Introduction to Business Final Exam
Course Introduction
Introduction to Business provides an overview of the fundamental concepts and functions of business organizations in todays dynamic global environment. The course explores key topics such as management, marketing, finance, accounting, operations, human resources, and entrepreneurship. Students will examine the interrelationships among these business disciplines, gain insight into ethical and social responsibilities, and analyze real-world case studies to understand the challenges and opportunities faced by businesses. Through lectures, discussions, and projects, this course equips students with a foundational understanding of business principles and prepares them for further study or entry-level participation in the business world.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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Chapter 1: Business
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Q1) Which statement best describes entrepreneurs?
A) They are primarily motivated by the desire to help others.
B) They have little or no impact on others in society.
C) They create benefits for others while seeking profit for themselves.
D) They create value for themselves at the expense of others.
Answer: C
Q2) What do we call the quality and quantity of goods and services available to a population?
A) economic growth
B) entrepreneurship
C) quality of life
D) standard of living
Answer: D
Q3) A core goal for successful businesses is to deliver value to customers while generating long-term profits.
A)True
B)False
Answer: True
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3
Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Q1) Which consumer right is reflected when Mattel recalls toys from the marketplace due to toxic chemicals in the paint that are harmful to children?
A) the right to be heard
B) the right to choice
C) the right to be safe
D) the right to refuse
Answer: C
Q2) According to a group of residents who live in a neighbourhood a few kilometres from an Early Oil Company refinery, the plant's emissions are a likely cause of severe headaches and other health problems among young people. Since these residents are not customers, employers, or investors in the company, Early Oil has no social responsibility to these individuals.
A)True
B)False
Answer: False
Q3) Cheaters in high school are far more likely to lie as adults.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Economics: The Framework for Business
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Sample Questions
Q1) Denise is a hard worker, but within the last year she and her boss have not seen eye to eye. Angela, her boss, has become more demanding and harder to reach to get clarification on projects. After one too many long working days with little or no job satisfaction, Denise walks into Angela's office and submits her resignation. Denise knows that her résumé is strong and feels confident she will find work. Which type of unemployment is Denise now facing?
A) cyclical unemployment
B) seasonal unemployment
C) structural unemployment
D) frictional unemployment
Answer: D
Q2) What do you call a period of robust economic growth and high employment, which indicates that businesses are capitalizing on new market opportunities?
A) expansion
B) recovery
C) contraction
D) depression
Answer: A
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Chapter 4: The World Market-Place: Business Without Borders
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Q1) The World Bank influences the global economy by providing financial and technical advice to the governments of developing countries for projects in a range of areas, including infrastructure, communications, health, and education.
A)True
B)False
Q2) The International Monetary Fund (IMF) exists to promote international economic cooperation and stable growth. Describe three ways in which the IMF accomplishes its goals.
Q3) The government of Simmonovia, a developing country, wants to build several new healthcare facilities in rural areas. Based on the mission, the World Bank might lend money to help the country finance these construction projects.
A)True
B)False
Q4) Foreign licensing involves a domestic firm granting an overseas business the rights to produce and market a product or use a trademark in a defined geographic area.
A)True
B)False
Q5) Define NAFTA and discuss what critics of NAFTA are concerned about.
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Chapter 5: Business Formation: Choosing the Form That Fits
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Q1) What is a sole proprietorship? Identify and explain two advantages and two disadvantages of sole proprietorships.
Q2) A conglomerate merger is a combination of two firms in unrelated industries.
A)True
B)False
Q3) A corporation is a form of business ownership in which the business is considered a legal entity separate and distinct from its owners.
A)True
B)False
Q4) Joe owns 500 shares of stock in the Megabux Corporation. He is pleased to learn that the company earned a very nice profit over the most recent operating period. The company has announced that they will pay each shareholder a dividend of $1 per share out of the after-tax profits. This payment will represent tax-free income to Joe.
A)True
B)False
Q5) The owners of a corporation have limited liability.
A)True
B)False
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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Q1) The failure rate of a franchise is significantly higher than the rate for starting a business from scratch.
A)True
B)False
Q2) The segment of "necessity entrepreneurs" includes a range of people, from middle-aged workers who were laid off from corporate jobs, to new immigrants with limited English and heavy accents, to those who experience discrimination in the standard workplace.
A)True
B)False
Q3) A key benefit of buying an existing business is that relationships with customers, suppliers, and vendors are already established.
A)True
B)False
Q4) An entrepreneur is an individual willing to take the risk of owning and operating a business.
A)True
B)False
Page 8
Q5) Identify and describe two competitive advantages small businesses offer?
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Chapter 7: Accounting: Decision Making by the Numbers
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Q1) Which of the following is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization?
A) accounting
B) bookkeeping
C) auditing
D) managerial finance
Q2) What must publicly traded corporations in Canada have a public accountant do?
A) prepare the financial statements filed with Canada Revenue Agency
B) perform an annual external audit
C) address the shareholders at their annual meeting
D) perform standard horizontal, vertical, and ratio analyses
Q3) Which item would be listed first on the income statement?
A) cost of goods sold
B) revenue
C) retained earnings
D) net operating income
Q4) What is a balance sheet? What is the accounting equation? Define each term in the accounting equation.
Q5) List and describe at least three users of a firm's accounting information.
Page 9
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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Q1) In which scenario can firms achieve their objective by developing a relationship with a firm that offers factoring services?
A) The firm has established a source of long-term financing that avoids fees and commissions.
B) The firm plans to issue large sums of commercial paper in the near future.
C) The firm has larger than necessary cash balances and wants to find a safe way to invest the excess cash.
D) The firm relies heavily on credit sales and wants to speed up the receipt of cash.
Q2) The development of pro forma income statements and balance sheets is an important step in the financial planning function performed by financial managers.
A)True
B)False
Q3) Define NPV, and describe how it is used to evaluate capital budgeting proposals.
Q4) Discuss how financial managers use cash budgets.
Q5) Unlike debt, equity financing imposes no required payments.
A)True
B)False
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Chapter 9: Financial Markets: Allocating Financial Resources
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Sample Questions
Q1) What do we call the market where investors trade previously invested securities?
A) stock market
B) secondary market
C) primary market
D) bond market
Q2) Warren paid $50 a share for Nike stock in May 2005. In October 2006, Nike introduced a new tennis shoe line. If Warren sells his stock today, he is guaranteed to a capital gain.
A)True
B)False
Q3) What are the two largest securities exchanges in the United States?
A) Pacific and Mountain Exchange (PAM) and New England Exchange (NEE)
B) American Exchange (AMEX) and NASDAQ
C) NASDAQ and OTC
D) New York Stock Exchange (NYSE) and NASDAQ
Q4) Bondholders may NOT sell their bonds to other investors before they mature.
A)True
B)False
Q5) List and describe three basic rights of common shareholders.
Q6) Compare three strategies investors use to invest in securities.
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Chapter 10: Marketing: Building Profitable Customer
Connections
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Q1) Which type of segmentation is the vital starting point for most marketers?
A) demographic segmentation
B) use-pattern segmentation
C) cultural segmentation
D) psychographic segmentation
Q2) Observation research can be both inexpensive and highly effective.
A)True
B)False
Q3) In the context of relationship marketing, which of the following is an example of a limited relationship?
A) when the marketer maintains an extensive database with information about limited customers
B) when a firm asks a key client to participate in product development
C) when a firm outsources some (but not all) of its marketing functions to a wholesaler or retailer in order to streamline its marketing efforts
D) when a company sends newsletters and special offers to customers via regular e-mails
Q4) What is market research? Define and describe how companies use market research to make better marketing decisions.
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Chapter 11: Product and Promotion: Creating and Communicating Value
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Q1) In which of the following cases does product placement in television shows and movies workbest?
A) if the product is the main subject of the show
B) if the product is seamlessly integrated into the show as a player rather than as a prop
C) if the product is subtly and persistently displayed in the background of the show or movie
D) if the product is used as a prominent prop in at least two to three scenes
Q2) Although e-book readers have been around for several years, Amazon recently introduced the Kindle, a new reader that features several significant improvements over older readers, including wireless connectivity based on cell phone technology. This technology allows Kindle owners to download the books they buy in less than two minutes from any location without the need to connect to a computer or the Internet. The Kindle is an example of continuous innovation.
A)True
B)False
Q3) Companies usually have several product mixes but only one product line.
A)True
B)False
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Chapter
12: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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Q1) What do we call an intermediary that takes legal possession of the goods being distributed?
A) an ownership utility
B) a channel of distribution
C) supply chain management
D) a merchant wholesaler
Q2) A selective distribution strategy involves establishing a single retailer as the sole provider of a product in a given area.
A)True
B)False
Q3) CDz, your local music and video store, always keeps a few items on sale at prices that are actually below cost in order to attract a high volume of customers who will also buy higher-priced merchandise. What pricing tactic is CDz using?
A) loss leader pricing
B) exception pricing
C) bait and switch pricing
D) penetration pricing
Q4) Describe the four pricing strategies used to boost volume.
Q5) Outline the pros and cons of using an odd pricing strategy.
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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Q1) Due to the fact that the work that nurses perform has a major impact on the welfare of others, nursing jobs normally have a high level of which of the following?
A) autonomy
B) skill variety
C) task identity
D) task significance
Q2) First-line managers are mainly involved in strategic planning and thus rely heavily on conceptual skills.
A)True
B)False
Q3) According to psychologist Douglas McGregor, what do positive management attitudes toward workers do?
A) They adversely affect worker morale.
B) They directly impact worker motivation.
C) They directly impact management careers.
D) They adversely affect management development.
Q4) Identify the categories of business planning and explain how they differ.
Q5) What does SWOT stand for? Explain the purpose of SWOT analysis.
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Q6) Discuss how expectancy theory and equity theory impact employee motivation.
Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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Q1) Apprenticeships are training programs in which newly hired managers rotate jobs, serving for short periods of time in each of several management positions in order to get a good feel for all of the functional areas of the business.
A)True
B)False
Q2) Human resource managers must maintain awareness of the latest government legislation that impacts HR management.
A)True
B)False
Q3) Human resource management achieves its goals by focusing on strategies to keep the cost of labour as low as possible.
A)True
B)False
Q4) Human resource management must operate under the constraint that the needs of other stakeholders must come before the needs of employees.
A)True
B)False
Q5) Define human resource management, and explain how it supports corporate goals.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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Sample Questions
Q1) Describe how businesses might use radio frequency identification (RFID) technology. Provide a specific example.
Q2) According to Microsoft's criteria, 4&nrU3r#999888 is a good example of which of the following?
A) a strong password
B) an RFID identity tag
C) a product authorization code
D) a serial number
Q3) Businesses develop intranets so valued customers have access to internal information that is not available to the general public.
A)True
B)False
Q4) Describe the two broad types of application software.
Q5) What do we call skilled computer users who try to gain unauthorized access to other people's computers?
A) networkers
B) hackers
C) phishers
D) cyberstalkers
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Chapter 16: Operations Management: Putting It All Together
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Q1) Over the long run, a firm must choose to either be effective or efficient, because it is impossible to achieve both objectives consistently within the same organization.
A)True
B)False
Q2) When operations managers do their job well, a firm produces the right goods and services in the right quantities-and distributes them to the right customers at the right time.
A)True
B)False
Q3) Which type of system, whereby the programmed design and the programmed manufacturing are combined with robots and other high-tech equipment, may be changed to accommodate a variety of designs and manufacturing specifications?
A) CAD
B) CIM
C) CAM
D) CAE
Q4) Explain the movement toward lean production.
Q5) Discuss the role of operations management in business.
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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Q1) Otto Pierson, the vice president of finance for Pallisades Produce Company, is likely to spend much more of his time listening than his company's hourly employees routinely do.
A)True
B)False
Q2) Which of the following is a basic category of communication barriers?
A) cultural barriers
B) holistic barriers
C) monetary barriers
D) clothing barriers
Q3) What would the speaker consider in order to analyze the audience?
A) expectations and availability of information
B) expectations, education, and professions of the audience members
C) physical environment, such as room size and temperature
D) location, date, and time of the meeting
Q4) Mary Meyers must inform her department members about a new absenteeism policy. Given the controversial nature of the message, she should inform them of the policy shift via e-mail.
A)True B)False
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Chapter 18: Labour Unions and Collective Bargaining
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Q1) Which of the following provide services to their local unions, including legal advice and leadership training, and also provide assistance to locals during collective bargaining?
A) labour action committees
B) union cooperatives
C) labour guilds
D) national unions
Q2) Distributive bargaining is the traditional adversarial approach to collective bargaining.
A)True
B)False
Q3) A grievance is a complaint by a worker that the employer has violated the terms of the collective bargaining agreement.
A)True
B)False
Q4) A craft union consists of workers who possess the same skill or are in the same profession.
A)True
B)False
Q5) Explain the types of topics discussed in a collective bargaining process.
Page 20
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Chapter 19: Business Law
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Q1) An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.
A)True
B)False
Q2) When goods are shipped from the seller to the buyer, the risk of loss due to damage or spoilage always rests with the party who held legal title to the goods at the time the loss occurred.
A)True
B)False
Q3) Merlotta Winery Inc. hires several agents to represent the firm across the nation. The firm has the legal right to expect these agents to be loyal, make a sincere effort to effectively complete their duties, maintain open lines of communication about their work, and to keep accurate records.
A)True
B)False
Q4) Describe the characteristics of a contract and explain how the terms of contracts are enforced.
Q5) What is meant by an agent's scope of authority? Name and describe three types of scopes of authority.
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Chapter 20: Personal Finance
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Q1) A tax-free savings account contribution is tax deductible.
A)True
B)False
Q2) A debit card takes three days before it removes the money from your bank account.
A)True
B)False
Q3) What is one advantage in participating in a registered retirement savings plan?
A) You always pay taxes on these contributions during the year you contribute.
B) You are allowed to contribute 50% of your income.
C) Time value of money does not apply.
D) The amount you deposit can be used as a deduction on your income tax.
Q4) In recent years, online banks have often provided higher interest rates than other banks.
A)True
B)False
Q5) When you purchase common stock you have a stake in ownership of the corporation.
A)True
B)False
Q6) Evaluate three of the various options for investing to build wealth.
Page 22
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