Year 12 - Business Management Practice EXAM Quiz

A business that is owned and operated by a single person.

• Sole Trader

• Partnership

• Private Limited Company

• Public Listed Company

A feature of a sole trader is:

• Limited liability

• Unlimited liability

• Shared responsibility

• Responsibility falls on owner

A primary objective of most businesses is

(a)  

The AOMR Finance, can help a business achieve their objective of making a profit by

• Setting a budget to ensure that the business can keep costs low in particular areas of the business or set financial targets to be met

• Monitor any potential issues with costs or revenues which allows for corrective action to be taken

• Allows for them to charge lower costs because they can keep finances down in operations.

• Can make staff redundant in order to save money

Senge's Learning organisation has 5 principles. These include:

• Building a shared vision

• Staff training

• Systems overview

• Team work

All members of the team work together to develop the team’s capacity through personal mastery and building a shared vision is what principle of Senge's Learning Organisation.

• Systems Thinking

• Personal Mastery

• Building a shared vision

• Mental models

• Team learning

The fourth step of Lewin's Force Field Analysis is:

• Identifying the forces that will drive and the forces that will restrain change.

• Allocating numerical scores to the driving and restraining forces

• Implementing Change

• Refreeze to ensure change is solidified into the business

The first step of Lewin's three step change model is unfreeze. This means

• Managers need to prepare the business to accept change is necessary

• Should involve the employees in the process as much as possible so they always understand how the changes will benefit them as well as what will now be required of them and any new procedures they will have to learn

• Its where the managers look for new ways of doing things, begin to implement the necessary changes and move from one state to another

• Managers need to put in place strategies that make sure the new behaviours are stabilised and reinforced so that the changes become embedded

The relationship between managing employees and business objectives is

• Employees can improve the efficiency and effectiveness of the business

• Can increase profits as employees are working

• Employees are a businesses greatest asset

• Without employees, it is nearly impossible for a business to meet all objectives.

A performance management strategy is

• management by objectives

• staff training

• Feedback meetings

• Goal setting