Test bank for business a changing world 5th canadian edition by ferrell

True / False Question Accessibility: Keyboard Navigation Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-01 Define basic concepts such as business; product; and profit.. True /

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This chapter has 101 questions.

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Multiple Choice Questions - (58) Difficulty: Easy - (39)

True/False Questions - (37) Difficulty: Hard - (7)

Essay Questions - (6) Difficulty: Medium - (55)

Odd Numbered - (51) Learning Objective: 01-01 Define basic concepts such as business; product; and profit - (11)

Even Numbered - (50) why studying business is important - (14) Learning Objective: 01-02 Identify the main participants and activities of business; and explain

Accessibility: Keyboard Navigation - (94)

Learning Objective: 01-03 Define economics and compare the four types of economic systems - (24)

Bloom's: Analysis - (2) enterprise system - (19) Learning Objective: 01-04 Describe the role of supply; demand; and competition in a Bloom's: Application - (7) Learning Objective: 01-05 Specify why and how the health of the economy is measured - (18) Bloom's: Comprehension - (27) the entrepreneur in the economy - (15) Learning Objective: 01-06 Trace the evolution of the Canadian economy; and discuss the role of Bloom's: Knowledge - (65)

free-1 Products have tangible attributes only

True

Products can also be a service which has intangible attributes

True / False Question

Accessibility: Keyboard Navigation

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-01 Define basic concepts such as business;

product; and profit

2 The goal of business activities is to earn a profit

FalseWithout profit, businesses will go out of business

product; and profit

3 Non-profit organizations such as the Canadian Cancer Society do not engage in management, marketing, or finance activities

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Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-01 Define basic concepts such as business;

product; and profit

4 Profit is what it costs to make and sell a product

True

Profit is the difference between what it costs to make and sell a product and what a customer pays for it

product; and profit

5 Businesses have the right to keep and use their profits as they choose, without limitations

True

Within legal limitations, businesses have the right to keep and use their profits as they choose

product; and profit

6 Finance is concerned with obtaining money and using it effectively

FalseFinancial resources must be managed effectively for the business to succeed

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

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operation of the business.

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

important

8 Managers coordinate resources to achieve organizational objectives

FalseManagers coordinate, organize, and motivate employees to achieve the business goals

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

important.11

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Studying business will help you develop skills to employ in a future career, if that career takes place in the country where you studied business topics.

True

Studying business can help in students in careers both domestically and internationally, public and private, profit and non-profit

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-03 Define economics and compare the four

types of economic systems

13 Natural resources include land, minerals, water, and other gifts of nature which are not made by humans

False

Canada has an abundance of fresh water, large forest areas, and a variety of minerals including nickel, copper, and uranium

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-03 Define economics and compare the four

14 Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses

True

Socialism is an economic system in which the government owns and operates basic industries while individuals own most other businesses

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True / False Question Accessibility: Keyboard Navigation

15 Most socialist nations are democratic

FalseMost socialist nations recognize basic individual freedoms such as voting for government officials

16 Human resources refer only to the mental abilities of people used to produce goods and services; it is synonymous with knowledge

True

Human resources includes both the physical and mental abilities of people in producing goods and services It is not just the knowledge or mental ability but also includes the physical efforts of labour as well

17 Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time

FalseUsually, as prices decrease, consumers are willing to buy more of a good or service

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-04 Describe the role of supply; demand;

and competition in a free-enterprise system

18 The equilibrium price is represented by the point where a product's supply and demand curves intersect

False

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The price at which the number of products that businesses are willing to supply is equal to the amount of products that consumers are willing to buy at a specific point

in time is the equilibrium price

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-04 Describe the role of supply; demand;

19 Monopolistic competition exists when there is only one producer of a product in a given market

True

Monopolistic competition exists when there are fewer businesses than in a competition environment and the differences among the goods are small

pure-True / False Question

20 An oligopoly exists when there are many small businesses selling one standardized product

True

An oligopoly exists when there are very few businesses selling a product

21 A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition

False

Changing the price alters the supply curve, and a new equilibrium price results This

is an on-going process, with supply and demand constantly changing in response to changes in economic conditions, availability of resources, and degree of competition

Bloom's: Comprehension

Difficulty: Hard

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Learning Objective: 01-04 Describe the role of supply; demand;

22 Economic expansion occurs when an economy is growing and people are spending more money

False

When people spend more money, it stimulates the production of goods and services which in turn stimulates employment

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-05 Specify why and how the health of the

economy is measured

23 The standard of living rises because people have less money to spend

True

The standard of living rises because people have more money to spend

economy is measured

24 Inflation is a condition characterized by falling prices

True

Inflation describes the situation in which there is a sustained and persistent increase

in the general level of prices of goods and services

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Learning Objective: 01-05 Specify why and how the health of the

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-05 Specify why and how the health of the

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-05 Specify why and how the health of the

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Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-05 Specify why and how the health of the

economy is measured

30 Industrialization mostly occurred in Central Canada

FalseIndustrialization was not as widespread in Canada as the United States and mostly occurred in Central Canada

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-06 Trace the evolution of the Canadian economy; and discuss the role of the entrepreneur in the economy

31 The Canadian Pacific Railway linked Canada from north to south

True

The Canadian Pacific Railway linked Canada from coast to coast

32 Advertising first made consumers aware of differences in products and prices in the marketing economy

False

Following the manufacturing economy, businesses became more concerned with the needs of the consumer and entered the marketing economy

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-06 Trace the evolution of the Canadian economy; and discuss the role of the entrepreneur in the economy

33 Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something

FalseThe Irving Group and Loblaws are great examples of entrepreneurs starting Canadian

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34 Entrepreneurship is essential to a free-enterprise system

False

It is a growing interest as people are attracted to being their own boss

35 In a free-market system, the government regulates business

True

In a free-market system, competition, supply, and demand determine which goods and services are produced

36 Free-market capitalism and laissez-faire capitalism are essentially the same thing.

False

Government does not interfere in a free-market or laissez-faire society.

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-03 Define economics and compare the four

37 Society demands ethical and socially responsible business behaviour towards customers and investors only There seems to be less of a concern for other stakeholder groups including government regulators and the environment

True

Society is increasingly demanding that businesspeople behave ethically towards all

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stakeholder groups, including the environment, communities, suppliers, and government regulators.

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-06 Trace the evolution of the Canadian economy; and discuss the role of the entrepreneur in the economy

38 Businesses differ from non-profit organizations in that a business's focus is on

Businesses accumulate profits, non-profit organizations do not

Multiple Choice Question

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-01 Define basic concepts such as

business; product; and profit

39 When purchasing a product, the consumer is actually buying its anticipated benefits and the _ it brings

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-01 Define basic concepts such as

40 If a business is to be successful in the long run, it must treat its customers, employees, and community with social _

meetings

→ responsibilityagendasinsightinterests

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Stakeholders have a stake in the success and outcomes of businesses, therefore a business must act responsibility with its stakeholders.

Difficulty: EasyLearning Objective: 01-01 Define basic concepts such as

41 Which of the following is not a product?

A Mac personal computer

A veterinarian's treatment of a pet's injuries

A lawyer's advice in a divorce case

→ Profits earned by businesses

A checkup by a doctor

Business needs a product or service to make a profit but it is not a product rather it is

a financial result A checkup by a doctor is considered a service

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-01 Define basic concepts such as

42 The goal of business is to earn

If a business does not earn a profit, it will go out of business

Bloom's: KnowledgeDifficulty: MediumLearning Objective: 01-01 Define basic concepts such as

43 The functions of organizing, staffing, planning, and controlling are most closely associated with

employeescustomers

stockholdersaccountants

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Managers plan, organize, staff, and control the tasks required to carry out the work of the company or non-profit organization.

Difficulty: EasyLearning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

important

44 Which of the following functions involves activities designed to provide goods and services that fulfill needs and wants of consumers?

AccountingEngineeringFinanceProduction

Marketing includes all the activities designed to provide goods and services that satisfy consumers' needs and wants

Marketers use promotion to communicate the benefits of their products to consumers

important

46 One of the best known Canadian marketing initiatives of all time is:

The Air Miles Program

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→ Tim Hortons' "Roll up the Rim to Win"

Petro-PointsHBC's reward programPresident's Choice points

Tim Hortons' executive Ron Buist, in partnership with the previous owner Ron Joyce, came up with the simple idea of using the company's name and logo as a marketing tool

important

47 When a business fails or does not make a profit, _ have the most to lose

customersworkersmanagers

consumers

Owners are responsible to provide financial resources for business operations and may have to borrow or invest their own money during start-up

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Learning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-02 Identify the main participants and activities of business; and explain why studying business is

Customers consume goods and services

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-03 Define economics and compare the

four types of economic systems

51 All of the following are examples of natural resources, except:

Human mental and physical talent are considered a human resource

Bloom's: ComprehensionDifficulty: Medium

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Learning Objective: 01-03 Define economics and compare the

52 Factors of production are:

→ resources used to produce goods and services

fixed resources

taxes

seldom in demand

free

Factors of production are natural, human, and financial resources

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-03 Define economics and compare the

Resources are natural, human, and financial

Bloom's: KnowledgeDifficulty: EasyLearning Objective: 01-03 Define economics and compare the

54 Which of the following questions are addressed by all economic systems?

What goods and services should be produced?

How much of each good and service should be produced?

Who will produce the goods?

How should the goods and services be distributed?

→ All of the answers are correct

The way in which an economic system addresses the questions A through D, determines the type of economic system

Bloom's: ComprehensionDifficulty: MediumLearning Objective: 01-03 Define economics and compare the

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