Introduction to Business Exam Questions
Course Introduction
Introduction to Business offers students a comprehensive overview of the fundamental principles, concepts, and functions that define the world of business today. This course explores major topics such as the basic structure and types of businesses, entrepreneurship, management, marketing, finance, accounting, and human resources. Students will gain insights into the roles businesses play in the economy, decision-making processes, and the impact of globalization and technology on modern enterprises. By examining real-world case studies and interactive activities, learners will develop a solid foundation to understand how businesses operate and prepare for more advanced studies or future careers in the business field.
Recommended Textbook
Business Eighth Canadian Edition by
Ricky W. Griffin
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19 Chapters
4123 Verified Questions
4123 Flashcards
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Chapter 1: Understanding the Canadian Business System
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213 Flashcards
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Sample Questions
Q1) Executives at Kelsey Corp.are arguing about whether or not they should increase prices for the company's products by 15-20 percent.Which of the following could be used as an argument against increasing prices?
A) The input costs of raw materials are expected to increase further in the coming months.
B) Customers are loyal to the Kelsey brand because they know that the company uses high-quality ingredients.
C) Kelsey's competitors have announced price increases.
D) One of Kelsey's major competitors recently went bankrupt.
E) Market research reveals that demand for Kelsey's products is very much affected by the price.
Answer: E
Q2) A mixed market economy has elements of both a command economy and a market economy.
A)True
B)False
Answer: True
Q3) List the four elements required in a private enterprise system.
Answer: Private property,freedom of choice,profits,and competition.
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Page 3
Chapter 2: Understanding the Environments of Business
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Sample Questions
Q1) The total value of all goods and services produced by a country in a 12-month period regardless of where the factors of production are located is known as
A) Net National Product.
B) Net National Income.
C) Net National Profit.
D) Gross National Product.
E) Gross Domestic Product.
Answer: D
Q2) Canada's R&D expenditures are much smaller than those of the U.S.in total dollar terms,but when measured as a percent of GDP,Canada's R&D expenditures exceed those in the U.S.
A)True
B)False
Answer: False
Q3) In Canada,the private sector accounts for more than half of all R&D expenditures.
A)True
B)False
Answer: True
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4
Chapter 3: Conducting Business Ethically and Responsibly
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Sample Questions
Q1) The defensive stance to social responsibility acknowledges that business has contributed to many of society's problems and,therefore,business has a social obligation to correct those problems.
A)True
B)False
Answer: False
Q2) You are managing a company that is being asked to pay a bribe.If you do not pay the bribe you will have to lay off 500 people and risk a chance of going out of business.What do you do and why?
Answer: Answers will vary,depending on individual beliefs.
Q3) What is a whistle-blower?
Answer: A whistle-blower is an employee who detects and tries to put an end to a company's unethical,illegal,or socially irresponsible actions by publicizing them.
Q4) A conflict of interest occurs when two employees disagree about what course of action is best for the company.
A)True
B)False
Answer: False
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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) Debt financing refers to money that is borrowed,while equity financing refers to money that the entrepreneur (or others)invests in a business in return for an ownership interest.
A)True
B)False
Q2) Three research studies that have identified characteristics of entrepreneurs are described in the textbook.Which of the following characteristics is evident in all three studies?
A) Flexibility
B) Internal locus of control
C) Intelligence
D) Determination
E) Self-confidence
Q3) The franchise agreement usually requires that the franchisee pay a fee to the franchisor,but sometimes it is the other way around.
A)True
B)False
Q4) Discuss the four major factors that impact small business success.
Q5) Describe the characteristics of an entrepreneur.
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Chapter 5: The Global Context of Business
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Sample Questions
Q1) With regard to the BRIC countries,it is correct to say that
A) they all emphasize the export of raw materials.
B) they all have a low level of industrialization at the moment,but are progressing rapidly.
C) Russia is the strongest in terms of manufacturing.
D) Brazil is at the front of the pack in terms of optimism and opportunity.
E) all of these statements are correct.
Q2) The annual volume of world trade is about
A) $100 billion.
B) $3 trillion.
C) $875 billion.
D) $15 trillion.
E) $8 trillion.
Q3) 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
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Page 7
Chapter 6: Managing the Business Enterprise
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Sample Questions
Q1) A(n)________ is a plan that is decided by a firm's top management,and that reflects the company's priorities,as well as the steps needed to meet strategic goals.
A) tactical plan
B) operational plan
C) standing plan
D) strategic plan
E) single-use plan
Q2) At which level of management are conceptual skills most important?
Q3) Expo '86,the world's fair that was held in British Columbia,is cited as an example of A) good use of intuition.
B) quantitative analysis.
C) organizational politics.
D) escalation of commitment.
E) risk propensity.
Q4) Corporate culture has a big influence on top managers,but does not influence workers at the bottom of the organizational hierarchy nearly as much.
A)True
B)False
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Page 8
Chapter 8: Managing Human Resources
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Sample Questions
Q1) Workforce diversity refers to the range of workers' attitudes,values,beliefs,and behaviours that differ by gender,race,ethnicity,age,and physical abilities.
A)True
B)False
Q2) Vestibule training is an instructional-based program in which a trainer presents material in a descriptive fashion to those attending a trainee program.
A)True
B)False
Q3) Which of the following steps is not part of the selection process?
A) Development of a pool of applicants
B) Reference checks
C) Screening interview
D) Job offer
E) Screening of resumes and application forms
Q4) The basic goal of equal employment opportunity regulations in Canada is to ensure that individuals who want a job and are qualified for it actually get the job.
A)True
B)False
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Chapter 9: Understanding Labourmanagement Relations
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Sample Questions
Q1) List the actions management has to offset the union's power.
Q2) Which term identifies a union tactic that is used when their demands are not met and employees walk off the job and refuse to work?
A) A collective pout
B) A lockout
C) A boycott
D) A stick out
E) A strike
Q3) You are about to go to work for a construction firm that has a union.However,you are not now,and do not intend to be,a member of any union.If you were hired under those conditions,you would either be working under a(n)________ shop,or a(n)________ shop arrangement.
A) union; closed
B) closed; agency
C) agency; union
D) union; open
E) agency; open
Q4) List the two factors that help to explain the decline in union membership.
Q5) What three issues are typically most important to union negotiations?
Q6) What is a labour union? Why is it formed and what purpose does it serve?
Page 10
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Chapter 10: Motivating and Leading Employees
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Sample Questions
Q1) The first step in establishing an effective MBO program is to
A) establish overall organizational goals.
B) communicate organizational goals to subordinates.
C) set goals for each subordinate.
D) find out what the subordinate's goals are.
E) meet with subordinates to establish goals.
Q2) Bob's work week consists of four ten-hour days.Bob is working a A) compressed work week.
B) flextime work week.
C) new-age work week.
D) partial work week.
E) reduced work week.
Q3) Alonzo is a software designer whose job has recently been changed to allow him to interact with potential users of the software that he is developing.This is an example of the "combining tasks" approach to job redesign.
A)True
B)False
Q4) Strategic leadership may be seen as an extension of transactional leadership.
A)True
B)False
11
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Chapter 11: Producing Goods and Services
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Sample Questions
Q1) Products provide business with all of the following economic and non-economic results except
A) human resources.
B) innovations.
C) profits.
D) pollution.
E) new technology.
Q2) What is the difference between high-contact and low-contact services.Give an example of each.
Q3) You have gone to the doctor to check out some recent pains.The quality of her expertise to find and diagnose the problem is an illustration of the unique service characteristic of
A) intangibility.
B) warrantees.
C) customization.
D) perishability.
E) past experience.
Q4) What is the first step in the operations planning and control process?
Q5) What is the last step in the operations planning and control process?
Q6) Identify and briefly discuss the three types of layout planning.
Page 12
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Chapter 12: Increasing Productivity and Quality
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175 Flashcards
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Sample Questions
Q1) Which country has the highest economic output per hour?
A) Belgium
B) United States
C) Canada
D) Norway
E) Japan
Q2) When Custom Research delivers 99 percent of its final research reports on time it is demonstrating
A) performance quality.
B) quality reliability.
C) quality control.
D) quality assurance.
E) quality ownership.
Q3) Why is it important that Canada increase its productivity?
Q4) Price is one of the five criteria that customers use to judge service quality.
A)True
B)False
Q5) What is the supply chain?
Q6) What is re-engineering?
Q7) What is a quality/cost study?
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Chapter 13: Managing Information Systems and Communication Technology
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Sample Questions
Q1) Alliance Insurance relies on information technology for a variety of activities.The company is planning to improve its systems,so it needs to determine which areas need improvement.Alliance's head of human resources says that improvements must be made in the software that is available to employees.If the following facts were known,which one would strengthen the position of the head of human resources?
A) Alliance employees regularly complain about having to work with outdated computer hardware.
B) Alliance has been slow to upgrade its employees' web browsers with the latest versions.
C) Alliance's IT department spends a large amount of its time upgrading software.
D) An industry slowdown has meant that Alliance's business is weak.
E) Personal selling is the dominant way that Alliance's sales are achieved.
Q2) Microsoft Word is an example of systems software,while Microsoft Windows is an example of application software.
A)True
B)False
Q3) Describe the ways that organizations try to protect their IT systems.
Q4) What are the building blocks of IT?
Page 14
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Chapter 14: Understanding Accounting Issues
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Sample Questions
Q1) If the following facts were known,which one would strengthen the argument that a company will be able to meet its current financial obligations?
A) The level of accounts payable is high.
B) Liabilities exceed assets.
C) The company currently has a negative cash flow.
D) The company needs to increase the number of customers it serves.
E) Assets exceed liabilities.
Q2) Explain how the accounting equation and double-entry accounting are used in record keeping.
Q3) Explain the accounting principles of revenue recognition and matching.
Q4) What is a budget? Who uses a budget?
Q5) Executives at Belize Inc.want to see the company's short-term solvency ratios.What question do they most likely want to have answered?
A) Can immediate debts be paid without obtaining more loans?
B) Is there enough inventory to fulfill sales demands?
C) How much inventory does the company have on hand?
D) How much debt is the company carrying?
E) Are the company's products priced correctly to maximize revenue?
Q6) List the three accounting groups in Canada who certify accounting expertise.
Page 15
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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227 Flashcards
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Sample Questions
Q1) Identify four bases for market segmentation.
Q2) Describe the key factors that influence the consumer buying process.
Q3) The marketing concept
A) focuses on building products that provide value to customers.
B) excludes input from the Human Resources department.
C) means building a competitive advantage through product differentiation.
D) means that the whole firm is coordinated to achieve one goal: customer satisfaction.
E) does not include the finance department.
Q4) ________ is the study of the decision process by which customers come to purchase and consume products.
A) Customer buying logic
B) Purchase decision model
C) End-user purchase behaviour
D) Consumer behaviour
E) Buyer behaviour
Q5) The goal of customer relationship marketing is to build a solid and long-lasting relationship with customers.
A)True
B)False
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Chapter 16: Developing and Promoting Goods and Services
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241 Verified Questions
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Sample Questions
Q1) The product life cycle is the concept that states that products have a limited profit-producing life.
A)True
B)False
Q2) The four stages of a product life cycle are introduction,growth,maturity,and decline.
A)True
B)False
Q3) In the 2012 BrandZ Top 100 Global Brands Ranking list,which company had the most successful brand in the world?
A) Apple
B) The NFL
C) Google
D) Coca-Cola
E) IBM
Q4) What is prospecting?
Q5) A silverware company would be smart to advertise in bridal magazines.
A)True
B)False
Q6) What are the three major classes of consumer goods?
Page 17
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Chapter 17: Pricing and Distributing Goods and Services
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Sample Questions
Q1) Sara Jane is selling posters at the sale price of $12.00,and the markup percent is 35%.What is the dollar amount of the markup?
A) $7.80
B) $4.20
C) $7.75
D) $3.50
E) none of these
Q2) A company that sets prices above the market rate plays on the consumer's belief that higher prices mean higher quality products.
A)True
B)False
Q3) ________ help internet consumers by gathering and sorting information on comparison products and product features.
A) Electronic retailers
B) Direct-response sellers
C) Syndicated sellers
D) E-agents
E) Cybermalls
Q4) What is nonstore retailing? Identify the five major types.
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Chapter 18: Understanding Money and Banking
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Sample Questions
Q1) Which of the following is not in the M-2 measurement of the money supply?
A) Currency
B) Time deposits
C) Chequing accounts
D) Money owed on credit cards
E) Money market mutual funds
Q2) Money held by a financial institution that requires notice prior to making a withdrawal and that cannot be transferred to others by a written cheque is known as
A) money market funds and accounts.
B) time deposits.
C) currency.
D) certified holdings.
E) demand deposits.
Q3) Which of the following is contained in the M-1 measurement of the money supply?
A) The number of new automobiles produced in the nation in the previous month
B) The number of new homes started in the month
C) Time deposits
D) Credit card balances
E) Cash and the money in chequing accounts
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Page 19
Chapter 19: Understanding Securities and Investments
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Sample Questions
Q1) Differentiate between bull and bear markets.
Q2) Scott just called his broker to place an order to buy 200 shares of IBM at the best price the broker could get.Which of the terms below describe his order?
A) Stop order,round lot
B) Round lot,limit order
C) Limit order,odd lot
D) Odd lot,stop order
E) Market order,round lot
Q3) Exchange-traded funds
A) can only be traded by individuals who are members of a stock exchange.
B) can be traded only in the morning hours.
C) allow individual investors to exchange shares of mutual funds that they hold.
D) are priced only at the end of the day.
E) have lower operating expenses than mutual funds.
Q4) A mutual fund pools investments from individuals and firms to purchase a portfolio of stocks,bonds,and short-term securities.
A)True
B)False
Q5) What is a call option?
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Chapter 20: Financial Decisions and Risk Management
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Sample Questions
Q1) Equity financing via common stock can be more expensive than issuing bonds because
A) common stocks must be insured.
B) there is more administration involved.
C) common stocks are backed by retained earnings.
D) common stock must be sold through a broker.
E) interest paid to bondholders is a tax-deductible business expense,but stock dividends are not tax-deductible.
Q2) Maury is currently invested in medium-quality preferred stock.What type of investment would you recommend to Maury if he says he wants to move up one notch in risk?
A) High-quality,stable common stocks
B) Junk bonds
C) High-quality,cyclical common stocks
D) Lower quality common stocks
E) High-grade corporate bonds
Q3) Of the two basic types of long-term financing (debt and equity),debt is usually the best.
A)True
B)False
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