Final-Exam-Requires-Respondus-LockDown-Browser_-Business-Essentials

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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 1/29 Final Exam- Requires Respondus LockDown Browser Due No due date Points 40 Questions 40 Time Limit 180 Minutes Requires Respondus LockDown Browser This quiz is currently locked. Attempt History Attempt Time Score LATEST Attempt 1 65 minutes 34 out of 40 Correct answers are hidden. Score for this quiz: 34 out of 40 Submitted May 19 at 11:23pm This attempt took 65 minutes. 1 / 1 pts Question 1 The standard of living is used to measure a society's economic well-being. True or False? True False
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 2/29 For more information about the standard of living, we suggest you review Lesson 1, section D, topic titled “Other Factors Used to Access Economic Performance” in your Business Essentials courseware. 1 / 1 pts Question 2 Farmers often form _______ to obtain reduced prices on products used to operate their farms. partnerships cooperatives corporations sole proprietorships For more information about how farmers operate, we suggest you review Lesson 1, section E, topic titled “Cooperatives” in your Business Essentials courseware.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 3/29 1 / 1 pts Question 3 Which one of these statements is not true about the assembly line process? Assembly lines were first introduced in the 1960’s. Workers perform specialized tasks. Workstations are fixed in place on the assembly line. Work moves automatically to the workers rather than workers going to stationary work areas. For more information about the assembly line process, we suggest you review Lesson 1, section C, topic titled “Management and Production Eras” in your Business Essentials courseware. 1 / 1 pts Question 4 The resources used to produce goods and services are referred to as the factors of _______. Resources
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 4/29 Control Economics Production For more information about factors of production, we suggest you review Lesson 1, section B, topic titled “Factors of Production” in your Business Essentials courseware. 1 / 1 pts Question 5 Which one of the following statements describes Keynesian economics? The state should represent all of its people’s interests and own all the means of production. Everyone would have his or her needs provided for by the state. Governments can solve the severe economic depression by using money to stimulate the economy. A society of classes will eventually emerge.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 5/29 For more information about Keynesian economics, we suggest you review Lesson 1, section B, topic titled “Keynesian Economics” in your Business Essentials courseware. 0 / 1 pts Question 6 Incorrect Incorrect In a general _______, owners share in the operation of the business and they are financially responsible for its debts. contract partnership service corporation For more information about sharing the operation of a business, we suggest you review Lesson 1, section E, topic titled “Partnerships” in your Business Essentials courseware. 1 / 1 pts Question 7
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 6/29 The origins of the 2008 U.S. financial crisis began much earlier, and were precipitated by irresponsible _________ by the banks. lending investing hiring spending For more information about the financial crisis of 2008, we suggest you review Lesson 1, section C, topic titled “U.S. Financial Crisis of 2008” in your Business Essentials courseware. 1 / 1 pts Question 8 Which one of these statements does not describe economics correctly? Economics examines who competes to consume goods in society. Economics does not examine the use of services.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 7/29 Economics examines how societies distribute goods to various groups or individuals. Economics examines how societies use resources to produce goods and services. For more about information economics, we suggest you review Lesson 1, section B, topic titled “What is Economics?” in your Business Essentials courseware. 1 / 1 pts Question 9 Which one of the following statements is not true about the factors of production? Entrepreneurs start new businesses and make decisions allowing businesses to grow larger. Natural resources are products produced by many successful companies in Canada. Capital is the funds needed to operate an enterprise. Labor is the mental and physical abilities of people.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 8/29 For more information about natural resources and the factors of production, we suggest you review Lesson 1, section B, topic titled “Factors of Production” in your Business Essentials courseware. 1 / 1 pts Question 10 An economic system is a system that determines how a nation's resources relate to its citizens. True or False? True False For more information about economic systems, we suggest you review Lesson 1, section B, topic titled “Global Economic Systems” in your Business Essentials courseware. 0 / 1 pts Question 11 Incorrect Incorrect Which one of the following is not an unethical practice?
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 9/29 Management Insider Trading Misrepresenting Finances Check Kiting For more information about investors and corporate responsibility, we suggest you review Lesson 2, section D, topic titled “Investors” in your Business Essentials courseware. 1 / 1 pts Question 12 In 2003, Canada's auditor general reported that as much as $250 million may be missing from federal government accounts. This was called the _______. Sponsorship Affair Sponsorship Scandal Quebec Scandal Liberal Affair
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 10/29 For more information about scandals, we suggest you review Lesson 2, section A, topic titled “Government, Ethics, and Legislation” in your Business Essentials courseware. 1 / 1 pts Question 13 In the 1960s, people started to question corporations about their business actions and the safety of their products, so began _______ activism. corporate free market business consumer For more information about consumer activism, we suggest you review Lesson 2, section B, topic titled “Corporate Ethics and Consumer Activism” in your Business Essentials courseware.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 11/29 1 / 1 pts Question 14 The trend in the amount of money Canadians are investing in ethical funds has been steadily decreasing. True or False? True False For more information about ethical corporate practices, we suggest you review Lesson 2, section C, topic titled “Ethical Behavior: Costs versus Profit” in your Business Essentials courseware. 1 / 1 pts Question 15 During the Industrial Revolution, thousands of _______worked in cotton mills and mines. business owners native workers children
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 12/29 criminals For more information about early working conditions, we suggest you review Lesson 2, section B, topic titled “Labor Laws and Working Conditions” in your Business Essentials courseware. 1 / 1 pts Question 16 The balance of _______ is the total of a country's exports minus its total imports. power trade payments export For more information about exports and imports, we suggest you review Lesson 3, section D, topic titled “The Balance of Trade and Payments” in your Business Essentials courseware.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 13/29 1 / 1 pts Question 17 The term "mixed economy" is generally used when an economy has portions of both socialism and capitalism. True or False? True False For more information about mixed economies, we suggest you review Lesson 3, section B, topic titled “Introduction” in your Business Essentials courseware. 0 / 1 pts Question 18 Incorrect Incorrect Which one of the following is a limitation of the free market system? Individuals are free to work for the businesses and invest in them, and then buy the products produced. With no governmental restrictions, the free market system can address the needs of many people. Businesses supply goods and services in response to the demands of households.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 14/29 Some countries have no fiscal access to a free market system and cannot affect the market price. For more information about the limitations of free market systems, we suggest you review Lesson 3, section A, topic titled “Limitations of Free Market Economies” in your Business Essentials courseware. 1 / 1 pts Question 19 Which one of the following statements best describes privatization? It is only happening in North America. It supports the transfer of private business activities to governments. It supports the transfer of business activities from governments to the private sector. It increases government deficit and revitalizes the economy.
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 15/29 For more information about reducing the amount of government interference in business, we suggest you review Lesson 3, section B, topic titled “Deregulation and Privatization” in your Business Essentials courseware. 1 / 1 pts Question 20 The trend of _____ supports a reduction in the number of laws affecting businesses and a reduction in the power of governmental enforcement agencies. deregulation privatization communism globalization For more information about reducing laws that affect business, we suggest you review Lesson 3, section B, topic titled “Deregulation and Privatization” in your Business Essentials courseware.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 16/29 0 / 1 pts Question 21 Incorrect Incorrect A vision clearly stated what the organization wants to accomplish. True or False? True False For more information about vision used in business, we suggest you review Lesson 4, section B, topic titled “Creating a Vision” in your Business Essentials courseware. 1 / 1 pts Question 22 Which one of the following tasks should managers do when they organize? Provide feedback Allocate resources and budgets Mentor employees Anticipate business trends
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 17/29 For more information about tasks managers do, we suggest you review Lesson 4, section A, topic titled “The Functions of Management” in your Business Essentials courseware. 1 / 1 pts Question 23 Which one of the following should be included in a mission statement? Finances Vision Values Location For more information about mission statements, we suggest you review Lesson 4, section B, topic titled “Formulating a Mission Statement” in your Business Essentials courseware. 1 / 1 pts Question 24
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 18/29 Federal Crown corporations are established by a special Act of Parliament, or by articles of incorporation under the Canada Business Corporations Act. True or False? True False For more information about crown corporations, we suggest you review Lesson 5, section B, topic titled “Crown Corporations and Business” in your Business Essentials courseware. 1 / 1 pts Question 25 Which one of the following statements is not true about tourism? Tourists spend billions of dollars in Canada. The Canadian Tourism Commission is a private corporation. The Canadian Tourism Commission works with marketing organizations, associations, and companies to promote tourism.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 19/29 Tourism is one of the fastest-growing industries in the world. For more information about tourism in Canada, we suggest you review Lesson 5, section B, topic titled “Canadian Tourism Commission” in your Business Essentials courseware. 1 / 1 pts Question 26 _________________ provides business with information on a variety of topics including bankruptcy, incorporation, and patents. Industry Canada Statistics Canada The Competition Bureau National Research Council
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 20/29 For more information about Industry Canada, we suggest you review Lesson 5, section D, topic titled “Government Departments’ Effect on Business” in your Business Essentials courseware. 1 / 1 pts Question 27 Inexperience is one of the top ten reasons businesses fail. True or False? True False For more information about the reasons businesses fail, we suggest you review Lesson 6, section D, topic titled “Survival and Failure of Small Businesses” in your Business Essentials courseware. 1 / 1 pts Question 28 Which of the following is a money issue that new businesses may have?
10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 21/29 Not setting aside funds for setbacks and unexpected expenses. Planning for additional training expenses during the first year. Keeping funds for emergency needs. Being careful and responsible with assets. For more information about money and new businesses, we suggest you review Lesson 6, section D, topic titled “Why Money is Important” in your Business Essentials courseware. 1 / 1 pts Question 29 Which one of the following is an advantage of buying an existing business? The location or the product produced may be poor. The new owner may not get the same loyalty from the employees as the previous owner. Lines of credit with suppliers and banks already exist. There may be undisclosed business-related problems.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 22/29 For more information about buying an existing business, we suggest you review Lesson 6, section C, topic titled “Buying an Existing Business” in your Business Essentials courseware. 1 / 1 pts Question 30 Capital allows new businesses to buy goods, equipment, services, and pay for the labor needed to keep a business going. True or False? True False For more information about capital and new businesses, we suggest you review Lesson 6, section D, topic titled “Why Money is Important” in your Business Essentials courseware. 1 / 1 pts Question 31 Forecasting helps managers plan for the future demand of new and existing products, and it is usually done for two- or five-year periods. True or False?
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 23/29 True False For more information about forecasting, we suggest you review Lesson 7, section C, topic titled “Forecasting” in your Business Essentials courseware. 1 / 1 pts Question 32 Consumers benefit from ____________ because it makes products simpler to use and lowers the cost of repairing them. raw materials materials standardization just in time production worker training
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 24/29 For more information about product materials, we suggest you review Lesson 7, section C, topic titled “Materials” in your Business Essentials courseware. 1 / 1 pts Question 33 A public transit system is an example of what type of service process? No-contact High-contact Low-contact Medium-contact For more information about service processes, we suggest you review Lesson 7, section B, topic titled “Service Processes” in your Business Essentials courseware. 0 / 1 pts Question 34 Incorrect Incorrect
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 25/29 Total __________ Management includes all the activities necessary to get high-quality goods and services to the marketplace. Quantity Process Quality Service For more information about TQM, we suggest you review Lesson 7, section D, topic titled “Total Quality Management (TQM)” in your Business Essentials courseware. 1 / 1 pts Question 35 The income statement is a snapshot of a business' financial situation at a given moment in time. True or False? False True
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 26/29 For more information about income statements, we suggest you review Lesson 8, section D, topic titled “The Income Statement” in your Business Essentials courseware. 1 / 1 pts Question 36 Which one of the following statements describes financial accounting? It is for managers of the company who need specific types of information presented in certain ways. It is for people who are outside of the company, such as stockholders and government agencies who require specific types of information presented in certain ways. It helps determine what to charge customers. It helps managers make crucial business decisions, such as how much money can be spent on marketing, staff, and research.
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 27/29 For more information about financial accounting, we suggest you review Lesson 8, section B, topic titled “Financial Accounting” in your Business Essentials courseware. 0 / 1 pts Question 37 Incorrect Incorrect Which one of the following is not a use of a balance sheet? To determine the profit the company made. To show a company’s financial strength and capabilities at a glance. To help owners and managers quickly get a handle on the company’s financial situation. To assist manger in analyzing trends. For more information about balance sheets, we suggest you review Lesson 8, section D, topic titled “The Balance Sheet” in your Business Essentials courseware. 1 / 1 pts Question 38
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 28/29 Dividing a market into categories of customer types or segments with different traits customers have in common is known as Market Segmentation. True or False? False True For more information about categories of customer types, we suggest you review Lesson 9 section C, topic titled “Market Targeting” in your Business Essentials courseware. 1 / 1 pts Question 39 When businesses realized that they could improve sales by asking ________ what they wanted before they made products, they developed the marketing concept. owners marketers producers customers
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10/22/22, 6:01 PM Final Exam- Requires Respondus LockDown Browser: Business Essentials https://mynew.aolcc.ca/courses/1185/quizzes/31690?module_item_id=750479 29/29 For more information about marketing, we suggest you review Lesson 9 section A, topic titled “A History of Marketing” in your Business Essentials courseware. 1 / 1 pts Question 40 What type of market segment groups customers by age? Demographic Geographic Product-use Psychographic For more information about demographics, we suggest you review Lesson 9 section C, topic titled “Marketing Segments” in your Business Essentials courseware. Quiz Score: 34 out of 40
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