(Test Bank) The Future of Business

Gitman,Mcdaniel, 4

Business

Test Bank

4th Edition

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Test Bank for The Future of Business, The downloadable file consists of 403 pages, and the total size of the file is 2.93 MB. Purchase now only for highly discounted price.

Author(s): Gitman, Mcdaniel

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Prof.Exams TEST BANK 2022 Prof.Exams COMPLETE Elaborated Test Bank for The Future of Business : The Essentials 4Ed. by Lawrence J. Gitman & Carl McDaniel 2022 Prof.Exams TABLE OF CONTENTS PART 1: The Business Environment Chapter 1: Politics: Governments’ Roles Chapter 2: Economics: Evolving Systems Chapter 3: Social: Society, Corporate Respo nsibility, and Making Ethical Decisions Chapter 4: Technology: Managing Information for Business Success Chapter 5: International: The Global Marketplace PART 2: Building a Business Chapter 6: Entrepreneurship and Small Business Chapter 7: Analyzing t he Business Chapter 8: Forms of Business Ownership PART 3: Business Management Chapter 9: Management and Leadership in Today’s Organizations Chapter 10: Designing Organizational Structures Chapter 11: Motivating Employees PART 4: Functional Areas of Bu siness Chapter 12: Managing Human Resources and Labour Relations Chapter 13: Marketing: The Customer Focus Chapter 14: Creating Marketing Strategies Chapter 15: Achieving World -Class Operations Management Chapter 16: Accounting for Financial Success Chapter 17: Understanding Money and the Canadian Financial System Chapter 18: Finance: Maximizing the Value Prof.Exams Copyright © 2021 Nelson Education Ltd. 1-1 CHAPTER 1—POLITICS: GOVERNMENTS’ ROLES MULTIPLE CHOICE 1. Which of the following terms best describes an organization that provides goods and services in an effort to earn a profit? a. a not-for-profit b. the government c. a charity d. a business ANS: D PTS: 1 REF: 12 OBJ: 1 BLM: Remember 2. What do gasoline for a car, ketchup for french fries, and a lady’s scarf have in common? a. They are services. b. They are goods. c. They are “mixed message” products. d. They are all in the growth stage of their product life cycle. ANS: B PTS: 1 REF: 12 OBJ: 1 BLM: Higher order 3. What do Uno’s Pizzeria and LensCrafters have in common? a. Their products are examples of intermediate goods. b. Their products are a mix of goods and services. c. They offer pure goods. d. They provide pure services. ANS: B PTS: 1 REF: 12 OBJ: 1 BLM: Higher order 4. Body soap, a box of rice, and olive oil are examples of what? a. goods b. services c. convenience products d. actual products ANS: A PTS: 1 REF: 12 OBJ: 1 BLM: Higher order 5. Which term refers to the products and goods available to a population for a period of time? a. economic growth b. entrepreneurship c. quality of life d. standard of living ANS: D PTS: 1 REF: 12 OBJ: 1 BLM: Remember Chapter 1 Politics: Governments’ Roles 1-2 6. People living in Okinawa, Japan, have the longest life spans in the world. Researchers have looked at many factors that contribute to their longevity. They have found that the people have a very high general level of happiness. This is referred to as which of the following? a. standard of living b. quality of life c. self-actualization d. contentment ANS: B PTS: 1 REF: 12 OBJ: 1 BLM: Higher Order 7. Which of the following is one of the criteria used to measure quality of life? a. political stability and security b. GDP c. unemployment d. level of democracy ANS: A PTS: 1 REF: 12 OBJ: 1 BLM: Higher Order 8. ABC company has been exploring for gold in the Democratic Republic of Congo based on a very promising sample size. The infrastructure is very poor there and they have to fly all their workers in to remote parts of the jungle to explore for gold. If they discover a large deposit, it will be very lucrative for the company but there is a high probability that the sample could be from an area that has very little gold. What is the term to describe their potential for losing time and money on this project? a. risk b. capital loss c. asset right off d. liability ANS: A PTS: 1 REF: 12 OBJ: 1 BLM: Higher Order 9. Which of the following best describes the situation when expenses are lower than revenue for a business? a. risk b. profit c. surplus d. loss ANS: B PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order Chapter 1 Politics: Governments’ Roles 10. Who do not-for-profit organizations work hand -in-hand with? 1-3 a. churches b. investment banks c. businesses d. universities ANS: C PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order 11. Types of not-for-profit organizations include which of the following? a. book stores b. museums c. movie theatres d. hockey rinks ANS: B PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order 12. In which area of society do not -for-profit organizations play a critical role? a. the media b. the community c. the stock market d. the government ANS: B PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order 13. What are not-for-profit organizations commonly known for supporting? a. politicians b. community service c. companies d. sports teams ANS: B PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order 14. Not-for-profit organizations are measured by different standards than for -profit businesses. Who is responsible for regulating these organizations? a. their customers b. their vendors c. their suppliers d. the government ANS: D PTS: 1 REF: 13 OBJ: 1 BLM: Higher Order Chapter 1 Politics: Governments’ Roles 15. What are the three levels of government in Canada? 1-4 a. federal, provincial, municipal b. federal, state, city c. country, province, city d. country, province, municipality ANS: A PTS: 1 REF: 13 OBJ: 2 BLM: Remember 16. Which of the following does the federal government have authority over? a. defence b. education c. health care d. garbage ANS: A PTS: 1 REF: 13 OBJ: 2 BLM: Remember 17. Which of the following does the federal government have authority over? a. health care b. education c. criminal law d. roads ANS: C PTS: 1 REF: 13 OBJ: 2 BLM: Remember 18. Which of the following does the federal government have authority over? a. roads b. education c. health care d. employment insurance ANS: D PTS: 1 REF: 13 OBJ: 2 BLM: Remember 19. Which of the following does the provincial government have authority over? a. roads b. education c. trade regulation d. employment insurance ANS: B PTS: 1 REF: 13 OBJ: 2 BLM: Remember Chapter 1 Politics: Governments’ Roles 20. Which of the following does the provincial government have authority over? 1-5 a. criminal law b. health care c. trade regulation d. defence ANS: B PTS: 1 REF: 13 OBJ: 2 BLM: Remember 21. Which jurisdiction has the responsibility for education? a. federal b. provincial c. municipal d. community ANS: B PTS: 1 REF: 13 OBJ: 2 BLM: Higher Order 22. Labour laws are controlled by which level of government? a. federal b. provincial c. municipal d. community ANS: B PTS: 1 REF: 13 OBJ: 2 BLM: Higher Order 23. Which of the following does the municipal government have authority over? a. education b. water c. trade regulation d. health care ANS: B PTS: 1 REF: 14 OBJ: 2 BLM: Remember 24. Which of the following does the municipal government have authority over? a. health care b. sewers c. education d. trade ANS: B PTS: 1 REF: 14 OBJ: 2 BLM: Remember Chapter 1 Politics: Governments’ Roles 1-6 25. Who is responsible for ensuring that public resources have been properly allocated? a. the government tax department b. the police c. the government auditor d. the government accountants ANS: C PTS: 1 REF: 14 OBJ: 2 BLM: Higher Order 26. The federal government of Canada collects money from all the provinces and then redistributes money from rich provinces to poorer ones. Alberta is making a lot of money right now due to the increased production in the Athabasca Tar Sands and the high price of oil. Some of the tax money is going from Alberta to Quebec via the federal government. What is the term to describe this? a. redistribution payments b. transfer payments c. transfer assistance d. rebalancing resource wealth ANS: B PTS: 1 REF: 14 OBJ: 3 BLM: Higher Order 27. What is the name of one of the specific programs used to equalize the wealth across the country? a. Canada Equalization Transfer b. Canada Social Transfer c. Canada Education Transfer d. Canadian Province Balance ANS: B PTS: 1 REF: 14 OBJ: 3 BLM: Higher Order 28. Bylaws are controlled by which level of government? a. federal b. provincial c. municipal d. community ANS: C PTS: 1 REF: 14 OBJ: 2 BLM: Higher Order Chapter 1 Politics: Governments’ Roles 1-7 29. George is a maple syrup farmer in Northern Ontario. As there are a lot of other maple syrup farmers in Canada the market is saturated. George wants to sell his maple syrup internationally but does not know how to go about it. He hears that the government w ill assist Canadian companies looking to export. Which level of government will assist George? a. federal b. provincial c. municipal d. city ANS: A PTS: 1 REF: 15 OBJ: 3 BLM: Higher Order 30. Which of the following government agencies enforces the laws regulating unfair competition? a. Business Practices Bureau b. Fair Trade Agency c. Competition Bureau d. Anti-Monopoly Bureau ANS: C PTS: 1 REF: 15 OBJ: 3 BLM: Higher Order 31. To stimulate competition and protect both consumers and workers, what does the federal government do? a. It places heavy taxes on companies in monopolistic competition. b. It creates business systems to meet the needs of all consumers. c. It creates regulations to intervene in the free market. d. It places limits on international trade in order to stimulate domestic production. ANS: C PTS: 1 REF: 15 OBJ: 3 BLM: Higher Order 32. Jack runs a road construction company. He builds roads into peoples cottages in Ontario. This is only a small portion of his business though as there are few cottagers that can afford to build a private road. Who then would George rely on for most of his revenues? a. corporations b. individuals c. government d. not-for-profits ANS: C PTS: 1 REF: 15 OBJ: 3 BLM: Higher Order 33. A patent gives inventors exclusive rights to their inventions for how long? a. 20 months b. 17 years c. 20 years d. the lifetime of the inventor plus 50 years ANS: C PTS: 1 REF: 16 OBJ: 4 BLM: Remember Chapter 1 Politics: Governments’ Roles 1-8 34. Which of the following protects the original work of authors and artists (e.g., their books, photos, or cartoons)? a. trademark b. copyright c. the uniform commercial code d. patent ANS: B PTS: 1 REF: 16 OBJ: 4 BLM: Remember 35. The Nike Swoosh and the Golden Arches of McDonald’s are protected by which of the following? a. trademark b. patent c. copyright d. commercially protected symbol ANS: A PTS: 1 REF: 16 OBJ: 4 BLM: Remember 36. Who owns the copyright of a cartoon character created by an employee of a company as part of their normal job responsibilities? a. the employee who created the cartoon character b. the employer of the cartoon character’s creator c. all of the employees that worked on the cartoon character d. the union that represents the employee ANS: B PTS: 1 REF: 16 OBJ: 4 BLM: Higher Order 37. The intent of a patent is to do which of the following? a. increase competition in the marketplace b. reward innovation and hard work of inventors c. slow the growth of monopolies d. encourage copycat inventions ANS: B PTS: 1 REF: 16 OBJ: 4 BLM: Higher Order 38. A private wrong that results in physical or mental harm to an individual or results in damage to that person’s property is referred to as which of the following? a. tort b. punitive judgment c. felony d. misdemeanour ANS: A PTS: 1 REF: 18 OBJ: 4 BLM: Remember Chapter 1 Politics: Governments’ Roles 1-9 39. Rio Bravo Theme Park is known for its variety of roller coasters. Recently, it was reported that two cars on the Macho Nacho roller coaster left the tracks, resulting in serious injuries to four riders. These riders are suing the theme park for damages, cl aiming that the maintenance procedures for the coasters were carelessly performed by the park’s staff. When hearing the lawsuits, the courts will seek to determine whether Rio Bravo Theme park could be which of the following? a. guilty of a felony b. liable for a breach of contract c. guilty of a misdemeanour d. liable for an unintentional tort ANS: D PTS: 1 REF: 18 OBJ: 4 BLM: Higher order 40. The judgment handed out in civil court typically entails which of the following? a. only imprisonment b. compensation for injury c. public reprimands d. a combination of fines and imprisonment ANS: B PTS: 1 REF: 18 OBJ: 4 BLM: Higher order 41. The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called which of the following? a. environmentalism b. capitalism c. socialism d. consumerism ANS: D PTS: 1 REF: 19 OBJ: 4 BLM: Remember 42. The warranty you receive in the box with your new DVD is which of the following? a. implied warranty b. express warranty c. uniform warranty d. commercial warranty ANS: B PTS: 1 REF: 20 OBJ: 4 BLM: Higher order 43. Which of the following guarantees that the product you buy will conform to the customary standards of the trade/industry? a. implied warranty b. express warranty c. uniform warranty d. commercial warranty ANS: A PTS: 1 REF: 20 OBJ: 4 BLM: Higher order Chapter 1 Politics: Governments’ Roles 1-10 44. A warranty guarantees which of the following? a. The seller will replace or repair the product at no charge if the customer finds a cheaper substitute. b. The buyer has read and understood the information provided in the owners’ manual. c. Consumers will have access to a customer complaint resolution hot line. d. The product sold will be acceptable for the purpose for which the buyer intends to use it. ANS: D PTS: 1 REF: 20 OBJ: 4 BLM: Higher order 45. Which of the following holds a company responsible for negligence in the production, design, sale, or use of products the company markets? a. breach of contract b. price discrimination c. unintentional harm responsibility d. product liability ANS: D PTS: 1 REF: 20 OBJ: 4 BLM: Higher Order 46. Which of the following holds a company liable for damages caused by a defective product even if the company was unaware of the defect at the time of sale? a. network responsibility b. managerial liability c. patent infringement d. strict product liability ANS: D PTS: 1 REF: 20 OBJ: 4 BLM: Higher Order 47. Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company. Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of which of the following? a. restrict ed endorsement b. fault free obligations c. patent infringement d. strict liability ANS: D PTS: 1 REF: 20 OBJ: 4 BLM: Higher Order Chapter 1 Politics: Governments’ Roles 1-11 48. Under the doctrine of strict product liability, a manufacturer can be held liable under which of the following conditions? a. for any injury or damage caused by products that do not meet industry standards b. only if the company knowingly sold a hazardous product c. only if the company purposefully was negligent in the design or production of the product d. only if the company intentionally introduced a defective product ANS: A PTS: 1 REF: 20 OBJ: 4 BLM: Higher order 49. The Competition Act aims to ensure which of the following? a. no mergers of large corporations that restrict competition b. there is discriminatory pricing c. there are no monopolies d. competition is not cut-throat ANS: C PTS: 1 REF: 20 OBJ: 4 BLM: Higher order 50. What are taxes sometimes seen as? a. the price we pay to live in this country b. a necessary evil c. a civic duty d. a waste of money ANS: A PTS: 1 REF: 21 OBJ: 5 BLM: Remember 51. Progressive income taxes can be best described as which of the following? a. everyone pays the same tax rate percentage b. tax rates increase as income increases c. tax rates decline as income increases d. the rich get more tax breaks ANS: B PTS: 1 REF: 21 OBJ: 5 BLM: Remember 52. What type of income taxes do businesses pay? a. progressive b. flat c. regressive d. incremental ANS: B PTS: 1 REF: 21 OBJ: 5 BLM: Remember