Introduction to Business Exam Practice Tests
Course Introduction
Introduction to Business provides a broad overview of the foundational concepts and practices that drive the modern business environment. Students explore essential topics such as economic systems, entrepreneurship, management, marketing, finance, and business ethics. The course emphasizes how organizations operate, adapt, and make decisions in a global context, introducing key terminology and basic problem-solving skills. By examining real-world business scenarios and case studies, students gain insight into the dynamic nature of business and the interrelated functions that contribute to organizational success.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
Available Study Resources on Quizplus
18 Chapters
2559 Verified Questions
2559 Flashcards
Source URL: https://quizplus.com/study-set/272
Page 2
Chapter 1: Political Environment
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/4456
Sample Questions
Q1) Government taxation policies, called fiscal policy, have a certain flexibility. In times of a weak economy, taxes may be lowered temporarily to stimulate the economy.
A)True
B)False
Answer: True
Q2) Which of the following government agencies enforces the laws regulating unfair competition?
A) Business Practices Bureau
B) Fair Trade Agency
C) Competition Bureau
D) Anti-Monopoly Bureau
Answer: C
Q3) The municipal governments are responsible for water, sewers, and waste collection. A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Economic Environment
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/4457
Sample Questions
Q1) When the government raises taxes on consumers and businesses, it is dealing with which type of policy?
A) inflationary
B) monetary
C) fiscal
D) recessionary
Answer: C
Q2) Which of the following statements describes an oligopoly?
A) In an oligopoly, three or four companies usually dominate the marketplace.
B) In an oligopoly, there are many companies selling identical products.
C) In an oligopoly, prices between companies are very different.
D) In an oligopoly, there are usually one or two companies that dominate the market.
Answer: A
Q3) A command economy is also called a planned economy or central planning.
A)True
B)False
Answer: True
Q4) List the two types of inflation.
Answer: demand-pull and cost-push
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Social Environment
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/4458
Sample Questions
Q1) The first step in making ethical decisions is to learn to recognize unethical activities when they occur.
A)True
B)False
Answer: True
Q2) The size of the baby boomer population in Canada has encouraged businesses to try to cater to the individualized needs and interests of this demographic.
A)True
B)False
Answer: True
Q3) The notion that people should act so as to generate the greatest good for the greatest number is derived from which of the following?
A) socialism
B) conventional morality
C) utilitarianism
D) social responsibility
Answer: C
Q4) Why are "component lifestyles" important for marketers to understand?
Answer: They increase the complexity of consumer's buying habits.
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Technological Environment
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/4459
Sample Questions
Q1) By limiting the number of times a person can use a type of software before registering as the authorized owner of that software, what types of issues are software companies addressing?
A) software piracy
B) software shrinkage
C) technological turnover
D) unfair access
Q2) A knowledge worker is an employee who captures, codifies, and transfers knowledge across organizations for competitive advantage.
A)True
B)False
Q3) What role does a CIO serve in an organization?
A) a middle-level manager who develops information for strategic planners
B) a middle-level manager responsible for providing information to answer "what-if" questions
C) an operational manager responsible for all information retrieval
D) a top manager who is responsible for all information resources in the organization
Q4) What does the statement, "Today most of us are knowledge workers," mean?
To view all questions and flashcards with answers, click on the resource link above.
6
Chapter 5: International Environment
Available Study Resources on Quizplus for this Chatper
148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/4460
Sample Questions
Q1) According to the text, why are some people opposed to trade and globalization?
A) loss of national identities
B) less local businesses
C) rich countries get richer
D) damage to the environment
Q2) Which countries does BRIC stand for?
A) Brazil, Romania, Indonesia, China
B) Brazil, Russia, India and China
C) Bolivia, Russia, India and Congo
D) Bulgaria, Romania, Indonesia, Canada
Q3) The Uruguay Round of trade negotiations is best described as which of the following?
A) It was the most ambitious global trade agreement ever negotiated.
B) It created the General Agreement on Tariffs and Trades (GATT).
C) It actually increased tariffs by 10 percent worldwide.
D) It was an agreement to lower trade barriers that existed in South American countries.
Q4) What term has the opposite meaning from "protectionism"?
Q5) What is the most fundamental reason for the growth in world trade?
Q6) How does an infrastructure influence a country's economic development?
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Entrepreneurship and Small Business
Available Study Resources on Quizplus for this Chatper
137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/4461
Sample Questions
Q1) Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing company. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for postsecondary education and is extremely successful. Bronner would likely be described as which of the following?
A) dependent
B) not committed
C) visionary
D) cautious
Q2) Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for postsecondary education. The 40-year-old Bronner will more than likely start at least one more new company before he retires. What type of entrepreneur is Bonner?
A) a multipreneur
B) an intrapreneur
C) a growth entrepreneur
D) an interpreneur
Q3) List the three categories of entrepreneurs.
To view all questions and flashcards with answers, click on the resource link above.
Page 8
Chapter 7: Understanding the Business
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/4462
Sample Questions
Q1) SWOT stands for strengths, weaknesses, opponents, and threats.
A)True
B)False
Q2) Lisa and Debbie are very serious shoppers but are also concerned about human rights issues. Every weekend they go to different malls around the city. They look for quality products at reasonable prices. But they also demand that the companies that they buy products from produce their products in which of the following ways?
A) in a safe, ethical manner
B) in an environmentally friendly manner
C) using only Canadian made components
D) following ISO 9000 and ISO 14000 rules
Q3) Which issues are important to Canadians when it comes to doing business internationally?
Q4) What is a way to measure if a business is meeting its customers' needs?
Q5) A discipline that involves the management of people, process, and technology around the care of information is referred to as computer science.
A)True
B)False
Q6) What are the major financial statements? Describe each one.
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Forms of Business Ownership
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/4463
Sample Questions
Q1) The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.
A)True
B)False
Q2) What is the term for when a takeover is supported by the management and board of directors of the targeted company?
A) a friendly takeover
B) a hostile takeover
C) a horizontal merger
D) a conglomerate merger
Q3) The franchise agreement is best described by which of the following?
A) It guarantees that the franchisor will make a profit.
B) It must be approved by the Toronto Stock Exchange.
C) It guarantees that the franchisee will make a profit.
D) It is the contract that details the terms of the franchise.
Q4) The two types of cooperatives are wholesale and retail.
A)True
B)False
Q5) What is double taxation?
Q6) Discuss the following statement: "Joint ventures have unlimited life."
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Management and Leadership in Todays Organizations
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4464
Sample Questions
Q1) Dividing up the tasks (division of labour) is an important part of organizing.
A)True
B)False
Q2) There are some basic guidelines managers should follow in order to engage and manage employees. Which of the following is an example of one of those guidelines?
A) give them many small rewards instead of one big one
B) have open dialogues with employees and get constant feedback
C) allow employees to take more ownership of their work
D) sit down with each employee and develop a career path within the organization
Q3) List the three types of participative leadership.
Q4) Which of the following provides the structure of people, positions, departments, and activities within which the company objectives can be accomplished?
A) planning
B) leadership
C) communicating
D) organizing
Q5) Which managers are typically responsible for implementing operational plans?
Q6) What is management?
11
Q7) What is another name for a free-rein leadership style?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Designing Organizational Structures
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/4465
Sample Questions
Q1) Charlie Li has been hired by Exide Technologies to be its legal counsel and handle all of Exide's legal affairs. Li is in which type of position?
A) staff
B) line
C) centralized
D) matrix
Q2) A research employee at the European Metabolic Diseases Group has a boss at the company's European Research department and a boss at the company's European Metabolic Diseases product group. Which principle does this violate?
A) unity of command
B) functionalization
C) unity of supervision
D) unity of structure
Q3) The nature of the task and the location of the workers affect the size of a manager's span of control.
A)True
B)False
Q4) What type of organizational structure is well suited to small, entrepreneurial companies?
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Motivating Employees
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/4466
Sample
Questions
Q1) What four management trends are identified as having the greatest impact on how companies will be operating in the near future?
Q2) Julia Li is a low-level manager for a manufacturer of collectible plates and figurines. She is assigned new jobs every few months so she can learn all aspects of her company's operations. Which of the following concepts is management utilizing?
A) job enrichment
B) job rotation
C) job enlargement
D) job development
Q3) They are logged in to their computer from home or anywhere else?
A) virtual job
B) telecommuting
C) cyberlinking
D) flextime
Q4) The Hawthorne studies showed that informal work groups have a negative effect on productivity.
A)True
B)False
Q5) What are managers doing when they vertically expand an employee's job?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Managing Human Resources and Labour Relations
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/4467
Sample Questions
Q1) What is the first step in the employee selection process?
Q2) What does the human resource planning process begin with?
A) determining how much money is available for HR
B) job analysis
C) job specifications
D) a review of corporate strategy and policy
Q3) In which of the following shops does the worker not have to join the union but must pay dues to cover union expenses?
A) closed shop
B) agency shop
C) managed shop
D) open shop
Q4) Collective bargaining is the process of making a binding decision in labour negotiations.
A)True
B)False
Q5) What are the two sources of job applicants?
Q6) The internal labour market is made up of all employees in an industry.
A)True
B)False Page 14
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 13: Marketing
Available Study Resources on Quizplus for this Chatper
159 Verified Questions
159 Flashcards
Source URL: https://quizplus.com/quiz/4468
Sample Questions
Q1) Which of the following marketing research techniques is being used when a company representative interviews parents to discover their attitudes toward washing clothes?
A) experimental
B) observational
C) secondary
D) survey
Q2) What would you be gathering if you place an employee in a self-service parking lot for eight hours to get the actual count of how many people leave without paying?
A) demographic data
B) secondary data
C) psychographic data
D) primary data
Q3) Self-concept is the process of deciding which stimuli to notice and which to ignore.
A)True
B)False
Q4) In marketing research, what are the two questions that must be asked in order to define the marketing problem?
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 14: Creating Marketing Strategies
Available Study Resources on Quizplus for this Chatper
183 Verified Questions
183 Flashcards
Source URL: https://quizplus.com/quiz/4469
Sample Questions
Q1) Here is a list of expenses for Graham Printing Company for 2002:?Rent $48,000 Taxes and licenses $2,500?Copy machine 5,000 Ink 1,200?Printing machine 2,800 Office utilities
3,000?Insurance 1,400 Paper 68,030?Which of these items are variable costs?
Q2) Charlie Vorwek sells flower arrangements made from dried wildflowers she grows in her garden. Which of the following is a fixed cost in this business?
A) decorative ribbon
B) the undecorated wreath forms
C) a rental storage building
D) silica for drying the flowers
Q3) What are expense items that have undergone little or no processing and are used in the manufacture of end products?
A) component parts
B) specialty products
C) raw materials
D) installations
Q4) What intensity of distribution is being used by Bic Corp, marketer of inexpensive pens, cheap lighters, and throwaway razors?
Q5) What is a product?
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 15: Achieving World-class Operations Management
Available Study Resources on Quizplus for this Chatper
153 Verified Questions
153 Flashcards
Source URL: https://quizplus.com/quiz/4470
Sample Questions
Q1) In the production of cornmeal for baking, corn is ground. This conversion process is an example of which of the following processes?
A) process manufacturing
B) production segregation
C) the assembly process
D) consumer product conversion
Q2) Which of the following is NOT one of the three main types of facility layouts?
A) assembly
B) fixed-position
C) product
D) process
Q3) List two commonly used techniques for streamlining a business's production.
Q4) Cherokee Spring Mill produces four varieties of cornmeal based on how finely the corn is ground. The mill makes long production runs of high volume. Which process does Cherokee Spring Mill use?
A) intermittent
B) centralized
C) customized
D) continuous
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 16: Accounting for Financial Success
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/4471
Sample Questions
Q1) What is another term for owner's equity?
A) earnings statement
B) net worth
C) retained earnings
D) share value
Q2) International Financial Reporting Standards will first be adopted by which of the following in Canada?
A) companies with government loans owing
B) publicly accountable organizations
C) for-profit companies only
D) all companies
Q3) Selling expenses are those related to marketing and distributing the company's products.
A)True
B)False
Q4) An accounting journal is a chronological list of transactions, each assigned to a particular account.
A)True
B)False
Q5) In what order are current assets placed on the balance sheet?
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Understanding Money and the Canadian Financial System
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/4472
Sample Questions
Q1) When a corporation issues a bond that can be exchanged for common shares at a later date, which type of bonds has the company issued?
A) convertible bonds
B) premium bonds
C) debenture bonds
D) preferred bonds
Q2) Megan Voorhees recently inherited $200,000. She has invested the inherited money in real estate and government securities. Voorhees is using her money for which of the following purposes?
A) store of value
B) medium of exchange
C) commodity of exchange
D) measure of wealth
Q3) Which of the following is an example of a nondepository financial institution?
A) finance company
B) consulting company
C) savings bank
D) credit union
Q4) What is a mutual fund?
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 18: Finance
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/4473
Sample Questions
Q1) What is the term for making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses?
A) cash targeting
B) cash management
C) cash maintenance
D) cash capitalization
Q2) The financial manager's goal is to effectively manage which of the following so that a company has enough cash to pay its bills and to support its accounts receivable and inventory?
A) strategic budgets
B) bad debt expenses
C) current assets
D) current liabilities
Q3) Which of the following is a type of loan often used to finance buildup of inventory for seasonal (cyclical) businesses just before its strongest sales period?
A) collateral loan
B) unsecured bank loan
C) trade credit
D) secured bank loan
To view all questions and flashcards with answers, click on the resource link above.
Page 21