Retrieval Quiz Ch 1-4 Business IGCSE

What is opportunity cost?

• the value of the next best option that is not selected when a choice is made.

• there is not enough of it.

• things people make to earn money.

• actions people do to earn money.

What does scarcity mean to humans?

• that we have to act irrationally

• that we need to use up all our resources for our comfort

• that we have to use our resources efficiently so that needs and wants are satisfied

• that we have to not use our resources at all because we will run out them if we keep using them

An entrepreneur is someone 

• Someone who works for a new business
• Someone who starts a new business
• Someone who takes over an existing business
• Someone who does not want to work

One of the most common reasons for a new business not surviving is:

• too much time spent on developing the business plan
• no competitors in the industry
• poor cash flow as a result of poor financial planning
• consumers like dealing with small firms providing a service

Which of the following is not an effective way of measuring the size of a business?

• number of employees
• value of sales
• value of capital invested
• profit level

Which of these is NOT a category in Maslow's hierarchy of needs?

• Social

• Psychological

• Esteem

• Safety

According to Herzberg, employees are commonly

most satisfied when offered:

• adequate supervision

• adequate salary

• recognition

• job security

Work specialization is the same as _____.

• Departmentalization

• Division of labor

• Decentralization

• Job grouping

1. A tall organizational structure would be:

• Many levels in hierarchy + wide spans of control.

• Few layers in hierarchy + narrow spans of control.

• Few levels in hierarchy + wide span of control.

• Many levels in hierarchy + narrow span of control.

Which of the following is a type of training provided when a new employee begins work?

• On-The-Job

• Induction

• Off-The-Job