INTRODUCTION TO BUSINESS IN NORTH AMERICA - AFM 131
EXAM QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS GRADED A++
Future of Work
Jobs that exist today are changing because of innovation which may cause job loss.
Advances in Tech
Influenced by the need by the public for more options and convenience.
Job User Growth
It took 68 years for airlines to gain 50 million users and 2 years for Twitter to gain the
same amount.
Automation
Has replaced many jobs in warehouses but there are still jobs needed to maintain and
create more robots.
International Business
Things companies consider when determining their place in the world market.
Competition for Customers
Local and global competition that influences business strategies.
Business Decisions
Choosing where to get raw materials, talent, and where to locate.
Employment
,How and where one works; can be influenced by technology allowing us to interact with
people around the world.
Global Mindset
Employers value people with this mindset because it helps adapt and work with a larger
variety of people.
Ethical Behavior
Do companies extend their values with all associates, including fair wages and working
conditions?
Sustainability
Are the business practices sustainable and do they leave a positive impact?
Community Involvement
Do companies give back to the communities they are located in through philanthropic
initiatives?
Political/Social Stance
What does this company stand for? Is it something consumers want to support?
Starbucks Example
Promoted the use of reusable cups and removed plastic straws by 2020.
Plastic Bags Example
Stores now charge for the use of bags incentivizing customers to bring reusable ones.
Green Office Pledges
Organizations making employees consider sustainability while operating in their
workspace.
Sustainable Development Solutions Network (SDSN)
,Initiative launched by Waterloo to support the UN's 17 Sustainable Development Goals.
Future-Proof Skills
To stay relevant in a changing world, acquire skills that can't be automated.
Digital Literacy
Ability to use digital tools, manipulate data with spreadsheets and coding, and data
analytics.
Entrepreneurial Abilities
Manage uncertainty, take risks, be creative, and problem solve.
Intrapreneurship
An individual who helps grow a company through creativity and launching new
products/services.
Social Intelligence
Being aware of the skills and knowledge to effectively work with others.
Emotional Quotient (EQ)
Development of self-awareness, self-control, empathy, and the ability to see things from
different perspectives.
Emotional Intelligence
The strength of certain soft skills, requiring development of self-awareness and
empathy.
Small Business
An independently owned and operated organization that is not dominant in its field and
meets a standard of size (1-99 employees).
Crown Corporation
, Federal or provincially owned business created to provide services not offered before.
Privatization
The sale of a publicly-owned corporation to reduce debt and fund other government
activities.
Mixed Economy
Some allocation of resources is made by the market and some are made by the
government.
Partnership
Business created with two or more people who share knowledge and resources.
Partnership Agreement
Addresses nature of business, financial contribution, responsibility, how profits are
shared, how decisions will be made, how disputes will be resolved, what happens if a
partner wants to leave, and how to end the partnership.
Advantages of Partnership
Easy to form, shared start-up costs and resources, shared management, less regulatory
requirements.
Disadvantages of Partnership
Unlimited liability, conflict between partners, business continuity issues.
Corporation
Separate legal entity - shareholders aren't responsible for things the company does.
Advantages of Corporation
Limited liability, business continuity (indefinite life), greater access to financing, tax
advantages.
EXAM QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS GRADED A++
Future of Work
Jobs that exist today are changing because of innovation which may cause job loss.
Advances in Tech
Influenced by the need by the public for more options and convenience.
Job User Growth
It took 68 years for airlines to gain 50 million users and 2 years for Twitter to gain the
same amount.
Automation
Has replaced many jobs in warehouses but there are still jobs needed to maintain and
create more robots.
International Business
Things companies consider when determining their place in the world market.
Competition for Customers
Local and global competition that influences business strategies.
Business Decisions
Choosing where to get raw materials, talent, and where to locate.
Employment
,How and where one works; can be influenced by technology allowing us to interact with
people around the world.
Global Mindset
Employers value people with this mindset because it helps adapt and work with a larger
variety of people.
Ethical Behavior
Do companies extend their values with all associates, including fair wages and working
conditions?
Sustainability
Are the business practices sustainable and do they leave a positive impact?
Community Involvement
Do companies give back to the communities they are located in through philanthropic
initiatives?
Political/Social Stance
What does this company stand for? Is it something consumers want to support?
Starbucks Example
Promoted the use of reusable cups and removed plastic straws by 2020.
Plastic Bags Example
Stores now charge for the use of bags incentivizing customers to bring reusable ones.
Green Office Pledges
Organizations making employees consider sustainability while operating in their
workspace.
Sustainable Development Solutions Network (SDSN)
,Initiative launched by Waterloo to support the UN's 17 Sustainable Development Goals.
Future-Proof Skills
To stay relevant in a changing world, acquire skills that can't be automated.
Digital Literacy
Ability to use digital tools, manipulate data with spreadsheets and coding, and data
analytics.
Entrepreneurial Abilities
Manage uncertainty, take risks, be creative, and problem solve.
Intrapreneurship
An individual who helps grow a company through creativity and launching new
products/services.
Social Intelligence
Being aware of the skills and knowledge to effectively work with others.
Emotional Quotient (EQ)
Development of self-awareness, self-control, empathy, and the ability to see things from
different perspectives.
Emotional Intelligence
The strength of certain soft skills, requiring development of self-awareness and
empathy.
Small Business
An independently owned and operated organization that is not dominant in its field and
meets a standard of size (1-99 employees).
Crown Corporation
, Federal or provincially owned business created to provide services not offered before.
Privatization
The sale of a publicly-owned corporation to reduce debt and fund other government
activities.
Mixed Economy
Some allocation of resources is made by the market and some are made by the
government.
Partnership
Business created with two or more people who share knowledge and resources.
Partnership Agreement
Addresses nature of business, financial contribution, responsibility, how profits are
shared, how decisions will be made, how disputes will be resolved, what happens if a
partner wants to leave, and how to end the partnership.
Advantages of Partnership
Easy to form, shared start-up costs and resources, shared management, less regulatory
requirements.
Disadvantages of Partnership
Unlimited liability, conflict between partners, business continuity issues.
Corporation
Separate legal entity - shareholders aren't responsible for things the company does.
Advantages of Corporation
Limited liability, business continuity (indefinite life), greater access to financing, tax
advantages.
