Introduction to Business Pre-Test Questions
Course Introduction
Introduction to Business provides students with a broad overview of the fundamental principles and practices that govern the modern business environment. This course covers essential topics such as organizational structures, management, marketing, finance, operations, and entrepreneurship. Students will explore the role of businesses in the economy, understand ethical decision-making, and develop basic skills necessary for success in todays dynamic workplace. Through real-world case studies and interactive activities, learners will gain insights into how businesses operate, adapt, and thrive in a global context.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Page 2
Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) The ____________________ is the central banking system in Canada that controls our monetary policy.
Answer: Bank of Canada
Q2) If you were told the output of goods and services produced in Luxembourg had increased by 6 percent in 2010,you would correctly refer to this increase as which type of growth?
A) an example of recessionary growth
B) growth standardization
C) economic growth
D) nationalized growth
Answer: C
Q3) Every time Tom buys a litre of milk he gets a stamp,which he sticks on a card he carries in his wallet.When he has 10 stamps,he gets a free litre of milk.This sort of program to encourage repeat business exemplifies which of the following?
A) a developing strategic alliance
B) customer maximization
C) relationship management
D) profit maximization
Answer: C
Page 3
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Chapter 2: the Global Marketplace and Governments Roles
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) What are the benefits associated with free trade and globalization?
A) higher probability that inflation will arrest economic growth
B) prevents employers from using pay cuts to threaten employees
C) decreased per capita income
D) an open economy that spurs innovation
Answer: D
Q2) Which of the following is the reduction of a currency's value relative to another currency?
A) deregulation
B) currency levelling
C) devaluation
D) exchange depreciation
Answer: C
Q3) Romania has imports of $16.7 billion and has an unfavourable balance of trade.This means that Romania has which of the following?
A) less than $16.7 billion in exports
B) exactly $16.7 billion in exports
C) more than $16.7 billion in exports
D) low inflation
Answer: A
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Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) Human rights include an individual's right to life,to freedom,and to equality.
A)True
B)False
Answer: True
Q2) One of the indications of ethical business behaviour is which of the following?
A) how many mature workers are in the company
B) the number of rules,regulations,and guidelines provided by the company
C) how the company's senior management behaves
D) the perception of company rules by employees
Answer: C
Q3) The highest level of the corporate social responsibility pyramid is represented by which of the following?
A) philanthropic (charitable)responsibilities
B) economic responsibilities
C) responsibilities to stakeholders
D) legal responsibilities
Answer: A
Q4) The highest level on the pyramid of social responsibility is a business's ____________________ responsibilities.
Answer: philanthropic
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) How does spam pose a security threat for organizations?
Q2) How do salespeople benefit from the development of virtual private networks?
Q3) A local area network (LAN)connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers.
A)True
B)False
Q4) Which of the following BEST describes an office automation system?
A) It automates production processes,and orders and monitors inventory.
B) It is technology used by information technologists only
C) It is technology used to assist all levels of employees to complete their daily tasks.
D) It includes devices used for telecommuting only.
Q5) Which of the following type of information systems is used by both operational managers and middle managers?
A) a decision support system
B) a management information system
C) a management analytic system
D) a transaction processing system
Q6) What does the statement,"Today most of us are knowledge workers," mean?
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Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) List the three major categories of business ownership.
Q2) The sole proprietorship is considered a legal entity; therefore,it is taxed separately from the owner.
A)True
B)False
Q3) Which type of business organization experiences the least governmental regulation?
A) a limited partnership
B) a public corporation
C) a private corporation
D) a sole proprietorship
Q4) Locating a Baskins-Robbins and a Burger King franchise under the same roof is an example of tandem-franchising.
A)True
B)False
Q5) What is double taxation?
Q6) What is the first step in incorporating a company?
Q7) ____________________ occur when mergers or acquisitions are financed by large amounts of borrowed money,secured by the acquired company's assets.
Page 7
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Chapter 6: Entrepreneurship and Small Business
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Some entrepreneurs apply their creativity,vision,and risk taking within a large corporation rather than starting a company of their own.They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.What type of entrepreneur are they?
A) insourced entrepreneurs
B) intrapreneurs
C) multipreneurs
D) corporate entrepreneurs
Q2) Retail stores are the most popular category of small businesses.
A)True
B)False
Q3) The two sources for debt financing are angel investors and venture capitalists.
A)True
B)False
Q4) What is the difference between the small business owner and the entrepreneur?
A) The entrepreneur is responsible for the profits of the business.
B) The entrepreneur assumes the risk of the business.
C) The entrepreneur files taxes for the business.
D) The entrepreneur manages the business.
Q5) List the four characteristics common to all small businesses
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) What is the first step in controlling?
A) explaining the meaning of goals
B) monitoring goals
C) establishing performance standards
D) taking corrective action
Q2) Which of the following represents an organization's general purpose or reason for existence?
A) tactic
B) concept
C) mission
D) corporate culture
Q3) Which of the following statements about empowering employees is most accurate?
A) In order for empowerment to work,managers have to create an environment limiting high levels of employee participation.
B) Empowering employees limits their commitment to the organization.
C) With empowerment,managers share minimal information and responsibility with employees at all levels in the organization.
D) Empowerment gives employees a feeling of ownership in the firm.
Q4) What is the first step in the control process?
Page 9
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Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) ____________________ is the complete redesign of business structures and processes in order to improve operations.
Q2) Which of the following principles guarantees that each employee will have only one direct supervisor?
A) accountability
B) divisional unity
C) functional unity
D) unity of command
Q3) A structure in which authority and responsibility are held by a group of workers rather than a single manager is called which of the following structures?
A) subordinated
B) committee
C) matrix
D) functional
Q4) A(n)____________________ organization has a flat organizational structure.
Q5) ____________________ is the practice of giving only limited authority to lower-level managers.
Q6) What is the management pyramid?
Q7) What is another name for the matrix structure?
Page 10
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Chapter 9: Motivating Employees
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Sample Questions
Q1) Which of the following theorists was the father of scientific management?
A) Elton Mayo
B) Abraham Maslow
C) Adam Smith
D) Frederick Taylor
Q2) Job enlargement means the redesign of a job to increase its responsibility and challenge.
A)True
B)False
Q3) Frederick Taylor's scientific management emphasized which of the following concepts?
A) work efficiency
B) technology
C) policies,procedures,rules,and regulations
D) worker morale
Q4) Which motivational theory relies on feedback to identify the gap between the real and the ideal desired performance?
Q5) What are the other names for Herzberg's job satisfiers and job dissatisfiers?
Q6) What famous studies occurred during the human relations era of management?
Q7) What was the primary flaw in Frederick Taylor's scientific management?
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Chapter 10: Managing Human Resources and Labour Relations
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Sample Questions
Q1) A(n)____________________ is third party in labour negotiations who renders a binding decision.
Q2) Which of the following BEST describes collective bargaining?
A) It describes the grievance procedure in labour agreements.
B) It describes the procedure used to get an employer to settle a dispute in favour of the employees.
C) It refers to the actions taken by a group that collectively boycotts a product.
D) It is the process of negotiating labour agreements.
Q3) Which of the following would occur during on-the-job-training?
A) being coached about the operation of a new machine lathe
B) simulation
C) classroom role-play exercises
D) classroom lecture on fringe benefits
Q4) Lower-level workers,such as those who unload inventory from trucks,are usually paid in which of the following ways?
A) salaries
B) commissions
C) wages
D) piece rate
12
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Chapter 11: Achieving World-class Operations Management
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136 Verified Questions
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Sample Questions
Q1) What is the relationship between mass production and customization?
Q2) Production and operations management involves three main types of decisions that are made at three different stages.The final stage of operations management focuses on which of the following?
A) inventory control
B) improving production and operations
C) production planning
D) establishing critical paths
Q3) What is the first step in controlling production?
A) routing
B) finding suppliers
C) production planning
D) streamlining the production process
Q4) A flexible manufacturing system is a production system that can be easily changed from continuous to repetitive to intermittent.
A)True
B)False
Q5) A job shop uses an intermittent production process.
A)True
B)False
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Chapter 12: Understanding the Customer
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Sample Questions
Q1) Which of the following is the first step in the marketing research process?
A) Choose a research method.
B) Select the people who will do the research.
C) Make sure the research has adequate financial backing.
D) Define the marketing problem.
Q2) In selling telephone service,Rogers tries to gather as much information as possible about the consumer's income,buying habits,service preferences,and occupation.Rogers is using which type of decision-making information?
A) mass customization
B) psychographic data
C) marketing research
D) niche marketing
Q3) The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.
A)True
B)False
Q4) In marketing research,what are the two questions that must be asked in order to define the marketing problem?
Q5) What are the two types of data collected by marketing research?
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Chapter 13: Creating Marketing Strategies
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174 Flashcards
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Sample Questions
Q1) Which of the following is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers?
A) physical transportation
B) physical distribution
C) material handling
D) channel distribution
Q2) Product contribution refers to the production of a product for as long as the revenue from selling it exceeds the cost of producing it.
A)True
B)False
Q3) An intermediary that takes possession and title of goods is called an agent or broker.
A)True
B)False
Q4) List the elements of the promotional mix.
Q5) The ____________________ point is the point at which total costs are equal to total revenues and at which profit is zero.
Q6) Give an example of bundling.
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Chapter 14: Using Financial Information and Accounting
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Sample Questions
Q1) What is the first step in the accounting cycle?
A) Analyze the financial statements.
B) Prepare the financial statements.
C) Analyze the business transaction documents.
D) Prepare the trial balance.
Q2) Net sales is BEST described by which of the following?
A) total sales for the accounting period
B) profit after cost of goods sold is deducted
C) amount after deducting sales discount and returns and allowances from gross sales
D) profit after all expenses are paid
Q3) The ratio of net profit to total owners' equity is called which of the following?
A) return on inventory
B) return on earnings
C) return on equity
D) return on sales
Q4) ____________________ accounting focuses on preparing the financial reports used by managers and outsiders to track the firm's performance and compare it with other firms.
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) Futures contracts are best described by which of the following?
A) They are a way to buy common shares on a margin.
B) They appeal to investors because they are sure providers of retirement income.
C) They do not pay dividends.
D) They are good investments for risk-aversive investors.
Q2) A stock dividend is the distribution of a cash dividend to each person who owns shares in the company.
A)True
B)False
Q3) What is the most important function of the Bank of Canada?
Q4) ____________________ are profit-oriented financial institutions that accept deposits and make loans to consumers and businesses.
Q5) A savings account is also known as which of the following?
A) a time deposit
B) a demand deposit
C) a marketable security
D) a storage deposit
Q6) What are junk bonds?
Q7) ____________________ is bank notes and coins used as a medium of exchange. Page 17
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Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) Internal financing involves ____________________,the portion of the firm's profits that is reinvested in the business.
Q2) Payments in the form of more shares to existing shareholders are known as which of the following?
A) rights offerings
B) warrants
C) share offerings
D) share dividends
Q3) Dividends and interest payment are both tax-deductible.
A)True
B)False
Q4) The major disadvantage of debt financing is the inability to deduct interest expenses for income tax purposes.
A)True
B)False
Q5) ____________________ are an equity security for which the dividend amount is set at the time the shares are issued.
Q6) Long-term forecasts are also called ____________________ plans.
Q7) ____________________ represent sales for which the firm has not been paid.
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