Question 1

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Accepted Answer

A) 10% 
B) one-third 
C) one-half 
D) two-thirds 
A) 10% 
B) one-third 
C) one-half 
D) two-thirds

Question 2

Often in business,the greater the risk,the:

Accepted Answer

A) greater the potential reward. 
B) lower the expected revenues. 
C) lower the value provided to society. 
D) greater the number of stakeholders. 
A) greater the potential reward. 
B) lower the expected revenues. 
C) lower the value provided to society. 
D) greater the number of stakeholders.

Question 3

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Accepted Answer

A) True 
 B)False

Question 4

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

Accepted Answer

A) True 
 B)False

Question 5

An entrepreneur is an individual who assumes the risk of starting a business.

Accepted Answer

A) True 
 B)False

Question 6

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Accepted Answer

A) working for the government. 
B) working for a non-profit organization. 
C) working for a small business. 
D) starting a business. 
A) working for the government. 
B) working for a non-profit organization. 
C) working for a small business. 
D) starting a business.

Question 7

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Accepted Answer

A) the manufacturing sector 
B) larger farms 
C) cities 
D) the production sector 
A) the manufacturing sector 
B) larger farms 
C) cities 
D) the production sector

Question 8

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Accepted Answer

A) True 
 B)False

Question 9

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Accepted Answer

A) True 
 B)False

Question 10

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Accepted Answer

A) True 
 B)False

Question 11

Non-profit organizations:

Accepted Answer

A) last for only short periods of time as their objective is not to create profits for their owners. 
B) have a hard time hiring employees as they have no means of paying them. 
C) are run by the government. 
D) can provide an opportunity for individuals to address social issues. 
A) last for only short periods of time as their objective is not to create profits for their owners. 
B) have a hard time hiring employees as they have no means of paying them. 
C) are run by the government. 
D) can provide an opportunity for individuals to address social issues.

Question 12

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

Accepted Answer

A) True 
 B)False

Question 13

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

Question 14

145 Which of the following is the best example of a business?

Accepted Answer

A) a community college 
B) the Salvation Army 
C) the Girl Guides of Canada 
D) Wal-Mart Wal-Mart is the only one of the organizations listed which seeks to earn a profit.All of the others are nonprofit organizations. 
A) a community college 
B) the Salvation Army 
C) the Girl Guides of Canada 
D) Wal-Mart Wal-Mart is the only one of the organizations listed which seeks to earn a profit.All of the others are nonprofit organizations.

Question 15

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

Accepted Answer

A) True 
 B)False

Question 16

A(n)____________ is a person who assumes the risk of starting and managing a business.

Accepted Answer

A) manager 
B) entrepreneur 
C) government official 
D) stakeholder 
A) manager 
B) entrepreneur 
C) government official 
D) stakeholder

Question 17

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Accepted Answer

A) True 
 B)False

Question 18

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Accepted Answer

A) True 
 B)False

Question 19

Kisa is a production manager at Western Widgets,Inc.,a manufacturing corporation that sells its products worldwide.Thanks in part to Kisa's efforts,Western Widgets has dramatically improved the quality of its products.Kisa believes that the high quality of its output will give Western Widgets a competitive edge.Kisa's view is:

Accepted Answer

A) correct.Producing high quality goods is the key to success in the competitive marketplace. 
B) not wrong,but it is too limited.Consumers demand high quality goods,along with competitive prices and outstanding service. 
C) incorrect.The typical consumer is more interested in price than quality. 
D) not exactly correct.The best strategy for market success is to develop new products quickly and get them to the market before the competition,even if quality suffers a bit. 
A) correct.Producing high quality goods is the key to success in the competitive marketplace. 
B) not wrong,but it is too limited.Consumers demand high quality goods,along with competitive prices and outstanding service. 
C) incorrect.The typical consumer is more interested in price than quality. 
D) not exactly correct.The best strategy for market success is to develop new products quickly and get them to the market before the competition,even if quality suffers a bit.

Question 20

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

Accepted Answer

A) firms have been trying to weaken unions by reducing their reliance on labour. 
B) workers in Canada have become less productive and are no longer able to compete in the global economy. 
C) the rising Canadian dollar and increasing global competition. 
D) the economy has been in a prolonged recession/depression that has lasted more than a decade. 
A) firms have been trying to weaken unions by reducing their reliance on labour. 
B) workers in Canada have become less productive and are no longer able to compete in the global economy. 
C) the rising Canadian dollar and increasing global competition. 
D) the economy has been in a prolonged recession/depression that has lasted more than a decade.

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Often in business,the greater the risk,the:

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

An entrepreneur is an individual who assumes the risk of starting a business.

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Non-profit organizations:

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

145 Which of the following is the best example of a business?

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

A(n)____________ is a person who assumes the risk of starting and managing a business.

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Adapting Organizations to Todays Markets

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Understanding Employeemanagement Issues and Relations

Marketing: Building Customer and Stakeholder Relationships

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management

The Financial Services Industry in Canada

Filters

Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Often in business,the greater the risk,the:

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

An entrepreneur is an individual who assumes the risk of starting a business.

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Non-profit organizations:

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

145 Which of the following is the best example of a business?

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

A(n)____________ is a person who assumes the risk of starting and managing a business.

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Adapting Organizations to Todays Markets

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Understanding Employeemanagement Issues and Relations

Marketing: Building Customer and Stakeholder Relationships

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management

The Financial Services Industry in Canada

Filters