Business Fundamentals

Which of the following is a primary purpose of a business?

• Profit

• Satisfying consumer needs

• Gaining market share

• all of the listed responses

Profit is always the primary aim of a business:

• True

• False

The way in which a business turns inputs into outputs is known as:

• processes

• means

• ends

• finalising

A business that exists to address a social purpose is known as a:

• social enterprise

• government owned corporation

• public company

• private company

A government owned corporation is

• a public company that individuals can bid on

• a private company where ownership is not up for sale

• a business structure that is owned in whole or by majority by the government

• a large social enterprise

Internal operating environment refers to:

• factors that a business can control and that can determine the success of the business

• owners, structure, feasibility and partnership

• organisational culture, leadership, profitability and growth

• factors that a business can not control, and our outside of their business model

Organisational culture is:

• a factor within the internal operating environment that refers to the values and attitudes held by the company

• a factor within the internal operating environment that refers to the employee's customer service

• a factor within the external operating environment that refers to the structure of the company

• a factor within the external operating structure that refers to the relationship the company holds with special interest groups

External operating factors are those that:

• are outside the business but directly affect it

• affect the entire business landscape at a national level

• are within the business and affect it's day-to-day operations

• effect government regulations

Interest groups are a type of external operating factor. They include:

• unions, professional associations and groups that operate in the public interest

• suppliers and other actors in the supply chain

• the government and other public bodies

• customers and other stakeholders

The external macro-environment refers to:

• a broad array of factors that affect the industry at large

• factors that affect the day-to-day operations of a business

• society's customs

• factors within a business' control