Business Management

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

How a company will make customers aware of its products/services

• Marketing Plan
• Industry Overview
• Product and Service Plan
• Growth Plan

Conceptual skills are most important for

• Top level management
• Mid-level management
• Supervisory management
• Front line employees

A code of ethics is

• adopted by a company to specify the difference between right and wrong
• a document covering legal issues
• an agreement for the government
• mandatory for a business

The people who work to produce goods and services are known as

• Capital
• Human Resources
• Raw Materials
• Facilities

A commision or bonus is an example of a form of

• assistance program
• benefit
• compensation
• employee contract

Setting the company objectives for the coming year is an example of which business management function?

• Controlling

• Leading

• Organizing

• Planning

Helping to resolve a dispute between two workers in the department is an example of which business management function?

• Controlling

• Organizing

• Leading

• Planning

James is creating a list of monthly job duties for the managers in his section. Which business management function is he performing?

• Organizing

• Planning

• Leading

• Controlling

Which of the following would be interested in seeing the business plan of a new company?

• Customers

• Potential investors

• The owners of the company

• Banks/ potential lenders

• Local council