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business
business essentials

Questions and Answers of Business Essentials

How does a country’s economic system affect the decisions of foreign firms interested in doing business there?
What other options can you identify that might help deal with child labor and other problems in the global cocoa market?How does the balance of trade differ from the balance of payments?
Are you willing to pay more for fair-trade products? Why or why not?
Describe some of the ways in which social, cultural, economic, legal, and political differences among nations affect international business.
Discuss the factors involved in deciding to do business internationally and in selecting the appropriate levels of international involvement and international organizational structure.
Discuss the rise of international business and describe the major world marketplaces, trade agreements, and alliances.
3. Debate the following controversial statement: "Unions are divisive and they artificially inflate wages and make companies less competitive In 2009, an arbitrator ruled that workers in the United
2. Why is the UFCW's battle with Walmart so important to the union? Take a look at Its strategic approach of focusing on union-friendly Canadian provinces. In 2009, an arbitrator ruled that workers
1 . From a practical perspective explain why Walmart is so intent on fighting unionization attempts in Canada In 2009, an arbitrator ruled that workers in the United Food and Commercial Workers
5. Do the ethical and performance implications of your choices always align? plan for laying- off employees. He wants each manager to rank his or her employees according to the order in which they
2. Interview a forensic accountant and ask the following questions: (a) What general approach do forensic accountants take when investigating the financial statements of companies? and(b) What
4. Do the ethical and legal implications of your choices always align? plan for laying- off employees. He wants each manager to rank his or her employees according to the order in which they should
3. As a group, brainstorm any legal issues Involved in this situation and write them down. plan for laying- off employees. He wants each manager to rank his or her employees according to the order in
2. As a group, discuss the under1ying ethical Issues in this situation and write them down. plan for laying- off employees. He wants each manager to rank his or her employees according to the order
1. Working together, prepare this list, ranking the manager's employees according to the order in which they should be laid off, from first to last. Identity any disagreements that occurred along the
4. Based on what you have learned, do you think the union movement in Canada will stagnate or thrive in the years ahead? The Purpose of the Assignment To encourage students to understand why some
3. What Is the union's role when layoffs occur? The Purpose of the Assignment To encourage students to understand why some companies unionize and others don't.The Situation You've been working for
2. Are the union members you spoke with satisfied or dissatisfied with their union's efforts to achieve better working conditions, higler wages, and improved benefits? The Purpose of the Assignment
1. Based on everything you have learned, are you sympathetic to the union movement? Would you want to be a union member? The Purpose of the Assignment To encourage students to understand why some
10. Consider the following statement: •Many years ago, workers were treated very badly by management compared to the way they are treated now. Since unions exist largely to protect workers from
7. Interview a human resource manager at a local company.Select a position for which the firn is currently recruiting applicants and Identify the steps in the selection process.
6. What training do you think you are most likely to need when you finish school and start your career?
5. Suppose you are a manager in a non-unionized company.You have just heard a rumour that some of your workers are discussing forming a union. What would you do? Be specific.
4 . Why is the fonnal training of wol1
2.. What benefits do you consider most and least important In attracting workers? In keeping wol1
1. Why is a good employe~job match important? Who benefits more, the organization or the employee?Why?
2. What other incentives might a company be able to offer its best workers to retain them? The list of perks that Canadian companies might offer employees is very long. It includes things like
1. What are the advantages of perks? What are the disadvantages? The list of perks that Canadian companies might offer employees is very long. It includes things like unlimited sick days, on-site
2. Should recruiters be legally permitted to conduct background checks on candidates based on publicly available information on social media sites?Does this prospect worry you? The internet has
1. Have you ever used a social media or online recruiting site to find a job? In your opinion how effective are these tools? The internet has transformed the job recruitment process. Online
2. Consider the following statement: "All the publicity about graduates looking for jobs at environmentally friendly companies is exaggerated. Since being green is the thing to do, many graduates are
1. What are the advantages of working for an environmentally friendly company? Are there any disadvantages? When Chad Hunt went looking for a job after graduating from university, one key criterion
Describe the major laws governing unionism.
Discuss workforce diversity, the management of knowledge workers, and the use of contingent and temporary workers as important changes In the contemporary workplace
Describe some of the key legal issues involved in hiring, compensating, and managing workers in today's workplace.
Discuss the importance of wages and salaries, incentives, and benefit programs in attracting and keeping skilled workers.
Discuss different ways in which organizations go about developing the capabilities of employees and managers.
Identify the issues involVed in staffing a company, including internal and external recruiting and selection.
Define human resource management, discuss its strategic significance, and explain how managers plan for human resources.
4. Why does the double-entry system reduce the chances of mistakes or fraud in accounting?
5. How do financial ratios help managers to monitor their own efficiency and effectiveness?
6. Explain the difference between financial and managerial accounting. In your answer, describe the different audiences for the two types of accounting and the various individuals Involved In the
7. Dasar Co. reports the following data in its September 30, 2010, financial statements: • Current assets 40 000• Long-term assets 100 000• Current liabilities 16 000• Long-term liabilities
8. Interview an accountant at a local manufacturing firm.Determine what kinds of budgets the firm uses, and the process by which budgets are developed. Also determine how budgeting helps managers
9. Interview the manager of a local retail or wholesale business. Ask the manager about the company's primary purpose for taking inventory, and how often this is done.
10. Interview the manager of a local business and ask about the role of ethics in the company's accounting practices. How important is ethics in accounting?What measures does the firm take to ensure
1. What cost savings are inherent in the electronic system for both your company and its customers? In your answer, consider such costs as handling, postage, and paper. To encourage students to think
2. What consequences would your decision to adopt an electronic system have on others with whom you do business, including manufacturers of cheque-sorting equipment, Canada Post, and banks? To
3. Switching to an electronic system would mean a large capital expense for new computers and software.How could analyzing the company's income statement help you justify this expense? To encourage
4. How are consumers likely to respond to paying bills electronically? Are you likely to get a different response from individuals than you get from business customers? To encourage students to think
1. Before hearing any of your group's comments on this situation, and from the perspective of your assigned role, decide if there are any ethical issues confronting the head accountant in this
2. Return to your group and reveal ethical issues identified by each member. Were the issues the same among all rol es or did differences in r oles result in different issues?Accountants are often
3. Among the ethical issues that were identified, decide as a group which one is most important for the head accountant. Which is most important for Turbatron?Accountants are often entrusted with
4 . What does your group finally recommend be done to resolve the most important ethical issue(s)?Accountants are often entrusted with private, sensitive information that should be used
5. What steps do you think Turbatron might take in advance of such a situation to avoid any difficulties it now faces?Accountants are often entrusted with private, sensitive information that should
1. What role does the Institute of Chartered Accountants of Ontario OCAO) play in ensuring full disclosure on the part of accountants and auditors? How does the ICAO monitor auditor activity and
2. What are some ways to ensure that an auditing finn does not find itself in the position that Deloitte &Touche did in the Livent case? The negative publicity that has been given to firms like
3. Do you think business practices like disclosure and auditing proceedings will change as a result of the Sarbanes-Oxley Act? Do you think the number of fraud allegations will decline? Explain your
4 . There has been much publicity in the last few years about white-collar fraud. Give some examples of fraud that you are familiar with. 'Nhat role, If any, did accounting fraud play in these cases?
1. Explain what the terms "productivity" and "quality"mean. How are they related in the actual practice of tree planting? N. Touchwood Lake, Alberta, 36 rookie tree planters(as well as a group of
2. Consider the following statement "The productivity and quality of rool
3. Why do you think tree planters are paid on a piecerate basis? What are the advantages and disadvantages of paying tree planters this way? (Review the relevant material in Chapter 8 before
4. Explain the various forms of employee behaviour.How does each one of these forms of behaviour impact the productivity and quality of tree planters?(Review the relevant material in Chapter 9 before
1. What is the difference between financial and managerial accounting? Is the work that the African accountants are doing financial or managerial accounting? Explain. In Canada's business jungle, all
2. Why might Canadian clients be reluctant to have Wall & Associates send their data to Africa for organizing? What can George Wall do to respond to their concerns? In Canada's business jungle, all
3. Suppose that you read a newspaper editorial condemning the practice of sending documents to Africa on the grounds that this was yet another example of exporting Canadian jobs overseas to low-wage
3. What is the difference between a centralized company and a decentralized company? Where is Frantic Rims positioned on the centralization-deoentrallz.ation continuum? Explain. Frantic Rims is a
2. What are the advantages and disadvantages of the organizational structure at Frantic Films? Frantic Rims is a Winnipeg-based film and TV production company. Shortly after its founding In 1997, the
1. What are the four basic types of organizational structures?Which of these basic structural types seems most like the structure that Frantic Rims has adopted? Frantic Rims is a Winnipeg-based film
6. Develop a group response to the following questions:Assuming Team A asks the Team B member to join its team, how might it go about minimizing repercussions?Assuming Team A does not ask the Team B
5. From an ethical standpoint, what does your group conclude is the most appropriate action that should be taken by Hails in this situation? Should Team B's member be allowed to join Team A? The
4. Appoint someone to record main points of agreement and disagreement within the group. How do you explain the results? What accounts for any disagreement? The Situation The Hails Corporation, a
3. Gather your group together and reveal, in turn, each member's comments on the situation. Next, reveal the ethical issues listed by each member. The Situation The Hails Corporation, a manufacturing
2. Before hearing any of your group's comments on this situation, and from the perspective of your assigned role, determine the underlying ethical issues, if any, in this situation. Write down the
1. Before hearing any of your group's comments on this situation, and from the perspective of your assigned role, decide whether you think that the member of Team B should be allowed to join Team A.
3. As the company founder, how willing would you be to make major organizational changes in light of the shortage of qualified programmers? Goal To encourage students to understand the relationship
2. If you were a programmer, what organizational factors would make a difference to you? Why? Goal To encourage students to understand the relationship between organization structure and a company's
1. With the average computer programmer earning nearly $70 000, and with all competitive firms paying top dollar, why might organizational issues be critical in determining employee loyalty? Goal To
10. Review the discussion of intrapraneurs in Chapter 4.Then identify a person who has succeeded as an intrapreneur. In what ways did the structure of the intrapreneur's company help this individual
9. Interview the manager of a local service business(for example, a fast-food restaurant). What types of tasks does this manager typically delegate? Is the appropriate authority also delegated in
8. Consider the organization where you currently wor1
7. Draw up an organization chart for your college or university.
6. The argument has been made that, compared to the functional organization structure, the divisional structure does a better job of training managers for top-level positions. Do you agree or
5. If a company has a formal organization structure, why is the informal organization so important?
4. Compare and contrast the matrix and divisional approaches to organizational structure. How would you feel personally about wor1
3. Describe a hypothetical organization structure for a small printing firm. Describe changes that might be necessary as the business grows.
2. Why do some managers have difficulties in delegating authority? Why does this problem tend to plague smaller businesses?
1. Explain the significance of size as it relates to organizational structure. Describe the changes that are Hkely to occur as an organization grows.
2. Consider the following statement: "It is very expensive to build eco-friend/y buildings, so expenditures like these should generally not be made.Rather, companies should focus on upgrading their
1. What are the advantages of "green" buildings? Are there any disadvantages? Explain. The term "organizational structure" is commonly used to explain theoretical concepts like departmentalization,
1. In your own words, explain the dilemma that managers face when they are trying to decide between product departmentalization and geographical departmentalization. Geographical departmentalization
Explain the differences between functional, divisional.project. and international organization structures, and describe the most popular forms of organizational design.
Distinguish between responsibility and authority and ex plain the differences in decision making in centralized and decentralized organizations.
Explain how specialization and departmentalization are the building blocks of organizational structure.
Discuss the elements that Influence a firm's organizational structure.
4. What corporate culture issues might exist when a former division of a big company is spun off? Coach Inc. started out In 1941 making virtually indestructible, high-quality handbags. In the 1970s
3. Explain the role of goals and strategy in the success of Coach. Coach Inc. started out In 1941 making virtually indestructible, high-quality handbags. In the 1970s it was bought by Sara Lee Corp.,
2. Which management skills seem to be most exemplified in Lew Frankfort? Coach Inc. started out In 1941 making virtually indestructible, high-quality handbags. In the 1970s it was bought by Sara Lee
1. Describe examples of each of the management functions illustrated in this case. Coach Inc. started out In 1941 making virtually indestructible, high-quality handbags. In the 1970s it was bought by
6. Develop a group response to the following question:What are the respective roles of profits, obligations to customers, and obligations to the community for the firm in this situation? The

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