Test bank for understanding canadian business 9th edition by nickels

Page of 33 This chapter has 237 questions Scroll down to see and select individual questions or narrow the list using the checkboxes below questions at random and keep in order Multiple Choice Questions - (106)  Topic: 01-05 Standard of Living and Quality of Life - (5) True/False Questions - (131) Topic: 01-06 Responding to the Various Business Stakeholders - (19) Odd Numbered - (119) Topic: 01-07 Using Business Principles in Non-Profit Organizations - (6) Even Numbered - (118) Topic: 01-08 Entrepreneurship Versus Working for Others - (4) Accessibility: Keyboard Navigation - (237) Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth - (21) Difficulty: Easy - (114) Topic: 01-10 The Business Environment - (4) Difficulty: Hard - (44) Topic: 01-11 The Legal Environment - (9) Difficulty: Medium - (79) Topic: 01-12 The Economic Environment - (4) Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation - (34) Topic: 01-13 The Technological Environment - (32) Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities - (25) Topic: 01-14 The Competitive Environment - (17) Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth - (27) Topic: 01-15 The Social Environment - (31) Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations - (112) Topic: 01-16 The Global Environment - (18) Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada - (39) Topic: 01-17 The Evolution of Canadian Business - (1) Topic: 01-01 Using This Course to Prepare for Your Career - (1) Topic: 01-18 Progress in the Agricultural and Manufacturing Industries - (13) Topic: 01-02 Business Fundamentals - (4) Topic: 01-19 Progress in Service Industries - (23) Topic: 01-03 Revenues, Profits, and Losses - (13) Topic: 01-20 Your Future in Business - (2) Topic: 01-04 Matching Risk with Profit - (10) Test Bank for Understanding Canadian Business 9th Edition by Nickels Any activity that produces a good or service to others while operating at a profit can be classified as a business → True Full file at https://TestbankDirect.eu/ False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-02 Business Fundamentals Businesses seek to earn a profit by providing goods and services to others → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-02 Business Fundamentals Revenue is the amount a business earns above and beyond what it spends for expenses and costs True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses All businesses make a profit True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses If a business' costs and expenses are greater than its revenue, it will suffer a loss → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses Profits of a business include the salaries paid to the owners and employees of that business True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses Any loss from a business will result in a bankruptcy True Full file at https://TestbankDirect.eu/ Page of 33 → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses An owner who closes a business to start a new one is reported as an exit by Industry Canada → True False Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses The only way a firm can increase its profits is to increase its sales revenue True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses 10 The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues → True False Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Full file at https://TestbankDirect.eu/ True / False Question Topic: 01-03 Revenues, Profits, and Losses 11 The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million Therefore, during the year Buckmaker Corporation earned a profit of $13 million → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-03 Revenues, Profits, and Losses 12 One of the elements of risk is the chance of a loss → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-04 Matching Risk with Profit 13 Profit is over and above the money you pay yourself in salary → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-04 Matching Risk with Profit 14 Maintaining a high quality of life requires the combined efforts of businesses, non-profit organizations, and volunteer groups → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-05 Standard of Living and Quality of Life 15 The term standard of living refers to the amount of goods people can buy with the money they make from their business True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation True / False Question Topic: 01-05 Standard of Living and Quality of Life 16 The more money businesses create, the more is potentially available to improve the quality of life for everyone → True False True / False Question Full file at https://TestbankDirect.eu/ Page of 33 Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Topic: 01-05 Standard of Living and Quality of Life 17 Stakeholders are all the people who stand to gain or lose by the policies and activities of a business → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 18 Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials, and environmentalists → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 19 By balancing the demands of customers and stockholders, businesses have actually satisfied the demands of all stakeholders True → False Test Bank for Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 20 A Canadian company is said to be outsourcing when it sources part of the purchased inputs from outside of Canada True → False Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 21 Companies have gone from outsourcing production jobs to offshoring research and development → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 22 A recent study indicated that outsourcing will continue to grow at 5-10% across functions such as information technology, legal services, and human resource management True → False Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 23 In Canada, most of the offshoring that occurs is with China True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 24 It is legal to outsource and offshore → True False True / False Question Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit Full file at https://TestbankDirect.eu/ Page of 33 organizations and business activities Topic: 01-06 Responding to the Various Business Stakeholders 25 Business decisions should consider the interests of customers, employees, suppliers, government officials, and stockholders → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 26 An effort to please one group of stakeholders eventually pleases all stakeholders True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-06 Responding to the Various Business Stakeholders 27 A charitable organization, whose goals not include making a personal profit for its owners or organizers, such as the Red Cross or the Salvation Army, is best classified as a small business True → False Navigation Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-07 Using Business Principles in Non-Profit Organizations 28 Non-profit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society → True False Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-07 Using Business Principles in Non-Profit Organizations 29 Unlike businesses, employees of non-profit organizations are not required to learn the business skills of accounting, marketing, or financial management True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities True / False Question Topic: 01-07 Using Business Principles in Non-Profit Organizations 30 Starting a business is a riskier path toward business success than working your way up the ranks of a large business → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-08 Entrepreneurship Versus Working for Others 31 Paid vacations and a generous pension are among the benefits provided by the government to entrepreneurs True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-08 Entrepreneurship Versus Working for Others 32 A lesson to learn from the story of Ron Joyce, who became a franchisee in the first Tim Hortons, is that to be a successful entrepreneur you need to find something that you love to → True False True / False Question Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list Full file at https://TestbankDirect.eu/ Page of 33 the five factors of production that contribute to wealth Topic: 01-08 Entrepreneurship Versus Working for Others 33 Money is one of the five factors of production that contribute to the creation of wealth True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 34 Tools, machinery, and buildings are all types of capital resources → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 35 Recent studies have shown that the major advantage rich nations have over poor nations is an abundance of land and labour True → False Accessibility: Keyboard Navigation Difficulty: Easy Test Bank for Understanding Canadian Business 9th Edition by Nickels Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Full file at https://TestbankDirect.eu/ True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 36 Entrepreneurship is one of the five factors of production that contribute to the creation of wealth → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 37 The two factors of production that are the most important for creating wealth are entrepreneurship and the effective use of knowledge → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 38 Capital is now easy for firms to find in world markets → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 39 Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers True → False Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 40 If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth Full file at https://TestbankDirect.eu/ Page of 33 41 One of the five factors of production is Capital, which includes machines, tools, buildings, land, money, or whatever else is used in the production of goods True → False Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 42 There are six elements to the business environment → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth True / False Question Topic: 01-10 The Business Environment 43 The business environment refers to the surrounding factors that either help or hinder the development of businesses → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Test Bank for Understanding Canadian Business 9th Edition by01-10 Nickels True / False Question Topic: The Business Environment 44 Well-managed businesses will grow and prosper regardless of the business environment in which they operate Full file at https://TestbankDirect.eu/ True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-10 The Business Environment 45 Taxes and government regulations are part of the legal environment in which businesses operate → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 46 High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 47 Governments can increase the risk of entrepreneurship by passing laws that enable business people to write contracts that are enforceable in court True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 48 Corruption and illegal activities are expected in a capitalist system and can be beneficial True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 49 Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses → True False Full file at https://TestbankDirect.eu/ Page of 33 Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 50 Laws that allow businesses to write enforceable contracts decrease the risk of doing business → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-11 The Legal Environment 51 The economy affects both businesses and consumers → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-12 The Economic Environment 52 The movement of a country's currency relative to other currencies is not part of the economic environment True → False Test Bank for Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-12 The Economic Environment 53 The degree of entrepreneurship present is part of the economic environment → True False Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-12 The Economic Environment 54 Technology refers to innovations from applied science or engineering research → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 55 E-business is mostly done with Web technologies → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 56 E-commerce is the buying and selling of products and services by businesses and consumers over the Internet → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 57 E-commerce only covers one aspect of e-business → True False True / False Question Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-13 The Technological Environment Full file at https://TestbankDirect.eu/ Page of 33 58 Technology refers to everything that makes business operations more efficient and productive → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 59 Technology affects people in all industries → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 60 Technology allows firms to be more responsive to their customers' wants and needs → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment Test Bank for Understanding Canadian Business 9th Edition by Nickels 61 Traditional businesses have been learning how to deal with competition from B2B firms → True Full file at https://TestbankDirect.eu/ False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 62 Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land, fixtures, and buildings True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 63 The B2C market consists of selling goods and services from one business to another True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 64 The Internet has increased and improved a business's responsiveness to their customers → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 65 The Internet is more important to business-to-business segment of e-commerce than to the business-to-consumer segment of e-commerce → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 66 PIPEDA sets out how companies may collect, use and disclose personal information → True False Full file at https://TestbankDirect.eu/ Page of 33 True / False Question Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-13 The Technological Environment 67 Crowdsourcing helps businesses to find solutions to challenges → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 68 Identity theft is no longer a problem in Canada and the United States True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 69 A recent report found that 25% of small businesses use social media True → False Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Navigation Difficulty: Medium Full fileLearning at https://TestbankDirect.eu/ Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 70 Industry Canada sets out the ground rules for how private sector organizations may collect, use, or disclose personal information in the course of commercial activities True → False Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-13 The Technological Environment 71 Since the recession, competition has decreased True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 72 The goal for many companies is 5% defects in their products True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 73 To remain competitive in today's market, firms must produce a quality product and offer outstanding service and products at a reasonable price → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 74 Producing a high quality product will ensure success in the competitive environment True → False True / False Question Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain Full file at https://TestbankDirect.eu/ Page 10 of 33 why the business environment is important to organizations Topic: 01-14 The Competitive Environment 75 Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 76 The competitive environment now empowers managers to make decisions quickly for their front line employees True → False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 77 Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness True → False Accessibility: Keyboard Navigation Difficulty: Easy Test BankLearning for Understanding Canadian Business 9th Edition by Nickels Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Full file at https://TestbankDirect.eu/ True / False Question Topic: 01-14 The Competitive Environment 78 To be implemented successfully, empowerment requires that employees are better trained → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 79 The goal of empowerment in the work environment is to give management more control over the actions of lower-level workers True → False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 80 One way an organization can restructure to better meet the needs of customers is to train front-line people to make decisions within certain limits → True False Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 81 An example of a customer-driven organization would be Disney amusement parks → True False Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations True / False Question Topic: 01-14 The Competitive Environment 82 The statistical study of the human population to describe its size, age, gender, and income is known as diversity recognition True → False True / False Question Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-15 The Social Environment Full file at https://TestbankDirect.eu/ Page 19 of 33 generation Topic: 01-04 Matching Risk with Profit 146.A business owner has to find the right balance between risk and speculation time revenue profit → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Topic: 01-04 Matching Risk with Profit Multiple Choice Question 147.Quality of life refers to: the outsourcing of job functions the amount of good and services people can buy addressing the needs of all stakeholders when making a business decision the general well-being of a society → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Multiple Choice Question Topic: 01-05 Standard of Living and Quality of Life 148.Often goods cost more in one country than another because of what? Test Bank for Understanding Canadian Business 9th Edition by Nickels profits higher taxes and stricter government regulations → Full file at https://TestbankDirect.eu/ new stakeholders the Internet Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Multiple Choice Question Topic: 01-05 Standard of Living and Quality of Life 149.Customers, employees, stockholders and, suppliers are known as creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's: market makers economic environment stakeholders → social mentors Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 150.Stakeholders may have direct and _ impact upon a business societal non-profit indirect → organizational Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 151.The challenge of this century is for organizations to balance, as much as possible, _ macro and micro economic forces profit vs non-profit profits and losses the needs of all stakeholders → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 152.Which of the following is NOT a stakeholder? government non-profit businesses → Full file at https://TestbankDirect.eu/ Page 20 of 33 employees customers Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Topic: 01-06 Responding to the Various Business Stakeholders Multiple Choice Question 153.Offshoring entails: sourcing parts outside of the country → assigning various functions to outside organizations having a limited life being controlled by a board of directors Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 154.Insourcing can be found in what industry, according to the text? Retailing United Church of Canada Automotive sector → Red Cross Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Navigation Difficulty: Hard Full file at https://TestbankDirect.eu/ Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 155.In Canada, most of the offshoring that occurs is with what country? China India The United States → England Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 156.Companies have gone from outsourcing jobs to offshoring what? the purchase of inputs profits stakeholders research and development → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-06 Responding to the Various Business Stakeholders 157.When might offshoring backfire? If the procedures followed in managing the outsourced function remain the same If the overseas company uses the information to produce its own competitive product → When all of the current suppliers to the outsourced function are retained If the cost of the function is reduced by at least 50% Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Topic: 01-06 Responding to the Various Business Stakeholders Multiple Choice Question 158.What is a social entrepreneur? an individual who avoids business principles to start a non-profit organization any new business start-up with social goals an individual who uses business principles to start and manage a non-profit organization → an individual working for a non-profit organization Multiple Choice Question Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit Full file at https://TestbankDirect.eu/ Page 21 of 33 organizations and business activities Topic: 01-07 Using Business Principles in Non-Profit Organizations 159.Non-profit organizations: last for only short periods of time as their objective is not to create profits for their owners have a hard time hiring employees as they have no means of paying them are run by the government can provide an opportunity for individuals to address social issues → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-07 Using Business Principles in Non-Profit Organizations 160.In Canada, about how many people work for the country's charities and non-profits? million million → million 10 million Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-02 Identify business stakeholders and their importance to non-profit organizations and business activities Multiple Choice Question Topic: 01-07 Using Business Principles in Non-Profit Organizations 161.There are two ways to succeed in business One way is to rise up through the ranks of a large company What is the other Test Bank for Understanding Canadian Business 9th Edition by Nickels way? working for the government Full file at https://TestbankDirect.eu/ working for a non-profit organization working for a small business starting a business → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-08 Entrepreneurship Versus Working for Others 162.The resources that contribute to the creation of wealth are known as: production coefficients factors of production → production technologies production aggregates Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 163.Which of the following is a factor of production? bonds money knowledge → service Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 164.Machines, tools, buildings and other means of manufacturing are called: capital goods → labour equipment machinery Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 165.As a factor of production, the term capital includes: stocks and bonds issued by corporations natural resources such as land and water Full file at https://TestbankDirect.eu/ Page 22 of 33 → tools, machinery, and buildings services provided by the government that enable businesses to be more productive Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 166.All of the following are factors of production except: labour capital land money → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 167.The two factors of production that seem to contribute the most to making countries rich are: land and labour land and capital entrepreneurship and labour entrepreneurship and knowledge → Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Navigation Difficulty: Easy Full file atLearning https://TestbankDirect.eu/ Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 168.Nadine has started up a new printing business The printers, computers, and copying machines she has leased are examples of: natural resources intangible resources current assets capital → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 169.As you consider the factors of production, which of them will be the most important contributing factor to increasing the nation's wealth? land labour knowledge → capital Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 170.Which of the following is the most accurate statement about the impact of entrepreneurs? land is a more important factor of production than the impact of entrepreneurs labour is the primary source of wealth today, followed by the impact of entrepreneurs capital is the primary source of wealth today, followed by the impact of entrepreneurs entrepreneurs, and the use of knowledge are the primary source of wealth today → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 171.Which of the following factors of production is the most important contributing factor to increasing a nation's wealth? natural resources entrepreneurship → labour capital Multiple Choice Question Full file at https://TestbankDirect.eu/ Page 23 of 33 Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 172.Which is NOT a factor of production? laws → land labour capital Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth 173.Which of the following statements about factors of production is the most accurate? the five factors of production are energy, capital, labour, leadership and money wealth creation in poor nations is slowed by chronic shortages of labour each of the factors of production is equally important in creating wealth → entrepreneurship and knowledge are the most important in creating wealth Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; Test Bank for Understanding Canadian and Business 9thfactors Edition by Nickels list the five of production that contribute to wealth Multiple Choice Question Topic: 01-09 The Importance of Entrepreneurs to the Creation of Wealth file and at https://TestbankDirect.eu/ 174.Johnsonville Full is a small poor nation, but its current president has a genuine desire to create more wealth for Johnsonville's citizens The president has received recommendations from several of her advisors Which of the following recommendations is likely to create the most wealth for Johnsonville? acquire more land by invading a neighboring country that is even poorer and weaker than Johnsonville use foreign aid from other nations to purchase more tools and machinery establish a business environment that promotes and rewards entrepreneurship → establish barriers to trade to protect Johnsonville businesses from foreign competition Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-03 Explain how entrepreneurship is critical to the wealth of an economy; and list the five factors of production that contribute to wealth Topic: 01-10 The Business Environment Multiple Choice Question 175.High tax rates tend to: promote economic development make a nation's currency tradable discourage entrepreneurship → reduce the amount of money created by the government Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-11 The Legal Environment 176.The subprime mortgage scandal shows: the risk of investing in real estate the increased strength of the Euro and the European market the continued weakness of Canada's Asian trading partners the impact of corporate scandals on investor confidence → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-11 The Legal Environment 177.In countries where businesses are government owned: there is less incentive to work hard → the right amount of each good is produced profits tend to be higher the quality of goods is high but profits are low Multiple Choice Question Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-11 The Legal Environment Full file at https://TestbankDirect.eu/ Page 24 of 33 178.One economic environmental factor of great importance to many businesses is: the actions of non-profits the movement of the Canadian dollar → stakeholder activities entrepreneurship Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-12 The Economic Environment Multiple Choice Question 179.Technology affects people in: all industries → most industries information technology industries with the exception of agriculture primarily high income countries Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 180.Employers provide tools and technology for their employees in order to: increase the cost of production and profitability improve their efficiency and productivity → Test Bank for Understanding Canadian Business 9th Edition by Nickels to reduce corruption in business and eliminate scandals encourage ownership of businesses Full filethe at private https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 181.The example of Don Glenn, a farmer using his computer to compare data from the previous year's harvest with satellite photos of his farm to know which crops are flourishing is an example of what? managers in Canada motivating employees with large pay raises the benefits of technology → the importance of land as a factor of production the differences in wage rates between rural and urban dwellers Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 182. _ refers to the amount of output generated with a given amount of input, e.g., number of pizzas produced per worker per hour Efficiency Technology Telecommuting Productivity → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 183. _ means producing items with the least amount of resources Efficiency → Technology E-production Productivity Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 184.The two main types of e-commerce are: online and offline M2M and M2N wholesale and retail Full file at https://TestbankDirect.eu/ Page 25 of 33 → B2B and B2C Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 185.When businesses sell to other businesses over the Internet, these transactions are known as: B2C transactions e-wholesale transactions B2B transactions → intermediate e-commerce transactions Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 186.Companies that sell goods to consumers over the Internet are engaging in: B2C transactions → IOU transactions B2B transactions Y2K transactions Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and Full file at https://TestbankDirect.eu/ explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 187.The buying and selling of goods and services online is known as what? E-commerce → IOU transactions B2B transactions Y2K transactions Test Bank for Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 188.An electronic storage file where firms keep customer information is known as a(n): MP3 file management information system database → e-mail server Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 189.Summit Gifts, Inc., is a mail order firm that specializes in expensive and unusual gifts for all occasions Summit keeps a large file of information on all of its regular customers, including names, addresses, the types of gifts they have ordered in the past, and the size and frequency of their orders The electronic file in which this information is stored in an example of a(n): spreadsheet MP3 file PERT file database → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 190.Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate? E-commerce will have little impact on most traditional businesses, because only a few types of products can be sold effectively over the Internet Traditional firms will enter the e-commerce market → E-commerce will prove to be very successful in competing against traditional firms in B2C markets, but will have much less success in B2B markets Traditional businesses will cease to exist within twenty years Full file at https://TestbankDirect.eu/ Page 26 of 33 Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 191.A retailer can store a lot of customer records that include their name, address, and telephone numbers and past purchases in a database This allows the retailer to only stock what the customers in their area want This saves the retailer's money in: Financing → accounting costs wages benefits Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 192.Recently, Marie received a telephone call from her credit card company asking if she had just placed a large off-shore wager using her credit card Marie indicated that she had not The illegal use of Marie's credit card probably happened because Marie: had loaned her credit card to a personal friend had not used her credit card for many months has made frequent on-line purchases, and in the course of completing one of these, an identity theft occurred → had just beenfor approved for a new credit card Test Bank Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 193.The federal privacy law is known as what? CITA PIPEDA → SCEF Statistics Canada Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-13 The Technological Environment 194.To be successful in today's markets, businesses must: provide the greatest variety of products to consumers spend more money on marketing and less on production focus their resources on understanding economic cycles delight customers with a quality product at a good price and outstanding service → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 195.Successful businesses are keenly focused on their: customers → managers creditors bureaucrats Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 196.Kisa is a production manager at Western Widgets, Inc., a manufacturing corporation that sells its products worldwide Thanks in part to Kisa's efforts, Western Widgets has dramatically improved the quality of its products Kisa believes that the high quality of its output will give Western Widgets a competitive edge Kisa's view is: correct Producing high quality goods is the key to success in the competitive marketplace not wrong, but it is too limited Consumers demand high quality goods, along with competitive prices and → outstanding service incorrect The typical consumer is more interested in price than quality Full file at https://TestbankDirect.eu/ Page 27 of 33 not exactly correct The best strategy for market success is to develop new products quickly and get them to the market before the competition, even if quality suffers a bit Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 197.Business has changed over time, traditionally business was more focused on the product and how to sell it Today business is more focused on: → quality and service reliability marketing production Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 198.To be effective, empowerment will require lower-level workers to: have more training → accept less responsibility and lower wages receive less training have written policies regulating each aspect of their work Test Bank for Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 199.Empowerment requires that managers focus more on lower-level employees directly supervising training, supporting, coaching, and motivating → simplifying the jobs of controlling and correcting Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-14 The Competitive Environment 200.The statistical study of human population to learn its size, density, and characteristics is called: psychographics econometrics demography → geometry Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 201. provides information to businesses concerning where people live, what they buy, and how they spend their time Sociography Econometrics Demography → Anthropology Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 202.Those individuals born in Canada between 1947 and 1966 are referred to as: baby boomers → Generation X echoes diversity workers Multiple Choice Question Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Page 28 of 33 Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-15 The Social Environment 203.People born in Canada between 1980 and 1995 are referred to as: baby boomers Generation X Generation Y → diversity workers Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 204.According to statistics Canada, by 2036 what proportion of the population will be Generation Z? → 1/4 1/3 1/2 2/3 Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment Test Bust Bank Canadian 9th Edition by Nickels 205.The book Boom & for EchoUnderstanding economist David Foot suggestsBusiness that explains about two-thirds of everything, including what products will be in demand in five years Full file at https://TestbankDirect.eu/ demographics → knowledge capital E-commerce Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 206.The Canadian population has been _ for several decades aging → declining growing poorer becoming more homogeneous Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 207.Birth-rates have declined in Canada since when? Mid-1950s Mid-1960s → Mid-1970s Mid-1980s Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 208.Those born between 1995 and 2009 are known as what? baby boomers Generation X Generation Y Generation Z → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 209.By 2031, seniors will account for nearly what percentage of the Canadian population? 1/4 → Full file at https://TestbankDirect.eu/ Page 29 of 33 1/3 1/2 2/3 Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 210.Businesses that cater to seniors will have what type of prospects? good → bad neutral declining Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 211.Which of the following age groups is expected to grow in the future? age 0-4 age 5-19 age 35-64 age 65 and above → Test Bank for Understanding Canadian Business 9th Edition by Nickels Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 212.Jill is looking into the possibility of opening up a for-profit seniors centre in her community However, she is concerned about the long-term prospects for such a business Jill believes the future of her centre will depend on the growth of the seniors population This concern illustrates how businesses can be affected by: econometric trends demographic trends → holographic trends psychometric trend Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-15 The Social Environment 213.When looking at the global environment, one recent change has been: centralized management fast response theory disenfranchisement the growth of global competition → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-16 The Global Environment 214.Globalization has greatly declined hurt consumers improved living standards around the world → reduced the number of jobs worldwide Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-16 The Global Environment 215.Two important changes to the global environment of business in recent years are: foreign exchange & free trade growth of international competition & free trade → growth of international competition & low prices high quality goods & prices Full file at https://TestbankDirect.eu/ Page 30 of 33 Multiple Choice Question Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Topic: 01-16 The Global Environment 216.Few issues have captured the attention of the international business community more than what? profits management change demography climate change → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-16 The Global Environment 217.The trend toward saving energy and producing products that cause less harm to the environment is known as what? foreign exchange free trade growth of international competition greening → Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-04 State the six elements that make up the business environment and Test Bank for Understanding Canadian Business 9th Edition by Nickels explain why the business environment is important to organizations Multiple Choice Question Topic: 01-16 The Global Environment Full filetrade at https://TestbankDirect.eu/ 218.An increase in global will bring about a(n): increase in prices decrease in jobs increased political instability increase in global competition → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-04 State the six elements that make up the business environment and explain why the business environment is important to organizations Multiple Choice Question Topic: 01-16 The Global Environment 219.Today's Canadian businesses require _ workers in industries that produce goods more fewer → Skilled trained Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-17 The Evolution of Canadian Business 220.Businesses that produce and sell tangible products such as appliances, furniture, and clothing are part of the: manufacturing sector → knowledge-based sector service sector production sector Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 221.Due to increased competition, many of the farms that existed 50 years ago have been replaced by what? the manufacturing sector larger farms → cities the production sector Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 222.The loss of farm workers over the last century is what? Full file at https://TestbankDirect.eu/ Page 31 of 33 → a negative sign an indication of growing productivity going to reverse in the future a symptom of global competition Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 223.Health care, legal advice, transportation, and other intangible products are provided by the: global sector service sector → industrial sector high-wage sector Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 224.Since the beginning of the 1900s, the agricultural sector of Canada has: seen the number of family farms more than double become less and less competitive in the global economy produced output per farm Test Banka consistent for Understanding Canadian Business 9th Edition by Nickels experienced a big drop in employment, mainly because of tremendous improvements in efficiency → Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 225.About what percentage of Canadians are employed in the goods-producing sector? 12 22 → 42 625 Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 226.About what percentage of Canadians are employed in the manufacturing sector? 10 → 20 40 80 Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-18 Progress in the Agricultural and Manufacturing Industries 227.In recent years, the fastest growing firms are in the sector service → manufacturing agricultural telecommunications Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 228.Today, the leading firms are in: services → auto agricultural production Multiple Choice Question Full file at https://TestbankDirect.eu/ Page 32 of 33 Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Topic: 01-19 Progress in Service Industries 229.The service producing sector employs almost _% of the working population 48 58 68 78 → Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 230.Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the: production sector management sector neo-industrial sector service sector → Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as Test Bank for Understanding Canadian Business by Nickels the principal provider of jobs;9th but Edition why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries Full filemanufacturing at https://TestbankDirect.eu/ 231.In recent years, many firms in Canada have laid off workers The best explanation of this trend is that: firms have been trying to weaken unions by reducing their reliance on labour workers in Canada have become less productive and are no longer able to compete in the global economy the rising Canadian dollar and increasing global competition → the economy has been in a prolonged recession/depression that has lasted more than a decade Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 232.Which of the following describes a reason for the recent job growth in the service sector? Large manufacturing firms seeking efficiency have contracted out an increasing number of services → The Canadian economy has been growing over the past decade Offshoring has led to service industry The increasing interest in the environment has led to the creation of service oriented jobs There has been little change in the number of jobs in the service sector in recent years, however employment is expected to increase rapidly Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 233.In order to survive in the service economy, graduates must: remain flexible → have a high school diploma train for specific manufacturing jobs take accounting courses Accessibility: Keyboard Navigation Difficulty: Medium Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 234.Mark recently graduated with honours from his college He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future In evaluating the workplace of the future, Mark is: exactly right His past performance should carry him to success completely wrong Studies show that a college education has little to with success over confident Global competition means that flexibility, finding out where jobs are being created, and → moving when appropriate are important probably right Specialized training today is a key to continued success in the future Multiple Choice Question Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Hard Page 33 of 33 Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Topic: 01-19 Progress in Service Industries 235.Some areas of the service sector will grow rapidly, while other areas of the service sector may _ have slower growth → decline not grow as quickly as manufacturing jobs not grow as quickly as agricultural jobs Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-19 Progress in Service Industries 236.Certain sectors in the Canadian economy have experienced a significant decline in employment Which of the following best explains this job loss in specific industries? There has been a decline in the productivity of labour in these industries → Workers lost these jobs because worker productivity in the sector increased The Canadian economy cannot compete in the global environment Government regulations have eliminated profit opportunities in these industries Accessibility: Keyboard Navigation Difficulty: Hard Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Test Bank for Understanding Canadian Business 9th Edition by Nickels Multiple Choice Question Topic: 01-19 Progress in Service Industries 237.The new era of business is likely to be dominated by the: Full file at https://TestbankDirect.eu/ agricultural sector information-based sector → manufacturing sector continued decline in productivity Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-05 Give examples of how the service sector has replaced manufacturing as the principal provider of jobs; but why manufacturing remains vital for Canada Multiple Choice Question Topic: 01-20 Your Future in Business Full file at https://TestbankDirect.eu/ ... other Test Bank for Understanding Canadian Business 9th Edition by Nickels way? working for the government Full file at https://TestbankDirect.eu/ working for a non-profit organization working for. .. that make up the business environment and explain why the business environment is important to organizations Test Bank for Understanding Canadian Business 9th EditionTopic: by Nickels True / False... retirement age → True False Test Bank for Understanding Canadian Business 9th Edition Accessibility: by Nickels Keyboard Navigation Difficulty: Easy Full fileLearning at https://TestbankDirect.eu/ Objective: