Question 1

Identify four broad Functions of Management and explain ways each can be carried out.

Accepted Answer

If marked out of Answer:, Answer: of the marks would be for naming the management functions, Answer: marks would be for reasonable explaining them and Answer: of the marks would be for describing ways in which they can be carried out.

Question 2

Equipment or materials you already own and will use in your business, are considered to be part of your investment in the business.

Accepted Answer

A) True 
 B)False  True

Question 3

Logistics is about:

Accepted Answer

A) logical decision making processes. 
B) assessing the feasibility of any given business venture. 
C) planning, procurement, transportation and storage. 
D) a logical series of quality control procedures. 
A) logical decision making processes. 
B) assessing the feasibility of any given business venture. 
C) planning, procurement, transportation and storage. 
D) a logical series of quality control procedures. C

Question 4

Ergonomics is about selecting equipment that:

Accepted Answer

A) is comfortable. 
B) that is visually pleasing. 
C) that reduces eye, joint and muscle strain. 
D) none of the above. 
A) is comfortable. 
B) that is visually pleasing. 
C) that reduces eye, joint and muscle strain. 
D) none of the above.

Question 5

The traditional assembly line is an example of:

Accepted Answer

A) process set-up. 
B) product set-up. 
C) free-low layout 
D) service set up. 
A) process set-up. 
B) product set-up. 
C) free-low layout 
D) service set up.

Question 6

In Canada, a business can be incorporated through:

Accepted Answer

A) the federal government. 
B) a provincial government 
C) the federal or a provincial government. 
D) the federal, a provincial or a municipal government. 
A) the federal government. 
B) a provincial government 
C) the federal or a provincial government. 
D) the federal, a provincial or a municipal government.

Question 7

Cash that a sole proprietor takes out of the business for his/her personal use is called:

Accepted Answer

A) dividends. 
B) benefits. 
C) drawings. 
D) personal incentive. 
A) dividends. 
B) benefits. 
C) drawings. 
D) personal incentive.

Question 8

Which of the following techniques involves a Bar Graph?

Accepted Answer

A) flow chart. 
B) Gantt chart. 
C) PERT.chart. 
D) sequential list. 
A) flow chart. 
B) Gantt chart. 
C) PERT.chart. 
D) sequential list.

Question 9

Financial transactions are recorded in a chart of accounts.

Accepted Answer

A) True 
 B)False

Question 10

The credit requirements for leasing equipment:

Accepted Answer

A) are about the same as for purchasing the equipment. 
B) are more stringent than for purchasing the equipment. 
C) are much less than for purchasing the equipment. 
D) There are no credit requirements for leasing equipment. 
A) are about the same as for purchasing the equipment. 
B) are more stringent than for purchasing the equipment. 
C) are much less than for purchasing the equipment. 
D) There are no credit requirements for leasing equipment.

Question 11

"Bookkeeping" and "accounting" are interchangeable terms.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not a management "tip" offered by the text?

Accepted Answer

A) punish swiftly. 
B) measure behaviour. 
C) take responsibility for employee well-being. 
D) reward improvement. 
A) punish swiftly. 
B) measure behaviour. 
C) take responsibility for employee well-being. 
D) reward improvement.

Question 13

Customer files are typically maintained with database software.

Accepted Answer

A) True 
 B)False

Question 14

The Canadian Federation of Independent Business is a lobby group.

Accepted Answer

A) True 
 B)False

Question 15

A corporation may be registered with either the Federal Government or a
Provincial Government.

Accepted Answer

A) True 
 B)False

Question 16

It is generally best for a small business to pay an accountant to perform the day-to-day bookkeeping chores.

Accepted Answer

A) True 
 B)False

Question 17

According to the text, the first step in setting up an accounting system is to prepare a "chart of accounts."

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is a major consideration when setting up an office?

Accepted Answer

A) personal work habits. 
B) visitors. 
C) ergonomics. 
D) All are major concerns. 
A) personal work habits. 
B) visitors. 
C) ergonomics. 
D) All are major concerns.

Question 19

The purpose of a purchasing system is to:

Accepted Answer

A) avoid running out of inventory or supplies. 
B) reduce inventory costs. 
C) both of the above. 
D) none of the above. 
A) avoid running out of inventory or supplies. 
B) reduce inventory costs. 
C) both of the above. 
D) none of the above.

Question 20

Identify the major ways in which small businesses are involved with government and explain why these can be a source of frustration to the business owner.

Accepted Answer

Half of the marks should be assigned for

Identify four broad Functions of Management and explain ways each can be carried out.

Equipment or materials you already own and will use in your business, are considered to be part of your investment in the business.

Logistics is about:

Ergonomics is about selecting equipment that:

The traditional assembly line is an example of:

In Canada, a business can be incorporated through:

Cash that a sole proprietor takes out of the business for his/her personal use is called:

Which of the following techniques involves a Bar Graph?

Financial transactions are recorded in a chart of accounts.

The credit requirements for leasing equipment:

"Bookkeeping" and "accounting" are interchangeable terms.

Which of the following is not a management "tip" offered by the text?

Customer files are typically maintained with database software.

The Canadian Federation of Independent Business is a lobby group.

A corporation may be registered with either the Federal Government or a Provincial Government.

It is generally best for a small business to pay an accountant to perform the day-to-day bookkeeping chores.

According to the text, the first step in setting up an accounting system is to prepare a "chart of accounts."

Which of the following is a major consideration when setting up an office?

The purpose of a purchasing system is to:

Identify the major ways in which small businesses are involved with government and explain why these can be a source of frustration to the business owner.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 4: Operations: How Will I Organize the Work

Identify four broad Functions of Management and explain ways each can be carried out.

Equipment or materials you already own and will use in your business, are considered to be part of your investment in the business.

Logistics is about:

Ergonomics is about selecting equipment that:

The traditional assembly line is an example of:

In Canada, a business can be incorporated through:

Cash that a sole proprietor takes out of the business for his/her personal use is called:

Which of the following techniques involves a Bar Graph?

Financial transactions are recorded in a chart of accounts.

The credit requirements for leasing equipment:

"Bookkeeping" and "accounting" are interchangeable terms.

Which of the following is not a management "tip" offered by the text?

Customer files are typically maintained with database software.

The Canadian Federation of Independent Business is a lobby group.

A corporation may be registered with either the Federal Government or a Provincial Government.

It is generally best for a small business to pay an accountant to perform the day-to-day bookkeeping chores.

According to the text, the first step in setting up an accounting system is to prepare a "chart of accounts."

Which of the following is a major consideration when setting up an office?

The purpose of a purchasing system is to:

Identify the major ways in which small businesses are involved with government and explain why these can be a source of frustration to the business owner.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters