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RSM100 Questions & answers
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RSM100 Questions & answers
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RSM100Business consists of all _______ activities and enterprises that provide goods and
services necessary to an economic system. - ANS-Profit seeking
Generally speaking, which of the following BEST serve as incentives for people to start
companies, expand them and provide consistently high-quality goods and services? -
ANS-Profits
Which of the following is NOT an example of a not-for-profit organization? -
ANS-George Brown Bookstore
Land, building sites, forests, and oil deposits are examples of which factor of
production? - ANS-Natural resources
Which of the following BEST describe the factor payment for entrepreneurship? -
ANS-Profit
The factor payment associated with Capital is: - ANS-Interest
Which of the following is considered the MOST basic freedom under the private
enterprise system? - ANS-Private property
According to the textbook, most jobs are in the __________ sector. - ANS-Retail
Entrepreneurship is also important to existing companies. - ANS-True
Freedom of choice means that a private enterprise system relies on citizens to choose
their own employment, purchases and investments. - ANS-True
Building and promoting products in the hope that enough customers will buy them to
cover costs and earn profits is a type of - ANS-Transaction management
Work became more specialized and huge, labour-intensive factories were common
during - ANS-The production era
Which of the following is NOT an era in the history of business? - ANS-The pioneer
period
,______ is a business philosophy that focuses first on consumer' unmet needs and
wants and then designs products to suit those needs. - ANS-Consumer orientation
Diverse work groups tend to develop better solutions to business problems than
homogeneous employee groups. Which of the following BEST explains why? -
ANS-Diverse work groups have varied perspectives/experience that support innovation.
With regard to today's business workforce, which of the following trends would
observers LEAST see? - ANS-Increased job loyalty between employees and employers.
_________ uses outside vendors to produce goods or fulfill services and functions that
were previously handled in-house or in-country. - ANS-Outsourcing
Technology has intensified the hiring challenge by requiring workers to have ever-more
advanced skills. - ANS-True
Critical thinking is the capacity to develop innovative solutions to perceived
organizational problems. - ANS-False
What do critical thinking and creativity skills enable managers to do? - ANS-Analyze
information, identify problems and develop ground-breaking solutions.
What do businesses need in order for them to behave ethically and responsibly? -
ANS-Strong moral guidance for its employees.
Each year, CIBC contributes resources to raise help funds for the Canadian Breast
Cancer Foundation. Which of the following BEST describes the contributions that CIBC
provide? - ANS-Social responsibility
According to the textbook, which of the following criteria may be used to judge whether
a company is considered admirable? - ANS-Ethics and social responsibility, stable
growth, high-quality goods and services.
Compared to federal and provincial governments, not-for-profits employ ____ people -
ANS-More
Which of the following organizations would be categorized as a public-sector
not-for-profit organization? - ANS-Labour union
, Citizens benefit from business activity because ________, in addition to receiving the
goods and services businesses provide. - ANS-their standard of living improves
In what way are managers of for-profit and not-for-profit businesses similar? -
ANS-They must have effective business skills and experience.
Which of the following is a characteristic of a not-for-profit organization? - ANS-they are
exempt from federal, provincial, and local taxes
Why is profit essential for people to become entrepreneurs who provide consistently
high-quality competitive goods and services? - ANS-It serves as a primary incentive.
In accounting terms, when expenses are subtracted from revenue, what is the result? -
ANS-Profits
An accountant views profits as a company's revenue minus expenses. What is a
business owner's view of profits? - ANS-Profit is the reward for their risk
Businesses, organized for __________, provide goods and services. - ANS-Profit
Managers of for-profit and not-for-profit businesses are both obligated to seek out
government funding. - ANS-False
Not-for-profit business employ - ANS-more people than the federal and provincial
governments combined.
To which of the following do businesses have responsibilities? - ANS-Customers,
employees, investors and society
The primary objective of ___________ is to enhance society's well-being through its
philosophies, policies, procedures, and actions. - ANS-corporate social responsibility
If big name businesses (e.g. H&M, Deloitte, Air Canada) meet all obligations to their
stakeholders, ethical conflicts can still arise mainly because - ANS-businesses must
balance between doing what is profitable and doing what is right.
Which corporate officer is responsible for conducting employee training programs that
help spot potential fraud and abuse, investigating sexual harassment and discrimination
charges, and monitoring potential conflicts of interest? - ANS-Ethics Compliance Officer
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