SELF-ASSESMENT final exam ( LATEST UPDATE 2021 ) Graded A+

SELF ASSESMENT LESSON 1- UNDERSTANSING THE CANADIAN BUSINESS SYSTEM Profit is: a) the amount of sales b) the taxes a company pays c) the value of shares in a company d) what remains after business expenses are subtracted from business revenues e) the level of expenses An economic system is: a) an agreement between countries that deals with free trade b) a government decree that requires certain goods and services to be provided c) a large government department that oversees how the economy is running d) a long-standing agreement between citizens and governments on how an economy is run e) the way in which a nation allocates its resources among its citizens All of the following are factors of production except: a) capital b) labour c) natural resources d) technology e) entrepreneurs The economic system in which producers and consumers control production and allocate decisions through supply and demand is called: a) market economy b) privatization c) communism d) socialism e) centrally planned economy the role of government in our economic system includes all of the following except: a) competitor b) regulator c) customer d) innovator e) taxation agent Why are sales taxes called regressive taxes? a) because food and drugs are often exempt b) because the more one makes, the lower the rate of sales tax that is applied to one's purchases c) because poorer people pay a higher percentage of income than richer people d) because it applies to sales taxes e) because they discourage the purchase of some product he microelectronics manufacturers want to set up a trade association. They need to know that trade associations do all but which one of the following? a) publish newsletters featuring articles on new products b) arrange trade shows c) act as an industry lobby to influence legislation d) allocate markets for their members e) conduct training programs relevant to the industry A major producer of automobile batteries notes that the price of batteries has risen over each of the past three years. The firm decides to expand its battery production. This illustrates: a) the law of equilibrium b) the law of demand c) the law of supply d) the law of supply and demand e) the law of market price Private enterprise requires four elements: a) the right to product safety, consumer choice, freedom of information, and no government intervention in business b) communism, capitalism, socialism and privatization c) land, labour, capital, and entrepreneurship d) private property rights, freedom of choice, profits, and competition e) supply, demand, equilibrium, and monopoly An outcome of competition is that business firms: a) can drop out of the pricing war unnoticed b) can easily develop a monopoly c) must operate efficiently d) have unrestricted access to natural resources e) reduce their need for expansion capital Individual firms must be small and the number of such firms must be large. This describes which degree of competition? a) oligopoly b) perfect competition c) monopolistic competition d) monopoly e) selective competition Which one of the following is not a characteristic of an oligopoly? a) great product differentiation b) prices differ greatly c) swift response to price changes of a competitor d) few sellers e) many buyers Competition like that between Tide and Cheer, Coke and Pepsi, and Sears and Ralph Lauren is: a) oligopolistic competition b) monopoly c) monopolistic competition d) perfect competition e) oligopoly The Industrial Revolution refers to: a) development of the Internet era b) development of the Entrepreneurial era c) a major change in the production of goods that began in England in the mid-1700s d) the fur and fishing industry in Canada in the 1500s e) none of the above Which of the following most accurately reflects the history of business in Canada, from earliest to most recent? a) Production Era, Industrial Revolution, Entrepreneurial Era, Marketing Era, Global Era, Internet Era b) Entrepreneurial Era, Industrial Revolution, Global Era, Marketing Era, Internet Era, Production Era c) Marketing Era, Entrepreneurial Era, Industrial Revolution, Marketing Era, Global Era, Internet Era d) Industrial Revolution, Entrepreneurial Era, Production Era, Marketing Era, Global Era, Internet Era e) Industrial Revolution, Production Era, Entrepreneurial Era, Marketing Era, Internet Era, Global Era Scientific management practices focus on: a) reducing absenteeism b) increasing efficiency c) increasing employee satisfaction d) developing several ways of doing the same task e) increasing job quality by adding flexibility Who is MOST closely associated with the Production Era? a) Andrew Mellon b) Andrew Carnegie c) Henry Ford d) J.P. Morgan e) John D. Rockefeller Why was Canadian manufacturing slow to develop in the 16th and 17th centuries? a) too few manufacturing managers b) most people were involved in the trading of furs c) too few buyers of manufactured goods d) most people were involved in farming e) policy of mercantilism Which of the following best illustrates specialization of labour? a) semiskilled workers are trained to perform only one task b) each labour union represents only one type of worker c) highly skilled craftspeople who can do all the tasks required to make an item d) workers who learn new, specialized skills are rewarded with higher pay e) raw materials were provided to England in return for finished goods LESSON 2 -Social Responsibility, Organizing Options, Legal Context and Unions E-mail has virtually become the standard method of communication in the business world. One of the key problems and pitfalls of e-mail is: a) privacy b) its limited capabilities c) its speed d) its costs e) its ease of use Which of the following terms is used to describe how a business firm behaves towards other firms, customers, investors, and society at large? a) ethical principles b) social responsibility c) social audits d) code of ethics e) business ethics The right to ________ is not one of the rights of consumers. a) be informed b) low prices c) safe products d) choose what they buy e) be heard Many professional organizations such as legal and accounting organizations are formed as: a) private corporations b) sole proprietorships c) public corporations d) joint ventures e) partnerships Shareholders are ________ of a company and profits are distributed among shareholders in the form of ________. a) owners, dividends b) managers, profit sharing c) managers, proxies d) owners, proxies e) owners, cheques A new business typically adopts one of four main organizational forms: a) franchise, partnership, corporation or co-operative b) debt, equity, venture capital or gifted c) sole proprietorship, franchise, corporation or co-operative d) sole proprietorship, partnership, corporation or co-operative e) franchise, sole proprietorship, partnership or corporation When an employer may choose one applicant over another based on overriding characteristics of the job, this is called: a) bona fide occupational requirement b) discrimination c) harassment d) human rights e) comparable worth The program for the same wages to be paid for jobs that have similar value to a firm regardless of the typical gender of the job holder is: a) affirmative action b) reverse discrimination c) equal employment opportunity d) equal pay e) comparable worth The range of workers' attitudes, values, beliefs, and behaviours that differ by gender, race and ethnicity is called: a) reverse discrimination b) affirmative action c) glass ceiling d) comparable worth e) workforce diversity Independent contractors, on-call workers, temporary employees, contract employees and leased employees are all examples of: a) flextime workers b) contingent workers c) migratory workers d) union trustbusters e) telecommuters Suppose that you are a welder and that you belong to a union comprised of other welders. You hold meetings at your union hall and wait there for jobs. This would be an example of a(n): a) common union b) craft union c) industrial union d) local union e) international union What term identifies a designated group of individuals who are grouped together for purposes of collective bargaining? a) secondary boycott b) certification c) bargaining unit d) primary unit e) decertification A certification vote is: a) a vote supervised by a government official to determine if employees wish to terminate their union's rights b) a vote supervised by a government representative to determine whether a union will be certified c) a process by which union officials take their votes to the labour board to apply for certification d) the process by which employees continue their union's right to represent them e) a vote to certify those on the union bargaining team You are about to go to work for a construction firm that has a union. However, you are not now, nor do you intend to be, a member of any union. If you were hired under those conditions, you would either be working under a(n) ________ shop, or a(n) ________ shop arrangement. a) union, open b) union, closed c) agency, union d) closed, agency e) agency, open What is COLA? a) a promise by management that wages will increase semi-annually b) a contract clause relating wage increases to inflation c) a method used to measure wages vs. GDP d) the consumer price index e) another name for 7-Up Social activism dedicated to protecting the rights of consumers in their dealings with businesses is called: a) collusion b) whistle-blowing c) kiting d) consumerism e) price gouging Which of the following has NOT been identified as a basic consumer right? a) Consumers have a right to choose what they buy b) Consumers have a right to be heard c) Consumers have a right to safe products d) Consumers have a right to be informed about a product e) Consumers have a right to collude Most new corporations start out as ________ corporations and then move to ________ corporations as they grow. a) public, private b) private, public c) limited, unlimited d) unlimited, limited e) general, active Temporary workers hired to supplement an organization's permanent work force are: a) gap fillers b) disposable workers c) fill-in workers d) hired guns e) contingent workers LESSON 3 Increasing Productivity and Quality Which of the following is the best description of quality? a) a product's fitness for use by consumers b) how closely a product adheres to quality standards c) a measurement of how much is produced d) the additional output in the current year compared to the output for the previous year e) a measurement of how much is produced relative to the resource