The Concept of Business in Context

1.       People who work for these industries are often highly qualified within their field of work.

• Manufacturing industry

• Quaternary Industry

• Primary industry

• Service sector

2. Which of the following statements is correct?

• All businesses have internal operations as their only focus.

• All businesses must adapt to survive.

• All businesses comprise a series of related activities in a number of different contexts.

• Businesses must not lose money, therefore accounting and finance is the key activity.

3. ________________ is evaluating the current situation of an organization which includes its people, mission, vision, strategy, etc with respect to its environment.

• Business context model

• Context analysis

• Political events

• Research and development

5. The formulation of a set of objectives and the means to achieve them is considered as a ___

• Strategic context

• Business function

• Mission statement

• Business environmental context

7. The area where the company meets customers’ needs in a way that the rivals cannot is known as _______________

• Customer need

• Sweet spot

• Competitor offering

• Rivalry

8. The term competitive advantage stands for _______

• the superior market position of a company in the market to its competitors

• the organizational confidence level

• the expansion of product lines in the market

• None of the above

9. How might the size of a business be best measured?

• Number of employees, and overall gross profit

• Number of outlets or business units and market value

• Total revenue and capital investment

• All of the above

10. Which of the following does not characterize an external environment?

• Uncertainty

• Employees

• Natural calamity

• Political change

TRIVIA- Which company is currently the world's largest by market capitalization?

• Amazon

• Apple

• Microsoft

• Google

Critical Thinking:

11. With the introduction to photostat machines in the market, the carbon paper industry was adversely affected. Which component of environment was responsible for it?

• Economic component

• Political component

• Technological component

• Socio cultural component