Standardised Test

The following examples are the physical products produced and sold to customers except

• goods

• human

• perfumes, and children’s toys.

• laptops, books, and contact lenses

Some businesses decided to stay small because they

• want to spread the risk with their allies.

• want to have freedom in decision making.

• can benefit from internal economies of scale.

• can reach more customers and there is the possibility of more profit through more sales.

A growth strategy that occurs with the amalgamation of a firm operating at a later stage in the production process, such as a book publisher acquiring book retailers.

• Acquisition

• Conglomerate

• Forward vertical integration

• Backward vertical integration

This form of external growth involves two or more companies agreeing to form a single, larger company thereby benefiting from operating on a larger scale.

• Merger

• Acquisition

• Joint venture

• Strategic alliance

This form of external growth occur when two or more businesses set up a new business with its own legal identity to collaborate on specific activities..

• Merger

• Acquisition

• Joint venture

• Strategic alliance

A growth strategy that occurs when the business joins with a supplier.

• Acquisition

• Conglomerate

• Forward vertical integration

• Backward vertical integration

The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.

• Entrepreneur

• Manufacturing

• Entrepreneurship

• Business organisation

In a franchise arrangement, the original business that developed the business idea and sells the right to others to use it is known as the

• franchisor

• franchisee

• franchising

• royalty payment

The _____________ of the economy focuses on providing services related to knowledge and information, with heavy reliance on ICT and digital media.

• tertiary sector

• primary sector

• secondary sector

• quarternary sector

Which of these objectives declare the aspirations of the business?

• Aims

• Vision

• Purpose

• Strategic objective