Reference no: EM133164582

Questions -

Q1-According to Statistics Canada, GDP grew 0.4% in February 2021, following 0.7% growth in January 2021. This 10th consecutive monthly increase continued to offset the steepest GDP drops on record in Canada observed in March and April 2020. However, total economic activity was about 2% below the level observed in February 2020, before the COVID-19 pandemic.

Source: Statistics Canada

1. List and explain the stages of the business cycle.

2. Where in the business cycle is Canada's economy in 2021? Explain your answer.

3. Where in the business cycle was Canada's economy in March and April 2020? Explain your answer.

4. Where in the business cycle was Canada's economy in 2019 (pre-pandemic)? Explain your answer

Q2-In the 10 years since Tonia Jahshan started Steeped Tea, she has built a loose-leaf empire with annual sales of more than $20?million (and growing) and 9,000 salespeople peddling tea and accessories across North America-enough to earn her the No.?1 spot on the 2016 W100 ranking of Canada's Top Female Entrepreneurs. She has learned what it takes to turn a hunch into a massive business: a clear vision, yes, and the conviction to see it through, of course, but also an appetite for risk, a willingness to make changes on the go and nerves of highly tempered steel.

Source: Canadian Business

1. Describe three advantages and three disadvantages of small business ownership.

2. Why are small businesses important to the Canadian economy?

3. What characteristics does Tonia Jahshan have as an entrepreneur?

4. List and describe three reasons why businesses fail.

Q3-You are a senior manager in the accounting department of a software development company. You have been promoted throughout your 10 years at the company based on your ethical approach to financial reporting and timely completion of your work.

Following recent senior management changes, a new Chief Financial Officer has joined the company. The new CFO has an aggressive view of financial reporting... "make the numbers work for the company".

Source: Seneca College

1. What affect can an aggressive approach to financial reporting have on your key stakeholders?

2. Do you consider the aggressive financial reporting approach to be ethical? State your reasoning for your answer.

3. What would you do if you are not comfortable adopting this aggressive treatment of reporting? What options would you consider?