Question 1

What is business?

Accepted Answer

A)  The term business describes firms that are profitable. 
B)  Business consists of marketing products that people want. 
C)  Business consists of all profit-seeking activities that provide goods and services necessary to an economic system. 
D)  Business is defined as activities that produce the most good for society. 
A)  The term business describes firms that are profitable. 
B)  Business consists of marketing products that people want. 
C)  Business consists of all profit-seeking activities that provide goods and services necessary to an economic system. 
D)  Business is defined as activities that produce the most good for society.

Question 2

In addition to creating jobs and selling products, entrepreneurs also are a great source of ______ in the economy.

Accepted Answer

A)  wealth 
B)  innovation 
C)  knowledge 
D)  improvement 
A)  wealth 
B)  innovation 
C)  knowledge 
D)  improvement

Question 3

Which country has become a prime location for offshoring services?

Accepted Answer

A)  China 
B)  India 
C)  Bangladesh 
D)  Brazil 
A)  China 
B)  India 
C)  Bangladesh 
D)  Brazil

Question 4

How does technology support relationship management?

Accepted Answer

A)  Knowledge allows companies to lower costs for customers. 
B)  Relationships developed through technology can substitute for improvements in product quality. 
C)  Knowledge allows companies to form strategic alliances. 
D)  Knowledge most often takes the form of communication to manage relationships with customers. 
A)  Knowledge allows companies to lower costs for customers. 
B)  Relationships developed through technology can substitute for improvements in product quality. 
C)  Knowledge allows companies to form strategic alliances. 
D)  Knowledge most often takes the form of communication to manage relationships with customers.

Question 5

Not-for-profit organizations do not face any of the challenges that profit-seeking businesses do.

Accepted Answer

A) True 
 B)False

Question 6

Activities such as determining the authenticity, accuracy, and worth of information, knowledge, and arguments are part of which process?

Accepted Answer

A)  analyzing 
B)  corporate review 
C)  creativity 
D)  critical thinking 
A)  analyzing 
B)  corporate review 
C)  creativity 
D)  critical thinking

Question 7

Which era of Canadian business is called the "golden age" because it did so much to advance the Canadian business system and increased the overall standard of living?

Accepted Answer

A)  The Industrial Revolution 
B)  The Age of Industrial Entrepreneurs 
C)  The Production Era 
D)  The Marketing Era 
A)  The Industrial Revolution 
B)  The Age of Industrial Entrepreneurs 
C)  The Production Era 
D)  The Marketing Era

Question 8

How are not-for-profit organizations different from profit-seeking businesses?

Accepted Answer

A)  Not-for-profit organizations operate only in the public sector. 
B)  Profit-seeking organizations always have a surplus of funds; not-for-profit organizations always have a deficit of funds. 
C)  Not-for-profit organizations focus on goals other than generating profits. 
D)  Profit-seeking businesses do not focus on social or ethical responsibilities. 
A)  Not-for-profit organizations operate only in the public sector. 
B)  Profit-seeking organizations always have a surplus of funds; not-for-profit organizations always have a deficit of funds. 
C)  Not-for-profit organizations focus on goals other than generating profits. 
D)  Profit-seeking businesses do not focus on social or ethical responsibilities.

Question 9

Entrepreneurship is

Accepted Answer

A)  required for capital expansion. 
B)  the willingness to take risks. 
C)  not found in the private enterprise system. 
D)  one of the basic rights of the private enterprise system. 
A)  required for capital expansion. 
B)  the willingness to take risks. 
C)  not found in the private enterprise system. 
D)  one of the basic rights of the private enterprise system.

Question 10

There is a growing concern that as Baby Boomers retire the business workforce will fall short of actual needed workers.

Accepted Answer

A) True 
 B)False

Question 11

Which generation was born between the years 1982 to 2005?

Accepted Answer

A)  Baby Boom generation 
B)  Generation X 
C)  Generation Y 
D)  Echo generation 
A)  Baby Boom generation 
B)  Generation X 
C)  Generation Y 
D)  Echo generation

Question 12

Which of the following is one of the biggest costs for most firms?

Accepted Answer

A)  production equipment 
B)  office space 
C)  energy 
D)  computing infrastructure 
A)  production equipment 
B)  office space 
C)  energy 
D)  computing infrastructure

Question 13

In today's fast and ever changing business world it is important to develop novel solutions to perceived organizational problems. Which of the following best describes the term for this?

Accepted Answer

A)  thinking outside the box 
B)  brainstorming 
C)  critical thinking 
D)  creativity 
A)  thinking outside the box 
B)  brainstorming 
C)  critical thinking 
D)  creativity

Question 14

Business moved to a factory system that mass-produced items during which of the following eras?

Accepted Answer

A)  The Industrial Revolution 
B)  The Production Era 
C)  The Marketing Era 
D)  The Relationship Era 
A)  The Industrial Revolution 
B)  The Production Era 
C)  The Marketing Era 
D)  The Relationship Era

Question 15

Why is fair competition important in the private enterprise system?

Accepted Answer

A)  Fair competition allows firms to compete in the marketplace, knowing that they won't be subjected to excessively aggressive practices that are designed to eliminate them. 
B)  Fair competition requires that firms inform their competitors when prices will be reduced so that consumers will receive the lowest possible price. 
C)  Fair competition supports the goal of private property ownership. 
D)  Fair competition allows employees to choose their own employment, negotiate wages, and join labour unions. 
A)  Fair competition allows firms to compete in the marketplace, knowing that they won't be subjected to excessively aggressive practices that are designed to eliminate them. 
B)  Fair competition requires that firms inform their competitors when prices will be reduced so that consumers will receive the lowest possible price. 
C)  Fair competition supports the goal of private property ownership. 
D)  Fair competition allows employees to choose their own employment, negotiate wages, and join labour unions.

Question 16

Which of the following is not one of the several trends challenging Canadian businesses?

Accepted Answer

A)  The shrinking labour pool 
B)  Flexibility and mobility 
C)  Outsourcing and offshoring 
D)  A less diverse workforce 
A)  The shrinking labour pool 
B)  Flexibility and mobility 
C)  Outsourcing and offshoring 
D)  A less diverse workforce

Question 17

Consumer Orientation was developed during which era?

Accepted Answer

A)  The Production Era 
B)  The Marketing Era 
C)  The Relationship Era 
D)  The Colonial Period 
A)  The Production Era 
B)  The Marketing Era 
C)  The Relationship Era 
D)  The Colonial Period

Question 18

Which of the following are the critical skills needed by today's manager?

Accepted Answer

A)  vision, critical thinking, and creativity 
B)  social networking, texting, and phone skills 
C)  bilingual, leadership, and negotiation skills 
D)  mediation, evaluation, and shmoozing skills 
A)  vision, critical thinking, and creativity 
B)  social networking, texting, and phone skills 
C)  bilingual, leadership, and negotiation skills 
D)  mediation, evaluation, and shmoozing skills

Question 19

Which of the following is an external factor that requires organizational change?

Accepted Answer

A)  production problems 
B)  economic trends 
C)  labour union demands 
D)  emerging employee needs 
A)  production problems 
B)  economic trends 
C)  labour union demands 
D)  emerging employee needs

Question 20

___________ is an admired management philosophy that believes in contributing to the community and protecting natural resources.

Accepted Answer

A)  Business Ethics 
B)  Green Standards 
C)  Social Responsibility 
D)  Altruistic Citizen 
A)  Business Ethics 
B)  Green Standards 
C)  Social Responsibility 
D)  Altruistic Citizen

Exam 1: The Changing Face of Business

What is business?

In addition to creating jobs and selling products, entrepreneurs also are a great source of ______ in the economy.

Which country has become a prime location for offshoring services?

How does technology support relationship management?

Not-for-profit organizations do not face any of the challenges that profit-seeking businesses do.

Activities such as determining the authenticity, accuracy, and worth of information, knowledge, and arguments are part of which process?

Which era of Canadian business is called the "golden age" because it did so much to advance the Canadian business system and increased the overall standard of living?

How are not-for-profit organizations different from profit-seeking businesses?

Entrepreneurship is

There is a growing concern that as Baby Boomers retire the business workforce will fall short of actual needed workers.

Which generation was born between the years 1982 to 2005?

Which of the following is one of the biggest costs for most firms?

In today's fast and ever changing business world it is important to develop novel solutions to perceived organizational problems. Which of the following best describes the term for this?

Business moved to a factory system that mass-produced items during which of the following eras?

Why is fair competition important in the private enterprise system?

Which of the following is not one of the several trends challenging Canadian businesses?

Consumer Orientation was developed during which era?

Which of the following are the critical skills needed by today's manager?

Which of the following is an external factor that requires organizational change?

___________ is an admired management philosophy that believes in contributing to the community and protecting natural resources.

Business Ethics and Social Responsibility

Economic Challenges Facing Business Today

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labor Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Trends in E-Commerce

Insurance and Risk Management

Personal Financial Planning

Developing a Business Plan

Careers in Business Today

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