BBI2O – Introduction to Business
BBI20 - Final Exam Review Questions
Mr. Ruston
Unit 1: Business Fundamentals
1.A Economic Basics
Explain the difference between needs and wants? Can something be both? Explain.
Distinguish between fads and trends, and explain their effect on business.
Explain how the supply and demand of a product affect its price.
Identify two companies in direct competition and two in indirect competition.
Draw and Label Maslow’s Hierarchy of Needs.
1.B Types of Businesses
Name a local sole proprietorship, partnership, corporation, cooperative and franchise. Explain
why that type of business is best for that type of business.
List 2 advantages and 2 disadvantages of each of the 5 forms of ownership.
Distinguish between Public, Private & Crown corporations.
1.C Business Ethics
Define ethics, social responsibility, code of ethics, whistleblowing
Describe the ethical decision making process
1.D International Business
List 3 advantages of international trade.
Unit 2: Functions of Business
2.A Production
List the 6 Factors of Production
List the 6 types of natural resources.
List the 2 types of raw materials.
List the 2 types of labour.
List the 2 types of capital.
What are 3 important things companies seek to get information about?
What is management?
2.B Human Resources
Describe the role of HR in a business.
What are the 5 functions of HR?
List 3 methods of compensation, and state one advantage and one disadvantage of each.
2.C Management
Can you name:
The 4 functions of management?
The 3 levels of mgmt?
The 3 managerial skills?
The 5 types of managerial problems?
The 3 leadership styles?
BBI2O – Introduction to Business
Mr. Ruston
2.D Marketing
Using the marketing strategy, make a pitch for a new watch that will appeal to teenagers.
Include price, style, location, and promotion.
Define and explain the 4 P’s of marketing.
Diagram and label the product life cycle. Identify a product that is currently at each stage in
the life cycle.
Describe the difference between a slogan, logo, and jingle.
Explain the difference between primary and secondary data.
List the advantages and disadvantages of the different types of advertising media.
2.E Accounting
Make a Balance Sheet and Income Statement for your own personal financial situation.
(Estimate or create the amounts if you are not sure).
Answer the following:
a) If assets are $456,841 and liabilities are $319,805, how much is owner’s equity?
b) If equity is $6,798 and total assets are 15,734, what are total liabilities?
c) If net income is $4,328 and total expenses are $76,947, what is total revenue?
d) If total revenue is $9,825 and total expenses are $8,112, what is total revenue?
Unit 3: Finance
3.A Income Management
Write an article that discusses your “top ten money management tips”
Distinguish between the three types of personal expenses and provide 2 examples of each.
3.B Banking
Distinguish between a Schedule I and Schedule II bank.
Describe how banks make money.
Outline the difference between debit and credit cards.
3.C Investing
Your friend has $5,000 to invest. Explain the different types of investments they can choose
from.
Define Interest; describe the difference between simple interest and compound interest.
3.D Credit
Explain the advantages and disadvantages of credit cards.
Determine the cost of credit of a $14,000 car loan, interest rate of 6.6%, paid monthly for five
years. The payments are $274.58.
List the 5 different types of credit.