Units 1- 4

Which is a good way to structure your conclusion

1.From the figures below, calculate the expected profit of ABC Ltd.

•Output: 10,000 units

•Price: £5 per unit

•Fixed costs: £5,000

•Variable costs: £3 per unit

• £10,000

• £15,000

• £20,000

• £50,000

The NHS is

• Private

• Public

• Voluntary

An unincorporated business means the owner has

• Limited liability

• Unlimited liability

Profit = Total sales - Total costs

• True

• False

What management style means that all decisions are made centrally?

• Authoritarian

• Laissez-faire

• Bureaucratic

• Democratic

A senior manager in a business presents his ideas to subordinates and invites questions. How would this leadership style be categorised using the Tannenbaum Schmidt Continuum?

• Tell

• Sell

• Consult

• Delegate

A key benefit of using hunch-based decision-making is that:

• It is time-consuming

• Full use is made of all available data

• The decision-making can be automated

• Decisions can be made quickly

Which of these statements best describes what is meant by delegation?

• Management feedback to directors

• Authority is passed down the hierarchy

• Employees & management work together rather than for each other

• Tasks are carried out by senior rather than junior management

Which of these is the best description of the concept of “opportunity cost”?

• The intangible cost of taking a decision

• The variable cost of a decision

• The cost of not taking a decision

• The cost of missing out on the next best alternative