Business Essentials 8th Canadian Edition By Ronald J. Ebert – Test Bank

Business Essentials 8th Canadian Edition By Ronald J. Ebert – Test Bank

Chapter 1   Understanding the Canadian Business System

1.1   Multiple-Choice Questions

1) Profit is

A) what remains after business expenses are subtracted from business revenues.

B) what remains after dividends have been paid to stockholders.

C) equal to total revenue minus cash expenses.

D) what remains after income taxes have been paid.

E) double the amount the company pays in.

Answer:  A

Diff: 1     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.1

2) What are profits?

A) Total money taken in by a corporation

B) Increases in income from year to year

C) Increases in a corporation’s stock price

D) Revenue generated by goods and services

E) Difference between revenues and expenses

Answer:  E

Diff: 1     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.1

3) 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     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.1

4) This week, Abe’s Muffler Shop had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was

A) $3000.

B) $1000.

C) $4000.

D) $2500.

E) $500.

Answer:  B

Diff: 2     Type: MC     Page Ref: 5

Skill:  Application

Objective:  1.1

5) How are provincial universities in Canada different from business firms?

A) They do not seek to make a profit.

B) They deal with people, not things.

C) Their organizational boundaries exclude business firms.

D) They do not produce goods or services.

E) They are more important to society than business firms.

Answer:  A

Diff: 2     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.1

6) Forbes magazine ranked 134 countries in terms of how attractive they were to do business in. Where did Canada rank?

A) First

B) Second

C) Fifth

D) Twenty-fifth

E) Eighty-seventh

Answer:  A

Diff: 2     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.1

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     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.1

8) ________ produce most of the goods and services consumed in Canada.

A) Businesses

B) Labour unions

C) Non-profit organizations

D) Canadian provincial governments

E) Charities

Answer:  A

Diff: 1     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.1

9) Not-for-profit organizations

A) are content with small profits, whereas business firms want large profits.

B) are more important than business firms in the Canadian economy.

C) use the funds from government grants or from the sale of goods or services to provide service to the public.

D) sell only services, not goods.

E) are not allowed to operate in the manufacturing sector.

Answer:  C

Diff: 2     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.1

10) If two people exchange an apple, they each still have just one apple, but if they exchange ideas, they now each have two ideas. This is an illustration of

A) the importance of natural resources.

B) the principle of specialization of labour.

C) the difference between information and all the other factors of production.

D) the importance of profit in market economies.

E) the importance of government regulation.

Answer:  C

Diff: 2     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.2

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) the degree of competition that is allowed in various domestic industries.

Answer:  A

Diff: 2     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.2

12) An economic system is

A) an agreement between countries that deals 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     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.2

13) What does a planned economy rely on a centralized government to do?

A) Support free enterprise in every way possible

B) Allocate all or most factors of production

C) Encourage citizens to buy shares of stock in small companies

D) Keep its control activities to a minimum

E) Direct workers to start their own small businesses

Answer:  B

Diff: 2     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.2

14) In a command economy, the central government

A) supports free enterprise in every way possible.

B) decides on the allocation of all or most factors of production.

C) encourages citizens to buy shares of stock in small companies rather than large ones.

D) keeps its control activities to a minimum so it doesn’t interfere with business efficiency.

E) creates shortages on purpose in order to motivate businesses to be more efficient.

Answer:  B

Diff: 2     Type: MC     Page Ref: 5

Skill:  Knowledge

Objective:  1.2

15) In terms of factors of production, Imperial Oil’s crude oil reserves are an example of ________, while market forecasts are an example of ________.

A) labour; entrepreneurs

B) information; labour

C) capital; information

D) natural resources; information

E) information; natural resources

Answer:  D

Diff: 2     Type: MC     Page Ref: 5

Skill:  Comprehension

Objective:  1.2

Test Bank for Business Essentials, 8th Canadian Edition by Ronald J. Ebert

The “Test Bank for Business Essentials, 8th Canadian Edition” by Ronald J. Ebert, Ricky W. Griffin, Frederick A. Starke, George Dracopoulos, and Audra L. Mockler is an invaluable educational resource designed to support both educators and students in mastering the foundational principles and applications of business. This comprehensive test bank complements the textbook by offering a variety of questions that assess and reinforce understanding of key business concepts and practical skills, making it an essential tool for both teaching and learning. Below is a detailed overview of the components and benefits of this test bank:

Overview of Test Bank Content

1. Chapter-by-Chapter Organization
   • The test bank is meticulously organized to align with each chapter of the textbook. This ensures comprehensive coverage of all critical topics and provides a structured approach to assessment, facilitating easy integration into the curriculum and enabling targeted learning.
2. Types of Questions
   • Multiple-Choice Questions (MCQs): These questions cover a broad spectrum of knowledge, from basic recall to complex application and critical thinking. Each question includes well-crafted distractors to challenge students’ understanding.
   • True/False Questions: These questions assess students’ ability to distinguish between correct and incorrect statements, reinforcing factual knowledge and addressing common misconceptions.
   • Fill-in-the-Blank Questions: These questions focus on recalling specific details such as key terms, processes, and important concepts, testing students’ memory and understanding.
   • Short Answer Questions: These questions require detailed yet concise responses, evaluating students’ ability to explain business concepts clearly and accurately.
   • Essay Questions: These questions assess students’ ability to synthesize and articulate complex ideas, demonstrating a deep understanding of business principles and their applications.
   • Case Studies and Scenarios: Real-world scenarios and case studies help students apply theoretical knowledge to practical situations, enhancing their critical thinking and problem-solving skills.
   • Diagram-Based Questions: These questions involve interpreting, analyzing, or creating diagrams related to business concepts, reinforcing visual and analytical skills.
3. Difficulty Levels
   • Questions are categorized by difficulty to provide a range of challenges and assess students’ proficiency at different levels, including:
     • Basic: Testing foundational knowledge and comprehension.
     • Intermediate: Requiring application of knowledge to practical business scenarios.
     • Advanced: Involving critical thinking, analysis, and synthesis of complex business information.
4. Core Focus Areas
   • Introduction to Business: Questions covering the basic principles and scope of business, including the definition, importance, and historical development of the field.
   • Business Environment: Detailed coverage of the economic, political, legal, and social environments in which businesses operate, and how these factors impact business decisions.
   • Entrepreneurship and Small Business: Assessing knowledge of entrepreneurship, the process of starting and managing small businesses, and the challenges faced by entrepreneurs.
   • Business Ethics and Social Responsibility: Questions on ethical decision-making, corporate social responsibility, and the impact of business on society.
   • Global Business: Focus on the principles and practices of international business, including global trade, foreign direct investment, and the challenges of operating in a global market.
   • Forms of Business Ownership: Examining the different types of business ownership, including sole proprietorships, partnerships, and corporations, and the advantages and disadvantages of each form.
   • Management and Leadership: Coverage of management principles, leadership styles, decision-making processes, and organizational structures.
   • Human Resource Management: Assessing understanding of human resource planning, recruitment, selection, training, performance management, and employee relations.
   • Marketing: Detailed explanations for marketing principles, including market research, product development, pricing strategies, distribution channels, and promotion.
   • Accounting and Financial Management: Questions on accounting principles, financial statements, budgeting, financial planning, and investment analysis.
   • Operations Management: Focus on the principles of operations management, including production planning, quality control, supply chain management, and logistics.
   • Information Technology and Business: Examining the role of information technology in business, including e-commerce, data management, and information systems.
5. Alignment with Learning Objectives
   • Each question in the test bank is aligned with the learning objectives outlined in the textbook, ensuring that assessments are relevant and targeted toward achieving the intended educational outcomes. This alignment helps in accurately measuring students’ progress and comprehension.
6. Educational Support and Utility
   • For Educators: The test bank provides a comprehensive resource for creating quizzes, exams, and other assessments. It simplifies the process of test creation and ensures consistency and alignment with the curriculum.
   • For Students: The test bank serves as a valuable tool for self-assessment and study. It helps students verify their answers, understand their mistakes, and learn the correct approach to solving business problems.

Benefits of Using the Test Bank

1. Enhanced Learning and Retention
   • The diverse range of question types and difficulty levels helps reinforce learning through varied and repeated exposure to key concepts, enhancing retention and understanding.
2. Preparation for Real-World Applications
   • By focusing on real-world scenarios and practical applications, the test bank prepares students for the practical aspects of business, ensuring they are ready to apply their knowledge in professional settings.
3. Comprehensive Assessment
   • The test bank allows for thorough and multi-faceted evaluation of students’ knowledge and skills, from basic understanding to advanced application, ensuring a well-rounded educational experience.
4. Efficient Teaching Resource
   • For educators, the test bank simplifies the process of creating assessments, providing a consistent and reliable tool for evaluating students’ progress and readiness for advanced studies in business.

Conclusion

The “Test Bank for Business Essentials, 8th Canadian Edition” by Ronald J. Ebert, Ricky W. Griffin, Frederick A. Starke, George Dracopoulos, and Audra L. Mockler is an essential resource for business education in Canada. It provides structured, comprehensive, and versatile tools for assessing and enhancing students’ knowledge and skills in business. By aligning closely with the textbook and emphasizing real-world application, the test bank supports the development of competent, confident professionals ready to excel in their understanding and application of business principles in various organizational and entrepreneurial settings.