Practice Exam

The rate at which new technologies have been adopted has been influenced by:

evolving needs/desires of consumers

EQ is a measure of technical aptitude and social intelligence

False

All of the following statements about becoming futureproof are true, EXCEPT:

it will become unnecessary to understand routine tasks

All of the following are important considerations about international business, EXCEPT:

employers value graduates with a local mindset

Sustainability considers:

a reduction of the negative impacts on the environment

Automation and algorithms have reduced the requirement for advisors to use their professional judgement to make the best decisions for their clients.

False

All of the following support the increased rate of technological change, EXCEPT:

retailers finding ways to reduce service to customers

An example of intrapreneurship includes:

a designer at Apple launching a new gadget to compete with Google's brand of smart glasses

In a global business environment, a small business needs to worry about all of the following, EXCEPT:

the lack of opportunities on the world stage

Which of the following activities represents an ethical consideration for an organization?

Ensuring quality working conditions with the suppliers a company is associated with.

Participating in the global market requires a business to set up a location in another part of the world.

False

Multinational corporations manufacture and market their products in many different countries, even without a physical presence.

False

The US is Canada's top trading partner

True

Governments in Canada have privatized services they have traditionally offered:

to promote competition in the marketplace

Which of the following strategies to enter global markets has the most amount of commitment, control, and risk?

foreign direct investment

What is an example of a Canadian crown corporation?

a new business owned by the government

A small business typically employs up to 250 employees.

False

In a licensing agreement, who pays the marketing costs for the product?

licensee

If a Swiss chocolate producer purchases a Canadian ice cream manufacturer, the Canadian ice cream manufacturer becomes a:

foreign subsidiary

The nation of Otaku reported a favourable balance of trade even though it imported $5 billion in goods. This indicates that Otaku:

exported more than $5 billion of goods

A company can abide with Canada's Anti-Spam Legislation through the following activities, EXCEPT:

ensuring electronic communications are sent from outside Canada

In scanning the business environment, a look at the social environment includes all of the following, EXCEPT:

CPI

Deregulation is the removal of laws and regulations to allow for more competition.

True

The bank of canada...

manages money supply and interest rates

In Canada, municipal governments are set up by the federal government to oversee issues that impact cities, towns, and districts.

false

A SWOT analysis for Aluminum Co. identified how potential competitors would struggle to launch operations in their specialized metal-processing industry. This represents a(n) _________ to Aluminium Co.

strength

The Bank of Canada may choose to lower interest rates to:

boost a weak economy

The automation of assembly lines and use of computer aided manufacturing have increased efficiencies and operating costs.

false

Which of the following is an example of a federal government responsibility?

immigration

When a firm makes use of SWOT analysis, one of its objectives is to:

identify the things it does well and the things it needs to improve

TBL or sustainability reports are designed to:

portray how a company is being responsible

Informing external stakeholders about your code of conduct and values could increase pressures to act unethically.

False

Ethics are...

guiding principles

Which of the following describes someone who reports illegal or unethical behaviour?

whistleblower

A(n) __________ code of conduct sets guiding values and stresses shared accountability for employees to do the right thing.

integrity-based

All of the following are examples of how you can make a code of conduct meaningful, EXCEPT:

disclosing ethical standards with internal stakeholders only

One problem of conducting a social audit is:

determining what to measure and how to calculate the impact on society

An example of an ethical dilemma is whether to follow directions from your boss to inflate sales for the current period so both of you can receive a bonus.

True

Dogood Corp. would like its various stakeholders to be aware of their contributions to the community over the past year. Dogood might consider conducting a(n):

social audit

Considering the potential impact on others prior to making a decision is consistent with ___________ behaviour.

ethical

Effective leadership involves the ability to:

communicate a vision and rally employees towards a common purpose

Controlling is the function of management that involves designing the structure of the organization.

False

Top managers make less use of _________ skills than first-line managers.

technical

A(n) ____________ can show the various positions and the relationships between those positions within a company.

organizational chart

A balanced scorecard includes:

different types of measures used when controlling in a business

Tony is responsible for managing the control process, and has just finished comparing sales results to targets. Tony's next step should be to:

communicate results to the employees involved, and provide feedback to reinforce desired behaviour

Companies like Microsoft have committed to acting with integrity and honesty, and to be inclusive and respectful. These represent a company's:

values

Which of the following would be an activity performed as part of the organizing function of a manager?

assigning a co-op student to a team to perform a specific task

Which of the following statements best incorporates the elements of a SMART goal?

Decrease the number of product manufacturing defects by 25% in the next 6 months.

Autocratic leadership is considered to be most useful:

when an organization faces an emergency situation

____________ is a model of funding which can raise money from a large number of people online to fund projects.

crowdfunding

When conducting your due-diligence before buying an existing business, it would be most helpful to verify information with all of the following, EXCEPT:

the owner

The largest source of funding for entrepreneurs has been found to come from:

personal savings

When an intrapreneur launches a new product, they can take advantage of ____________

the existing financial and human resources of their company

A detailed document that can describe a company's competitive advantages and qualifications of the owners is a:

business plan

Waterloo's Velocity is an example of a(n):

incubator

All of the following can represent common traits of successful entrepreneurs, EXCEPT:

wealth being the prime motivator

Jenna searches for established companies that need additional funding to expand. In return for her investment, she may become a part owner in the business. Jenna is as a(n):

venture capitalist

Cynthia decided to quit her corporate job to launch her own independent business. Cynthia is an example of a(n):

entrepreneur

In purchasing a franchise, you might find standards to follow and ongoing royalty payment requirements within a franchising agreement with the franchisor.

True

What is an example of a Canadian crown corporation?

LCBO

In the ______ phase of the business cycle, you can expect high demand for products and job creation.

expansion

Compared to contract manufacturing, the following strategies to enter global markets have a lower amount of commitment/risk EXCEPT:
a. Licensing
b. Franchising
c. Joint venture
d. Exporting

joint venture

Efforts by the BOC to help manage the money supply in an inflationary environment are known as
a. Monetary policy
b. Fiscal policy
c. Financial aid policy
d. National policy

monetary policy

As an intrapreneur for a multinational electronics company, Carlos would…
a. Be excited to recruit new managerial talent
b. Be responsible for obtaining the financial capital
c. Concentrate on creating new ventures
d. Use company resources to design new products

Use company resources to design new products

When conducting an assessment of the business environment Porter's 5 forces consider all EXCEPT…
a. Risk of substitutes
b. Negotiating power of a supplier
c. Motivation of employees
d. Customer choice between alternatives

motivation

The importance of - skills increases as employees take on more management responsibilities and become senior leaders..
a. Human relations
b. Conceptual
c. Technical
d. Self-actualization

conceptual

In a global business environment, small business should worry about all, EXCEPT…
a. Competition for local customers
b. Where employees will work
c. Lack of opportunities on the world stage
d. Where to source raw materials

Lack of opportunities on the world stage

Which of the following best represents corporate philanthropy?
a. Air Canada offering to transport refugees
b. Tim Horton's introducing fair trad coffee
c. Microsoft releasing a statement on equal rights
d. Pizza hut piloting the use of round pizza boxes to reduce waste

Air Canada offering to transport refugees

Australia is an efficient producer of peaches, however its climate makes it hard to make grapes. According to the theory of comparative advantage, Australia should import the needed resources to produce grapes to remail self-sufficient.
a. True
b. False

false

The CEO of automotion has asked managers and employees to help establish a statement to outline the purpose of their company. This is known as
a. Vision
b. Business plan
c. Value proposition
d. Mission

mission

Sustainability reporting considers…
a. Highlighting people, processes, and profit
b. Reporting on the environmental, social, and economic impacts of activity
c. Reporting the appropriate taxes payable to the 3 levels of government required for sustainability targets
d. Highlighting the revenue, COGS, and expenses in being socially responsible

Reporting on the environmental, social, and economic impacts of activity

Decisions made around marketing, operations, human resources, finances, and accounting, will vary at the following business stages, EXCEPT:

survival

At a high level, the Business Model Canvas considers all of the following, EXCEPT:

classifying value

Patents cover new inventions or improvements to existing inventions, and gives the inventor the right to stop others from making the invention for the period of a patent which is typically 50 years. (T/F)

False

At the surface, a business model can suggest how a company intends to make money. (T/F)

True

A value proposition describes:

features and benefits that will be valued by customers

When it comes to customer segments, Apple does not use geographic segmentation as its products are universally desired around the world. (T/F)

False

Variable costs are those that stay constant even if production levels for a product increase. (T/F)

False

A value proposition for Uber, a ridesharing service that competes with taxis and public transit, would include all of the following, EXCEPT:

Political issues

Concept testing is the process of launching and testing a new product on a small-scale in order to get customer feedback. (T/F)

False

When looking at the product life cycle, there can be products that have consistent demand and have yet to experience a significant decline. (T/F)

True

Market ____________ refers to the process of dividing the total market into several groups with similar characteristics.

segmentation

An example of primary research data is...

observation

____________ is the pricing strategy of setting a low initial price when introducing a product.

penetration pricing

The rise in loyalty programs like Starbucks Rewards is due to the marketing trend of:

importance of data

Chippy Cookie Co. wanted to generate excitement for their new cookie by sending free samples to homes along with a coupon for a future purchase. This activity is an example of:

sales promotion

An example of primary research data for a bike business would include:

observing shoppers trying out bikes on a practice track and gauging their interest

The launch of Amazon Go is a good example of a change to what component of the marketing mix?

place

An established company launching a product may consider price skimming at the ____________ product life cycle stage.

introduction

An Enterprise Resource Planning (ERP) system may include the following functions, EXCEPT:

design 2D/3D models of products

Facility layout in the service sector would include the use of open office spaces for collaboration. (T/F)

True

With the introduction of the moving assembly line in the 1900s, standardization of the production process lead to higher costs, higher quality, and more reliable products. (T/F)

False

Supply chain management looks at how a company creates goods through management of their resources. (T/F)

False

Top reasons for outsourcing are:

the ability to invest in additional infrastructure and equipment

Louis is a production manager who would like to adapt ____________ to find ways to cut back on labour and reduce the firm's investment in tools and space.

lean manufacturing

An assembly line to manufacture a car would represent a ____________ layout:

product

Canada can regain its competitive position on the world stage through the following, EXCEPT:

reducing trade deals with other countries

With Ford Motor Company investing in robotic innovations to enhance production efficiencies, employees can be completely eliminated. (T/F)

False

A supply chain for bread would include the following, EXCEPT:

customers