Foundations of Business Test Preparation
Course Introduction
Foundations of Business provides students with a comprehensive introduction to the fundamental concepts and principles of the business world. The course explores key topics such as management, marketing, finance, accounting, operations, and entrepreneurship, offering insights into how organizations operate and succeed in a dynamic global environment. Through real-world case studies, interactive discussions, and practical projects, students develop critical thinking and decision-making skills, preparing them for advanced study in business and for understanding the impact of business on society and the economy.
Recommended Textbook
Business Eighth Canadian Edition by Ricky
W. Griffin
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19 Chapters
4123 Verified Questions
4123 Flashcards
Source URL: https://quizplus.com/study-set/3794
Page 2
Chapter 1: Understanding the Canadian Business System
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213 Verified Questions
213 Flashcards
Source URL: https://quizplus.com/quiz/75738
Sample Questions
Q1) Which of the following is correct with respect to mixed market economies?
A) They have features that are not found in either command or market economies.
B) As a result of the fragile world economy,there is a trend toward increased government regulation of business in mixed market economies.
C) Very few countries have this type of system.
D) There is a trend toward increased government ownership of business in mixed market economies.
E) The mixed market economy is the best type of economic system.
Answer: B
Q2) Explain the four essential elements of private enterprise.
Answer: - private property: right to buy,own,use,and sell an item - freedom of choice: the right to choose what to buy or sell,including one's labour - profits: we earn what we work for,and thus work hard and efficiently - competition: rivalry between firms in a specific market to best satisfy consumer demands and earn profits
Q3) Briefly describe the concept of laissez-faire.
Answer: The concept of laissez-faire refers to the idea that the government should not interfere in the economy.
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Page 3
Chapter 2: Understanding the Environments of Business
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) The proportion of personal income that consumers spend on necessities like food and housing has declined during the past 40 years.
A)True
B)False
Answer: True
Q2) What is an organizational boundary?
Answer: An organizational boundary is that which separates the organization from its environment.
Q3) Deflation
A) is a period of stagnant prices.
B) results when the Bank of Canada lowers interest rates.
C) may occur when prices fall as a result of increased industrial productivity.
D) cannot happen in a modern industrialized economy.
E) is always bad because it means that the economy is not doing well.
Answer: C
Q4) Full employment is impossible.
A)True
B)False
Answer: True
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Chapter 3: Conducting Business Ethically and Responsibly
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237 Verified Questions
237 Flashcards
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Sample Questions
Q1) Xanex Corp.will respond to requests for donations from certain charitable organizations,but it will not seek them out.This is an example of a defensive stance toward social responsibility.
A)True
B)False
Answer: False
Q2) Because the CEO of Xanadu Corp.believes very strongly that the purpose of a business firm is to make as much money as possible as long as it doesn't break the law while doing so,she reflects the view called managerial capitalism.
A)True
B)False
Answer: True
Q3) What are carbon credits?
Answer: Carbon credits,when purchased by companies,essentially give them the right to pollute the atmosphere.The money that is collected is then used to help fund clean-air projects in developing countries.
Q4) What is the first step in making ethical judgments?
Answer: The first step in making ethical judgments is to gather the relevant factual information.
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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) How does franchising work?
Q2) Which of the following is not a success factor for a small business?
A) Hard work and drive
B) Owner has a business degree
C) Luck
D) Market demand for the product
E) Managerial competence
Q3) Angels are equity investors.
A)True
B)False
Q4) Jonathan is upset that he is a victim of double taxation.What form of business is he involved in?
A) Unlimited liability
B) Partnership
C) Corporation
D) Big business venture
E) Small corporate venture
Q5) Why is there such a difference between the failure rates of small businesses in general and franchising operations in particular?
Q6) What are the three basic strategies for becoming a business owner? Page 6
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Page 7
Chapter 5: The Global Context of Business
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) What is product dumping?
Q2) Due to its capital-intensive and efficient land use,Canada has a(n)________ in farming.
A) export advantage
B) import advantage
C) comparative advantage
D) relative advantage
E) absolute advantage
Q3) Why might social and cultural differences cause conflict to firms exporting their products?
Q4) Local content laws state that
A) products sold in a country should be at least partially made in that country.
B) an imported product must meet local standards before it can be brought in.
C) an imported product must include some raw materials from the domestic country.
D) an imported product must fit with the local culture before it can be brought in.
E) an imported product must fit with local bylaws before it can be brought in.
Q5) Discuss the theory of national competitive advantage.
Q6) Explain what the term exchange rate means.
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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) Rolex sells high-quality,high-priced watches through selected jewellery stores.This is their
A) corporate performance target.
B) long-term goal.
C) strategic goal.
D) purpose.
E) mission.
Q2) The ________ manager is responsible for getting the product from the producer to the consumer.
A) information
B) human resources
C) finance
D) operations
E) marketing
Q3) To improve their insights into employee needs and company operations,some managers work alongside lower-level employees on a temporary basis.
A)True
B)False
Q4) Explain the three types of managers and what skills are necessary for their job.
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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) To deal effectively with the potential for sexual harassment,managers should do all of the following except
A) establish a procedure for dealing with harassment complaints.
B) train employees to recognize and refrain from sexual harassment.
C) try to work out sexual harassment complaints informally.
D) take action against those who are involved in sexual harassment.
E) develop clear and enforceable policies dealing with sexual harassment.
Q2) A profit-sharing plan means that employees receive a bonus when they reduce costs.
A)True
B)False
Q3) Which of the following is not part of orientation?
A) Providing information about pay days
B) Reading manuals
C) Taking a polygraph test
D) Introduction to co-workers
E) Learning about parking priorities
Q4) What are the two types of sexual harassment?
Q5) What is the purpose of a performance appraisal?
Q6) What is vestibule training?
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Chapter 9: Understanding Labourmanagement Relations
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) As a worker,you file a grievance that you are entitled to a higher job classification than you received.As the grievance procedure unfolds,the process becomes more ________ and involves ________ levels of union and plant management.
A) informal; higher
B) informal; lower
C) formal; higher
D) formal; lower
E) informal; top
Q2) The Commercial Workers Union has been urging consumers not to buy a certain brand of textiles in order to put economic pressure on management to negotiate a collective bargaining agreement with textile workers.The union is calling for a A) boycott.
B) lockout.
C) picket.
D) wildcat strike.
E) strike.
Q3) List the four options available to unions if contract negotiations break down.
Q4) Describe the major pieces of legislation that impact labour management relations.
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Chapter 10: Motivating and Leading Employees
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261 Verified Questions
261 Flashcards
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Sample Questions
Q1) List three common implementations of job redesign.
Q2) The behavioural approach to leadership assumes that appropriate leader behaviour varies from one situation to another.
A)True
B)False
Q3) Which is the best illustration of a Theory X manager?
A) Believes that people's social and esteem needs must be met by the organization
B) Believes that people are naturally energetic,responsible,and interested in being productive
C) Believes that people are naturally irresponsible,uncooperative,and must be threatened in order to be productive
D) Has a high concern for production and an equally high concern for people
E) Believes that people want to balance inputs and output
Q4) Emotional intelligence does not play a role in employee personality.
A)True B)False
Q5) What is virtual leadership?
Q6) What is one of the advantages of team management?
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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) The major objective of JIT is to
A) minimize the number of different parts being used.
B) minimize stock-outs of raw materials.
C) minimize inventory costs.
D) ensure smooth production operations.
E) improve the quality of incoming raw materials and parts.
Q2) Of the following products/services,which is the most intangible?
A) Restaurant meal
B) Haircut
C) Jewellery
D) Legal services
E) Clothing
Q3) Meredith's car needs a tune-up so she has taken it to her favourite mechanic for repair.This type of service system is a ________ system.
A) low-interaction
B) passive
C) high-interaction
D) low-contact
E) high-contact
Q4) What is the relationship between business strategy and operations?
Page 13
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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) ISO 9000 standards allow firms to demonstrate that they follow documented procedures for all of the following except
A) fixing product defects.
B) re-engineering.
C) testing products.
D) training workers.
E) keeping records.
Q2) What is a quality improvement team?
Q3) Manufacturing productivity is higher than service productivity.
A)True
B)False
Q4) Describe the tools for quality management and outline how they can be used.
Q5) "Fishbone diagrams" are designed to
A) show the steps in the production process.
B) measure the amount of process variation.
C) identify management steps for ensuring quality.
D) help teams of employees investigate and track down causes of quality problems in their work areas.
E) identify the inefficiency problems in the production process.
Q6) What is re-engineering?
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Chapter 13: Managing Information Systems and Communication Technology
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197 Verified Questions
197 Flashcards
Source URL: https://quizplus.com/quiz/75749
Sample Questions
Q1) What is a CAM system?
Q2) What are the two types of computer software? Discuss the uses of the two types.
Q3) __________ keeps computers safe from hackers.
A) A router
B) A virus
C) A firewall
D) Anti-virus software
E) Encryption software
Q4) The 2011 Business Software Alliance study found that about _________ percent of all software that is installed on computers in Canada is pirated,while in China it is estimated that about __________ percent of software is pirated.
A) 12; 55
B) 20; 80
C) 50; 50
D) 33; 78
E) 33; 90
Q5) What is the difference between data and information?
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Q6) What is the difference between an intranet and an extranet? Of what significance is a firewall to these systems?
Chapter 14: Understanding Accounting Issues
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212 Verified Questions
212 Flashcards
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Sample Questions
Q1) Short-term solvency ratios are used to measure the profitability of a business firm.
A)True
B)False
Q2) What is the formula for inventory turnover?
Q3) Al Rosen works as a private investigator of white-collar crimes.He is
A) a GAAP accountant.
B) a financial scanner.
C) a whistleblower.
D) an auditor.
E) a forensic accountant.
Q4) A(n)________ is any economic resource expected to benefit a firm or the individual who owns it.
A) owners' equity
B) asset
C) debit
D) liability
E) credit
Q5) What is the difference accountants like CAs (who provide services to the public)and private accountants?
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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) Value compares a product's benefits with its ________.
A) utility
B) price
C) satisfaction
D) costs
E) convenience
Q2) Sales of janitorial services,mainframe computers,and office supplies to other manufacturers are examples of
A) industrial marketing.
B) service marketing.
C) relationship marketing.
D) consumer marketing.
E) idea marketing.
Q3) In the selling of nails,________ is likely to be of little consequence,but in the selling of toys,it is likely to be crucial.
A) promotion
B) product
C) place
D) price
E) profit
Page 17
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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) What is virtual advertising?
Q2) Buzz marketing,viral marketing,product seeding,and cause marketing are all variations of word-of-mouth advertising.
A)True
B)False
Q3) Makers of industrial products most often use a pull strategy,and makers of consumer products often use a push strategy.
A)True
B)False
Q4) Diana is going to be married soon,and she is shopping around for a wedding gown.For Diana,a wedding gown is a shopping good.
A)True
B)False
Q5) Identify and discuss the four factors that make global advertising a difficult proposition.
Q6) The product life cycle is the concept that states that products have a limited profit-producing life.
A)True
B)False
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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 do shopping agents do?
Q2) Which of the following is correct with regard to the four basic consumer channels of distribution?
A) The direct channel relies on agents and brokers.
B) Wholesalers entered the distribution network to take over more of the storage function when the cost of retail store space increased.
C) There are no retail outlets required if a company uses retail distribution.
D) Sales agents generally do not form long-term relationships with suppliers of the goods they sell.
E) Vancouver-based Uniglobe Travel is an example of retail distribution.
Q3) Which of the following is a type of merchant wholesaler?
A) Broker
B) Rack jobber
C) Department store
D) Factory outlet
E) Agent
Q4) What are the different types of wholesalers? Describe each.
Q5) What is the difference among exclusive,selective,and intensive distribution?
Q6) Identify three types of product line retailers.
Page 19
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Chapter 18: Understanding Money and Banking
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) A dollar can be exchanged for four quarters,thus demonstrating that it is A) durable.
B) stable.
C) divisible.
D) portable.
E) valuable.
Q2) An order instructing the bank to pay a given sum to a specified person or firm is A) a time deposit.
B) currency.
C) a bank rate.
D) a term deposit.
E) a cheque.
Q3) How are factoring companies and financial corporations different?
Q4) Explain the law of one price and the term "Big Mac Currencies."
Q5) The prime rate of interest is the lowest rate charged to a bank's best customers. A)True
B)False
Q6) What is a reserve requirement?
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Chapter 19: Understanding Securities and Investments
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) The par value of a stock reflects a buyer's willingness to invest in a business firm.
A)True
B)False
Q2) What is a security?
Q3) Deprenyl Research Ltd.makes a drug that is used to control Parkinson's disease.When the company convinced a Wall Street health care analyst to recommend the company's stock to his clients,this was an example of
A) a prospectus.
B) publicity.
C) insider trading.
D) investor relations.
E) margin trading.
Q4) Corporations issuing debentures should expect to pay higher interest rates than corporations issuing secured bonds.
A)True
B)False
Q5) Identify some of the different types of orders that you can place when you decide to buy or sell a security.
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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) High quality cyclical common stocks are riskier than medium quality preferred shares.
A)True
B)False
Q2) The bond indenture specifies the terms of the bond and any collateral supporting the bond.
A)True B)False
Q3) What is venture capital?
Q4) ________ are at the heart of financial control.
A) Accounting managers
B) Budgets
C) Approval sign-offs
D) Financial managers
E) Authorized spending levels
Q5) Open-book credit is available only to companies that are financially strong.
A)True
B)False
Q6) What is risk? What is the difference between speculative risk and pure risk? What is risk management?
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