Introduction to Business Final Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts, principles, and operations underlying the modern business environment. The course explores topics such as the structure and types of businesses, essential functions like marketing, management, finance, and entrepreneurship, along with the influence of economic, legal, ethical, and global factors on business decisions. Through real-world case studies and interactive activities, students develop a foundational understanding of how businesses operate and their critical role in society, preparing them for further study or entry into the business world.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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17 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: The Changing Face of Business
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Alejandro is seeking to revitalize his graphic design company with new innovations and has called a brainstorming meeting with his top designers. Alejandro is practising
A) creativity
B) vision
C) critical thinking
D) productivity
Answer: A
Q2) In order to remain viable, not-for-profit organizations need to focus on profits even more than the public service they provide.
A)True
B)False
Answer: False
Q3) Unfair or "cutthroat" competition, designed to eliminate competitors, is prohibited by the U.S. government.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics and Social Responsibility
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) A situation where a business decision may be influenced by the potential for personal gain is a(n) ___.
A)Ontario or Alberta Securities Commission
B)Workers' Compensation Board of Alberta
C)corporate philanthropy
D)integrity
E)social audit
F)social responsibility
G). business ethics
H)sexual harassment
I)code of conduct
J)conflict of interest
K)product liability
L)consumerism
M)Canadian Human Rights Act (CHRA)
N)whistle-blowing
O)green marketing
Answer: J
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Chapter 3: Economic Challenges Facing Contemporary Business
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) _____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.
A)Consumer Price Index (CPI)
B)inflation
C)gross domestic product (GDP)
D)fiscal policy
E)monetary policy
F)equilibrium price
G)budget deficit
H)pure competition
I)supply
J)demand
K)productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly
Answer: K
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Chapter 4: Competing in World Markets
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) Explain at least three nontariff barriers and their impact on international trade.
Q2) Compared with Canada, Europeans value employee benefits more than low unemployment and business efficiency.
A)True
B)False
Q3) During the past 10 years, the value of Canadian imports and exports has ______. A) decreased B) remained about the same C) more than doubled D) risen slightly
Q4) Controversies regarding the World Trade Organization (WTO) include pollution and human rights abuses.
A)True
B)False
Q5) Discuss why the World Trade Organization (WTO) has been the object of controversy in recent years. What concerns have been expressed?
Q6) Describe three contractual agreements firms can enter into when going global.
Q7) What is dumping? How do countries counteract this practice?
Page 6
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Chapter 5: Forms of Business Ownership and Organization
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) Tata Motors purchase of Jaguar is an example of a horizontal merger.
A)True
B)False
Q2) What services does the Business Development Bank of Canada (BDC) offer to business owners?
Q3) Access to the Internet and availability of communications devices such as the BlackBerry and other smartphone technology makes it convenient to run a home-based business.
A)True
B)False
Q4) Business incubators provide low-cost, shared business facilities to small startup companies in order to encourage business development.
A)True
B)False
Q5) Large corporations often buy out smaller businesses and replace them with larger operations. How do some small businesses manage to survive, in spite of aggressive moves by larger corporations?
Q6) What is a business incubator?
Q7) Mention and explain at least three reasons why small business fail.
Page 7
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Chapter 6: Starting Your Own Business: the
Entrepreneurship Alternative
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) Which of the following is NOT an essential trait of a good entrepreneur?
A) tolerance for failure
B) self-confidence and enthusiasm
C) visionary
D) family sponsorship
Q2) ______ are business organizations or groups of private individuals who invest in new or growing firms.
A) Angel investors
B) Entrepreneurs
C) Intrapreneurs
D) Venture capitalists
Q3) The primary reasons people become entrepreneurs include all of the following reasons EXCEPT
A) to be one's own boss.
B) to become a financial success.
C) to create employment opportunities for other people.
D) to create one's own job security.
Q4) Entrepreneurs take necessary risks to set up and operate a business.
A)True
B)False
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Chapter 7: Management, Leadership, and the Internal Organization
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Firms organized around business functions such as finance, marketing, and production have process departmentalization.
A)True
B)False
Q2) List the major forms of departmentalization and explain how management decides which form or forms to use.
Q3) Deleting a product from the line is an example of a nonprogrammed decision.
A)True
B)False
Q4) A company's vision should be focused and rigid so the company is NOT in danger of straying from its path to success.
A)True
B)False
Q5) Most top executives began their careers as which type of expert?
A) technical
B) financial
C) human relations
D) marketing
Q6) Describe each of the management functions.
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) According to Maslow's hierarchy of needs theory, a satisfied need seizes to be a source of motivation; to motivate this individual a supervisor has to appeal to the individual's higher level needs.
A)True
B)False
Q2) The desire to be accepted by family members and other individuals is what Maslow called ______ needs.
A) physiological
B) esteem
C) social
D) self-actualization
Q3) A contract doesn't become legally binding until it is approved by the union membership.
A)True
B)False
Q4) Theory Y managers believe that workers avoid work when possible.
A)True
B)False
Page 10
Q5) Distinguish between meditation and arbitration as used in settling labour-management disputes.
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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189 Verified Questions
189 Flashcards
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Sample Questions
Q1) During the storming stage, team members focus on solving problems.
A)True
B)False
Q2) Ana has the habit of getting involved with the information the speaker is trying to convey and always empathizes with the speaker. Which of the following listening behaviours has Ana developed?
A) active listening
B) polite listening
C) offensive listening
D) defensive listening
Q3) Explain the influence of a low-context and a high-context culture on the communication process.
Q4) Only team leaders are responsible and accountable for accomplishing their objectives.
A)True
B)False
Q5) What is the significance of feedback in communication?
Q6) Employee empowerment rarely involves shared decision-making authority.
A)True
B)False Page 11
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Chapter 10: Production and Operations Management
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) All of the following are expenses involved in storing inventory EXCEPT ______.
A) maintenance
B) acquisition
C) insurance
D) warehouse rent
Q2) Describe the major tasks of production and operations managers.
Q3) A Gantt chart shows sequence and the critical path for performing the steps in a project.
A)True
B)False
Q4) Explain customer-driven production.
Q5) When the editors of Contemporary Business use computers, paper, and human effort to create the new edition of a text, they are engaged in ______.
A) production
B) marketing
C) creating time utility
D) creating possession utility
Q6) Managers should maintain access to multiple supply sources.
A)True
B)False
Page 13
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Chapter 11: Customer-Driven Marketing
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Cause marketing refers to efforts that are designed to attract the attention, interest, and preference of a target market toward a person.
A)True
B)False
Q2) Marketing segmentation is the group of potential customers toward whom an organization directs its marketing efforts.
A)True
B)False
Q3) Tabitha is a research specialist in a marketing division. She is working on a project that involves searching through customer files to detect spending patterns or trends that her company could target to increase sales. Tabitha is ______.
A) developing a value-added database
B) segmenting and correlating the data files
C) doing environmental scanning
D) data mining
Q4) The Internet is considered a direct method for connecting with customers.
A)True
B)False
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Page 14
Chapter 12: Product and Distribution Strategies
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222 Verified Questions
222 Flashcards
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Sample Questions
Q1) Advertising slogans, such as "Just Do It" or "Obey Your Thirst," are ______ that are given legal protection solely to the brand's owner.
A) brand names
B) trademarks
C) registered phrases
D) catchphrases
Q2) Most products experience the fastest sales growth during their introductory stages.
A)True
B)False
Q3) Outline the six stages of new product development and explain why they are important to an entrepreneur thinking about entering a new market.
Q4) Speed is the major contributor to cost.
A)True
B)False
Q5) Explain the difference between direct and indirect distribution channels. Provide an example of each type.
Q6) What is the relationship between distribution channel and physical distribution?
Q7) Describe the three levels of brand loyalty.
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Chapter 13: Promotion and Pricing Strategies
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) Chris is allowed to purchase a reasonably priced notebook computer for graduation. He sees one in Best Buy for $999.99 and calls his parents to assure them the computer costs "less than a thousand." Both Chris and Best Buy are using ______ to downplay the price of the computer.
A) cost-based pricing
B) personal selling
C) price fixing
D) odd pricing
Q2) Guerrilla marketing involves innovative, low cost marketing efforts designed to get consumers' attention in unusual ways.
A)True
B)False
Q3) Differentiate between skimming pricing and penetration pricing.
Q4) The buyer-seller communication in ______ occurs during a face-to-face meeting or via telephone, videoconference, or interactive computer link.
A) integrated marketing communications
B) personal selling
C) nonpersonal selling
D) promotional strategy
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Chapter 14: Using Technology to Manage Information
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) Which of the following enables senior managers to access the firm's primary databases, often by touching the computer screen, pointing and clicking a mouse, or using voice recognition?
A) decision support system
B) executive support system
C) operational support system
D) expert systems
Q2) On-site data backup involves storing software and data in a separate physical location or online on the Internet.
A)True
B)False
Q3) Application software controls the basic workings of a computer system.
A)True
B)False
Q4) Which of the following is an application program?
A) Microsoft Excel
B) Microsoft Windows
C) UNIX
D) Java
Q5) Distinguish between operating systems and application software.
Page 17
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Chapter 15: Understanding Accounting and Financial Statements
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180 Flashcards
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Sample Questions
Q1) What is the purpose of the balance sheet? Explain how it is it organized.
Q2) Companies such as Coca-Cola generate more than half their annual revenues from sales outside the United States, including Europe. If the dollar gets stronger relative to the euro, what will be the financial impact on the company?
A) Overall earnings will decrease.
B) Earnings will decrease in euros, but increase in dollars.
C) Overall earnings will increase.
D) Earnings will increase in euros, but decrease in dollars.
Q3) Assets can include intangible possessions such as patents and trademarks.
A)True
B)False
Q4) ______ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners' equity.
A) Profitability
B) Liquidity
C) Activity
D) Debt
Q5) Identify and briefly describe the four categories of financial ratios.
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Q6) What are the categories of accounting professionals discussed in the textbook?
Chapter 16: The Financial System
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200 Flashcards
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Sample Questions
Q1) Deposit insurance shifts most of the financial risk of bank failures from depositors to ______.
A) the federal government
B) the bank's stockholders
C) borrowers
D) the bank's creditors
Q2) Preferred shareholders receive fixed dividends. A)True
B)False
Q3) Do other countries have organizations that play roles similar as those played by the Bank of Canada?
Q4) M1 consists of currency in circulation and balances in bank checking accounts. A)True
B)False
Q5) What type of financial institution raises money from investors by selling shares?
A) mutual fund
B) property and liability insurance company
C) credit union
D) pension fund
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Chapter 17: Financial Management
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Sample Questions
Q1) Which of the following individuals has the direct responsibility for shareholder relations?
A) controller
B) chief financial officer
C) chief executive officer
D) treasurer
Q2) All of the following are sources of short-term funds EXCEPT ______.
A) trade credit
B) bank loans
C) commercial paper
D) bonds
Q3) Venture capitalists invest in ______ in exchange for ______.
A) new and growing firms; ownership share
B) matured firms; ownership share
C) new and growing firms; fixed interest rate
D) matured firms; flexible interest rate
Q4) Financial managers are responsible for increasing profits to shareholders.
A)True
B)False
Q5) Define accounts receivable and explain how they are managed.
Page 20
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