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Midterm Notes and MCQ answer key
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MGTA05 is business of foundations management and university of Toronto Scarborough
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MGTA05 – Foundations of Business ManagementProfessor Chris Bovaird, Professor Hugh Laurence
Saturday, October 26th, 2013
Multiple Choice Booklet – VERSION 1
Family Name: _________________________ First Name: __________________________
Student Number: ___________________________
INSTRUCTIONS
1. On the Scantron answer sheet, you must
→ PRINT your family name,
→PRINT your given name
→PRINT your student number
2. On the Scantron answer sheet, you must
→ fill in all the appropriate bubbles corresponding to your name,
→ fill in all the appropriate bubbles corresponding to your student number
Instructions 1-2 (above) are an integral part of the examination.
Failure to comply with these simple instructions causes additional work, delay and confusion. If you fail to follow
the above instructions (1-2), you will have 5 marks deducted from your grade on this exam!
The University of Toronto's Code of Behaviour on Academic Matters applies to all University of Toronto
Scarborough students. The Code prohibits all forms of academic dishonesty including, but not limited to,
cheating, plagiarism, and the use of unauthorized aids. Students violating the Code may be subject to penalties
up to and including suspension or expulsion from the University.
4. NO AIDS (i.e. calculators) are allowed.
5. When entering your answers on the Scantron sheet:
→ Use a medium (HB) pencil
→ Fill in the bubbles neatly and completely
→ Erase any changes as completely as possible
→ Be very careful to place each answer in the correct place
6. This booklet consists of 51 multiple choice questions.
7. Total time for the midterm is 90 minutes. No extra time will be provided for bubbling scantron.
8. This exam consists of 12 numbered pages, including this one. Please check that you have all the pages.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 1
www.utsc.utoronto.ca/mgmt
, MGTA05 Midterm – October 2013 –Version 1
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or
answers the question.
1) Indicate on the Scantron the version of the test are you writing? The correct answer is ‘A”
a) Version 1
b) Version 2
2) When is an industry likely to be dominated by small business firms?
a) in oligopolistic competition
b) where a lot of resources are needed
c) where machine, materials, employees, and money are needed
d) where a distribution network, and advertising are needed
e) where few resources are needed
3) In a command economy
a) there are no entrepreneurs
b) entrepreneurs must share their business with the state
c) the government takes the lead in planning the economy
d) businesses pay 100% of their profits in taxes
4) In a mixed market economy
a) the government owns a share in all businesses
b) private enterprises are permitted, but only in certain industries
c) private enterprises pay some of their profits to the government
d) most enterprises are privately owned, but not the banks
5) Which one of the following is not a characteristic of an oligopoly?
a) prices differ greatly
b) many buyers
c) swift response to price changes of a competitor
d) great product differentiation
e) few sellers
6) Most businesses have occasional need long-term financing. Which of the following is the most
common reason for obtaining long term finance?
a) long term finance pays for ongoing, recurring costs, such as employee wages.
b) long term finance is used to redeem high interest bonds, thus lowering the overall
cost of capital.
c) by increasing leverage, the business can increase potential returns.
d) long term finance is typically used to buy fixed assets such as plant and equipment.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 2
www.utsc.utoronto.ca/mgmt
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