Business Management - 1
Which of the following best defines an organization?
A) A group of individuals working independently
B) A structured group of people working together towards common goals
C) A random assembly of professionals
D) A financial institution
B) A structured group of people working together towards common goals
Which of the following is NOT one of the three main categories of organizations?
A) Private C) Cooperative
B) Public D) Informal
D) Informal
What is typically considered the end goal of a for-profit company?
A) To provide employment
B) To serve the community
C) To maximize shareholder value
D) To produce goods
C) To maximize shareholder value
What is "S" stand for in SWOT Analysis?
Strengths
Which type of decision is made frequently and often has a low impact?
A) Strategic decision
B) Tactical decision
C) Operational decision
D) Financial decision
C) Operational decision
What is the primary role of management in an organization?
A) To increase profits at any cost
B) To enforce strict rules on employees
C) To coordinate resources and activities to achieve organizational goals
D) To replace employees with machines
C) To coordinate resources and activities to achieve organizational goals
What is a market?
A place where buyers and sellers meet to exchange goods and services.
Which two of the following are key components of strategic management?
A) Operational efficiency and cost-cutting measures
B) Setting long-term goals and developing a strategic plan
C) Employee training and development programs
D) Environmental scanning and strategic analysis
B) Setting long-term goals and developing a strategic plan
D) Environmental scanning and strategic analysis
What is a stock?
A share of ownership in a company.
Public organizations primarily aim to:
A) Maximize profits
B) Provide services to the community
C) Compete with private organizations
D) Create wealth for shareholders
B) Provide services to the community
What is an employer?
Someone who has employees.
What is the term for a written agreement between two or more parties?
A contract
What is the primary function of non-governmental organizations (NGOs)?
A) Generate profit
B) Advocate for social change and provide services
C) Manage public resources
D) Regulate industries
B) Advocate for social change and provide services
What is the term for the amount of money made by a business
"Revenue"
What does B2C stand for?
Business to Consumer
A form of business ownership in which the business is owned by two or more persons is a:
A. Sole Proprietorship
B. Partnership
C. Corporation
B. Partnership
What department of a corporation prepares income statements and balance sheets?
Accounting
Strategic objectives are typically:
A) Short-term and tactical
B) Long-term and focused on overall direction
C) Only financial in nature
D) Unrelated to organizational goals
B) Long-term and focused on overall direction
Interviewing potential employees, orienting new employees, and being in charge of employee benefits are typical job duties for employees in the ____ department?
Human Resources
How do associations (NGOs) contribute to society?
A) Providing essential services and support to underserved communities
B) Influencing public policy and advocating for social change
C) Prioritizing profit maximization for their stakeholders
D) Raising awareness about critical social issues and mobilizing public support
E) Conducting research and providing data to inform decision-making
All, except C)
Which of the following is NOT a common production method?
A) Batch production
B) Custom production
C) Continuous production
D) Random production
D) Random production
State two differences between public and private organizations.
1. Ownership and Control
2. Purpose and objectives
3. Funding sources
4. Decision-making process
5. Accountability
Which of the following best describes the microenvironment of a company?
A) Economic trends affecting the industry
B) Global market conditions
C) Government regulations
D) Internal factors and stakeholders that directly affect the organization
D) Internal factors and stakeholders that directly affect the organization
Strategic management primarily involves:
A) Long-term planning and positioning in the market
B) Day-to-day operations of the business
C) Short-term financial adjustments
D) Hiring new employees
A) Long-term planning and positioning in the market
List three key characteristics that define an organization
1. Structured Framework
2. Common Goals and Objectives
3. Interdependence of Members