Intro to business- Revision Part 1

Revision-Part I

Multiple Choice

What does SWOT stand for in SWOT Analysis?

• Strengths, Weaknesses, Opportunities, Threats

• Strategy, Work, Objectives, Targets

• Systems, Workflow, Operations, Tactics

• Skills, Workforce, Output, Trends

Multiple Choice

Which of the following is considered an external factor of business?

• Company culture

• Economic conditions

• Employee skills

• Internal policies

Multiple Choice

What is SWOT analysis primarily used for in business?

• To evaluate a company's financial statements

• To assess a company's market share

• To evaluate a company or a specific project

• To determine employee satisfaction

Multiple Choice

Which of the following is considered an internal factor in SWOT analysis?

• Opportunities

• Threats

• Strengths

• Market trends

Multiple Choice

In SWOT analysis, what does the 'O' stand for?

• Objectives

• Opportunities

• Operations

• Obligations

Multiple Choice

SWOT analysis is a part of which management process?

• Financial planning

• Strategic planning

• Human resource management

• Marketing strategy

Multiple Choice

Which environment includes culture, values, and beliefs?

• Economic Environment

• Social Environment

• Technological Environment

• Competitive Environment

Multiple Choice

What are the components of the economic environment in business?

• Culture, values, beliefs

• Type of economy, strength of economy, political/legal environment

• Technological advancements

• Global factors

Multiple Choice

What does the 'S' in SWOT analysis stand for?

• Strategies

• Strengths

• Solutions

• Systems

Multiple Choice

Which component of SWOT analysis is considered harmful to achieving objectives?

• Strengths

• Opportunities

• Weaknesses

• Strategies

Multiple Choice

In SWOT analysis, which elements are of internal origin?

• Strengths and Opportunities

• Weaknesses and Threats

• Strengths and Weaknesses

• Opportunities and Threats

Multiple Choice

Which of the following is considered an external environment factor affecting a business?

• Organisational Culture

• Human Resource

• Climate

• Management

Multiple Choice

In a SWOT analysis, what is an example of an opportunity?

• Economies of scale

• New technologies

• Logistics limitations

• Enhanced competition

Multiple Choice

Identify a potential external opportunity from the following options.

• Poor location

• Higher consumer demand

• Inadequate financial resources

• Low employee satisfaction

Multiple Choice

What is a key element of the marketing mix that involves deciding where a product should be sold and how it will move from the producer to the consumer?

• Distribution

• Pricing

• Promotion

• Product Design

Multiple Choice

Which of the following is NOT typically involved in distribution channels?

• Agents

• Brokers

• Designers

• Retailers

Multiple Choice

What is the distribution mix?

• The combination of pricing strategies

• The combination of distribution channels used to get products to customers

• The combination of advertising methods

• The combination of product designs

Multiple Choice

Which of the following is a type of distribution strategy?

• Intensive

• Expansive

• Creative

• Dynamic

Multiple Choice

What is the main focus of a distribution strategy?

• Getting the right product to the right person at the right time

• Increasing the production of goods

• Reducing the cost of manufacturing

• Enhancing the quality of the product

Multiple Choice

What is the role of a "Merchant Wholesaler" in the distribution channel?

• To directly sell products to consumers

• To act as an intermediary between producer and retailer

• To manufacture products

• To advertise products

Multiple Choice

What is the distribution channel for consumer goods with no intermediaries?

• Producer to Retailer to Consumer

• Producer to Wholesaler to Retailer to Consumer

• Producer to Consumer

• Producer to Agent to Wholesaler to Retailer to Consumer

Multiple Choice

In a distribution channel with two intermediaries for consumer goods, which intermediaries are involved?

• Retailer and Consumer

• Wholesaler and Retailer

• Agent and Broker

• Producer and Consumer

Multiple Choice

What role do agents play in the channels of distribution?

• They buy products from manufacturers and sell to consumers.

• They facilitate transactions between manufacturers and consumers or businesses.

• They operate corporately owned stores.

• They resell products to retailers or businesses.

Multiple Choice

Which of the following is an example of a non-store retailer?

• Department stores

• Online orders

• Specialty boutiques

• Big-box stores

Multiple Choice

How do wholesalers typically operate within the distribution channel?

• They sell directly to consumers.

• They facilitate transactions between manufacturers and consumers.

• They resell to retailers or businesses and often store the product before selling it.

• They operate vending machines.

Multiple Choice

Which of the following is NOT a goal of pricing?

• Make a profit

• Attract customers

• Increase production time

• Create prestige

Multiple Choice

What is one of the key roles of pricing in the marketing mix?

• It determines the quality of the product.

• It creates revenue and generates profit for sellers.

• It establishes the brand identity.

• It defines the target market.

Multiple Choice

What legal aspect must be considered in pricing strategies in certain industries?

• Environmental regulations.

• Labor laws.

• Legal restrictions on pricing.

• Taxation policies.

Multiple Choice

What are some things that a company would want to consider when pricing?

• Market demand

• Personal preferences

• Random selection

• Coin toss

Multiple Choice

What is the term for the minimum price at which a company can sell a product without incurring a loss?

• Price ceiling

• Price floor

• Break-even price

• Market price

Multiple Choice

What is the formula for calculating the gross profit margin?

• Selling price - COGS

• COGS - Selling price

• Selling price + COGS

• COGS / Selling price

Multiple Choice

How is the gross profit margin percentage calculated?

• Gross profit margin / Selling price

• Selling price / Gross profit margin

• Gross profit margin * Selling price

• Selling price - Gross profit margin

Multiple Choice

When retailers are used, how is the manufacturers' selling price determined?

• Suggested retail price - retailer discount

• Suggested retail price + retailer discount

• Suggested retail price * retailer discount

• Suggested retail price / retailer discount

Multiple Choice

What is the goal of the pricing strategy known as "Creating Prestige"?

• Setting a low price to increase volume

• Establishing a fixed profit margin

• Setting a higher price to create a premium image

• Matching competitors' prices

Multiple Choice

What are the 4 P's in the marketing mix?

• Product, Price, Place, Promotion

• Product, People, Process, Physical Evidence

• Price, People, Process, Promotion

• Product, Price, People, Physical Evidence

Multiple Choice

Which external factors must be considered when determining the marketing mix?

• Social/Cultural, Technological, Economic, Political/Legal

• Internal Processes, Employee Satisfaction, Brand Loyalty, Customer Feedback

• Product Quality, Pricing Strategy, Distribution Channels, Promotion Methods

• Market Share, Competitor Analysis, Customer Demographics, Sales Volume

Multiple Choice

Which of the following is NOT listed as a factor influencing values, beliefs, and preferences?

• Regional differences

• Healthier foods

• Number of customers

• Influences from other cultures

Multiple Choice

What are the two types of countries mentioned in the context of the economic environment?

• Industrialized and non-industrialized countries

• Developed and developing countries

• Rich and poor countries

• Urban and rural countries

Multiple Choice

What term is used to describe a period of economic decline?

• Expansion

• Recession

• Inflation

• Growth

Multiple Choice

Which of the following is an example of an international trade agreement mentioned in the document?

• NAFTA

• USMCA

• TPP

• ASEAN

Multiple Choice

What is one effect of reduced competition in an industry?

• Increased operational efficiency

• More control exercised by companies

• Better treatment of employees

• Introduction of new promotional techniques

Multiple Choice

What is 'S' in PESTLE Analysis

• Strength

• Straight

• Social

Multiple Select

Some economic factors that could affect your business are (tick all that apply)

• Having enough money to keep all your staff

• Being able to afford any interest increases (for the mortgage on a property for example or loans)

• Recession

• Environmental policies

Multiple Choice

PESTLE is a situational analysis tool which helps a business to analyse the external factors that affect their business.

• True

• False

Multiple Choice

What is one requirement for setting up a corporation?

• No legal documentation needed

• Must have a single owner

• Must be registered with the state

• Cannot have shareholders

Multiple Choice

Which legal form of ownership involves two or more people sharing profits and responsibilities?

• Sole proprietorship

• Partnership

• Corporation

• Franchise

Multiple Choice

What is an advantage of a corporation compared to a sole proprietorship?

• Easier to set up

• Limited liability for owners

• No need for legal documentation

• Owners have complete control

Multiple Select

Which of the following is a type of business ownership

• Sole proprietor

• Partnership

• Cooperative

• corporation

• Franchise

Multiple Choice

Which business form is typically managed by a single individual?

• Corporations

• Partnerships

• Sole Proprietorships

• Cooperatives

Multiple Choice

What is a key characteristic of corporations?

• Managed by one person

• Extension of the owner

• They are considered as a separate entity

• Informal structure

Multiple Choice

What is a key characteristic of a corporation as a form of business ownership?

• Income pooled with personal income

• Profits to shareholders through dividends

• Extension of individual

• Joint liability

Multiple Choice

In a corporation, what limits the liability of the owners?

• Unlimited liability

• Personal assets

• Amount invested by the shareholder

• Business debts

Multiple Choice

Who typically owns a corporation?

• The CEO

• The Board of Directors

• Shareholders (one or many)

• The government

Multiple Choice

Who oversees the operation of a corporation?

• The shareholders

• The Board of Directors

• The employees

• The government

Multiple Choice

What is a common concern for shareholders regarding their investment?

• Employee satisfaction

• Return on investment

• Product quality

• Market competition

Multiple Choice

How do shareholders typically make decisions in a corporation?

• By hiring managers

• By voting and passing resolutions

• By setting company policies

• By selling shares

Multiple Choice

What is one of the benefits shareholders can receive from a corporation?

• Dividends

• Free products

• Company cars

• Office space

Multiple Choice

What is a benefit of corporations in terms of financing?

• Limited access to loans

• Greater ease of financing through shares and loans

• Financing only through personal savings

• No access to external financing

Multiple Choice

What is a cooperative?

• A legal entity, separate and distinct from its members

• A type of partnership between two companies

• A government agency

• A non-profit organization

Multiple Choice

Who owns a cooperative?

• The government

• A single corporation

• Members (one or many)

• A board of investors

Multiple Choice

Who oversees the operation of a cooperative?

• The CEO

• The Board of Directors elected by members

• The government

• A single owner

Multiple Choice

How do members of a cooperative profit?

• By receiving a fixed salary

• By the redistribution of surpluses to special funds or to the members

• By selling shares

• By charging high fees

Multiple Choice

Which of the following is a key aspect of economics?

• Analysis of production and consumption of goods and services

• Analysis of weather patterns

• Analysis of ancient civilizations

• Analysis of literary works

Multiple Choice

What does macroeconomics focus on?

• Consumer and business decisions

• Country's overall economic performance

• Individual financial planning

• Local market trends

Multiple Choice

What is the primary focus of microeconomics?

• Governmental fiscal policies

• Global trade agreements

• Consumer and business decisions

• National economic growth

Multiple Choice

What would happen if the global price of coffee beans increased significantly?

• Coffee shops would lower their prices.

• Coffee shops would increase their prices.

• Coffee shops would keep prices the same.

• Coffee shops would stop selling coffee.

Multiple Choice

Which of the following represents a level of competition?

• Oligopoly

• Barter system

• Inflation

• Fiscal policy

Multiple Choice

What are the two main types of economies mentioned?

• Free market and mixed

• Free market and controlled

• Controlled and traditional

• Mixed and traditional

Multiple Choice

What is used to measure the economy?

• Economic indicators

• Trade agreements

• Currency exchange rates

• Tax policies

Multiple Choice

What type of economy is characterized by the allocation of factors of production determined by the government?

• Free Market

• Mixed Economies

• Planned Economies

• Capitalism

Multiple Choice

In which type of economy are supply and demand the primary determinants of production allocation?

• Communism

• Free Market

• Mixed Economies

• Socialism

Multiple Choice

Which economic system is a blend of government and market-based allocation of resources?

• Communism

• Mixed Economies

• Capitalism

• Planned Economies

Multiple Choice

Which type of market structure is characterized by a single seller?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

In which market structure do many firms sell products that are similar but not identical?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

Which market structure is characterized by a few large firms dominating the market?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

What is the market structure called where there are many sellers and buyers, and no single entity can influence the market price?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

Which type of competition is characterized by no barriers to entry and intense competition driving prices down?

• Pure Competition

• Open Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

What is a key characteristic of an oligopoly?

• No barriers to entry

• High barriers to entry

• Intense price competition

• Perfect knowledge

Multiple Choice

Which market structure has the highest barriers to entry due to high initial investment and regulations?

• Pure Competition

• Open Monopolistic Competition

• Oligopoly

• Monopoly

Multiple Choice

Which market structure is associated with the least amount of competition?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Multiple Choice

What happens to demand when the price decreases in a free market economy?

• Demand decreases

• Demand remains constant

• Demand increases

• Demand becomes zero

Multiple Choice

What is the equilibrium price in a free market economy?

• The price where supply exceeds demand

• The price where demand exceeds supply

• The price where supply and demand intersect

• The price set by the government

Multiple Choice

Which of the following is an economic indicator used to measure the economy's performance?

• Weather patterns

• GDP Annual Growth Rate

• Population density

• Cultural festivals

Multiple Choice

How does supply change as price increases in a free market economy?

• Supply decreases

• Supply remains constant

• Supply increases

• Supply becomes zero

Multiple Choice

Which economic indicator reflects the difference between a country's exports and imports?

• GDP per Capita

• Retail Sales

• Balance of Trade

• Consumer Confidence

Multiple Choice

What does GDP stand for in economic terms?

• Gross Domestic Product

• General Domestic Production

• Global Domestic Product

• Gross Development Product

Multiple Choice

Which of the following is NOT a component of GDP?

• Consumer spending

• Government spending

• Imports

• Foreign aid

Multiple Choice

How is GDP defined?

• The total value of all goods and services produced by a country's citizens worldwide

• The monetary value of all finished goods and services produced within a country's borders in a specific time period

• The total income of all citizens of a country

• The total exports of a country

Multiple Choice

Which phase of the business cycle follows a recession?

• Peak

• Trough

• Recovery

• Expansion

Multiple Choice

How is a recession defined in terms of GDP?

• One quarter of GDP decline

• Two or more consecutive quarters of GDP decline

• A year of GDP decline

• A month of GDP decline

Multiple Choice

Which phase of the business cycle is characterized by economic activity hitting its high?

• Expansion

• Peak

• Contraction

• Trough

Multiple Choice

During which phase of the business cycle does economic activity slow down?

• Expansion

• Peak

• Contraction

• Trough

Multiple Choice

When did recessions happen according to the chart?

• 2014

• 2015

• 2016

• 2017

Multiple Choice

Which of the following is considered an opportunity for small businesses?

• High Overhead Costs

• Market Niches

• Limited Customer Service

• Outdated Technology

Multiple Choice

What are the Factors of Production?

• Land, Labor, Capital, Entrepreneurship

• Marketing, Sales, Distribution

• Planning, Organizing, Leading

• Research, Development, Innovation

Multiple Choice

What is a primary focus of not-for-profit organizations?

• Generating profit

• Serving the community

• Increasing shareholder value

• Expanding market share

Multiple Choice

Which of the following best describes a business?

• An entity that provides services for free

• An organization that operates without any financial transactions

• An entity that engages in commercial, industrial, or professional activities

• A group that focuses solely on charitable activities

Multiple Choice

Classify the statement: "McDonalds’ franchises around the world offer a menu that is adapted to the local country’s cooking traditions and religious constraints."

• Socio-cultural

• Economic

• Political-Legal

• Technological

Multiple Choice

How is profit calculated for a business?

• Total expenses minus total revenue

• Total revenue plus total expenses

• Total revenue minus expenses

• Total expenses divided by total revenue

Multiple Choice

Which of the following can be considered a business?

• A small family restaurant

• A local sports team

• A public library

• A neighborhood watch group

Multiple Choice

Which of the following is NOT one of the 4 P's in Marketing?

• Product

• Place

• Price

• People

Multiple Choice

Which factor of production includes man-made resources like tools and technology?

• Natural Resources

• Capital

• Labour

• Entrepreneurship

Multiple Choice

Why is money not considered a factor of production?

• It is not a productive resource

• It is a natural resource

• It is a form of labor

• It is a type of capital

Multiple Choice

Which of the following is considered a natural resource in the factors of production?

• Machines

• Water

• Technology

• Buildings

Multiple Choice

What is the role of entrepreneurship in the factors of production?

• Providing physical labor

• Supplying natural resources

• Capturing business opportunities

• Manufacturing goods

Multiple Choice

Classify the statement: "Before importing from another country, a retail store is looking at the exchange rate of currency."

• Socio-cultural

• Economic

• Political-Legal

• Environmental

Multiple Choice

What is a primary concern under the 'Threats' element in a SWOT analysis?

• New market trends

• Internal inefficiencies

• Competitor actions

• Employee skills

Multiple Choice

How does chocolat favoris generate revenu?

• Selling chocolate online

• Offering baking classes

• Franchise operations

• Retail store sales