AFM 131 EXAM PRACTICE EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
What percentage of jobs in 2030 are estimated to not have been invented yet,
according to your course notes?
85% of the jobs in 2030 are estimated to not have been invented yet.
How are technological innovations expected to shift the responsibilities of
existing jobs?
Technological innovations are leading to a shift in tasks and responsibilities, with routine
and repetitive jobs being phased out, and the creation of new roles to design better
robots, improve operations planning, and find new process efficiencies.
How does international business affect company decisions and practices?
- International business influences competition for customers globally
- Decisions on sourcing materials and talent
- Location of facilities
- Necessitates ethical behavior and sustainable practices to make a positive
environmental impact and give back to communities.
What are key ethical and CSR considerations for businesses today?
Key considerations:
- Extending fair wages and quality working conditions through the supply chain
- Engaging in sustainable practices
- Taking stances on social or political issues
,Examples include Starbucks' initiatives for reusable cups and the global move towards
eliminating plastic grocery bags.
What skills are deemed necessary to future-proof one's career?
- A broad suite of technical and soft skills
- Digital literacy
- Entrepreneurial abilities (managing uncertainty and taking risks)
- Creativity
- Problem-solving
- Social intelligence, which are difficult for technology to replicate.
Define intrapreneurship.
Intrapreneurship refers to entrepreneurial activity within a corporate setting, where
creativity and innovation are used to evolve processes or launch new products/services,
leveraging the company's resources and reputation.
What does EQ focus on, and why is it important?
EQ focuses on the strength of certain soft skills, including
- Self-awareness
- Self-control
- Empathy
- Seeing various perspectives.
It plays a critical role in developing connections with others and is crucial for promotion
and effective leadership.
,What does sustainability in business practices entail?
Sustainability involves adopting business practices that:
- Leave a positive impact on the environment
- Aim to protect the world for future generations through responsible resource use
- Engaging in green initiatives.
Why is it important for aspiring leaders to be in tune with the business world?
Aspiring leaders need to
- Understand changes transforming their industry
- Anticipate future developments
- Capitalize on new opportunities.
- They must tell strategic stories
- Interpret trends
- Provide actionable insights to think
- Plan steps ahead while understanding the interconnectedness of different business
aspects.
What were the challenges in Canada's early business activities, and how did Sir
John A. Macdonald address them?
Canada faced challenges like:
- a large land mass
- low population spread
- lack of infrastructure.
Sir John A. Macdonald addressed these by developing a national policy that protected
, Canadian businesses and promoted east-west trade, involving high tariffs on U.S.
imports to encourage domestic trade.
What are the three common forms of business ownership in Canada?
The three common forms of business ownership are:
- sole proprietorship
- partnership
- corporation
Each with distinct advantages, disadvantages, and regulatory requirements.
What are common causes of small business failure?
Causes include
- starting without testing
- incorrect pricing
- inadequate capital
- lack of experience
- unplanned borrowing
- no allowance for setbacks
- poor record-keeping
- personal extravagance
- ignoring business cycles
- neglecting taxes and insurance
- misunderstanding the commitment required.
How does globalization affect consumers, employees, and business owners?
WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
What percentage of jobs in 2030 are estimated to not have been invented yet,
according to your course notes?
85% of the jobs in 2030 are estimated to not have been invented yet.
How are technological innovations expected to shift the responsibilities of
existing jobs?
Technological innovations are leading to a shift in tasks and responsibilities, with routine
and repetitive jobs being phased out, and the creation of new roles to design better
robots, improve operations planning, and find new process efficiencies.
How does international business affect company decisions and practices?
- International business influences competition for customers globally
- Decisions on sourcing materials and talent
- Location of facilities
- Necessitates ethical behavior and sustainable practices to make a positive
environmental impact and give back to communities.
What are key ethical and CSR considerations for businesses today?
Key considerations:
- Extending fair wages and quality working conditions through the supply chain
- Engaging in sustainable practices
- Taking stances on social or political issues
,Examples include Starbucks' initiatives for reusable cups and the global move towards
eliminating plastic grocery bags.
What skills are deemed necessary to future-proof one's career?
- A broad suite of technical and soft skills
- Digital literacy
- Entrepreneurial abilities (managing uncertainty and taking risks)
- Creativity
- Problem-solving
- Social intelligence, which are difficult for technology to replicate.
Define intrapreneurship.
Intrapreneurship refers to entrepreneurial activity within a corporate setting, where
creativity and innovation are used to evolve processes or launch new products/services,
leveraging the company's resources and reputation.
What does EQ focus on, and why is it important?
EQ focuses on the strength of certain soft skills, including
- Self-awareness
- Self-control
- Empathy
- Seeing various perspectives.
It plays a critical role in developing connections with others and is crucial for promotion
and effective leadership.
,What does sustainability in business practices entail?
Sustainability involves adopting business practices that:
- Leave a positive impact on the environment
- Aim to protect the world for future generations through responsible resource use
- Engaging in green initiatives.
Why is it important for aspiring leaders to be in tune with the business world?
Aspiring leaders need to
- Understand changes transforming their industry
- Anticipate future developments
- Capitalize on new opportunities.
- They must tell strategic stories
- Interpret trends
- Provide actionable insights to think
- Plan steps ahead while understanding the interconnectedness of different business
aspects.
What were the challenges in Canada's early business activities, and how did Sir
John A. Macdonald address them?
Canada faced challenges like:
- a large land mass
- low population spread
- lack of infrastructure.
Sir John A. Macdonald addressed these by developing a national policy that protected
, Canadian businesses and promoted east-west trade, involving high tariffs on U.S.
imports to encourage domestic trade.
What are the three common forms of business ownership in Canada?
The three common forms of business ownership are:
- sole proprietorship
- partnership
- corporation
Each with distinct advantages, disadvantages, and regulatory requirements.
What are common causes of small business failure?
Causes include
- starting without testing
- incorrect pricing
- inadequate capital
- lack of experience
- unplanned borrowing
- no allowance for setbacks
- poor record-keeping
- personal extravagance
- ignoring business cycles
- neglecting taxes and insurance
- misunderstanding the commitment required.
How does globalization affect consumers, employees, and business owners?
