Survey of Business Final Exam Questions
Course Introduction
Survey of Business provides an overview of fundamental business concepts and practices, introducing students to key areas such as management, marketing, finance, accounting, operations, and entrepreneurship. The course explores the structure and function of businesses in a global economy, examines ethical and social responsibilities, and highlights the role of technology and innovation. Through case studies and real-world examples, students gain insights into decision-making processes, business communication, and career opportunities, laying the groundwork for further study in specialized business disciplines.
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BUSN 2nd Canadian Edition by Marce Kelly
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21 Chapters
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Page 2
Chapter 1: Business
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Sample Questions
Q1) Sal Garmin's business offers computer support to local not-for-profit organizations.If he is like most entrepreneurs,Sal's primary goal is to create wealth for his community.
A)True
B)False
Answer: False
Q2) Changes in natural resources are the main reason some traditional career choices have become dead ends.
A)True
B)False
Answer: False
Q3) Entrepreneurs participate in which of the following business environments?
A)capital, economic, and competitive environments
B)competitive, economic, and social environments
C)economic, competitive, technological, social, and global environments
D)human resources, competitive, and social environments
Answer: C
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Chapter 2: Business Communication: Creating and Delivering Messages That Matter
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Sample Questions
Q1) What is slang?
A)the format a speaker uses to deliver his or her message
B)the equipment and technology for in-person presentations
C)language used by specific groups and not universally spoken
D)a way to communicate using multiple channels
Answer: C
Q2) When Canadian businesses expand internationally,cultural barriers pose challenges in new markets.
A)True
B)False
Answer: True
Q3) Videoconferencing is a good channel for communicating complex information to many people in geographically distant locations.
A)True
B)False
Answer: True
Q4) Effective listening is the passive part of the communication process.
A)True
B)False
Answer: False
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Chapter 3: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Sample Questions
Q1) Pat has noticed some of his company's sales representatives behaving in an unethical manner toward the customers.He intends to report this ethical lapse through his company's anonymous ethics hotline.If he does so,what will he be called?
A)a ringleader
B)a whistleblower
C)a scab
D)a bellringer
Answer: B
Q2) What is the role of the CEO in setting the ethical tone for a company?
A)to punish any unethical behaviour from any employee
B)to behave ethically at all times
C)to make sure that the written code of ethics is enforced throughout the organization
D)to establish high ethical standards, clearly communicate these standards, and demonstrate a strong personal commitment to them
Answer: D
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Chapter 4: Economics: the Framework for Business
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Sample Questions
Q1) The price paid for goods and services will rise when the quantity demanded exceeds quantity supplied.
A)True
B)False
Q2) The complexity of the economy makes economic forecasting an inexact process.
A)True
B)False
Q3) Natasha is very unhappy with conditions in her country.She has very little economic or political freedom.Virtually all productive enterprises are owned by the government,and they seem to be run very inefficiently.The result is frequent shortages and surpluses of goods and services.These conditions suggest that Natasha's country relies on what type of economic system?
A)monopolistic
B)communist
C)socialist
D)capitalist
Q4) To measure productivity,multiply the number of inputs by the cost of each input.
A)True
B)False
Q5) Define the four degrees of competition.Include at least one example for each.
Page 6
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Chapter 5: Business Formation: Choosing the Form That Fits
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Q1) Which of the following is a key advantage of a sole proprietorship?
A)The owner has limited liability for the debts for this type of business.
B)It is easy and inexpensive to form this type of business.
C)The business has a perpetual life.
D)It is very easy to raise financial capital for this type of business.
Q2) A merger is a corporate restructuring that occurs when one firm,called the acquiring firm,buys another firm,called the target firm.
A)True
B)False
Q3) What type of merger is the combination of two or more firms in unrelated industries?
A)a conglomerate merger
B)a horizontal merger
C)a vertical merger
D)an upward merger
Q4) Fly By Knight and Air Pockets are two mid-sized regional airlines that serve much the same territory.If these two airlines merged,the result would be a horizontal merger.
A)True
B)False
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Chapter 6: Small Business and Entrepreneurship: Economic
Rocket Fuel
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Sample Questions
Q1) How does small business impact the Canadian economy?
Q2) Research suggests that fewer than 25% of all teenagers and young adults plan to start their own business.
A)True
B)False
Q3) Successful entrepreneurs are seldom visionaries.Instead,their strength is the ability to take the abstract ideas of others and turn them into successful businesses.
A)True
B)False
Q4) Most entrepreneurs have a very realistic appreciation of their own strengths and weaknesses.
A)True
B)False
Q5) More than 50% of small businesses don't survive beyond their first year.
A)True
B)False
Q6) Every small business owner starts out as an entrepreneur.
A)True
B)False
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Chapter 7: Accounting: Decision Making by the Numbers
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Sample Questions
Q1) Private and public accountants do the same type of work but have different qualifications.
A)True
B)False
Q2) Which type of accounting addresses the needs of external stakeholders,including shareholders,creditors,and government regulators?
A)forensic accounting
B)managerial accounting
C)investigative accounting
D)financial accounting
Q3) Samantha is an accounting major who has been disturbed by all of the recent accounting scandals.She has decided to dedicate her career to catching those involved in embezzlement,securities fraud,money laundering,and other white collar crimes.To achieve this,what type of training should Samantha seek?
A)certified bookkeeper
B)transactional accountant
C)Canada Revenue Agency analyst
D)forensic accountant
Q4) Discuss the duties and responsibilities of several types of accountants.
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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Sample Questions
Q1) Which of the following are short-term,very safe,and highly liquid assets firms include in the cash holdings they report on their balance sheet?
A)cash options
B)cash equivalents
C)marketable derivatives
D)intangible assets
Q2) Which of the following in its narrowest sense consists of a firm's holdings of currency and demand deposits?
A)net working capital
B)cash
C)near money
D)commercial paper
Q3) What is a pro forma statement? Describe the two major types of pro forma statements,and explain the role they play in financial planning.
Q4) Commercial paper is usually issued at a discount,meaning that it is initially sold at a lower price than the company will pay the holder when the paper comes due.
A)True
B)False
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Chapter 9: Securities Markets : Trading Financial Resources
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Sample Questions
Q1) Owners of common stock have ownership rights that include voting rights and rights to residual claims on assets.
A)True
B)False
Q2) Cybil likes to buy the stocks of relatively small new companies with innovative products in a rapidly expanding sector of the economy.She believes the values of many of these stocks will rise significantly over time.Cybil's approach is an example of the market timing strategy.
A)True
B)False
Q3) An investment banker's main responsibilities are to help firms work out the financial details of issuing new securities before a public offering.The investment banker's responsibilities are usually completed prior to the date on which the offer is actually carried out.
A)True
B)False
Q4) Preferred shareholders are guaranteed to receive a dividend every quarter.
A)True
B)False
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Chapter 10: Marketing: Building Profitable Customer
Connections
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Sample Questions
Q1) Explain the steps a business leader takes when developing a marketing strategy.
Q2) Define customer relationship management.Identify and explain how it impacts the consumer.
Q3) The Internet has shifted power from producers to consumers.
A)True
B)False
Q4) The ability of firms to take advantage of mass customization and just-in-time inventory methods demonstrates the importance of which of the following types of elements in a firm's marketing mix?
A)economic
B)technological
C)promotion
D)distribution
Q5) Market share is a key indicator of the conditions in a firm's competitive marketing environment.
A)True
B)False
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Q6) Define the benefits and drawbacks to primary and secondary data.Give examples of each in your answer.
Chapter 11: Part 1: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) For a business to thrive long-term,effective new product development is vital. A)True
B)False
Q2) Today's smartest and most profitable firms have learned that the key to their success is to provide the highest possible level of performance in their products.
A)True
B)False
Q3) In a highly competitive market,the best packaging strategy usually consists of emulating the packaging of a successful competitor.
A)True
B)False
Q4) In order to successfully promote its products,a firm must be able to tightly control all of the promotional messages a consumer sees or hears about its products.
A)True
B)False
Q5) Extensive product lines are always a better strategy than smaller product lines.
A)True
B)False
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Chapter 11: Part 2: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) There are six key stages in the sales process.Define and describe each.
Q2) Which of the following statements about translating big ideas across cultures is most accurate?
A)Each country is so unique that a successful big idea in one country is almost always a failure in other countries.
B)Big ideas are so basic and meaningful that they almost always can be used in a variety of cultures without significant changes.
C)Big ideas are a meaningful promotional concept only in Western nations, but within those nations they tend to translate very easily.
D)While some big ideas are easy to translate into another culture, others require significant retooling to be effective.
Q3) Which of the following offer immediate price reductions to consumers?
A)coupons
B)samples
C)rebates
D)premiums
Q4) What is missionary selling,and how is it used today?
Q5) Define and describe the six steps in the new product development process.
Page 14
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Chapter 12: Distribution and Pricing: Right Product, right
Person, right Place, right Price
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Q1) Profits may be increased either by increasing revenue or by decreasing costs.
A)True
B)False
Q2) Variable costs for a pizza parlour would include the cost of the insurance,rent,and property taxes.
A)True
B)False
Q3) Every-day-low pricing is a pricing strategy that is consistent with a goal of achieving long-term profitability through high volume.
A)True
B)False
Q4) Describe and compare the role of retailers and wholesalers in a distribution channel.
Q5) Physical distribution strategy is primarily concerned with determining when the product will flow from producer to consumer.
A)True
B)False
Q6) What is breakeven analysis? Describe how marketers use this tool.
Q7) 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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Sample Questions
Q1) First-line managers often need a high degree of technical skills in order to hire,train,and evaluate workers.
A)True
B)False
Q2) Which of the following means breaking workers into logical groups?
A)rightsizing
B)departmentalization
C)organizing
D)decentralizing
Q3) In centralized companies,top management does which of the following?
A)It relies on middle management to actively participate in making decisions.
B)It makes all of the important decisions.
C)It delegates all but the most crucial decisions to employees throughout the organization.
D)It delegates a significant amount of decision-making authority to first-line management.
Q4) Planning for unexpected events is called tactical planning.
A)True
B)False
Q5) What does SWOT stand for? Explain the purpose of SWOT analysis.
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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Sample Questions
Q1) The structured interview process is an interviewing approach that involves developing a list of questions beforehand and asking the same questions in the same order to each candidate.
A)True
B)False
Q2) In which type of employment interviews are all candidates asked to respond to the same questions in the same order,with the goal to improve the employer's ability to compare candidates and predict their performance?
A)closed ended interviews
B)structured interviews
C)pure scripted interviews
D)communal interviews
Q3) Apprenticeships are training programs in which newly hired managers rotate jobs,serving for short periods of time in each of several management positions in order to get a good feel for all of the functional areas of the business.
A)True
B)False
Q4) Define human resource management,and explain how it supports corporate goals.
Q5) Explain the importance of human resources to business success.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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Sample Questions
Q1) Documents stored on the World Wide Web are written and linked together using which of the following?
A)HTML
B)HYPP
C)HPPS
D)URL1
Q2) According to Facebook's policies,the company that produces a product has the right to its own page on Facebook even if someone has established a page first.
A)True
B)False
Q3) B2B e-commerce consists of markets where businesses buy from and sell to other businesses.
A)True
B)False
Q4) Describe three ways companies and individuals can protect themselves from adware,spyware,and viruses.
Q5) Application software is the software that helps users perform desired tasks.
A)True
B)False
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Chapter 16: Operations Management: Putting It All Together
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Q1) The bars on a Gantt chart indicate which of the following?
A)progress toward completing an activity
B)cost as a percentage of budget
C)quality relative to competitors
D)level of demand
Q2) The Critical Path Method may illustrate several different paths that must be completed in order to complete the entire project.
A)True
B)False
Q3) Computer-aided engineering (CAE)software enables users to test,analyze,and optimize their designs.
A)True
B)False
Q4) What does outsourcing allow firms to do?
A)shed functions the firm doesn't perform well in order to focus on its strengths
B)gain more control over the firm's supply chain
C)practise vertical integration
D)set up shop in any country in the world
Q5) Explain the movement toward lean production.
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Chapter 17: The World Marketplace: Business Without Borders
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Q1) Suppose the value of the Canadian dollar strengthened considerably against the euro.Who would be most likely to benefit from this result?
A)European tourists travelling in Canada
B)Canadian manufacturers trying to expand their exports to European markets
C)European firms operating production facilities in Canada
D)European firms exporting goods to Canada
Q2) Which of the following best describes how the economies of China and India compare to that of Canada?
A)They are more developed but growing more slowly.
B)They are less developed but growing more rapidly.
C)They are less developed and growing more slowly.
D)They are more developed and growing more rapidly.
Q3) While technology and the workforce evolve,comparative advantage will remain constant.
A)True
B)False
Q4) Describe how sociocultural differences can become barriers to international trade and how these differences can be addressed to avoid a negative impact on global business.
20
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Chapter 18: Labour-Management Relations
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Q1) Which of the following is an employment arrangement in which a company may hire nonunion workers,but all workers represented by the union must become union members within a specified time period to keep their jobs?
A)closed union
B)industrial shop
C)union shop
D)open shop
Q2) Which of the following about union membership in recent years is true?
A)It has been growing rapidly in both the private and public (government) sector.
B)It has been growing in many areas of the public sector but declining in most parts of the private sector.
C)It has been declining at a rapid rate in both the public and private sectors.
D)It has been declining in the public sector but growing strongly in the private sector.
Q3) What is a labour union? What are the two basic ways that unions can be organized?
Q4) Explain the types of topics discussed in a collective bargaining process.
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Chapter 19: Business Law
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Sample Questions
Q1) Common law generally considers minors as lacking the legal capacity to enter into most types of binding contractual agreements.
A)True
B)False
Q2) Compensatory damages refer to monetary payments a party who breaches a contract is ordered to pay in order to compensate the injured party for the actual harm suffered due to the breach of the contract.
A)True
B)False
Q3) When contracts don't spell out the conditions that determine when exactly the title to goods changes hands,they aren't binding agreements between the buyer and the seller.
A)True B)False
Q4) Tim Tuttle acts as a principal for his firm when he makes sales calls to secure contracts for the testing services that his firm provides.
A)True
B)False
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Chapter 20: Personal Finance
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Sample Questions
Q1) Which of the following is an example of an individual retirement plan?
A)RESP
B)RRSP
C)traditional IRA
D)a vesting plan
Q2) Credit history is the study of financial markets and their impact on interest rates.
A)True
B)False
Q3) Studies have shown that individuals with a university education earn an average salary when they reach the age of 40 that is how much higher than they would have received with only a high school education?
A)31%
B)51%
C)86%
D)91%
Q4) A debit card allows you to make purchases and then defer the payment into the future.
A)True
B)False
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