Introduction to Business Pre-Test Questions
Course Introduction
Introduction to Business provides a comprehensive overview of the fundamental concepts, principles, and practices that define the world of business. Students will explore core topics such as the functions of management, marketing, finance, and operations, along with the various forms of business ownership. The course examines the role of entrepreneurship, ethics, and social responsibility in todays dynamic business environment. Through case studies and real-world examples, students gain insight into how businesses are started, managed, and grown, preparing them for further study or entry-level positions in the business field.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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3207 Verified Questions
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Page 2
Chapter 1: Business Now: Change Is
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Describe the similarities and differences between "quality of life" and "standard of living."
Answer: Standard of living is the quality and quantity of goods and services available to a population, typically measured by gross national income per capita. Quality of life is the overall sense of well-being experienced by either an individual or a group. Since the goods and services a nation's citizens consume affect their well-being, the standard of living clearly affects the quality of life. But the quality of life also includes factors not directly measured by gross national income, such as political freedoms, the distribution (rather than simply the average amount) of income, environmental quality, and leisure time.
Q2) Technology can be a major threat for companies that are slow to integrate new approaches.
A)True
B)False
Answer: True
Q3) One personality trait shared by most entrepreneurs is the desire to avoid risk. A)True
B)False
Answer: False
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Page 3
Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Sample Questions
Q1) The federal government is a core stakeholder for all businesses.
A)True
B)False Answer: False
Q2) A manager advises his company that a vendor will offer the company a discount if contracts are renewed another 12 months. This is an example of an unethical business practice.
A)True
B)False Answer: False
Q3) Stakeholders have a personal interest in the performance and activities of an organization.
A)True
B)False Answer: True
Q4) It is possible for someone's actions to be completely legal yet still be unethical.
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) Everlene's Bakery competes against many other bakeries in the same city. However, each bakery uses different recipes and each claims to offer better products than their rivals. For example, Everlene's advertises that it produces the "World's Best" chocolate-chip cookies. This suggests that Everlene's market is an example of pure competition.
A)True
B)False
Answer: False
Q2) The few nations that still rely on a communist economic system have actually seen major improvements in their economic performance over the past decade.
A)True
B)False
Answer: False
Q3) The two key terms relating to the business cycle are contraction and expansion.
A)True
B)False
Answer: True
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Chapter 4: The World Market-Place: Business Without Borders
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Sample Questions
Q1) International companies must comply with international legal standards, but not the laws of their host country.
A)True
B)False
Q2) Bribery and corruption are technically legal in some countries.
A)True
B)False
Q3) How do China and India compare to Canada?
A) They have larger populations and more rapid economic growth.
B) They have higher per capita GDPs.
C) They have much larger populations, but are lagging in terms of economic growth.
D) They have very limited market potential.
Q4) Define trade surplus, trade deficit, and balance of payment surplus. Compare and contrast trade deficit and trade surplus to balance of payment deficit and balance of payment surplus, and explain the total impact on a stable economy.
Q5) Discuss the pros and cons of foreign direct investment.
Q6) Define exchange rate and explain how exchange rates can affect international trade.
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Chapter 5: Business Formation: Choosing the Form That Fits
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Sample Questions
Q1) Franchisors seldom succeed in their attempts to move into foreign markets.
A)True
B)False
Q2) As far as the law is concerned, a sole proprietorship is a legal separate entity.
A)True
B)False
Q3) Henry Hanks has a great idea for a new business-one he is sure will make a ton of money. He's eager to get started, so he wants to form his business with a minimum of hassle, expense, and red tape. He also wants to be his own boss and have complete control over the company. Henry's goals suggest that he should seriously consider operating his business as a sole proprietorship.
A)True
B)False
Q4) When the acquiring firm buys the target firm despite the opposition of the target's board and top management, the result is called an unapproved takeover.
A)True
B)False
Q5) Describe how a corporation is formed.
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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Sample Questions
Q1) What do we call firms that invest in start-up companies with high growth potential in exchange for a share of ownership?
A) commercial bankers
B) venture capitalists
C) mutual funds
D) institutional lenders
Q2) Gregor has developed an automobile engine that runs efficiently for up to three hours on a single russet potato. His friends have pointed out how difficult it will be to get car manufacturers to adopt his new technology and that it could take years to get enough service stations to stock potatoes to make it practical for people to rely on the new energy source for long trips. But Gregor is convinced he can make the Canadian economy energy independent, thus changing the world. He plans to create a new business called Spuds-to-Go to promote his new engine. What does Gregor have?
A) an external locus of control
B) strong strategic planning skills
C) vision
D) opportunity sense
Q3) Identify and describe two opportunities and two threats to small business success.
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Chapter 7: Accounting: Decision Making by the Numbers
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Sample Questions
Q1) Which ratio measures the ability to pay short-term liabilities as they come due?
A) leverage ratio
B) liquidity ratio
C) profitability ratio
D) asset management ratio
Q2) The International Accounting Standards Board is constantly modifying, clarifying, and expanding IFRS as business practices evolve and new issues arise.
A)True
B)False
Q3) For what purpose would employees be most likely to use their employer's accounting information?
A) developing their personal financial plan
B) calculating their hourly wage rate
C) evaluating the financial performance of the company and making the case for pay raises or bonuses
D) assessing dynamic marketplace conditions for employment opportunities
Q4) Wages paid to workers is an example of implicit or opportunity costs.
A)True
B)False
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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Sample Questions
Q1) Which of the following is granted by suppliers when they ship materials, parts, or goods to a firm without requiring immediate payment?
A) commercial paper
B) trade credit
C) a revolving credit agreement
D) debenture financing
Q2) Lottadoe and Bigbux are two companies that are identical in every respect except that Lottadoe uses only equity financing while Bigbux relies heavily on debt financing. Over the past year, the firms had identical net incomes before interest and taxes were taken into account. If this net income was very high, what would it mean for Bigbux?
A) Bigbux would report a higher return on equity than Lottadoe.
B) Bigbux would report a lower return on equity than Lottadoe.
C) Lottadoe would pay less in taxes than Bigbux.
D) Lottadoe would report a lower net income after taxes than Bigbux.
Q3) Retained earnings are considered a form of equity financing.
A)True
B)False
Q4) Define the two primary sources of equity financing.
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Q5) Define NPV, and describe how it is used to evaluate capital budgeting proposals.
Chapter 9: Financial Markets: Allocating Financial Resources
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Sample Questions
Q1) Describe the three basic types of securities issued by corporations.
Q2) The Dow is based on the adjusted average price of 30 stocks picked by the editors of the Wall Street Journal.
A)True
B)False
Q3) Andre is thinking about investing in ETFs. If he decides to do so, he could make the purchase by calling up his broker.
A)True
B)False
Q4) Your grandfather has just passed away, leaving everything to your grandmother. Your grandfather managed all the finances. There are bills like rent, electricity, phone, and cable that have to be paid every month. Your grandmother has asked for your assistance as she knows you are a business major. What strategy for investing would be most appropriate for your grandmother's situation?
A) value investing strategy
B) buy and hold strategy
C) investing for growth strategy
D) investing for income strategy
Q5) Describe how investors can track the performance of their investments.
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Chapter 10: Marketing: Building Profitable Customer
Connections
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) Which of the following refers to a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders?
A) intrapreneurship
B) utilization
C) marketing
D) production
Q2) Environmental scanning is the process of segmenting the market into individual responses to various products. This includes the benefits consumers seek from products and how consumers use products.
A)True
B)False
Q3) Define and describe how marketing has evolved through five eras in North America over the past 100 years.
Q4) Define and describe the differences between the customer behaviour of consumer buyers and that of business buyers.
Q5) Primary data is new data gathered and compiled by marketers for the first time. A)True B)False
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Chapter 11: Product and Promotion: Creating and Communicating Value
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335 Verified Questions
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Sample Questions
Q1) The goal of dynamically continuous product innovation is to find a way to produce a product more efficiently than competitors in order to offer it at a lower price.
A)True
B)False
Q2) Define and describe the six steps in the new product development process.
Q3) Automobile tires could be either a consumer product or a business product.
A)True
B)False
Q4) Many products combine elements of both goods and services.
A)True
B)False
Q5) A meal at a family restaurant is an example of a pure service.
A)True B)False
Q6) Paulo asked his friend Melanie to recommend a local dentist. Melanie had just seen an ad for Dr. Toothy, a local dentist, and gave Paulo the phone number. This demonstrates the power of publicity.
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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Sample Questions
Q1) Which of the following offers goods to business customers that are too small to justify in-person sales calls from wholesaler representatives?
A) cash and carry wholesalers
B) "five and dime" wholesalers
C) merchant wholesalers
D) truck jobbers
Q2) The wheel of retailing helps explain the evolution of firms that enter a market on a shoestring budget and gain customers by offering lower prices. It suggests that once a customer base is established, the retailer begins offering higher-end products, more upscale facilities, and better service.
A)True
B)False
Q3) Discuss the following forms of transport: Rail, Truck, and Plane. Compare the cost and speed of each.
Q4) Physical distribution occurs as products actually travel along the distribution pathway.
A)True
B)False
Q5) What is breakeven analysis? Describe how marketers use this tool.
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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Sample Questions
Q1) Which of the following must be specific and measurable, tied to a timeframe, and realistic but challenging in order to be effective?
A) need hierarchies
B) tactical goals
C) tactical objectives
D) strategic goals
Q2) The matrix structure encourages teamwork, flexibility, and innovative solutions.
A)True
B)False
Q3) Bob Knight, former coach at Indiana University and Texas Tech, was known for his outpouring of emotion during games. College players knew that if you played for Coach Knight, you followed his lead without question. What style of leadership did Coach Knight have?
A) free-rein leadership
B) democratic leadership
C) autocratic leadership
D) laissez-faire leadership
Q4) Describe three key theories of motivation, and explain how they would affect a manager's approach to employee motivation.
Page 15
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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Sample Questions
Q1) When it comes to performing references and background checks, which of the following may be easy to identify?
A) contributions made by the potential employee at a previous company
B) accomplishments made by the potential employee at a previous company
C) lies the candidate may have told during the job interview
D) biases the person giving the reference may have
Q2) Some employees view the human resources (HR) department as irrelevant and do not consider HR practitioners as true business leaders.
A)True
B)False
Q3) Which of the following would appeal to employees who want to have some flexibility in the choice of the benefits they receive?
A) buffet benefits
B) pick-four plans
C) cafeteria-style benefits
D) smorgasbord benefit plans
Q4) Name and briefly describe the two main steps that managers must complete when creating a human resource (HR) plan. List the six core areas that must be covered in a complete HR plan.
Page 16
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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Sample Questions
Q1) Data are facts and figures that do not become information until they are organized and presented in a way that makes them useful to the end user.
A)True
B)False
Q2) Spyware installs itself on your computer without permission and then tracks your computer behaviour.
A)True
B)False
Q3) Spam is unsolicited e-mail usually sent to very large numbers of recipients, many of whom may not have interest in the message.
A)True
B)False
Q4) Intellectual property that is protected by copyright law includes corporate logos.
A)True
B)False
Q5) Explain how companies use expert systems to solve problems.
Q6) Describe business intelligence systems and its relationship to data.
Q7) Compare and contrast intranets and extranets.
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Chapter 16: Operations Management: Putting It All Together
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Sample Questions
Q1) In project scheduling terminology, what do we call activities that must be completed before other activities can begin?
A) schematics
B) temporal priorities
C) immediate predecessors
D) critical activities
Q2) Which of the following is concerned with all of the activities involved in creating goods and services and the distribution of those goods and services to customers?
A) operations management
B) information management
C) marketing
D) management science
Q3) Robots are often used to perform tedious, dangerous, or dirty work that otherwise would be performed by reluctant employees.
A)True
B)False
Q4) Describe the purpose of enterprise resource planning (ERP) software. Discuss two advantages and two disadvantages of using ERP software.
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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Sample Questions
Q1) Jerome De Jong is the keynote speaker at his company's annual sales conference. One part of his speech will include 10 keys to success. Since all of these points deal with the same topic, Jerome should present them on the same PowerPoint slide.
A)True
B)False
Q2) Rita likes to make her e-mails friendly and fun so she embeds happy faces and hearts and other emoticons in her message. Based on these e-mail messages, what might Rita's co-workers or manager think about Rita?
A) They might think that she is silly or maybe she doesn't care about work as much as everyone else.
B) They might think that she is really fun and likes to party with her co-workers.
C) They might think that she can get the job done and likes to be friendly.
D) They might think that she is easygoing and approachable with a keen sense of business.
Q3) Texting provides a richer communication channel than telephone conversations. A)True B)False
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Page 19
Chapter 18: Labour Unions and Collective Bargaining
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Sample Questions
Q1) The union representing hourly workers at the Hillsburgh Auto Plant is gearing up for negotiations. The negotiating team is working on a list of demands. They intend to use whatever tactics are necessary to get the company to accept these demands. For its part, the management team plans to push hard to get the union to give up many of its benefits in order to cut costs. The attitudes of the two sides suggest this negotiating process will be an example of which of the following?
A) distributive bargaining
B) the jawboning method of bargaining
C) interest-based bargaining
D) binding arbitration
Q2) The fair employment section of the Canada Labour Code prohibits an employer from doing which of the following during the hiring process?
A) discriminating on grounds such as a person's race or religion
B) hiring a friend or relative for the job over others
C) offering an applicant the job while still in the interview
D) discriminating on the grounds that someone has been unemployed for a long time
Q3) What is a labour union? What are the two basic ways that unions can be organized?
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Page 20
Chapter 19: Business Law
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Sample Questions
Q1) An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.
A)True
B)False
Q2) Which of the following best describes contracts?
A) They are agreements that are enforceable in a court of law.
B) They are oral agreements that are enforceable by the government.
C) They are needed to start a business.
D) They involve forcing one party to perform his or her obligations.
Q3) In bankruptcy proceedings the first in line to receive payments is the Canada Revenue Agency.
A)True
B)False
Q4) A tort is a private wrong that results in physical or mental harm to an individual or damage to that person's property.
A)True
B)False
Q5) The same wrongful behaviour can result in both civil and criminal trials.
A)True
B)False
21
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Chapter 20: Personal Finance
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Sample Questions
Q1) When you contribute to an RRSP you reduce your taxable income.
A)True
B)False
Q2) One of the first things you can do in your effort to prepare a budget is to track and analyze a few weeks' worth of your personal financial decisions, including what you take in and what you spend, and how you use your money.
A)True
B)False
Q3) Explain the importance of building a good credit history.
Q4) Which of the following is a popular investment that also represents a share of ownership?
A) precious metals
B) common stock
C) dividends
D) comic books
Q5) The Canada Deposit Insurance Corporation (CDIC) is a Crown corporation established to maintain stability and public confidence in the nation's financial system. A)True
B)False
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