Introduction to Commerce Final Exam
Course Introduction
Introduction to Commerce offers students a foundational understanding of commercial activities and their significance in the modern economy. The course covers essential topics such as trade, business structures, banking, finance, insurance, and the roles of various institutions in facilitating commerce. By exploring both domestic and international perspectives, students gain insights into the basic principles governing buying, selling, production, and distribution of goods and services. Emphasis is also placed on the evolution of commerce, e-commerce trends, and ethical considerations in business transactions, equipping learners with the knowledge and skills necessary for further studies and future careers in business and commerce.
Recommended Textbook
Business Eighth Canadian Edition by Ricky W.
Griffin
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Chapter 1: Understanding the Canadian Business System
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Sample Questions
Q1) Profit is
A) the market value of shares of stock in a company.
B) the level of expenses divided by the firm's assets.
C) what remains after business expenses are subtracted from business revenues.
D) gross revenue minus taxes a company pays.
E) gross sales minus taxes a company pays.
Answer: C
Q2) Boeing,a manufacturer of large commercial aircraft,raises its prices by 9 percent.Airbus,another manufacturer of large commercial aircraft,follows with an increase of 9.5 percent.Each of these companies is practicing a type of pricing strategy characteristic of
A) controlled competition.
B) monopolistic competition.
C) an oligopoly.
D) perfect competition.
E) a monopoly.
Answer: C
Q3) Describe the four degrees of competition that can exist in a private enterprise system.
Answer: Perfect competition,monopolistic competition,oligopoly,and monopoly.
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Chapter 2: Understanding the Environments of Business
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Sample Questions
Q1) Generally speaking,fiscal policy is more effective than monetary policy.
A)True
B)False
Answer: False
Q2) A ________ balance of trade results when a country imports more than it exports.
A) nominal
B) depressed
C) positive
D) negative
E) beneficial
Answer: D
Q3) Unemployment is the level of joblessness among
A) people over the age of 18 within a given economic system.
B) people who have been previously employed in an economic system.
C) people who have the skills for employment within an economic system.
D) people over the age of 18 and under the age of 65 in a given economic system.
E) people actively seeking work in an economic system.
Answer: E
Q4) What is the national debt?
Answer: The national debt is the amount of money a country owes its creditors.
Page 4
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Chapter 3: Conducting Business Ethically and Responsibly
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Q1) Xanex Corp.will respond to requests for donations from certain charitable organizations,but it will not seek them out.This is an example of a defensive stance toward social responsibility.
A)True
B)False
Answer: False
Q2) In the past,"gentlemen's agreements" were often used to avoid competition or to divide up a market so that firms did not have to truly compete against each other.Which consumer right is being violated when companies block competition?
A) Right to be heard
B) Right to choose
C) Right of consumers
D) Right to safety
E) Right to competition
Answer: B
Q3) What are carbon credits?
Answer: Carbon credits,when purchased by companies,essentially give them the right to pollute the atmosphere.The money that is collected is then used to help fund clean-air projects in developing countries.
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Page 5
Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
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Sample Questions
Q1) A business is normally at its riskiest point during the ________ phase.
A) preliminary
B) growth
C) start-up
D) maturity
E) conception
Q2) Over the past two decades,the growth in the number of male entrepreneurs has exceed that of female entrepreneurs.
A)True
B)False
Q3) In the Business Register,a goods-producing business is "small" if it has fewer than 100 employees,while a service-producing business is "small" if it has fewer than 50 employees.
A)True
B)False
Q4) Planning does not have to be complete before action is taken.
A)True
B)False
Q5) How does franchising work?
Q6) What factors in the broader environment influence the entrepreneurial process? Page 6
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Page 7
Chapter 5: The Global Context of Business
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Sample Questions
Q1) If there is a favourable balance of payments,it means that
A) a country exports manufactured goods and imports raw materials.
B) a country imports more than it exports for each country with which it trades.
C) a country exports more than it imports for each country with which it trades.
D) the country has more money flowing into it than out as a result of trade and other transactions.
E) a country exports raw materials and imports manufactured goods.
Q2) Levi Strauss has an organization in a foreign country who has agreed to sell its products,to collect payments from the buyers,and to make sure that the buyers are satisfied.The organization is not part of Levi Strauss and may represent several non-competing firms at the same time.The organizational structure that Levi Strauss has selected is called
A) strategic alliance.
B) independent agent.
C) branch office.
D) licensing agreement.
E) direct investment.
Q3) What are the advantages of forming a strategic alliance?
Q4) Define the term protectionism.
Q5) What is a cartel?
Page 8
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Chapter 6: Managing the Business Enterprise
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Sample Questions
Q1) Over the years,the PC and printing divisions at Hewlett-Packard have sometimes been combined and sometimes been separate.These changes illustrate the organizing function of management.
A)True
B)False
Q2) Contingency planning and crisis management are different only in terms of the magnitude of the problem the company faces (i.e.,crisis management deals with problems of larger magnitude).
A)True
B)False
Q3) Which of the following would be included under the definition of a manager?
A) President of IBM
B) Prime Minister of Canada
C) Head of the business department at a local college
D) Shipping dock foreman
E) All of these would be included
Q4) The textbook describes five different key functional areas which managers work in.Identify and briefly describe each of the five.
Q5) What are the purposes of having a strong corporate culture?
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Chapter 8: Managing Human Resources
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Sample Questions
Q1) Like many other companies,Supreme Inc.has experienced reduced sales revenues during the last few years.But the company has not laid any workers off,and turnover is not high.The CEO thinks that this lack of disruption in the company's workforce is a positive sign,but the human resources director says that employees are too focused on maintaining their job,and they are not enthusiastically pursuing the company's goals.Which of the following would support the human resource director's feeling that the workforce is not engaged in their work?
A) Human resource polls involving hundreds of companies show that only one-third of all employees are really engaged in their work.
B) Supreme's vision statement says that every employee must be committed to the company's goals.
C) There are few opportunities at Supreme for current employees to move into new,higher level jobs.
D) Supreme offers only voluntary training programs to prepare workers for job advancement.
E) Peformance appraisals are conducted only once each year.
Q2) Explain the procedures to deal effectively with potential sexual harassment.
Q3) What is a cafeteria-style benefits plan?
Q4) What are the two types of sexual harassment?
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Chapter 9: Understanding Labourmanagement Relations
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Sample Questions
Q1) The power of unions comes from collective (group)action.
A)True
B)False
Q2) As a result of the recession of 2008-2009,unions are now taking a much more adversarial stance in their relations with management.
A)True
B)False
Q3) Discuss the difficult issues that face unions in Canada.
Q4) What term is used to describe the on-going process involving both the drafting and the administering of the terms of a labour contract?
A) Certification
B) Bargaining unit
C) Collective bargaining
D) Mediation
E) Decertification
Q5) Describe the different types of unions: craft union,industrial union,local union,national union,international union,and independent local union.
Q6) List the four options available to unions if contract negotiations break down.
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Chapter 10: Motivating and Leading Employees
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Q1) Discuss the classical theory of motivation and identify the book that is considered the primer on the theory.
Q2) Scott manages a software development group.He has asked two of his subordinates to accompany him and a prospective new employee to lunch.He wants their opinions but he will make the final decision.Scott is using the ________ management style.
A) contingency
B) reinforcement
C) autocratic
D) free-rein
E) democratic
Q3) Harry believes that the best way to change behaviour is to apply unpleasant consequences when workers don't behave properly.Harry is using ______.
A) punishment
B) omission
C) positive reinforcement
D) negative reinforcement
E) none of these
Q4) List and briefly discuss the "big five" personality traits.
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Chapter 11: Producing Goods and Services
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Sample Questions
Q1) The type of utility provided by convenience stores such as 7-Eleven and Circle K is A) price utility.
B) form utility.
C) product utility.
D) ownership utility.
E) place utility.
Q2) In businesses like restaurants or supermarkets,the business is sized to meet a level of
A) normal demand.
B) low demand.
C) peak demand.
D) average demand.
E) high demand.
Q3) Identify the three qualities that distinguish services from goods.
Q4) Soo works on the "bacon line" in a meat-packing plant.She is involved in an analytic production process.
A)True
B)False
Q5) What is a flexible manufacturing system?
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Chapter 12: Increasing Productivity and Quality
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Sample Questions
Q1) External failures in quality/cost studies focus on costs incurred during the actual production process.
A)True
B)False
Q2) The ISO 14000 certification program certifies for A) quality improvement programs.
B) improvements in environmental performance.
C) government contracts.
D) access to advanced quality control techniques.
E) networking.
Q3) Maytag is able to get premium prices for its appliances because they are perceived as offering more advanced features and longer life than competing brands.Maytag's products demonstrate A) quality control.
B) quality reliability.
C) quality ownership.
D) quality assurance.
E) performance quality.
Q4) What is a control chart?
Q5) What is continuous improvement?
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Chapter 13: Managing Information Systems and Communication Technology
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Sample Questions
Q1) Computer-aided manufacturing (CAM)is used to design manufacturing facilities,while computer-aided design assists in designing the products that are produced in the manufacturing facility.
A)True
B)False
Q2) Mel says that developments in information technology have had a huge impact in communication and in access to data.Marla agrees that information is important,but thinks that how it is used is even more important,and she cites the dramatic developments in online selling as an example.What is Mel assuming?
A) Every business now uses information technology for communications and the gathering of information.
B) Very few businesses sell products online.
C) More information is available now than was available before the information technology revolution.
D) Consumers prefer to buy from businesses that use the latest information technology.
E) Selling online is relatively unimportant to most businesses.
Q3) What is an executive support system?
Q4) What is the difference between data and information?
Page 15
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Chapter 14: Understanding Accounting Issues
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Sample Questions
Q1) Short-term solvency ratios are used to measure the profitability of a business firm. A)True
B)False
Q2) Realm Company has fixed assets of $4 billion,current assets of $1.7 billion,long-term liabilities of $2 billion,and current liabilities of $0.34 billion.What is Realm's current ratio? A) 2
5.88
6.33
Q3) Government agencies would be most interested in the output of ___________ accountants,while company salespeople would be most interested in the output of ______________ accountants.
A) public; private
B) private; public
C) managerial; financial
D) financial; managerial
E) financial; financial
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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Sample Questions
Q1) What are the four principal elements of marketing which managers rely on in planning and implementing marketing strategies?
Q2) The value of a product,service,or idea to a consumer is based on the formula "benefits divided by costs."
A)True
B)False
Q3) Market research is the study of what buyers need and how best to meet those needs.
A)True
B)False
Q4) Hostess Frito-Lay,the maker of Doritos,spent a year studying how to best reach its target market (teenagers).The researchers hung around shopping malls,schools,and fast-food outlets to watch teens.This is an example of primary data gathering.
A)True
B)False
Q5) Explain how international promotion is different from domestic promotion.
Q6) What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?
Page 17
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Chapter 16: Developing and Promoting Goods and Services
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Sample Questions
Q1) Mega Computers is using direct mail to send 10-percent-off coupons to its list of potential customers.This is an example of a ________ strategy.
A) pull
B) product
C) position
D) push
E) place
Q2) Black & Decker makes toasters,vacuum cleaners,electric drills,and a variety of appliances and tools.This is Black & Decker's A) product blend.
B) product offering.
C) product mix.
D) product line.
E) multiple product lines.
Q3) Spending on television advertising in Canada in 2010 totaled about $7 billion.
A)True
B)False
Q4) What steps are included in the personal selling process for a creative selling task? Explain what occurs during each step.
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Chapter 17: Pricing and Distributing Goods and Services
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Sample Questions
Q1) Costs that are unaffected by the quantity of a product that is produced or sold are
A) variable costs.
B) on-going costs.
C) selling costs.
D) fixed costs.
E) product costs.
Q2) LivePerson.com,a provider of real-time sales and customer service for over 3000 websites,is an example of interactive marketing.
A)True
B)False
Q3) Sara Jane is selling posters at the sale price of $12.00,and the markup percent is 35%.What is the dollar amount of the markup?
A) $7.80
B) $4.20
C) $7.75
D) $3.50
E) none of these
Q4) What is a markup?
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Chapter 18: Understanding Money and Banking
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Sample
Questions
Q1) When a bank makes your monthly bill payments and manages your investment portfolio,this is known as
A) a trust service.
B) a smart card.
C) an ABM.
D) a direct deposit.
E) a point-of-sale transfer.
Q2) Banks are now making a larger proportion of their profits from fees than they formerly did,and this is blurring the traditional boundary between banks and securities firms.
A)True
B)False
Q3) When the Bank of Canada buys government securities,this reduces the money supply because the government has spent some of its money and therefore has less to spend.
A)True
B)False
Q4) A chartered bank is a privately owned,profit-seeking business firm.
A)True
B)False
Page 20
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Chapter 19: Understanding Securities and Investments
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Sample Questions
Q1) What is a market index? Identify and describe the major market indices in Canada and the United States.
Q2) Jan owns a mutual fund that invests in new companies and even troubled companies and other high-risk securities.Jan's mutual fund is emphasizing A) aggressive growth. B) stability.
C) high current income.
D) growth.
E) safety.
Q3) Differentiate between odd and round lots.
Q4) Selling prices in the commodities market reflect traders' beliefs about the future prices of commodities such as coffee beans,livestock,and gold.
A)True
B)False
Q5) If the market value of a stock falls to approximately the book value,investor interest in buying the stock generally increases. A)True B)False
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Chapter 20: Financial Decisions and Risk Management
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Sample Questions
Q1) Which of the following is the method most commonly used to transfer risks?
A) surety bonds
B) fidelity bonds
C) premiums
D) contracts
E) insurance
Q2) Laura is analyzing several investment possibilities.She finds that some options have a good chance of a payback (but the paybacks are small),while other options have a not-so-good chance of payback (but the payback is large).She has discovered the
A) cash flow trade-off.
B) cash flow decision.
C) risk-return relationship.
D) safety factor.
E) risk principle.
Q3) Equity financing is obtained by borrowing funds from the corporation's shareholders.
A)True
B)False
Q4) What is the risk-return relationship?
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