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Business Essentials 6th Canadian Edition by Ebert - Test Bank
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, CHAPTER 1THE CANADIAN BUSINESS SYSTEM
MULTIPLE CHOICE QUESTIONS. Choose the one alternative that best completes the
statement or answers the question.
1)Which of the following statements is correct with regard to the opening case
entitled “Opportunities and Challenges in the Mobile Phone Market"?
A)RIM has been very successful so far, but there are big potential problems on
the horizon.
B)There is now a general consensus among industry experts that RIM is going to
be the leading company in the mobile phone market.
C)To date competition is not tough in the mobile phone market.
D)The "bring your own device" trend has just about run its course.
E)Unlike other phone makers, RIM has not been plagued with patent infringement
lawsuits.
Answer: A
Diff: 2
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
2)Profit is
A)what remains after business expenses are subtracted from business revenues.
B)equal to the market value of shares in a company.
C)equal to total revenue minus cash expenses.
D)the amount of sales minus 50 percent.
E)double the amount the company pays in taxes.
Answer: A
Diff: 1
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
3)This week, Jessica's Variety Store had sales of $4,000, employees were paid
$1,000, the cost of goods was $1,500, and rent was $500. Profit for the week
was
A)$3,000.
B)$1,000.
C)$4,000.
D)$2,000.
E)$1,500.
Answer: B
Diff: 2
Skill: Application
Objective: 1.1
A-Heading: The Idea of Business and Profit
4)How are provincial universities in Canada different from business firms?
A)They do not seek to make a profit
B)They are not affected by the global environment
C)Their organizational boundaries are narrower than normal
D)They do not produce goods or services
E)They are more important to society than business firms
Answer: A
Copyright © Pearson Canada Inc. 1
,Diff: 2
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
5)__________ is the difference between a business firm's revenues and its
expenses.
A)Cost of goods sold
B)Productivity
C)Sales
D)Debt
E)Profit
Answer: E
Diff: 1
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
6)Profit is
A)the market value of shares of stock in a company.
B)the level of expenses divided by the firm’s assets.
C)what remains after business expenses are subtracted from business revenues.
D)gross revenue minus taxes a company pays.
E)gross sales minus taxes a company pays.
Answer: C
Diff: 1
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
7)Examples of businesses include all of the following except
A)local supermarkets.
B)one-person businesses, like barbershops.
C)non-profit organizations.
D)large corporations like Canadian Pacific or Alcan Aluminum.
E)farms.
Answer: C
Diff: 2
Skill: Application
Objective: 1.1
A-Heading: The Idea of Business and Profit
8)Most of the goods and services consumed in Canada are produced by
A)countries in the European Union.
B)businesses in the U.S.
C)countries of the Pacific Rim.
D)the Canadian government.
E)business firms.
Answer: E
Diff: 1
Skill: Application
Objective: 1.1
A-Heading: The Idea of Business and Profit
9)Not-for-profit organizations
A)are content with small profits, whereas business firms want large profits
B)are more important than business firms.
Copyright © Pearson Canada Inc. 2
, C)use the funds they generate from government grants or the sale of goods or
services to provide service to the public.
D)do not sell goods or services.
E)are not allowed to operate in the manufacturing sector.
Answer: C
Diff: 2
Skill: Recall
Objective: 1.1
A-Heading: The Idea of Business and Profit
10)Generally speaking, which one of the factors of production is most
important?
A)Land
B)Labour
C)Capital
D)Entrepreneurship
E)None of these
Answer: E
Diff: 2
Skill: Recall
Objective: 1.2
A-Heading: Economic Systems Around the World
11)The key difference between economic systems is the different ways in which
they manage
A)the factors of production.
B)the transportation of goods within their borders.
C)government rules and regulations.
D)the payment of workers.
E)none of these answers is accurate.
Answer: A
Diff: 2
Skill: Recall
Objective: 1.2
A-Heading: Economic Systems Around the World
12)An economic system is
A)an agreement between countries that deal with free trade.
B)the way in which a nation allocates its resources among its citizens.
C)a government decree that requires certain goods and services to be provided.
D)a long standing agreement between citizens and governments on how an economy
is run.
E)a large government department that oversees how the economy is running.
Answer: B
Diff: 2
Skill: Recall
Objective: 1.2
A-Heading: Economic Systems Around the World
13)The key difference between economic systems is
A)the structure of government.
B)the management of capital and labour.
C)the management of the factors of production.
D)who controls the banks.
E)who controls large industries like steel and auto manufacturing.
Answer: C
Diff: 2
Copyright © Pearson Canada Inc. 3
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