Introduction to Business Practice Exam
Course Introduction
Introduction to Business provides students with a comprehensive overview of the fundamental concepts, practices, and functions within the contemporary business environment. The course explores key areas such as management, marketing, finance, human resources, entrepreneurship, and operations, emphasizing the roles these functions play in achieving organizational objectives. Through case studies and real-world examples, students will gain insight into the decision-making processes of both small businesses and large corporations, understand the impact of globalization and technology, and develop critical thinking and communication skills essential for success in the business world.
Recommended Textbook
Business Eighth Canadian Edition by
Ricky W. Griffin
Available Study Resources on Quizplus
19 Chapters
4123 Verified Questions
4123 Flashcards
Source URL: https://quizplus.com/study-set/3794
Page 2
Chapter 1: Understanding the Canadian Business System
Available Study Resources on Quizplus for this Chatper
213 Verified Questions
213 Flashcards
Source URL: https://quizplus.com/quiz/75738
Sample Questions
Q1) Briefly describe the concept of laissez-faire.
Answer: The concept of laissez-faire refers to the idea that the government should not interfere in the economy.
Q2) "Embrace the opportunities and accept the risks" is a phrase that best characterizes the __________ attitude.
A) entrepreneurial
B) capitalist
C) communist
D) socialist
E) mixed market
Answer: A
Q3) The private enterprise system guarantees a profit for each business firm if it provides the right goods and services to consumers.
A)True
B)False
Answer: False
Q4) What does the supply curve reflect?
Answer: The supply curve shows how much of a product will be supplied at different prices.
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Understanding the Environments of Business
Available Study Resources on Quizplus for this Chatper
225 Verified Questions
225 Flashcards
Source URL: https://quizplus.com/quiz/75739
Sample Questions
Q1) The ________ is a measure of the prices of a typical "basket of products" purchased by consumers.
A) consumer price index
B) national debt
C) balance of trade
D) gross national product
E) real GDP
Answer: A
Q2) Which of the following is correct regarding purchasing power parity?
A) It gives us a better idea of what people can actually buy with the financial resources they have.
B) It reflects the principle that exchange rates are set so that prices of similar products in different countries are unequal.
C) It does not really give a good sense of the standards of living around the world.
D) It reflects the principle that capitalism is a better system than communism.
E) None of these statements are accurate.
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Conducting Business Ethically and Responsibly
Available Study Resources on Quizplus for this Chatper
237 Verified Questions
237 Flashcards
Source URL: https://quizplus.com/quiz/75740
Sample Questions
Q1) List two ways that a company can formalize top management commitment to ethical business practices.
Answer: Companies can formalize their commitment to ethical business practices through adopting written codes of ethics and ethics training programs.
Q2) If a politician sits on a board that grants money to companies,and that executive owns a company that is applying for a grant from the board,he or she is most likely facing a(n)
A) ethical dilemma.
B) utility norm.
C) illegal situation.
D) conflict of interest.
E) justice norm.
Answer: D
Q3) The most conservative approach to social responsibility for a firm is the accommodative stance.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
Available Study Resources on Quizplus for this Chatper
221 Verified Questions
221 Flashcards
Source URL: https://quizplus.com/quiz/75741
Sample Questions
Q1) Robert wants to start a new business.At this point,he needs to ask himself all of the following questions except
A) What is my competitive advantage?
B) How much will the customer buy?
C) What legal form should the business take?
D) What value is created or added to for the customer?
E) What is the marketability of this idea?
Q2) The Business Development Bank of Canada has a mandate to help develop small and medium-sized Canadian businesses.
A)True
B)False
Q3) Entrepreneurship is defined as an individual's willingness to take advantage of business opportunities and to assume the risks of establishing and operating a business.
A)True
B)False
Q4) Luck is a significant factor in the success of some small businesses.
A)True
B)False
Q5) Describe the characteristics of an entrepreneur.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: The Global Context of Business
Available Study Resources on Quizplus for this Chatper
213 Verified Questions
213 Flashcards
Source URL: https://quizplus.com/quiz/75742
Sample Questions
Q1) Local-content laws cannot exist within a single country.
A)True
B)False
Q2) Mega Computers has decided to expand operations overseas.In order to give foreign customers a sense of security,Mega has chosen to send several of its own managers and technicians to the country as part of the start-up operations.In addition,this will give Mega more control over making sure that top quality service is given to the new customers.Mega has chosen the organizational strategy known as A) independent agent.
B) strategic alliance.
C) direct investment.
D) branch office.
E) licensing arrangement.
Q3) On Transparency International's "Corruption Perceptions Index," the least corrupt countries are Denmark,New Zealand,and Singapore.
A)True
B)False
Q4) What is a cartel?
Q5) What is foreign direct investment?
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Managing the Business Enterprise
Available Study Resources on Quizplus for this Chatper
252 Verified Questions
252 Flashcards
Source URL: https://quizplus.com/quiz/75743
Sample Questions
Q1) Mega Computer has a goal of reducing its manufacturing costs by 15 percent over the next three years.Each of the manufacturing managers has been given tasks to reach this goal.In this case the goal
A) helps assess performance.
B) provides direction.
C) helps allocate resources.
D) helps make decisions.
E) defines corporate culture.
Q2) What is contingency planning?
Q3) The ________ managers are responsible for planning and overseeing the firm's accounting function and publication of the annual report.
A) marketing
B) financial
C) operations
D) human resources
E) information
Q4) Describe five of the different corporate-level strategies that a company might pursue.
Q5) Identify the four leading causes of wasted time in the workplace.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 8: Managing Human Resources
Available Study Resources on Quizplus for this Chatper
228 Verified Questions
228 Flashcards
Source URL: https://quizplus.com/quiz/75744
Sample Questions
Q1) Job analysis is a detailed study of a job to determine the specific duties and the human qualities required to perform that job.
A)True
B)False
Q2) After a very successful year when the firm exceeded targeted earnings levels by 10 percent,the CEO of Bain Industries decided to give each employee extra pay equal to 10 percent of what they earned for the year.Bain is using a plan called
A) merit salary.
B) pay-for-knowledge.
C) profit-sharing.
D) gain-sharing.
E) pay-for-performance.
Q3) The first step for a new employee is to enter a training program.
A)True
B)False
Q4) What are the two documents that result from job analysis?
Q5) List three forms of performance-based compensation.
Q6) What is vestibule training?
Q7) What are the two types of sexual harassment?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 9: Understanding Labourmanagement Relations
Available Study Resources on Quizplus for this Chatper
163 Verified Questions
163 Flashcards
Source URL: https://quizplus.com/quiz/75745
Sample Questions
Q1) Ken Rogers is a plumber.Ken has been part of a union with other plumber members for over 25 years.Ken belongs to a(n)________ union.
A) national
B) international
C) industrial
D) public sector
E) craft
Q2) Currently,less than 20 percent of the total Canadian workforce is unionized.
A)True
B)False
Q3) What is a workplace called in which an employer may hire only workers already belonging to a union?
A) Management shop
B) Open shop
C) Agency shop
D) Union shop
E) Closed shop
Q4) List the two factors that help to explain the decline in union membership.
Q5) What is a labour union? Why is it formed and what purpose does it serve?
Q6) Identify five of the provisions of the Ontario Labour Relations Act.
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Motivating and Leading Employees
Available Study Resources on Quizplus for this Chatper
261 Verified Questions
261 Flashcards
Source URL: https://quizplus.com/quiz/75746
Sample Questions
Q1) The Hawthorne researchers concluded that productivity rose in response to almost any management action that workers interpreted as special attention.
A)True
B)False
Q2) Transformational leadership involves managing change.
A)True
B)False
Q3) Which statement is correct regarding charismatic leadership?
A) Charismatic leadership ideas are unpopular among contemporary managers.
B) Many studies have examined the impact of charismatic leadership.
C) Ethical concerns about charismatic leadership trouble some people.
D) Taking over a leadership role from a charismatic leader is typically easier than following a leader lacking in charisma.
E) All of these.
Q4) Expectancy theory assumes that workers do not do much thinking about what motivates them; rather,they are driven by basic needs.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 11: Producing Goods and Services
Available Study Resources on Quizplus for this Chatper
201 Verified Questions
201 Flashcards
Source URL: https://quizplus.com/quiz/75747
Sample Questions
Q1) The quality of a product that satisfies a human need during its consumption is known as
A) ownership utility.
B) place utility.
C) need utility.
D) form utility.
E) time utility.
Q2) Place utility refers to the location where a product is made.
A)True
B)False
Q3) Meredith's car needs a tune-up so she has taken it to her favourite mechanic for repair.This type of service system is a ________ system.
A) low-interaction
B) passive
C) high-interaction
D) low-contact
E) high-contact
Q4) Identify and explain the techniques of classifying production processes by the type of transformation technology used.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 12: Increasing Productivity and Quality
Available Study Resources on Quizplus for this Chatper
175 Verified Questions
175 Flashcards
Source URL: https://quizplus.com/quiz/75748
Sample Questions
Q1) George is developing information about the amount of variation in the production of electronic components.He is doing
A) a value-added analysis.
B) benchmarking.
C) a quality study.
D) a process capability study.
E) a specification study.
Q2) External failures in quality/cost studies focus on costs incurred during the actual production process.
A)True
B)False
Q3) Quality/cost studies show what a firm's current costs are,and also reveal
A) areas that have the biggest cost-savings potential.
B) the limits of acceptable and unacceptable quality in production of a good or service.
C) how much quality will have to be achieved in order to meet consumer expectations.
D) how motivated employees are to build quality into products.
E) the level of quality that is currently being achieved.
Q4) Describe the tools for quality management and outline how they can be used.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Managing Information Systems and Communication Technology
Available Study Resources on Quizplus for this Chatper
197 Verified Questions
197 Flashcards
Source URL: https://quizplus.com/quiz/75749
Sample Questions
Q1) Melanie wants to make sure that the privacy of the employees of her company is not invaded,and she wants her employees to be highly productive as well.To achieve these goals,she is most likely to use
A) a firewall.
B) encryption software.
C) anti-spyware software.
D) a spam filter.
E) anti-virus software.
Q2) At present,IS applications are generally limited to technically focussed operations like processing payroll data,simulating new engineering designs,and compiling advertising expenditures.
A)True
B)False
Q3) Charlene wants to ensure that company emails are not diverted to unintended recipients.She should use encryption software to achieve this goal.
A)True
B)False
Q4) What is groupware?
Page 14
Q5) What does the term information technology refer to?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Understanding Accounting Issues
Available Study Resources on Quizplus for this Chatper
212 Verified Questions
212 Flashcards
Source URL: https://quizplus.com/quiz/75750
Sample Questions
Q1) David is an accountant who calls attention to problems and helps managers carry out the planning,decision making,and controlling functions.David is involved in ______ accounting.
A) budgeting
B) financial
C) auditing
D) managerial
E) generally accepted accounting principles
Q2) Leverage measures the ability of the firm to pay bills as they come due.
A)True
B)False
Q3) What factor explains the difference between operating income and net income?
A) The cost of goods sold
B) Line of credit expenses
C) Income taxes paid
D) Goodwill
E) Reinvested profits
Q4) What is a statement of cash flows?
Q5) Define the term current assets as found on a balance sheet.
Q6) What is the difference between financial and managerial accounting?
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Understanding Marketing Processes and Consumer Behaviour
Available Study Resources on Quizplus for this Chatper
227 Verified Questions
227 Flashcards
Source URL: https://quizplus.com/quiz/75751
Sample Questions
Q1) When Reader's Digest identified and classified its readers into young adults,computer owners,and professionals/managers,it was performing
A) prospect identification.
B) potential customer categorizing.
C) customer identification.
D) homogeneous segmenting.
E) market segmentation.
Q2) When is market research used most frequently?
A) When a new or altered product is being considered
B) When a product is out of stock
C) When the promotional campaign is first under way
D) When the product is fully stocked in each of the distribution centres
E) When determining the reason for a product's failure
Q3) A camera is a "pure" good,while investment advice is a "pure" service.
A)True B)False
Q4) Identify and briefly describe the 4 Ps of marketing.
Q5) Information seeking is the first stage in the consumer buying process.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 16: Developing and Promoting Goods and Services
Available Study Resources on Quizplus for this Chatper
241 Verified Questions
241 Flashcards
Source URL: https://quizplus.com/quiz/75752
Sample Questions
Q1) The most expensive promotional tool on a cost-per-contact basis is
A) personal selling.
B) direct mail.
C) television.
D) radio.
E) magazines.
Q2) What is prospecting?
Q3) The combination of television,radio,magazines,etc.that a company uses to promote its products and services is called the promotional mix.
A)True
B)False
Q4) The average Canadian sees about 3000 marketing messages every day.
A)True
B)False
Q5) Product "features" refer to both the tangible and intangible qualities of a product. A)True
B)False
Q6) Brand loyalty is measured in three stages.Describe each of these stages.
Q7) What are the two general values to be gained from any promotional campaign?
Page 17
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Pricing and Distributing Goods and Services
Available Study Resources on Quizplus for this Chatper
232 Verified Questions
232 Flashcards
Source URL: https://quizplus.com/quiz/75753
Sample Questions
Q1) Price lining is a tactic used mostly for new products; it requires that prices be set high in order to cover product development and introduction costs.
A)True
B)False
Q2) In a normal workday,Jerry marks prices,sets up display racks,and displays products in one retail outlet,then moves on to another outlet to check inventories and shelve products.Jerry is a(n)
A) retail assistant
B) rack jobber
C) full-function wholesaler
D) agent
E) broker
Q3) The amount added to a product's cost to meet profit targets is usually expressed as a percentage of
A) selling price.
B) selling costs.
C) component costs.
D) total costs.
E) wholesale price.
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 18: Understanding Money and Banking
Available Study Resources on Quizplus for this Chatper
207 Verified Questions
207 Flashcards
Source URL: https://quizplus.com/quiz/75754
Sample Questions
Q1) Investment dealers are the primary distributors of new stock and bond issues.
A)True
B)False
Q2) The main purpose of the Bank of Canada is to
A) set prime interest rates.
B) assist in the merger of troubled banks with healthier institutions.
C) bail out banks like the Northland and CCB.
D) deregulate the banking industry.
E) control the nation's money supply.
Q3) What is the World Bank?
Q4) The five largest Schedule A banks account for about 90% of total bank assets in Canada.
A)True
B)False
Q5) When the Bank of Canada wants to increase the money supply,it
A) raises the reserve requirement.
B) sells government securities.
C) buys government securities.
D) increase the bank rate.
E) allows more credit cards to be produced.
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 19: Understanding Securities and Investments
Available Study Resources on Quizplus for this Chatper
190 Verified Questions
190 Flashcards
Source URL: https://quizplus.com/quiz/75755
Sample Questions
Q1) Which of the following are aspects of a short sale by an investor?
A) The investor must return the stock to the broker at some point.
B) It means borrowing stock from a broker.
C) Money is not required up front.
D) The investor hopes the price of the stock will fall.
E) All of these are aspects.
Q2) Buying and selling existing stock is accomplished through a business firm with a seat on a stock exchange.
A)True
B)False
Q3) A prospectus is a statement filed by the issuing company before the issuance of a new security that contains detailed information about the company and the proposed new issue.
A)True
B)False
Q4) What are stock options? Describe the two types of options available to investors.
Q5) Bond prices usually move in the same direction as interest rates.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 20: Financial Decisions and Risk Management
Available Study Resources on Quizplus for this Chatper
228 Verified Questions
228 Flashcards
Source URL: https://quizplus.com/quiz/75756
Sample Questions
Q1) Paying dividends is more expensive than paying bond interest because interest paid to bondholders is tax deductible,but dividends paid to shareholders are not.
A)True
B)False
Q2) Which of the following represents the overall objective of financial managers?
A) To ensure that the company has enough funds on hand to purchase materials needed to produce goods and services
B) To ensure that the company has enough money to pay for its debts
C) To increase the supply of money for the economy
D) To increase the value of the firm and thus to increase shareholder wealth
E) To manage the firm's cash flow
Q3) The Gap has t-shirts boxed and ready to ship to retailers.These goods make up part of the ________ inventory.
A) accounts receivable
B) sales
C) sales-in-process
D) credit
E) finished goods
Q4) What is a line of credit?
To view all questions and flashcards with answers, click on the resource link above. Page 21