Business Strategy and Development, Canadian 3rd Edition – Pierre Bissonette – Complete Test Bank with Answer KeysThis document is the complete test bank for Business Law in Canada (11th Edition) by Yates, Bereznicki-Korol, and Clarke. It includes hundreds

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.

1) Commercial endeavours refers to the markets the organization serves, the products it offers, and the
needs it professes to meet in the marketplace.




S M
Answer: True False

2) Employee interaction is a reflection of the complexities of the business activities that circulate
within an organization.




t
Answer: True False




u
3) Organizational efficiency and structure refers to the value-creating skills an organization's
employees bring to the marketplace.
Answer: True False




v
4) Employee interaction refers to the value-creating skills an organization's employees bring to the




i
marketplace.
Answer: True False




a
E
5) Business can be thought of as a system designed to grow a market for an organization's goods and
services and create organizational value on behalf of stakeholders.
Answer: True
D
False
A
6) Any organization that produces a good or service can be classified as a business.
G
Answer: True False
p
7) The goal of business activities is profit.
E
Answer: True False
p

8) Profit is what it costs to make and sell a product.
E

Answer: True False
r

9) Businesses have the right to keep and use their profits as they choose, without limitations.
K


Answer: True False
o


10) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
v



11) Revenue is the amount a business earns above and beyond what it spends for expenses and costs.
Answer: True False
e



12) A manager is an individual who assumes the risk of starting a business.
Answer: True False
d




13) If a business's costs and expenses are greater than its revenue, it will suffer a loss.
Answer: True False




1

, 14) The business model can best be visualized as the underlying operational platform.
Answer: True False




S M
15) Technology can help businesses become more efficient and productive.
Answer: True False

16) Successful




t
firms follow a customer-driven strategy, as opposed to the management-driven strategy
used in the past.




u
Answer: True False

17) The competitive environment now empowers managers to make decisions quickly for their front




v
line employees.
Answer: True False




i
18) Managers coordinate resources to achieve organizational objectives.




a
E
Answer: True False

19) Businesses seek to earn a profit by providing goods and services to others.
Answer: True

DFalse
A
20) If a business's costs and expenses are less than than its revenue, it will earn a profit.
G
Answer: True False

21) On the company-centric (business system) side of the business model, the key activities cell refers to
p
the infrastructure and resource base of the organization.
E
Answer: True False
p

22) The Buckmaker Corporation generated total revenues of $30 million dollars while incurring
E

expenses of $17 million. During the year Buckmaker earned a profit of $13 million.
Answer: True False
r
K


23) Successful businesses constantly monitor consumer wants and needs.
o


Answer: True False

24) Not-for-profit organizations such as the Canadian Cancer Society do not engage in management,
v



marketing, or finance activities.
Answer: True False
e



25) To remain competitive in today's market, firms must produce a quality product and offer outstanding
service at a reasonable price.
Answer: True False
d




26) Producing a high quality product will ensure success in the competitive environment.
Answer: True False




2