Introduction to Commerce Practice Exam
Course Introduction
Introduction to Commerce offers students a foundational understanding of the commercial world, exploring key concepts and practices that drive business activities. The course covers the nature and scope of commerce, including trade, industry, and the various services that facilitate exchange such as banking, insurance, transportation, and communication. Students learn about basic economic systems, the role of markets, business organizations, and the significance of ethical practices. Emphasis is placed on how commerce influences economic development and impacts societal welfare, providing learners with essential insights for further study in business, management, or economics.
Recommended Textbook
BUSN Introduction to Business 3rd Canadian Edition by Snow Kelly
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20 Chapters
3207 Verified Questions
3207 Flashcards
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Page 2
Chapter 1: Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) There are three key dimensions to the business environment: financial, technical, and ethical.
A)True
B)False
Answer: False
Q2) Which of the following is considered to be one of the Six Sins of Greenwashing?
A) Honesty insurance
B) Loss of revenue
C) Lesser of two evils
D) Firing employees
Answer: C
Q3) Companies use capital to produce goods and services.
A)True
B)False
Answer: True
Q4) The free-trade movement has lowered prices and increased quality across virtually every product category.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) A Transparency International study examined bribery by firms operating in foreign countries. Which of the following countries ranked as least likely to pay bribes?
A) China
B) Switzerland
C) Mexico
D) Russia Answer: B
Q2) A corporate code of ethics guarantees that employees will not participate in unethical behaviours while at work.
A)True
B)False
Answer: False
Q3) Ethical standards are established based on guidelines provided by the Canadian government.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Economics: The Framework for Business
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) The two key terms relating to the business cycle are contraction and expansion.
A)True
B)False
Answer: True
Q2) Equilibrium price is the point at which the supply curve intersects the demand curve.
A)True
B)False Answer: True
Q3) When comparing a socialist system with a capitalist system, what would be one difference of the socialist system?
A) a smaller role for the government
B) a greater incentive for entrepreneurs to start new businesses
C) more taxpayer-subsidized social programs
D) more emphasis on economic growth
Answer: C
Q4) Individuals quitting their jobs experience structural unemployment.
A)True
B)False Answer: False
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Chapter 4: The World Market-Place: Business Without Borders
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Which of the following has the highest cost and risk, but offers the most control in operating a business overseas?
A) franchising
B) licensing
C) foreign direct investment
D) outsourcing
Q2) India and the Philippines consistently attract sizeable amounts of foreign investment for services performed in the domestic market and sold internationally. What is the main reason for this foreign interest?
A) These countries have outstanding infrastructure, with world-class transportation and power-supply facilities.
B) The average income of consumers in these nations is among the highest in the world, so these markets have a lot of potential.
C) The dollar's value is higher in the Asian market than in the Canadian market.
D) These nations have large numbers of highly educated workers who are paid much less than Canadian workers.
Q3) 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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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Historically, what have been the three basic forms of business ownership in Canada?
A) full partnership, nominal partnership, and silent partnership
B) joint venture, cooperative, and holding company
C) sole proprietorship, partnership, and corporation
D) monopoly, duopoly, and oligopoly
Q2) The owner of a sole proprietorship must share any after-tax profits with the company's shareholders.
A)True
B)False
Q3) Most shareholders in large corporations take an active role in managing their companies.
A)True
B)False
Q4) To reduce risk of vulnerability to downturns in single markets, corporations would consider what type of merger?
A) a horizontal merger
B) a conglomerate merger
C) a vertical merger
D) a downward merger
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) Most entrepreneurs have a very realistic appreciation of their own strengths and weaknesses.
A)True
B)False
Q2) Describe three of the basic qualities of successful entrepreneurs. Give two specific examples of successful entrepreneurs who are currently making their mark.
Q3) One advantage of opening a franchise rather than starting a business from scratch is that start-up costs tend to be lower.
A)True
B)False
Q4) When a large company like Ford Motor Company or Citigroup downsizes, some of the middle-aged and older workers who are laid off find it tough to find another job in corporate Canada. Such workers often decide to start their own businesses. What term would best describe them?
A) necessity entrepreneurs
B) intrapreneurs
C) micropreneurs
D) welfare recipients
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Chapter 7: Accounting: Decision Making by the Numbers
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) The cash balance reported at the bottom of the statement of cash flows should equal the amount of cash reported for a balance sheet prepared at the end of the same accounting period.
A)True
B)False
Q2) Balance sheets only reflect the assets and liabilities of the cost of goods sold.
A)True
B)False
Q3) Many firms offer a comparative statement to show previous accounting periods side by side, making it possible to see how account values have changed over a period of time.
A)True
B)False
Q4) Which of the following is a fixed cost?
A) labour
B) utilities
C) raw materials supply
D) property insurance
Q5) List and describe at least three users of a firm's accounting information.
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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154 Flashcards
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Sample Questions
Q1) A factor is a company that provides long-term financing to firms by purchasing the firm's bonds and other long-term securities at a discount.
A)True
B)False
Q2) A guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement. Which of the following describes these arrangements?
A) revolving credit agreement
B) trade credit
C) short-term bank loan
D) commercial paper
Q3) The sales budget must be created after other operating budgets.
A)True
B)False
Q4) Finance is the functional area of business that is responsible for finding the best sources of funds and the best ways to use them.
A)True
B)False
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Chapter 9: Financial Markets: Allocating Financial Resources
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) What is a stock index? List and describe two well-known stock indices.
Q2) Three key types of securities issued by corporations to meet their long-term financial needs are common stock, preferred stock, and bonds.
A)True
B)False
Q3) What are dividends to common shareholders?
A) a legally required payment to the company's shareholders
B) the result of a rise in the market price of the firm's stock in the secondary market
C) a distribution of profits that are paid only if approved by the company's board of directors
D) a tax-deductible expense
Q4) Without financial markets, companies would find it difficult to obtain the financial resources needed to meet payrolls, invest in new facilities, develop new products, and compete effectively in global markets.
A)True
B)False
Q5) Discuss the appeal to investors of mutual funds and exchange traded funds.
Page 11
Q6) List and describe three basic rights of common shareholders.
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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) One benefit of achieving consumer loyalty is that consumers may be willing to forgive a company's mistakes.
A)True
B)False
Q2) There is little a firm can do to reduce the cognitive dissonance experienced by their customers.
A)True
B)False
Q3) BettaBikes has begun using a strategy known as mass customization. This means that BettaBikes produces one basic bike style that appeals to a massive customer base.
A)True
B)False
Q4) Demographics are the mix of traits that define individuals.
A)True
B)False
Q5) The Internet has shifted power from producers to consumers. A)True
B)False
Q6) Explain the global marketing mix and its impact on businesses.
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Chapter 11: Product and Promotion: Creating and Communicating Value
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335 Verified Questions
335 Flashcards
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Sample Questions
Q1) What is public relations, and how does it differ from publicity?
Q2) Which of the following is most likely to be classified as a dynamically continuous innovation?
A) the Wright Brothers' first airplane
B) M&M's pastel coloured candies
C) General Mills Frosted Cheerios
D) Apple's iPhone
Q3) Broadcast television is the most expensive media to use in reaching consumers.
A)True
B)False
Q4) In terms of total expenditures, direct mail is the number one advertising media used by companies to promote products.
A)True
B)False
Q5) Consumers combine various sources of communication into an integrated message and they become confused if the messages are not unified.
A)True
B)False
Q6) There are six key stages in the sales process. Define and describe each.
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Chapter 12: Distribution and Pricing: Right Product, Right
Person, Right Place, Right Price
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) Which of the following provides customer satisfaction by converting inputs into finished products?
A) a merchant wholesaler
B) a retailer
C) form utility
D) ownership utility
Q2) CDz, a local music and video retailer, spends $250 a month in advertising and inventory management. The business buys videos at a cost of $6.00 per unit and then sells each unit for $16.00. To break even in any one month, how many units would CDz have to sell?
A) 25 units
B) 15 units
C) 10 units
D) 5 units
Q3) The prices quoted on the menu of an upscale restaurant all end in zeros. This approach is a way the restaurant can signal to its customers that the food it serves is a real bargain.
A)True
B)False
Q4) Describe the four pricing strategies used to boost volume.
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Chapter 13: Management, Motivation, and Leadership: Bringing Business to Life
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Identify the categories of business planning and explain how they differ.
Q2) According to psychologist Douglas McGregor, what do positive management attitudes toward workers do?
A) They adversely affect worker morale.
B) They directly impact worker motivation.
C) They directly impact management careers.
D) They adversely affect management development.
Q3) Managers can often motivate workers who are seeking to fulfill self-actualization needs by assigning them challenging work that uses their skills to the fullest extent possible.
A)True
B)False
Q4) If a firm wants to be more responsive to the needs of its customers, what type of organization should it adopt?
A) centralized organization
B) controlled organization
C) departmentalized organization
D) decentralized organization
Q6) Define management hierarchy, and list the levels of responsibility. Page 15
Q5) Describe McGregor's Theory X and Theory Y assumptions about workers.
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Page 16
Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Which statement describes how the workforce environment affects female workers?
A) Recent legal changes have reduced the opportunities for women to sue when they believe they have been unfairly treated.
B) There has been a significant decline in the number of women who drop out of the labour force because of unfriendly work environments.
C) Women still face a significant amount of discrimination in both pay and promotions.
D) Given their modern lifestyles, most women tend to need more predictable, less flexible job arrangements than men.
Q2) Almost all companies now do a very careful and thorough job of checking references and backgrounds before they hire new employees.
A)True
B)False
Q3) A firm that wants to tap new ideas and fresh perspectives is likely to find an internal recruitment approach to be the best way to fill positions that come open.
A)True
B)False
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17
Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) Data are facts and figures that have been organized in a way that makes them immediately useful to decision makers.
A)True
B)False
Q2) What is the advantage of using cloud computing?
A) It is accessible to all your friends and family.
B) It stores large files without taking up valuable space on a computer's hard drive.
C) It is very secure from hackers.
D) It is very reliable.
Q3) What do we call the technique of combining the processing power of hundreds or thousands of computers to work on different elements of a problem simultaneously?
A) wide area networking
B) local area networking
C) massively parallel computing
D) randomly accessing memory
Q4) Cloud computing is another term used for surfing the Internet.
A)True
B)False
Page 18
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Chapter 16: Operations Management: Putting It All Together
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167 Flashcards
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Sample Questions
Q1) When operations managers do their job well, a firm produces the right goods and services in the right quantities-and distributes them to the right customers at the right time.
A)True
B)False
Q2) Discuss three reasons why producers might hold inventories that exceed the amount needed to satisfy current demand. Discuss three drawbacks to holding large inventories? Explain.
Q3) Computer-aided engineering (CAE) software enables users to test, analyze, and optimize their designs.
A)True
B)False
Q4) Services are activities that yield benefits but do not directly result in a physical product.
A)True
B)False
Q5) Holding larger inventories helps prevent stock outages and lost sales.
A)True
B)False
Q6) Discuss the role of operations management in business.
Page 19
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Chapter 17: Business Communication: Creating and Delivering Messages That Matter
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175 Verified Questions
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Sample Questions
Q1) At the beginning of his talk on global warming, David Suzuki suggested that the audience ask questions during the presentation. Experts suggest that it is appropriate protocol to inform the audience of your preference for taking questions during or after the presentation.
A)True
B)False
Q2) Which of the following communication channels has the lowest degree of channel richness?
A) a face-to-face meeting
B) an in-person presentation
C) a videoconference
D) e-mail
Q3) Which of the following uses state-of-the-art equipment to provide people in a variety of locations the opportunity to participate interactively in a presentation while providing a high degree of channel richness?
A) blogging
B) videoconferencing
C) e-mailing
D) instant messaging
Page 20
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Chapter 18: Labour Unions and Collective Bargaining
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Sample Questions
Q1) In interest-based collective bargaining, the two sides explore the issues in depth and work together to find mutually acceptable solutions with a goal of creating a "win-win" outcome.
A)True
B)False
Q2) Which of the following involves bringing in an outsider who attempts to help two sides of a dispute reach an agreement?
A) distributive bargaining
B) arbitration
C) mediation
D) collective bargaining
Q3) What do we call the level at which most members interact with their union?
A) a labour collective
B) a regional labour council
C) a labour cooperative
D) a local union
Q4) Distributive bargaining is the traditional adversarial approach to collective bargaining.
A)True
B)False
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Chapter 19: Business Law
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Sample Questions
Q1) In which type of contract are the terms explicitly spelled out either orally or in writing?
A) a notarized contract
B) an express contract
C) a tangible contract
D) a specified contract
Q2) A distinctive mark, symbol, word, phrase, or motto used to uniquely identify the goods of a particular business, like the Nike "swoosh," can be protected by registering it as which of the following?
A) a copyright
B) a trademark
C) a patent
D) a symbol
Q3) June has suffered from severe back problems because she slipped on some liquid detergent that Henrietta carelessly dropped. Henrietta meant to clean up the spill but got distracted and forgot to do so. June intends to sue Henrietta. If she does so, she will most likely seek to have June found liable for an intentional tort.
A)True
B)False
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22
Chapter 20: Personal Finance
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Sample Questions
Q1) A debit card allows you to make "cash-like" purchases, because your bank balance is reduced immediately each time your card is used.
A)True
B)False
Q2) Ownership of stock offers the possibility, but not the guarantee, of which two types of financial returns?
A) dividends and capital rate of return
B) capital gains and dividends
C) capital gains and interest
D) dividends and interest
Q3) When you contribute to an RRSP you reduce your taxable income.
A)True
B)False
Q4) The federal government requires mutual funds to only invest in government securities.
A)True
B)False
Q5) Evaluate three of the various options for investing to build wealth.
Q6) How can you apply the principles of budgeting to your own finances?
Page 23
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