Quiz by Odessa Hewitt-Bernhard, created more than 1 year ago

This quiz covers all content learned in the grade 9 Introduction to Business course. The topics covered include: Types of Businesses Economic Basics Ethics and Social Responsibility International Business Production Human Resources Marketing Accounting The first 21 questions were taken from old quizzes and tests, they were questions I answered wrong and wanted to focus on. The rest of the questions I came up with myself.

1139

	Created by Odessa Hewitt-Bernhard over 7 years ago

Introduction to Business Exam Review- BBI2O (Canadian Focus)

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Question 1 of 39

Another name for economic resources is

Select one of the following:

human resources
factors of production
capital resources
natural resources

Explanation

Question 2 of 39

This type of business is often considered more complex than other types of businesses.

Select one of the following:

Service
Retail
Manufacturing
Not-for-Profit

Explanation

Question 3 of 39

The most important selection of criteria used by human resources in the hiring process is to rely on information provided in

Select one of the following:

a resume
an interview
an application letter
a reference check

Explanation

Question 4 of 39

A duty to accommodate refers to an employer's obligation to take appropriate steps to eliminate discrimination against employees.

Select one of the following:

True
False

Explanation

Question 5 of 39

In North America, decision making is typically bottom up.

Select one of the following:

True
False

Explanation

Question 6 of 39

What is another term for international trade?

Select one of the following:

Market Trade
Foreign Trade
Global Trade
National Trade

Explanation

Question 7 of 39

What does EFTA stand for?

Select one of the following:

European Foreign Trade Association
European Foreign Agreement
European Free Trade Agreement
European Free Trade Association

Explanation

Question 8 of 39

The members of the G8 usually meet in this season

Select one of the following:

Fall
Winter
Spring
Summer

Explanation

Question 9 of 39

In terms of grading, Choice is better than Prime

Select one of the following:

True
False

Explanation

Question 10 of 39

The majority of the ingredient listed on a bag of bread would be natural resources.

Select one of the following:

True
False

Explanation

Question 11 of 39

Which of the following is not a factor of production

Select one of the following:

raw materials
natural resources
processing
management

Explanation

Question 12 of 39

Which of the following is an example of a capital resource.

Select one of the following:

Supervisor
Talent
Wheat
Internet

Explanation

Question 13 of 39

Select from the dropdown list to complete the text.

( Supplies, Ingredients, Raw Materials, Tools ) are used to maintain the machines that make KitKat chocolate bars

Explanation

Question 14 of 39

Select from the dropdown list to complete the text.

( Raw Materials, Natural Resources, Supplies, Managers ) are goods that are used in the manufacturing of other goods.

Explanation

Question 15 of 39

The commercial market and the consumer market are considered to be the two Cs of Marketing.

Select one of the following:

True
False

Explanation

Question 16 of 39

Liabilities are debts owed to others and are similar to assets owned by the same person.

Select one of the following:

True
False

Explanation

Question 17 of 39

Assets for a business would include such things such as cash, accounts payable, supplies, inventory, bank loans, equipment, and land.

Select one of the following:

True
False

Explanation

Question 18 of 39

If an owner earned $30,000 by the end of the accounting period, which account would deb adjusted

Select one of the following:

Cash
Owner`s Equity
Accounts Receivable
Accounts Payable

Explanation

Question 19 of 39

A company begins it`s fiscal year on June 1st. At that time their beginning inventory is $1250. The total goods available for sale for the year was $7250. When they counted their inventory at the end of the year they had $800 worth left.
What was the value of the goods purchased for the year

Select one of the following:

$8,500
$450
$6,000
$6,450

Explanation

Question 20 of 39

What needs fall under the categories of each tier on Maslow's Hierarchy of Needs?

Select correct option below corresponding to the highlighted orange point

food, water, shelter

safe communities, security

Love, Friends, Family, strong community

respect, self confidence, acceptance

spiritual needs, meaning to life

Explanation

Question 21 of 39

As price rises...

Select one of the following:

both supply and demand increase
supply increases, demand decreases
demand increases, supply decreases
both supply and demand decrease

Explanation

Question 22 of 39

A sole proprietorship has ❌
A partnership had ❌.
Shareholders in corporations are ❌

Select option below to complete the highlighted text

unlimited liability.

limited liability

not liable.

Explanation

Question 23 of 39

SOHO stands for

Select one of the following:

small office, home office
supply, open markets, human resources, operations

Explanation

Question 24 of 39

Both debt and equity financing refer to borrowing money.

Select one of the following:

True
False

Explanation

Question 25 of 39

Fill the blank space to complete the text.

Many companies relocate their locations to other countries because it is .

Explanation

Question 26 of 39

Check off all the basic rights of the worker as outlined by the OHSA (Ontario Health and Safety Act)

Select one or more of the following:

To refuse unsafe work
To fix any safety concerns in the workplace
To sue the company they work for if they get hurt
To participate in workplace health and safety activities
To be informed of any hazards in the workplace
To do their best to make the workplace safe for others

Explanation

Question 27 of 39

Grassroots refers to something that starts from the bottom upwards.

Select one of the following:

True
False

Explanation

Question 28 of 39

Check off the benefits of trading internationally for businesses

Select one or more of the following:

Access to markets
Tariffs
Cheap Labour
Increased quality of goods
More jobs available
Increased quantity of goods
Closer countries
Political allegiances are more likely to be formed
Access to resources

Explanation

Question 29 of 39

The 5 Ps of international trade
❌ refers to what can be produced based on the country's resources.
❌ refers to where it is cheapest to produce
❌ refers to how close a countries are to each other (the closer the easier it is to trade)
❌ refers to reputations countries build for certain products (eg. French wine, Swiss watches)
❌ refers to how companies get people to buy their products and how easy this is for them.

Select option below to complete the highlighted text

Product

Price

Proximity

Preference

Promotion

Explanation

Question 30 of 39

Which of these options is not a natural resource?

Select one of the following:

Argiculture
Fuel and Energy
Farming
Mining
Water

Explanation

Question 31 of 39

Consolidation refers to replacing workers with machines.

Select one of the following:

True
False

Explanation

Question 32 of 39

Select from the dropdown lists to complete the text.

The production process consists of the following:
1. ( Purchasing, Processing, Quality Control, Grading )
2. ( Quality Controll, Purchasing, Grading, Processing )
3. ( Quality Control, Processing, Purchasing, Grading )
4. ( Quality Control, Grading, Processing, Purchasing )

Explanation

Question 33 of 39

Which option refers to receiving pay for a single job, often covered by a contract.

Select one of the following:

Commision
Piece work
Fee for Service
Royalty

Explanation

Question 34 of 39

What do each of the WHIMIS symbols mean?

Select correct option below corresponding to the highlighted orange point

Substance has immediate toxic effects

Substance has other toxic effects

Compressed gas

Biohazard

Oxidizing material

Flammable

Corrosive material

dangerously radioactive

Explanation

Question 35 of 39

What kind of logo is this?

Select one of the following:

Visual symbol
Monogram
Abstract

Explanation

Question 36 of 39

This non-traditional product life cycle is very popular for a breif ammount of time.

Select one of the following:

fad
trend
seasonal Market
Niche market

Explanation

Question 37 of 39

Check off the 4 Ps of Marketing

Select one or more of the following:

Proximity
Place
Product
People
Price
Packaging
Promotion

Explanation

Question 38 of 39

Label the different parts to this balance sheet.

Select correct option below corresponding to the highlighted orange point

Things of value that the business has

Debts the business has

Money on hand and in the bank

Money that other people owe the business

Things the business owes to other people

Liabilities+owners equity= assets

Assets-Liabilities=owner's equity

How much money the owner has with debts

Explanation

Question 39 of 39

The equation for calculating the net income of a retail business is revenue-expenses=net income.

Select one of the following:

True
False

Introduction to Business Exam Review- BBI2O (Canadian Focus)

Question 1 of 39

Another name for economic resources is

Select one of the following:

Explanation

Question 2 of 39

This type of business is often considered more complex than other types of businesses.

Select one of the following:

Explanation

Question 3 of 39

The most important selection of criteria used by human resources in the hiring process is to rely on information provided in

Select one of the following:

Explanation

Question 4 of 39

A duty to accommodate refers to an employer's obligation to take appropriate steps to eliminate discrimination against employees.

Select one of the following:

Explanation

Question 5 of 39

In North America, decision making is typically bottom up.

Select one of the following:

Explanation

Question 6 of 39

What is another term for international trade?

Select one of the following:

Explanation

Question 7 of 39

What does EFTA stand for?

Select one of the following:

Explanation

Question 8 of 39

The members of the G8 usually meet in this season

Select one of the following:

Explanation

Question 9 of 39

In terms of grading, Choice is better than Prime

Select one of the following:

Explanation

Question 10 of 39

The majority of the ingredient listed on a bag of bread would be natural resources.

Select one of the following:

Explanation

Question 11 of 39

Which of the following is not a factor of production

Select one of the following:

Explanation

Question 12 of 39

Which of the following is an example of a capital resource.

Select one of the following:

Explanation

Question 13 of 39

Select from the dropdown list to complete the text.

Supplies Ingredients Raw Materials Tools( Supplies, Ingredients, Raw Materials, Tools ) are used to maintain the machines that make KitKat chocolate bars

Explanation

Question 14 of 39

Select from the dropdown list to complete the text.

Raw Materials Natural Resources Supplies Managers( Raw Materials, Natural Resources, Supplies, Managers ) are goods that are used in the manufacturing of other goods.

Explanation

Question 15 of 39

The commercial market and the consumer market are considered to be the two Cs of Marketing.

Select one of the following:

Explanation

Question 16 of 39

Liabilities are debts owed to others and are similar to assets owned by the same person.

Select one of the following:

Explanation

Question 17 of 39

Assets for a business would include such things such as cash, accounts payable, supplies, inventory, bank loans, equipment, and land.

Select one of the following:

Explanation

Question 18 of 39

If an owner earned $30,000 by the end of the accounting period, which account would deb adjusted

Select one of the following:

Explanation

Question 19 of 39

A company begins it`s fiscal year on June 1st. At that time their beginning inventory is $1250. The total goods available for sale for the year was $7250. When they counted their inventory at the end of the year they had $800 worth left. What was the value of the goods purchased for the year

Select one of the following:

Explanation

Question 20 of 39

What needs fall under the categories of each tier on Maslow's Hierarchy of Needs?

Select correct option below corresponding to the highlighted orange point

( Supplies, Ingredients, Raw Materials, Tools ) are used to maintain the machines that make KitKat chocolate bars

( Raw Materials, Natural Resources, Supplies, Managers ) are goods that are used in the manufacturing of other goods.

A company begins it`s fiscal year on June 1st. At that time their beginning inventory is $1250. The total goods available for sale for the year was $7250. When they counted their inventory at the end of the year they had $800 worth left.
What was the value of the goods purchased for the year

A sole proprietorship has ❌
A partnership had ❌.
Shareholders in corporations are ❌