AFM 132 Test Questions with Correct Answers Already Passed
What is the estimate about jobs in 2030? - Answers 85% of jobs in 2030 haven't been invented yet
Give examples of past technological advancements? - Answers In the past we relied on USB to save files,
but now we use dropbox and google drive; we used to need CDs to listen to the music of our choice, but
now we can use our phones and spotify, apple music
Why have so many technological advancements occured? - Answers World is constantly changing at a
rapid pace; airplanes took 68 years to reach 50 million users and the internet only took 7 years
Amazon automation process. Does this mean less or more jobs? - Answers Amazon is implementing
automation in their picking and packing processes and some may say this promotes job displacement.
However, this can actually mean more jobs due to the fact that better robots need to be designed,
better facility layouts, etc.
What are two other factors beside technology that are vital in the future of work? - Answers
international business and corporate social responsibility
Why is international business important in the future of work? - Answers Companies have to understand
where they fit on the world stage. Companies must consider all competition around them now, not just
local businesses. Because of the rise of companies like Amazon and Ali Baba the competitors for local
companies have grown to global competition.
Things to consider regarding international business - Answers Local and global competition for
customers; business decisions like where to source raw materials, talent and where to set up facilities;
how and where you work (employment)
What I can do at waterloo to make me valuable on the global stage? - Answers Take courses about
international studies and languages, co-op or summer volunteer experiences where you can learn about
Canadian and international business experiences, international exchanges
Things to consider when it comes to ethics and corporate social responsibility. - Answers More is
expected from businesses now a days; ethical behaviour which questions whether a company extends
its values to those they're associated with (fair wages, good working conditions); sustainability;
philanthrophic initiatives; what a company stands for
Examples of companies changing their practices to be more responsible - Answers Starbucks gave
discount to customers using reusable cups and got rid of plastic straws, grocery stores charging for
plastic bags to promote use of reusable bags, companies challenging employees to keep sustainability
on their mind by pledging to be "green"
How do you become future-proof? - Answers Mastering technical and soft skills that can't be replicated.
Digital literacy and entrepreneurial abilities like managing uncertainties and taking risks.
,What are factors of the current workplace that are hard to replicate with AI? - Answers Customer
relationships, professional judgement affected by current markets and trends,
Examples of soft skills that can make you future proof? - Answers Creativity, curiosity, problem solving,
social intelligence
What is examples of digital literacy? - Answers in terms of AFM and business, being digitally literate
insinuates having a good understanding of digital tools and being able to leverage them to navigate
business problems involving spreadsheets and data sets to seek out further insights about the business.
What are entrepreneurial abilities? - Answers Being able to manage uncertainty, take risks, be creative
and problem solve. An example of a company that lacked the entrepreneurial mindset is Sear's which
started off as a company who ordered and delivered online, but couldn't adapt as quick enough as
amazon and other websites.
Intrapreneurship - Answers In simple terms, being entrepreneurial within a corporate setting. when one
uses the resources of an already existing company and helps grow the company by being creative and
innovative.
Social intelligence - Answers Having skills and knowledge needed to effectively communicate with
others. Also about understanding yourself and being self aware and self control.
emotional quotient - Answers also known as emotional intelligence and focuses on strength of certain
soft skills. ability to empathize and see various perspectives
Being a CEO/CFO is more than just crunching numbers, but also understanding the business world. What
does this mean? - Answers Understanding the business world means understanding the changes that
transform the industry you are in, predicting future developments, and capitalizing on any new
opportunities.
What additional roles may a CFO take on in todays world? - Answers human resources, information
technology, etc; focus on driving growth and accepting change; not only being explain to what happened
previously but also to interpret trends and explaining insights gained from these trends.
What is a business? - Answers the organized effort of individuals to produce and sell, for a profit, the
goods and services that satisfy society's needs
Why was business in canada a problem in the past before it first formed? - Answers Large land but
complicated travel to transport goods and move around the country; population spread out; lack of
infrastructure connecting country from coast to coast
What policy did John A Macdonald set up in 1867 to promote trade within Canada? - Answers Put a high
tax on imports from the US to promote trade of goods in Canada
, Crown Corporation - Answers A business owned and operated by the provincial or federal government.
Originally set up to provide services not already provided like Air Canada in 1930. crown corps today
include LCBO and Canada Post
Privatization - Answers the process of selling businesses or services operated by the government to
individual investors, and then allowing them to compete in the marketplace
Why does privatization occur? - Answers Method to reduce role of government in economy and for
government to increase cash to reduce debt and increase funding for other government activities.
What does a small business insinuate? - Answers Small businesses are independently owned and
operated; not dominant in its field and only consists of 1-99 employees. Most common form of business
over 98% of businesses are small businesses.
What are the 3 common forms of business ownerships? - Answers Sole Proprietorship, partnership, and
corporation
Sole Proprietorship - Answers business owned and operated by one person
Pros and Cons of sole proprietorship - Answers Pros: easy to start up and freedom for owners. Cons:
Unlimited liability, hard to take days off, hard to raise funds
Partnership - Answers A business in which two or more persons combine their assets and skills
Pros and Cons of Partnership - Answers Pros: easy to start up, shared start up costs, shared
management, less regulatory requirements. Cons: unlimited liability (business doesn't survive beyond
partners), conflict between partners
Corporation - Answers A business owned by stockholders who share in its profits but are not personally
responsible for its debts
Pros and Cons of Corporation - Answers Pros: Limited Liability, business continuity, greater access to
financing and tax advantages. Cons: higher start up costs and greater regulatory requirements.
Relationship between ease of growth and success of business - Answers Typically, businesses that are
easier to set up are more likely to fail and have the least growth potential. Hence why only 50% of
businesses survive past their 5th year.
Examples of businesses with ease of entry and without - Answers Restaurants are easy to set up hence
why they fail. Businesses that are more difficult to start up lowers supply allowing businesses to price
their services higher. Examples include medical/dental practices, veterinary services, and consulting.
What are some causes of small business failure? - Answers Plunging in without first testing the waters
on a smaller scale, underpricing/overpricing goods/services, starting with too little or too much money,
not allowing for setbacks
What is the estimate about jobs in 2030? - Answers 85% of jobs in 2030 haven't been invented yet
Give examples of past technological advancements? - Answers In the past we relied on USB to save files,
but now we use dropbox and google drive; we used to need CDs to listen to the music of our choice, but
now we can use our phones and spotify, apple music
Why have so many technological advancements occured? - Answers World is constantly changing at a
rapid pace; airplanes took 68 years to reach 50 million users and the internet only took 7 years
Amazon automation process. Does this mean less or more jobs? - Answers Amazon is implementing
automation in their picking and packing processes and some may say this promotes job displacement.
However, this can actually mean more jobs due to the fact that better robots need to be designed,
better facility layouts, etc.
What are two other factors beside technology that are vital in the future of work? - Answers
international business and corporate social responsibility
Why is international business important in the future of work? - Answers Companies have to understand
where they fit on the world stage. Companies must consider all competition around them now, not just
local businesses. Because of the rise of companies like Amazon and Ali Baba the competitors for local
companies have grown to global competition.
Things to consider regarding international business - Answers Local and global competition for
customers; business decisions like where to source raw materials, talent and where to set up facilities;
how and where you work (employment)
What I can do at waterloo to make me valuable on the global stage? - Answers Take courses about
international studies and languages, co-op or summer volunteer experiences where you can learn about
Canadian and international business experiences, international exchanges
Things to consider when it comes to ethics and corporate social responsibility. - Answers More is
expected from businesses now a days; ethical behaviour which questions whether a company extends
its values to those they're associated with (fair wages, good working conditions); sustainability;
philanthrophic initiatives; what a company stands for
Examples of companies changing their practices to be more responsible - Answers Starbucks gave
discount to customers using reusable cups and got rid of plastic straws, grocery stores charging for
plastic bags to promote use of reusable bags, companies challenging employees to keep sustainability
on their mind by pledging to be "green"
How do you become future-proof? - Answers Mastering technical and soft skills that can't be replicated.
Digital literacy and entrepreneurial abilities like managing uncertainties and taking risks.
,What are factors of the current workplace that are hard to replicate with AI? - Answers Customer
relationships, professional judgement affected by current markets and trends,
Examples of soft skills that can make you future proof? - Answers Creativity, curiosity, problem solving,
social intelligence
What is examples of digital literacy? - Answers in terms of AFM and business, being digitally literate
insinuates having a good understanding of digital tools and being able to leverage them to navigate
business problems involving spreadsheets and data sets to seek out further insights about the business.
What are entrepreneurial abilities? - Answers Being able to manage uncertainty, take risks, be creative
and problem solve. An example of a company that lacked the entrepreneurial mindset is Sear's which
started off as a company who ordered and delivered online, but couldn't adapt as quick enough as
amazon and other websites.
Intrapreneurship - Answers In simple terms, being entrepreneurial within a corporate setting. when one
uses the resources of an already existing company and helps grow the company by being creative and
innovative.
Social intelligence - Answers Having skills and knowledge needed to effectively communicate with
others. Also about understanding yourself and being self aware and self control.
emotional quotient - Answers also known as emotional intelligence and focuses on strength of certain
soft skills. ability to empathize and see various perspectives
Being a CEO/CFO is more than just crunching numbers, but also understanding the business world. What
does this mean? - Answers Understanding the business world means understanding the changes that
transform the industry you are in, predicting future developments, and capitalizing on any new
opportunities.
What additional roles may a CFO take on in todays world? - Answers human resources, information
technology, etc; focus on driving growth and accepting change; not only being explain to what happened
previously but also to interpret trends and explaining insights gained from these trends.
What is a business? - Answers the organized effort of individuals to produce and sell, for a profit, the
goods and services that satisfy society's needs
Why was business in canada a problem in the past before it first formed? - Answers Large land but
complicated travel to transport goods and move around the country; population spread out; lack of
infrastructure connecting country from coast to coast
What policy did John A Macdonald set up in 1867 to promote trade within Canada? - Answers Put a high
tax on imports from the US to promote trade of goods in Canada
, Crown Corporation - Answers A business owned and operated by the provincial or federal government.
Originally set up to provide services not already provided like Air Canada in 1930. crown corps today
include LCBO and Canada Post
Privatization - Answers the process of selling businesses or services operated by the government to
individual investors, and then allowing them to compete in the marketplace
Why does privatization occur? - Answers Method to reduce role of government in economy and for
government to increase cash to reduce debt and increase funding for other government activities.
What does a small business insinuate? - Answers Small businesses are independently owned and
operated; not dominant in its field and only consists of 1-99 employees. Most common form of business
over 98% of businesses are small businesses.
What are the 3 common forms of business ownerships? - Answers Sole Proprietorship, partnership, and
corporation
Sole Proprietorship - Answers business owned and operated by one person
Pros and Cons of sole proprietorship - Answers Pros: easy to start up and freedom for owners. Cons:
Unlimited liability, hard to take days off, hard to raise funds
Partnership - Answers A business in which two or more persons combine their assets and skills
Pros and Cons of Partnership - Answers Pros: easy to start up, shared start up costs, shared
management, less regulatory requirements. Cons: unlimited liability (business doesn't survive beyond
partners), conflict between partners
Corporation - Answers A business owned by stockholders who share in its profits but are not personally
responsible for its debts
Pros and Cons of Corporation - Answers Pros: Limited Liability, business continuity, greater access to
financing and tax advantages. Cons: higher start up costs and greater regulatory requirements.
Relationship between ease of growth and success of business - Answers Typically, businesses that are
easier to set up are more likely to fail and have the least growth potential. Hence why only 50% of
businesses survive past their 5th year.
Examples of businesses with ease of entry and without - Answers Restaurants are easy to set up hence
why they fail. Businesses that are more difficult to start up lowers supply allowing businesses to price
their services higher. Examples include medical/dental practices, veterinary services, and consulting.
What are some causes of small business failure? - Answers Plunging in without first testing the waters
on a smaller scale, underpricing/overpricing goods/services, starting with too little or too much money,
not allowing for setbacks
