining.
A)True
B)False
Q5) Canadian banks make few foreign investments due to regulatory restrictions. A)True
B)False
Page 18
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Chapter 17: Financial Management
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) Trade credit is relatively easy to obtain and costs nothing unless a supplier offers a cash discount.
A)True
B)False
Q2) Two types of divestitures are _____.
A) sell-offs and trade-offs
B) trade-offs and spin-offs
C) buy-offs and spin-offs
D) sell-offs and spin-offs
Q3) Explain the difference between an expansion decision and a replacement decision.
Q4) Interest rates on short-term move up and down frequently.
A)True
B)False
Q5) A(n)________ is a document that specifies the funds a firm will need for a period of time,the timing of inflows and outflows,and the most appropriate sources and uses of funds.
A) asset management plan
B) budget
C) strategic plan
D) financial plan
Page 19
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