Edrftgyihu jiuh
Contemporary Business, 2nd
Canadian Edition
ST
TEST BANK
UV
IA
Louis Boone
David Kurtz
_A
Michael Khan
Brahm Canzer
PP
────────────────────────────────────────────────────
Comprehensive Test Bank for Instructors
RO
and Students
||| ||| || ||| || | || ||| | || ||| |
VE
9781119194330
© Louis Boone, David Kurtz, Michael Khan, & Brahm Canzer.
D?
All rights reserved. Reproduction or distribution without
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Contemporary Business — Test Bank
Louis E. Boone, David L. Kurtz, M. H. Khan and Blaine Canzer
ISBN: 9781119194330
ST
Chapter 1: The Changing Face of Business
Chapter 2: Business Ethics and Social Responsibility
Chapter 3: Economic Challenges Facing Contemporary Business
UV
Chapter 4: Competing in World Markets
Chapter 5: Forms of Business Ownership and Organization
Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative
Chapter 7: Management, Leadership, and the Internal Organization
Chapter 8: Human Resource Management: From Recruitment to Labour Relations
IA
Chapter 9: Top Performance Through Empowerment, Teamwork, and Communication
Chapter 10: Production and Operations Management
Chapter 11: Customer-Driven Marketing
Chapter 12: Product and Distribution Strategies
_A
Chapter 13: Promotion and Pricing Strategies
Chapter 14: Using Technology to Manage Information
Chapter 15: Understanding Accounting and Financial Statements
Chapter 16: The Financial System
PP
Chapter 17: Financial Management
RO
VE
D?
© MEDGEEK
, Part 1 Business in a Global Environment
CHAPTER 1
THE CHANGING FACE OF BUSINESS
CHAPTER LEARNING OBJECTIVES
ST
LO 1.1 Distinguish between business and not-for-profit organizations.
Business consists of all profit‐seeking activities that provide goods and services necessary to an
UV
economic system. Not‐for‐profit organizations are business‐like establishments whose primary
objectives involve social, political, governmental, educational, or similar functions instead of
profits.
LO 1.2 Identify and describe the factors of production.
The factors of production have four basic inputs: natural resources, capital, human resources,
IA
and entrepreneurship. Natural resources include all productive inputs that are useful in their
natural states. Capital includes technology, tools, information, and physical facilities. Human
resources include anyone who works for the firm. Entrepreneurship is the willingness to take
risks to create and operate a business.
_A
LO 1.3 Describe the private enterprise system, including basic rights and
entrepreneurship.
The private enterprise system is an economic system that rewards firms for being able to
perceive and serve the needs and demands of consumers. Competition in the private enterprise
PP
system means success for firms that satisfy consumer demands. Citizens in a private enterprise
economy enjoy rights to private property, profits, freedom of choice, and competition.
Entrepreneurship drives economic growth.
RO
LO 1.4 Identify the seven eras in the history of business.
The seven historical eras are the colonial period, the Industrial Revolution, the age of industrial
entrepreneurs, the production era, the marketing era, the relationship era, and the social era. In
the colonial period, businesses were small and rural, emphasizing agricultural production. The
Industrial Revolution brought factories and mass production to business. The age of industrial
entrepreneurs built on the Industrial Revolution through an expansion in the number and size of
VE
firms. The production era focused on the growth of factory operations through assembly lines
and other efficient internal processes. During and following the Great Depression, businesses
concentrated on finding markets for their products through advertising and selling, giving rise to
the marketing era. In the relationship era, businesspeople focus on developing and sustaining
long‐term relationships with customers and other businesses. The social era of business can be
described as a new approach to the way businesses and individuals interact, connect,
D?
communicate, share, and exchange information with each other in virtual communities and
networks around the world. Technology promotes innovation and communication, while
alliances create a competitive advantage through partnerships. Concern for the environment
also helps build strong relationships with customers.
, The Changing Face of Business 1-2
LO 1.5 Explain how today’s business workforce and the nature of work itself are
changing.
The workforce is changing in several significant ways: (1) It is aging and the labour pool is
shrinking and (2) it is becoming increasingly diverse. The nature of work has shifted toward
services and a focus on information. More firms now rely on outsourcing, offshoring, and
nearshoring to produce goods or to fulfill services and functions that were previously handled
ST
in‐house or in‐country. Today’s workplaces are also becoming increasingly flexible, allowing
employees to work from different locations and through different relationships. Companies
promote innovation through teamwork and collaboration
UV
LO 1.6 Identify the skills and attributes managers need to lead businesses in the twenty-
first century.
Today’s managers need vision, which is the ability to perceive both marketplace needs and the
way their firm can satisfy those needs. Critical thinking skills and creativity allow managers to
pinpoint problems and opportunities and plan novel solutions. Finally, managers are dealing
with rapid change, and they need skills to help lead their organizations through shifts in external
IA
and internal conditions.
LO 1.7 Outline the characteristics that make a company admired by the business
_A
community.
A company is usually admired for its solid profits, stable growth, a safe and challenging work
environment, high‐quality goods and services, and business ethics and social responsibility.
PP
RO
VE
D?
Contemporary Business, 2nd
Canadian Edition
ST
TEST BANK
UV
IA
Louis Boone
David Kurtz
_A
Michael Khan
Brahm Canzer
PP
────────────────────────────────────────────────────
Comprehensive Test Bank for Instructors
RO
and Students
||| ||| || ||| || | || ||| | || ||| |
VE
9781119194330
© Louis Boone, David Kurtz, Michael Khan, & Brahm Canzer.
D?
All rights reserved. Reproduction or distribution without
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Contemporary Business — Test Bank
Louis E. Boone, David L. Kurtz, M. H. Khan and Blaine Canzer
ISBN: 9781119194330
ST
Chapter 1: The Changing Face of Business
Chapter 2: Business Ethics and Social Responsibility
Chapter 3: Economic Challenges Facing Contemporary Business
UV
Chapter 4: Competing in World Markets
Chapter 5: Forms of Business Ownership and Organization
Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative
Chapter 7: Management, Leadership, and the Internal Organization
Chapter 8: Human Resource Management: From Recruitment to Labour Relations
IA
Chapter 9: Top Performance Through Empowerment, Teamwork, and Communication
Chapter 10: Production and Operations Management
Chapter 11: Customer-Driven Marketing
Chapter 12: Product and Distribution Strategies
_A
Chapter 13: Promotion and Pricing Strategies
Chapter 14: Using Technology to Manage Information
Chapter 15: Understanding Accounting and Financial Statements
Chapter 16: The Financial System
PP
Chapter 17: Financial Management
RO
VE
D?
© MEDGEEK
, Part 1 Business in a Global Environment
CHAPTER 1
THE CHANGING FACE OF BUSINESS
CHAPTER LEARNING OBJECTIVES
ST
LO 1.1 Distinguish between business and not-for-profit organizations.
Business consists of all profit‐seeking activities that provide goods and services necessary to an
UV
economic system. Not‐for‐profit organizations are business‐like establishments whose primary
objectives involve social, political, governmental, educational, or similar functions instead of
profits.
LO 1.2 Identify and describe the factors of production.
The factors of production have four basic inputs: natural resources, capital, human resources,
IA
and entrepreneurship. Natural resources include all productive inputs that are useful in their
natural states. Capital includes technology, tools, information, and physical facilities. Human
resources include anyone who works for the firm. Entrepreneurship is the willingness to take
risks to create and operate a business.
_A
LO 1.3 Describe the private enterprise system, including basic rights and
entrepreneurship.
The private enterprise system is an economic system that rewards firms for being able to
perceive and serve the needs and demands of consumers. Competition in the private enterprise
PP
system means success for firms that satisfy consumer demands. Citizens in a private enterprise
economy enjoy rights to private property, profits, freedom of choice, and competition.
Entrepreneurship drives economic growth.
RO
LO 1.4 Identify the seven eras in the history of business.
The seven historical eras are the colonial period, the Industrial Revolution, the age of industrial
entrepreneurs, the production era, the marketing era, the relationship era, and the social era. In
the colonial period, businesses were small and rural, emphasizing agricultural production. The
Industrial Revolution brought factories and mass production to business. The age of industrial
entrepreneurs built on the Industrial Revolution through an expansion in the number and size of
VE
firms. The production era focused on the growth of factory operations through assembly lines
and other efficient internal processes. During and following the Great Depression, businesses
concentrated on finding markets for their products through advertising and selling, giving rise to
the marketing era. In the relationship era, businesspeople focus on developing and sustaining
long‐term relationships with customers and other businesses. The social era of business can be
described as a new approach to the way businesses and individuals interact, connect,
D?
communicate, share, and exchange information with each other in virtual communities and
networks around the world. Technology promotes innovation and communication, while
alliances create a competitive advantage through partnerships. Concern for the environment
also helps build strong relationships with customers.
, The Changing Face of Business 1-2
LO 1.5 Explain how today’s business workforce and the nature of work itself are
changing.
The workforce is changing in several significant ways: (1) It is aging and the labour pool is
shrinking and (2) it is becoming increasingly diverse. The nature of work has shifted toward
services and a focus on information. More firms now rely on outsourcing, offshoring, and
nearshoring to produce goods or to fulfill services and functions that were previously handled
ST
in‐house or in‐country. Today’s workplaces are also becoming increasingly flexible, allowing
employees to work from different locations and through different relationships. Companies
promote innovation through teamwork and collaboration
UV
LO 1.6 Identify the skills and attributes managers need to lead businesses in the twenty-
first century.
Today’s managers need vision, which is the ability to perceive both marketplace needs and the
way their firm can satisfy those needs. Critical thinking skills and creativity allow managers to
pinpoint problems and opportunities and plan novel solutions. Finally, managers are dealing
with rapid change, and they need skills to help lead their organizations through shifts in external
IA
and internal conditions.
LO 1.7 Outline the characteristics that make a company admired by the business
_A
community.
A company is usually admired for its solid profits, stable growth, a safe and challenging work
environment, high‐quality goods and services, and business ethics and social responsibility.
PP
RO
VE
D?
