Question 1

Dayna is working for MNP Company. This is her first job out of college. She has been there for three years and despite doing outstanding work she has yet to get a promotion. There is a relatively new software company that is doing extremely well and is hiring. She has gathered information from databases and asked people in the industry about it. What should she specifically look at?

Accepted Answer

The answer of Dayna is working for MNP Company. This...

Question 2

Customer loyalty is the ultimate indicator that a company has met and exceeded customer needs.

Accepted Answer

Customer loyalty is a clear indication that a company has provided a positive experience and exceeded their customers' expectations, creating a bond of trust and satisfaction.

Question 3

Companies have more goodwill with the overall general public when they are perceived to be which of the following?

Accepted Answer

Companies that are perceived to be philanthropic and actively involved in giving back to the community are generally viewed favorably by the general public. It demonstrates that the company is concerned about more than just profits and is committed to making a positive impact on society. This can increase public trust and goodwill towards the company. While being progressive, prioritizing hiring women and minorities, and being politically active can also be viewed positively, they may also result in some controversy or opposition, depending on the specific issues and perspectives involved.

Question 4

Lisa and Debbie are very serious shoppers but are also concerned about human rights issues. Every weekend they go to different malls around the city. They look for quality products at reasonable prices. But they also demand that the companies that they buy products from produce their products in which of the following ways?

Accepted Answer

Lisa and Debbie are concerned about human rights issues, which implies they would prioritize companies that produce their products in a safe, ethical manner.

Question 5

ABC company has been very successful in Canada. However, there is not much more room for growth in Canada so the company must expand internationally. What is the expectation in Canada of how ABC operates internationally?

Accepted Answer

The expectation in Canada would be for ABC to operate in a manner consistent with the way it operates in Canada. This includes adhering to the values, standards, and business practices that have made the company successful in Canada. While ABC must also abide by the laws and regulations of the countries it expands to, it is important for the company to maintain consistency in its overall approach and image.

Question 6

Mark has just graduated from college. He is looking for a full-time job. He doesn't want to jump from company to company every few years; he wants to have a long career preferably at one company. What is one of the questions he needs to ask himself before accepting an offer of employment?

Accepted Answer

The answer of Mark has just graduated from college. He...

Question 7

A discipline that involves the management of people, process, and technology around the care of information is referred to as computer science.

Accepted Answer

The discipline that involves the management of people, process, and technology around the care of information is referred to as information technology or information management, while computer science focuses on the design, development, and analysis of software and computing systems.

Question 8

Small business owner Barry Shain has always paid all of his current bills on time. However, this year he has more bills coming due than normal. Which type of ratio would help him evaluate whether he is likely to have enough cash to continue meeting his obligations over the next year?

Accepted Answer

Liquidity ratios help measure a company's ability to meet its short-term obligations by comparing its current assets to its current liabilities. This would help Barry Shain evaluate whether he has enough cash to continue meeting his obligations over the next year, given that he has more bills coming due than normal.

Question 9

In today's day and age, customers expect that companies not only provide value but demand that the companies be which of the following?

Accepted Answer

Customers expect companies to be good overall corporate citizens, which means that they should operate in an ethical and responsible manner, taking into consideration the impact of their actions on the environment, society, and their employees. While being green, treating employees well, and contributing to charity are all important factors, being a good overall corporate citizen encompasses all of these areas and more. Therefore, option A is the best choice.

Question 10

Companies are more likely to earn good publicity over the long run if they are which of the following?

Accepted Answer

Being good stewards of the environment is a long-term commitment that can demonstrate a company's commitment to sustainability and social responsibility. In today's world, where consumers are increasingly environmentally conscious, being environmentally responsible can help companies earn good publicity and build a positive reputation over the long run. The other options (B, C, and D) may generate positive publicity in the short term, but they do not necessarily guarantee positive public opinion in the long run.

Question 11

Which sector of the Canadian economy has had a negative impact on the environment?

Accepted Answer

The commodity industry, including oil and gas extraction and mining, has had a significant negative impact on the environment in Canada due to factors such as greenhouse gas emissions, habitat destruction, and water pollution. The automobile industry and high tech industry have also had environmental impacts, but they are generally considered to be less significant than the commodity industry. The wine industry, while it may have some environmental impacts, is not typically associated with significant negative effects on the environment.

Question 12

One of the critical success factors for any business is providing value.

Accepted Answer

Providing value to customers is a critical success factor for any business. Value can be defined as the benefit that a customer gets from a product or service relative to the cost they pay. Businesses that provide greater value to their customers are more likely to succeed and grow over time.

Question 13

Companies today cannot just provide what the customer want as there are many companies that do that already but to be really successful they must satisfy customers beyond their expectations.

Accepted Answer

With increasing competition in the market, simply providing what the customer wants is not enough. Companies need to go above and beyond to provide exceptional service and exceed customer expectations in order to stand out and be truly successful.

Question 14

A profitable company can still go bankrupt.

Accepted Answer

A profitable company may still have financial difficulties due to various reasons such as high debt, poor management decisions, unexpected market changes, or economic downturns. These factors can ultimately lead to bankruptcy, despite the company generating profits.

Question 15

A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition is referred to as competitive advantage.

Accepted Answer

This statement correctly defines competitive advantage.

Question 16

Which of the following global business issues are most important to Canadian businesses?

Accepted Answer

The answer of Which of the following global business issues...

Question 17

One critical success factor for any business is how environmentally friendly the company is.

Accepted Answer

The answer of One critical success factor for any business...

Question 18

One way to measure if a business is meeting its customers' needs is through "third-level communications."

Accepted Answer

There is no established concept or method known as "third-level communications" in business or customer service. While there are various ways to measure customer satisfaction and assess if a business is meeting their needs, this is not one of them.

Question 19

XYZ company has just opened a factory in Bangladesh. Bangladesh has different laws than in Canada. The age that the law allows for young people to be employed full-time is much lower than in Canada. If XYZ hires employees who are younger than allowed by law in Canada but legal in Bangladesh what is the most likely outcome?

Accepted Answer

The company may save money by hiring younger employees at lower wages, but it will have a negative reputation if it is known that they are breaking Canadian laws. However, since they are adhering to the laws of the country in which they are operating, they are unlikely to be charged under Canadian or international law.

Question 20

Achieving financial performance is measured in a number of ways; the primary ones being profit, return on investment, cash flow, and net worth.

Accepted Answer

This statement is correct. The four primary ways to measure financial performance are profit, return on investment, cash flow, and net worth.

Quiz 7: Understanding the Business