Question 1

Business-to-business (B2B)transactions far exceed B2C (business-to-consumer)transactions in dollar value.

Accepted Answer

A) True 
 B)False

Question 2

How would a cell phone manufacturer most effectively determine the market price of a new line of cell phones?

Accepted Answer

A)  Put several of the new phones on sale at a watch store and see which sells most quickly. 
B)  Arrange to sell the phones in a number of diverse auctions. 
C)  Set the price of one phone higher than another and see which sells the most quickly. 
D)  Survey potential customers and retailers on what they think the price should be. 
E)  Ask executives from competing companies about what they think the price should be. 
A)  Put several of the new phones on sale at a watch store and see which sells most quickly. 
B)  Arrange to sell the phones in a number of diverse auctions. 
C)  Set the price of one phone higher than another and see which sells the most quickly. 
D)  Survey potential customers and retailers on what they think the price should be. 
E)  Ask executives from competing companies about what they think the price should be.

Question 3

The Scientific Management Movement can be best characterized by the phrase

Accepted Answer

A)  "quality is job 1." 
B)  "empowerment to employees." 
C)  the "one best way." 
D)  "progress through technology." 
E)  "cooperation between management and union." 
A)  "quality is job 1." 
B)  "empowerment to employees." 
C)  the "one best way." 
D)  "progress through technology." 
E)  "cooperation between management and union."

Question 4

Private enterprise requires the presence of four elements: (1)private property rights,(2)freedom of choice,(3)competition,and (4)no government control.

Accepted Answer

A) True 
 B)False

Question 5

The earliest business activity in Canada involved trapping.

Accepted Answer

A) True 
 B)False

Question 6

The Canada Consumer Product Safety Act applies not only to manufacturers,but also to retailers.

Accepted Answer

A) True 
 B)False

Question 7

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Accepted Answer

Businesses are organizations that provid

Question 8

Nutrition labelling and claims are intended to provide consumers with information to aid them in the selection of a healthy diet aimed at reducing risk of premature illness and death due to diet-related chronic diseases.Insufficient labelling is violation of which act?

Accepted Answer

A)  Food and Drug Act 
B)  Weights and Measures Act 
C)  Advertising and Packaging Act 
D)  Textile Labeling Act 
E)  Consumer Protection Act 
A)  Food and Drug Act 
B)  Weights and Measures Act 
C)  Advertising and Packaging Act 
D)  Textile Labeling Act 
E)  Consumer Protection Act

Question 9

What is the difference between a command economy and a market economy?

Accepted Answer

A)  A command economy is found only in communist countries,while a market economy is found only in capitalist countries. 
B)  A command economy is more efficient than a market economy. 
C)  A market economy gives greater "life satisfaction" to people. 
D)  A command economy relies on centralized government control of the factors of production,while in a market economy supply and demand determine production and allocation decisions. 
E)  There really are no significant differences between a command economy and a market economy. 
A)  A command economy is found only in communist countries,while a market economy is found only in capitalist countries. 
B)  A command economy is more efficient than a market economy. 
C)  A market economy gives greater "life satisfaction" to people. 
D)  A command economy relies on centralized government control of the factors of production,while in a market economy supply and demand determine production and allocation decisions. 
E)  There really are no significant differences between a command economy and a market economy.

Question 10

John lives in a country where producers and consumers control production,and allocation decisions are made through the mechanism of supply and demand.John lives in a country with a _________ economy.

Accepted Answer

A)  privatized 
B)  socialist 
C)  communist 
D)  market 
E)  it is not possible to tell with the information given 
A)  privatized 
B)  socialist 
C)  communist 
D)  market 
E)  it is not possible to tell with the information given

Question 11

Which best completes the following sentence? During the production era

Accepted Answer

A)  the factory system brought together in one place all the materials and workers required to produce items in large quantities. 
B)  great emphasis was placed upon satisfying the customer. 
C)  the improved production output resulting from assembly lines was obtained by increasing worker freedom. 
D)  the presence of big firms aided individuals who wished to go into business for themselves. 
E)  Henry Ford introduced the first moving assembly line which brought automobile parts to the worker. 
A)  the factory system brought together in one place all the materials and workers required to produce items in large quantities. 
B)  great emphasis was placed upon satisfying the customer. 
C)  the improved production output resulting from assembly lines was obtained by increasing worker freedom. 
D)  the presence of big firms aided individuals who wished to go into business for themselves. 
E)  Henry Ford introduced the first moving assembly line which brought automobile parts to the worker.

Question 12

Stan lives in a country where all the factors of production are owned by the government.The economic system in his country is

Accepted Answer

A)  communism. 
B)  capitalism. 
C)  mixed market. 
D)  socialism. 
E)  not possible to tell with the information provided. 
A)  communism. 
B)  capitalism. 
C)  mixed market. 
D)  socialism. 
E)  not possible to tell with the information provided.

Question 13

Executives at Kelsey Corp.are arguing about whether or not they should increase prices for the company's products by 15-20 percent.Which of the following could be used as an argument to increase prices?

Accepted Answer

A)  Substitutes for Kelsey's products are available in the market. 
B)  The price of materials consumed along with widgets has gone up. 
C)  Demand for Kelsey's products is increasing. 
D)  Competitors have announced that they intend to keep prices at current levels. 
E)  Planned relaxation of import restrictions will cause foreign competitors to enter the market. 
A)  Substitutes for Kelsey's products are available in the market. 
B)  The price of materials consumed along with widgets has gone up. 
C)  Demand for Kelsey's products is increasing. 
D)  Competitors have announced that they intend to keep prices at current levels. 
E)  Planned relaxation of import restrictions will cause foreign competitors to enter the market.

Question 14

What is the difference between capitalism and socialism?

Accepted Answer

- capitalism: an economic system in whic

Question 15

Which factor of production is Imperial Oil trying to increase when it spends large sums of money in an attempt to find new oil fields?

Accepted Answer

A)  Information 
B)  Entrepreneurship 
C)  Labour 
D)  Capital 
E)  Natural resources 
A)  Information 
B)  Entrepreneurship 
C)  Labour 
D)  Capital 
E)  Natural resources

Question 16

Which one of the following organizations is a non-profit organization?

Accepted Answer

A)  General Motors of Canada 
B)  Research in Motion 
C)  The Canadian Forces 
D)  Air Canada 
E)  Saskatchewan Potash Corporation 
A)  General Motors of Canada 
B)  Research in Motion 
C)  The Canadian Forces 
D)  Air Canada 
E)  Saskatchewan Potash Corporation

Question 17

Ian,the owner of 5-for-1 Pizza,has noticed that when he increases the price of his pizzas by $2.00,the number of pizzas that he sells drops by 30 percent.Ian has discovered

Accepted Answer

A)  the law of supply and demand. 
B)  the supply curve. 
C)  the demand curve. 
D)  the law of supply. 
E)  the law of demand. 
A)  the law of supply and demand. 
B)  the supply curve. 
C)  the demand curve. 
D)  the law of supply. 
E)  the law of demand.

Question 18

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following points out a flaw in the sales manager's reasoning?

Accepted Answer

A)  Information about the company's expenses is necessary to tell whether it is profitable. 
B)  TransCanada may have actually lost money the previous year. 
C)  Most of the company's employees are relatively new. 
D)  Sometimes sales revenue does not contribute toward profitability. 
E)  TransCanada's competitors are having financial problems. 
A)  Information about the company's expenses is necessary to tell whether it is profitable. 
B)  TransCanada may have actually lost money the previous year. 
C)  Most of the company's employees are relatively new. 
D)  Sometimes sales revenue does not contribute toward profitability. 
E)  TransCanada's competitors are having financial problems.

Question 19

All of the following are true about the Industrial Revolution except

Accepted Answer

A)  it led to the development of the factory system. 
B)  it enabled mass production. 
C)  it led to wide use of semi-skilled employees. 
D)  it discouraged specialization of labour. 
E)  it led to the decline of cottage industries. 
A)  it led to the development of the factory system. 
B)  it enabled mass production. 
C)  it led to wide use of semi-skilled employees. 
D)  it discouraged specialization of labour. 
E)  it led to the decline of cottage industries.

Question 20

What is a business?

Accepted Answer

A business is an org

Business-to-business (B2B)transactions far exceed B2C (business-to-consumer)transactions in dollar value.

How would a cell phone manufacturer most effectively determine the market price of a new line of cell phones?

The Scientific Management Movement can be best characterized by the phrase

Private enterprise requires the presence of four elements: (1)private property rights,(2)freedom of choice,(3)competition,and (4)no government control.

The earliest business activity in Canada involved trapping.

The Canada Consumer Product Safety Act applies not only to manufacturers,but also to retailers.

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Nutrition labelling and claims are intended to provide consumers with information to aid them in the selection of a healthy diet aimed at reducing risk of premature illness and death due to diet-related chronic diseases.Insufficient labelling is violation of which act?

What is the difference between a command economy and a market economy?

John lives in a country where producers and consumers control production,and allocation decisions are made through the mechanism of supply and demand.John lives in a country with a _________ economy.

Which best completes the following sentence? During the production era

Stan lives in a country where all the factors of production are owned by the government.The economic system in his country is

Executives at Kelsey Corp.are arguing about whether or not they should increase prices for the company's products by 15-20 percent.Which of the following could be used as an argument to increase prices?

What is the difference between capitalism and socialism?

Which factor of production is Imperial Oil trying to increase when it spends large sums of money in an attempt to find new oil fields?

Which one of the following organizations is a non-profit organization?

Ian,the owner of 5-for-1 Pizza,has noticed that when he increases the price of his pizzas by $2.00,the number of pizzas that he sells drops by 30 percent.Ian has discovered

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following points out a flaw in the sales manager's reasoning?

All of the following are true about the Industrial Revolution except

What is a business?

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Exam 1: Understanding the Canadian Business System

Business-to-business (B2B)transactions far exceed B2C (business-to-consumer)transactions in dollar value.

How would a cell phone manufacturer most effectively determine the market price of a new line of cell phones?

The Scientific Management Movement can be best characterized by the phrase

Private enterprise requires the presence of four elements: (1)private property rights,(2)freedom of choice,(3)competition,and (4)no government control.

The earliest business activity in Canada involved trapping.

The Canada Consumer Product Safety Act applies not only to manufacturers,but also to retailers.

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Nutrition labelling and claims are intended to provide consumers with information to aid them in the selection of a healthy diet aimed at reducing risk of premature illness and death due to diet-related chronic diseases.Insufficient labelling is violation of which act?

What is the difference between a command economy and a market economy?

John lives in a country where producers and consumers control production,and allocation decisions are made through the mechanism of supply and demand.John lives in a country with a _________ economy.

Which best completes the following sentence? During the production era

Stan lives in a country where all the factors of production are owned by the government.The economic system in his country is

Executives at Kelsey Corp.are arguing about whether or not they should increase prices for the company's products by 15-20 percent.Which of the following could be used as an argument to increase prices?

What is the difference between capitalism and socialism?

Which factor of production is Imperial Oil trying to increase when it spends large sums of money in an attempt to find new oil fields?

Which one of the following organizations is a non-profit organization?

Ian,the owner of 5-for-1 Pizza,has noticed that when he increases the price of his pizzas by $2.00,the number of pizzas that he sells drops by 30 percent.Ian has discovered

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following points out a flaw in the sales manager's reasoning?

All of the following are true about the Industrial Revolution except

What is a business?

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters