Deck 1: The Changing Face of Business

Question 1

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

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.

Answer 1

C

Question 2

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

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

Answer 2

C

Question 3

What is business?

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.

Answer 3

C

Question 4

The right to ________ is the most basic freedom under the private enterprise system.

A) private property
B) protection
C) freedom of speech
D) information

Question 5

Capital includes

A) money that the firm raises for expansion.
B) employees, both current and future.
C) land, building sites, and mineral deposits.
D) technology, tools, information, and physical facilities.

Question 6

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

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

Question 7

How does technology support relationship management?

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 8

Entrepreneurship is

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 9

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?

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

Question 10

The Canadian Red Cross and Toronto's Hospital for Sick Children are called

A) businesses.
B) not-for-profit organizations.
C) local philanthropic endeavours.
D) corporations.

Question 11

Which of the following inputs would not be considered a factor of production?

A) money
B) time
C) human resources
D) processes

Question 12

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

Question 13

Why is fair competition important in the private enterprise system?

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 14

Why are the four factors of production important?

A) The factors of production are regulated by the government.
B) Human resources will always be the most important factor of production.
C) Managing all four of the factors of production is critical for the successful operation of a business.
D) An economic system requires the factors of production for successful operation.

Question 15

For capitalism to operate effectively, the citizens of a private enterprise economy must have certain rights. Which of the following would not be considered part of the Private Enterprise System?

A) private property
B) profits
C) government assistance
D) competition

Question 16

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

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

Question 17

Identify the business era during which managers began to pay more attention to what consumers wanted and needed rather than simply to what the firm could produce.

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

Question 18

Consumer Orientation was developed during which era?

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

Question 19

Which of the following is a major new force in business that influences consumers' choices?

A) environmental concerns
B) health concerns
C) children's concerns
D) safety concerns

Question 20

A partnership formed to create a competitive advantage for the business involved is an example of

A) branding.
B) a strategic alliance.
C) relationship management.
D) co-marketing.

Question 21

____________ refers to the standards of conduct and moral values involving decisions made in the work environment.

A) Social Responsibility
B) Business Ethics
C) Moral Corporate Culture
D) Best Business Practices

Question 22

Which country has become a prime location for offshoring services?

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

Question 23

Many businesses now recognize the value of a partnership with employees that encourage

A) creative thinking and problem solving.
B) rewards innovation and risk taking.
C) collaboration and team efforts.
D) all of these.

Question 24

Which generation was born between the years 1965 to 1981?

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

Question 25

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

Question 26

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?

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

Question 27

Which of the following traits are needed by today's business managers?

A) vision
B) creativity and critical thinking
C) ability to lead change
D) all of these

Question 28

Which of the following is true today regarding the business workforce?

A) The workforce is adequate for business despite the aging population.
B) The workforce is less independent in nature, rather more collaborative.
C) The workforce members can expect more employer loyalty to their life-long career.
D) The workforce is less mobile and less flexible.

Question 29

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

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 30

Which of the following can enhance a firm's chance of success?

A) a diverse workforce
B) a low cost workforce
C) a technologically advanced workforce
D) a young workforce

Question 31

Outsourcing production or services near a firm's home base is referred to as

A) offshoring.
B) contracting out.
C) nearshoring.
D) offloading.

Question 32

Which country has become a prime location for offshoring production?

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

Question 33

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

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

Question 34

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

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

Question 35

Keeping pace with the rapid rate of change in today's business world is essential. Which of the following is an essential resource for this?

A) low cost workforce
B) skilled and knowledgeable workforce
C) expensive equipment
D) technological capability

Question 36

The Internet has made possible another business tool for staffing flexibility: __________, or using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.

A) outsourcing
B) nearshoring
C) offshoring
D) partnered

Question 37

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

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

Question 38

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

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

Question 39

Which company was ranked the most admired company in 2011 by Fortune magazine?

A) Coca Cola
B) Target
C) Royal Bank
D) Apple

Question 40

Which generation was born between the years 1982 to 2005?

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