Introduction to Business Exam Answer
Key
Course Introduction
Introduction to Business provides an overview of the fundamental concepts, structures, and functions of modern organizations. Students will explore key areas such as management, marketing, finance, operations, and entrepreneurship, gaining an understanding of how businesses operate within the broader economic and legal environment. The course emphasizes decision-making, ethical issues, and the roles of technology and globalization in shaping contemporary business practices, equipping students with a foundation for further study or entry-level business careers.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) For most agricultural products,farmers produce homogeneous products,sell them to a common market,and generally cannot affect prices greatly.This is an example of which kind of market structure?
A) a pure monopoly
B) imperfect competition
C) perfect competition
D) monopolistic competition
Answer: C
Q2) When Mary Robb purchased a dozen cupcakes for her son's birthday party,she was pleasant surprised to find the box contained 13 cupcakes instead of the 12 she had paid for.The bakery used this technique to accomplish which of the following?
A) to make sure the customer would not be concerned about product quality
B) to respond to competitive industries in the global marketplace
C) to cement its customer-supplier relationship with Robin Hood flour
D) to build,maintain,and enhance relationships with its customers
Answer: D
Q3) ____________________ is the general upward movement of prices from year to year.
Answer: Inflation
Page 3
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Chapter 2: the Global Marketplace and Governments Roles
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Sample Questions
Q1) When Coca-Cola sends cases of Coke to France and receives sparkling water as payment,a countertrade has taken place.
A)True
B)False
Answer: True
Q2) How does an infrastructure influence a country's economic development?
Answer: An infrastructure is the basic institutions and public facilities on which an economy's development depends.
Q3) What do you call companies that move resources,goods,services,and skills across national boundaries without regard to the country in which their headquarters are located?
Answer: multinational corporations
Q4) Which of the following is a protectionist argument that says Canada should use tariffs to keep foreign labour from taking away Canadian jobs?
A) job equity principle
B) statement of job security
C) minimum-job employment agreement
D) job-protection argument
Answer: D
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Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Flashcards
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Sample Questions
Q1) ____________________ refers to the various lifestyle choices that combine to form consumer buying habits.
Answer: Component lifestyles
Q2) Paul Thomas was going to leave the gas station without paying for the gas he had just put into his car,when he noticed a police car pull up at one of the other pumps.He went into the cashier and paid because he was afraid he would get caught if he tried to get away without paying.Thomas is in which of the following stages of ethical development?
A) preconventional ethics
B) self-defined ethics
C) conventional ethics
D) ego-centred development
Answer: A
Q3) Canada's mass market is the demographic group born between the late 1940s and the mid-1960s,and is known as the ____________________.
Answer: baby boomers
Q4) ____________________ is defined as whatever is considered fair according to the prevailing standards of society.
Answer: Justice
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) What is a computer program that copies itself into other software and can spread to other computer systems?
A) a computer virus
B) a computer vindication
C) a software infestation
D) computer guerrilla activity
Q2) According to your text,what are the two IT trends having the greatest impact on the IT environment?
A) privacy issues and enterprise portals
B) enterprise portals and on-demand computing
C) digital forensics and the distributed workforce
D) grid computing and on-demand computing
Q3) ASPs (also called area server portals)provide computer users with access to e-commerce opportunities.
A)True
B)False
Q4) Which type of management support system would be used by only operational managers?
Q5) What is information technology (IT)?
Page 6
Q6) How does spam pose a security threat for organizations?
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Page 7
Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) Which of the following is a disadvantage associated with a partnership?
A) unlimited liability
B) flexibility
C) diversity of management
D) possibility of more available credit
Q2) Which of the following is a disadvantage of sole proprietor ownership?
A) all profits to the owner
B) ease and low cost of formation
C) freedom from government regulation
D) unlimited liability
Q3) Ease of formation,flexibility,and diversity of management are advantages of which of the following forms of business ownership?
A) a cooperative
B) a partnership
C) a conglomerate
D) a joint venture
Q4) ____________________ is the operation of two or more franchises in one location to generate more customer traffic and maximize space,personnel,and management utility.
Q5) Which form of business ownership is an ideal way to test new business ideas?
Page 8
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) Retail stores are the most popular category of small businesses.
A)True
B)False
Q2) Which of the following is financing obtained from investment firms that specialize in financing small,high-growth companies and receive an ownership interest and a voice in management in return for their money?
A) equity financing
B) entrepreneurial capital
C) venture capital
D) debt financing
Q3) Which of the following BEST describes angel investors?
A) They provide funding for start-up businesses.
B) They are bank loan officers who are responsible for funding start-up businesses.
C) They are most interested in investing in businesses that are well established.
D) They provide equity financing to a business by loaning the business money at a low interest rate.
Q4) What are the two types of financing available to entrepreneurs?
Q5) What is the most common use for a business plan?
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
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Sample Questions
Q1) A good manager is never faced with unforeseen problems.
A)True
B)False
Q2) A clothing wholesaler buys most of its inventory from manufacturers in the Caribbean.In the event a hurricane demolishes the manufacturing facility of one of its principal suppliers,the company should have which of the following?
A) functionally oriented planning
B) supply-demand planning
C) hierarchical planning
D) contingency planning
Q3) Define organizing as a process of management.
Q4) Which of the following involves the creation of long-range,comprehensive objectives and the development of long-term courses of action?
A) tactical plans
B) supervisory plans
C) operational plans
D) strategic plans
Q5) What is another name for a free-rein leadership style?
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Q6) Which managers are typically responsible for implementing operational plans?
Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) Which of the following statements BEST describes the management pyramid?
A) The span of management is clearly defined in the management pyramid.
B) The management pyramid typically eliminates the need for a clear chain of command.
C) The person with the most formal authority is at the top of the pyramid.
D) All companies use the management pyramid structure.
Q2) Sarah Lyra is a safety engineer for a company that makes petrochemicals.What kind of a position does she have in the company since she is not directly involved in the process of making any chemicals?
Q3) Process departmentalization is a grouping of jobs by activity,such as marketing,finance,and production.
A)True
B)False
Q4) When workers in a union elect their officers to represent them,it is an example of division of labour.
A)True
B)False
Q5) The ____________________ is a picture of the relationships among tasks and those given authority to do those tasks.
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Chapter 9: Motivating Employees
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Sample Questions
Q1) According to the goal-setting theory,which of the following is most accurate?
A) Specific goals lead to higher levels of performance than do more generalized goals.
B) Easy goals lead to better performance than do easy goals.
C) An individual's intention to work toward a goal is not a primary source of motivation.
D) Feedback on progress toward goals causes lower performance.
Q2) In Herzberg's theory,salary is an example of which of the following factors?
A) a hygiene factor
B) a self-actualizing factor
C) an employee-controlled factor
D) a motivating factor
Q3) Which of the following theories is concerned with workers' perception about how fairly they are treated compared with their coworkers?
A) theory of objectivity
B) expectancy theory
C) theory of equality
D) equity theory
Q4) What do telecommuting,flextime,and job sharing have in common?
Q5) How can managers use the equity theory to improve worker satisfaction?
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Chapter 10: Managing Human Resources and Labour Relations
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133 Flashcards
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Sample Questions
Q1) Which of the following is a branch union that represents a specified area or even a specific plant?
A) task-oriented union
B) local union
C) controlled union
D) restricted union
Q2) Which of the following is the attempt to find and attract qualified job applicants in the external labour market?
A) labour pool development
B) labour forecasting
C) qualifying
D) recruitment
Q3) One of the documents that helps human resource planners find the right person for a specific job is a list of tasks and responsibilities required of the job.This document is known as which of the following?
A) a skill list
B) a job specification
C) a job worksheet
D) a job description
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Chapter 11: Achieving World-class Operations Management
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136 Flashcards
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Sample Questions
Q1) What is the goal of cellular manufacturing?
A) to eliminate shrinkage
B) to reduce customer defection
C) to create a team environment
D) to create a zero-defect environment
Q2) What is a manufacturer that uses the intermittent process to produce special customer orders?
A) a job shop
B) a central shop
C) a modular shop
D) a localized processor
Q3) Starcrest Publishing is one of many companies that will take demographic information about your child and publish a story written about that child.The story is already written,and a computer is used to insert the relevant information into the spaces left blank.Starcrest Publishing uses which of the following processes?
A) mass customization
B) just-in-time production
C) niche manufacturing
D) individualized production
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Page 14
Chapter 12: Understanding the Customer
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Sample Questions
Q1) Personal selling,advertising,public relations,and sales promotions are decisions made when planning which of the following strategies?
A) place
B) promotion
C) pricing
D) possession
Q2) Buying Revlon makeup because actress Halle Berry uses that brand is an example of the use of benefit segmentation.
A)True
B)False
Q3) Revlon is in financial trouble; its total debt is 150 percent greater than its total assets.To increase sales,the cosmetics manufacturer hired actress Halle Berry to be its spokesperson.The company hopes Berry will act as which of the following influences on consumers?
A) an opinion leader
B) a service provider
C) an innovator
D) a target recipient
Q4) List the three basic marketing research techniques.
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Chapter 13: Creating Marketing Strategies
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174 Flashcards
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Sample Questions
Q1) Information promotion is more common in the early stages of the product life cycle.
A)True
B)False
Q2) Sales promotions are marketing events or sales efforts that stimulate consumer buying.
A)True
B)False
Q3) The ____________________ point is the point at which total costs are equal to total revenues and at which profit is zero.
Q4) A distribution centre is a special form of warehouse that specializes in changing shipment sizes but not in storing goods.
A)True
B)False
Q5) If a product survives the introductory stage of the product life cycle,it advances to the maturity stage.
A)True
B)False
Q6) List the four stages of the product life cycle.
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Chapter 14: Using Financial Information and Accounting
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Sample Questions
Q1) What are the two types of expenses that are shown on a company's income statement?
Q2) The $200 fee owed to a landscape designer for work done two months ago is an example of a note receivable.
A)True
B)False
Q3) Myriad Canning Company has current assets of $8,000 and current liabilities of $2,000.What is its a current ratio?
A) 25
B) 2.5
C) 8
D) 4
Q4) Which of the following is often used to measure a firm's overall liquidity even though it is not really a financial ratio?
A) earnings per share
B) return on equity
C) net profit margin
D) net working capital
Q5) ____________________ is the final figure or bottom line of an income statement.
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) Alli Kamal loaned Textron Corporation $1,000 in the form of a bond purchase.Textron must pay back the $1,000 on August 1,2015.The $1,000 is known as which of the following?
A) the premium amount
B) the market value
C) the principal
D) the book value
Q2) Consumer finance companies make loans to individuals; commercial finance companies make loans to businesses.
A)True
B)False
Q3) The Canadian Deposit Insurance Corporation insures only deposits at commercial banks.
A)True
B)False
Q4) What is the commonly assigned principal for all corporate bonds?
Q5) What are the two primary types of securities exchange?
Q6) High-risk,high-return bonds used to finance mergers and takeovers are called ____________________ bonds.
Page 18
Q7) What are the two types of equity shares?
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Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) The primary goal of the financial manager is BEST described by which of the following?
A) He or she concentrates on short-term growth strategies.
B) He or she develops new goods and services for the company.
C) He or she ensures all employees get paid on a regular schedule.
D) He or she maximizes the value of the firm to its owners.
Q2) Which of the following are formal written forecasts of revenues and expenses that set spending limits based on operational forecasts?
A) profit and loss statements
B) business predictions
C) budgets
D) financial forecasts
Q3) In finance,what is the potential for loss?
A) the leverage
B) the risk
C) the business chance
D) the factoring
Q4) A corporation's short-term investments that can be easily converted to cash are called ____________________ securities.
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