Introduction to Business Practice Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the world of business, examining its key concepts, functions, and structures. The course explores foundational topics including management, marketing, finance, human resources, entrepreneurship, and the impact of globalization and technology on business operations. Students will learn how businesses are created, how they operate in various environments, and the challenges they face in responding to economic, ethical, and legal issues. Through case studies and practical examples, this course equips learners with the basic knowledge and skills necessary to understand the business landscape and make informed decisions as both consumers and future professionals.
Recommended Textbook
Contemporary Business 1st Canadian Edition by Louis E. Boone
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17 Chapters
2591 Verified Questions
2591 Flashcards
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Chapter 1: The Changing Face of Business
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) The needs of older workers are similar to those of younger workers.
A)True
B)False
Answer: False
Q2) Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under
A) the private enterprise system
B) a social democracy
C) a monopoly
D) socialism
Answer: A
Q3) A key element of the production era was the use of consumer research.
A)True
B)False
Answer: False
Q4) Companies are not required to be ethical to succeed in the long run.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Business Ethics and Social Responsibility
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Bob takes responsibility for an error made by his assistant on a project.Bob has shown ________.
A) integrity
B) honesty
C) truthfulness
D) loyalty
Answer: A
Q2) When does a conflict of interest pose an ethical challenge? How should a conflict of interest be handled?
Answer: A conflict of interest exists when a person is faced with a situation in which an action benefiting one person or group has the potential to harm another.A conflict of interest can pose an ethical challenge when it involves the person's own interests and someone to whom he or she has a duty.The best way to h andle a potential conflict of interest is to avoid it and/or to disclose it.
Q3) Paying corporate taxes is an example of corporate philanthropy.
A)True
B)False
Answer: False
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4
Chapter 3: Economic Challenges Facing Contemporary Business
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Macroeconomics deals with taxing and spending decisions made by governments. A)True
B)False Answer: True
Q2) Decisions made by individuals and businesses have little impact on overall economic conditions.
A)True
B)False Answer: False
Q3) By changing ________,the Bank of Canada can expand or shrink funds available to lend.
A) taxes
B) spending
C) fees charged on household and business checking and savings accounts
D) interest rates
Answer: D
Q4) One example of an industry with high entry barriers is the airline industry.
A)True
B)False
Answer: True
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Chapter 4: Competing in World Markets
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) A global business strategy involves separate product and marketing strategies that vary from one nation to another.
A)True
B)False
Q2) The ________ promotes trade by providing financial assistance and waiving debt payments.
A) United Nations
B) European Union
C) World Bank
D) International Monetary Fund
Q3) The value of imports and exports within Canada has remained steady over the past ten years.
A)True
B)False
Q4) When Microsoft relocates it customer call center to India,it is using offshoring.
A)True
B)False
Q5) Explain the advantages and disadvantages of imposing trade restrictions.
Q6) Discuss the advantages of the North American Free Trade Agreement (NAFTA).
Page 6
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Chapter 5: Forms of Business Ownership and Organization
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) If you are a highly independent individual used to having your own way,the best business format for you is to being as a ________.
A) partnership
B) corporation
C) sole proprietorship
D) limited liability corporation
Q2) Some cooperatives are created so that small producers can be more competitive in the marketplace.
A)True
B)False
Q3) Explain the role of corporate management.
Q4) The two principal parties in a franchising agreement are the ________.
A) manager and worker
B) franchiser and partners
C) franchiser and franchisee
D) venture capitalist and SBA
Q5) One of the main advantages of buying a franchise is name brand recognition.
A)True
B)False
Q6) Discuss two alternatives to private ownership and give an example of each.
Page 7
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Chapter 6: Starting Your Own Business: The
Entrepreneurship Alternative
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Saul is the CEO of Summertime,Inc.He uses the resources of the firm to expand and diversify into winter sports areas.Saul would be classified as a(n)________.
A) manager
B) entrepreneur
C) stockholder
D) venture capitalist
Q2) Jamal recently launched his grocery delivery service.He is taking advantage of an economic trend that has increased the opportunities for entrepreneurs.
A)True
B)False
Q3) An overall idea for how to convert a business idea into a success is called
A) vision
B) creativity
C) internal locus of control
D) tolerance for ambiguity
Q4) Describe the differences between entrepreneurs and small-business managers.
Q5) Discuss how an entrepreneur views job security.
Q6) Distinguish between venture capitalists and angel investors.
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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) Targets by which managers define the organization's desired performance are called ________.
A) objectives
B) missions
C) opportunities
D) standards
Q2) What is the first step in the strategic planning process?
A) Create a mission statement.
B) Monitor and adapt plans.
C) Assess competitive position.
D) Develop strategies for reaching objectives.
Q3) Work organized by the different types of goods and services is called product departmentalization.
A)True
B)False
Q4) As a company grows,what happens to its organizational structure?
A) it becomes more complex
B) it uses a product departmentalization
C) it becomes easier to understand
D) it uses a functional departmentalization
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Compare on-the-job and off-the-job employee training programs.List examples of each.
Q2) Union workers at an auto parts plant go out on strike.In response,management closes the plant.This tactic is a ________.
A) secondary boycott
B) cooling-off period
C) lockout
D) strikebreaker
Q3) The function of attracting,developing,and retaining enough qualified employees to perform the activities necessary to accomplish organizational objectives is part of
A) human resource management
B) human asset accounting
C) management objectives
D) management development
Q4) Describe some common methods of recruiting.
Q5) Salary is a term that represents compensation based on the number of hours worked.
A)True
B)False
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Chapter 9: Top Performance through Empowerment,
Teamwork, and Communication
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141 Verified Questions
141 Flashcards
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Sample Questions
Q1) A "no comment" response during a crisis is generally considered a statement of guilt.
A)True
B)False
Q2) During the storming stage,team members focus on solving problems.
A)True
B)False
Q3) Faith works in the bakery at Whole Foods Market.As part of a ________ team,she shares in the responsibility of managing her department's work schedule and ordering baking supplies.
A) cross-functional
B) virtual
C) problem-solving
D) self-managed
Q4) Orientation and getting acquainted is part of the norming stage of team-building.
A)True
B)False
Q5) Explain the key differences between employee stock ownership plans and employee stock option plans.
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Chapter 10:Production and Operations Management
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) A steel company whose blast furnaces never completely shut down except for malfunctions is an example of a(n)________ production system.
A) analytic
B) intermittent
C) continuous
D) synthetic
Q2) The critical path in a PERT diagram illustrates the most expensive operations that need to be done.
A)True
B)False
Q3) To receive an ISO family certification,a company must undergo an on-site audit.
A)True
B)False
Q4) Discuss the factors a firm should consider when deciding whether to make,buy,or lease components.
Q5) Custom machine shops are typically organized in a product layout.
A)True
B)False
Q6) Describe just-in-time (JIT)inventory systems.
Page 12
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Chapter 11: Customer-Driven Marketing
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Products such as computers fall into the categories of consumer or business,but never in both categories since they are end-user products.
A)True
B)False
Q2) All of the following are internal sources of data EXCEPT ________.
A) company product sales
B) company product inventory
C) competitor's sales
D) unpaid bills
Q3) Gwen's mid-size company designs specialty lenses for a camera manufacturer.Her design specifications are based on the camera's performance,design,and price.What type of business market is Gwen engaged in?
A) Product-related segmentation
B) End-use segmentation
C) Buyer behaviour
D) Product usage rate
Q4) A focus group is a type of survey method for collecting secondary data.
A)True
B)False
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Chapter 12: Product and Distribution Strategies
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) A brand may be a name,term,sign,symbol,or design used to identify a product.
A)True
B)False
Q2) Because test marketing can be very expensive,most firms should use it only if the new product is either expensive or innovative.
A)True
B)False
Q3) Explain the difference between direct and indirect distribution channels.Provide an example of each type.
Q4) To reach a target market with a small number of buyers,a direct distribution channel is often the best choice.
A)True
B)False
Q5) Which of the following approaches would result in the fewest number of intermediaries?
A) Intensive distribution
B) Selective distribution
C) Exclusive distribution
D) Scrambled distribution
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Chapter 13: Promotion and Pricing Strategies
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Discuss how integrated marketing communications relates to a firm's overall promotional strategy.
Q2) A(n)_____ strategy sets an intentionally high price relative to the prices of competing products.
A)breakeven analysis
B)promotional mix
C)volume objectives
D)institutional advertising
E)discount pricing
F)creative selling
G)point-of-purchase advertising
H)skimming pricing
I)pushing strategy
J)odd pricing
K)integrated marketing communications
L)cooperative advertising
M)penetration pricing
Q3) One advantage of advertising in magazines is that they allow targeted messages.
A)True
B)False
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Chapter 14: Using Technology to Manage Information
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) Provide examples of ethical concerns regarding technology and information systems.
Q2) List and briefly explain the most widely used business applications of computers.
Q3) What are some ways that businesses can protect themselves from computer crimes?
Q4) Deciding how to prevent system failures along with the ability to continue operating if computer systems fail is called ________.
A) disaster recovery planning
B) information systems management
C) advanced computer security
D) virus protection
Q5) Grid computing combines multiple small computers to create a virtual mainframe.
A)True
B)False
Q6) Which of the following is an application program?
A) Microsoft Excel
B) Microsoft Windows
C) UNIX
D) Java
Q7) What is disaster recovery planning?
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Chapter 15: Understanding Accounting and Financial Statements
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Who is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards?
A) FASB
B) The World Bank
C) IASB
D) GAAP
Q2) A firm has $15 million in assets and $5 million in owner's equity.Therefore,the firm must also have $15 million in liabilities.
A)True
B)False
Q3) What is the purpose of the balance sheet? Explain how it is it organized.
Q4) Investing activities focus on selling goods and services,but they also consider cost control as an important element of sound financial management.
A)True
B)False
Q5) Explain the purpose of the Sarbanes-Oxley Act.
Q6) What is accrual accounting? How does depreciation affect net income and cash flow?
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Chapter 16: The Financial System
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Most nations do not have a central bank similar to the U.S.Federal Reserve.
A)True
B)False
Q2) If the money supply grows too rapidly,inflationary pressures will begin to build.
A)True
B)False
Q3) Secured bonds are backed by a specific pledge of company assets.
A)True
B)False
Q4) Canadian banks make few foreign investments due to regulatory restrictions.
A)True
B)False
Q5) Differentiate among the different types of bonds.
Q6) Underwriting is the process used by insurance companies to determine whom to insure and what to charge.
A)True
B)False
Q7) What are the Bank of Canada's four basic responsibilities
Page 18
Q8) Explain the differences between the NYSE and the NASDAQ.
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Chapter 17: Financial Management
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Sample Questions
Q1) The sovereign wealth fund is a variation of _____.
A) the private equity fund
B) debt capital
C) market securities
D) private placements
Q2) Interest rates on short-term move up and down frequently.
A)True
B)False
Q3) Which of the following assets would a firm most likely finance using long-term sources?
A) Inventory
B) Accounts receivable
C) Marketable securities
D) Another company
Q4) The exercise of employee stock options is a source of equity capital for a business. A)True
B)False
Q5) List the major sources of short-term and long-term funds.
Q6) Explain each role in the hierarchy of financial management at a large firm.
Page 19
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