Business awareness recap Begin week 5

A chemical business subcontracts the disposal of hazardous waste to an expert waste management company.

The risk management strategy in the scenario is to:

• Transfer

• Accept

• Reduce

• Avoid

A website business that carries out regular staff training on the data protection principles .

Its risk management strategy is to:

• Transfer

• Accept

• Reduce

• Avoid

Which one of the following describes the equilibrium point of a normal good?

• Where price and cost are equal

• All competitors sell a product for the same price

• The point at which supply and demand are equal

• There is a monopoly in the market, so the price remains unhanged to all customers

Identify the relevant element of sustainability: Outside delights is an environmentally friendly landscape gardening business. All projects it tenders for are costed in detail and include a built in 25% profit margin.

• Economic/

  Financial responsibility

• Social responsibility

• Environmental responsibility

A change in the price of a good will result in a shift of the demand curve

• True

• False

Decentralised control leads to a more collaborative working environment

• True

• False

A manager in a smaller organisation is likely to have a narrower span of control

• True

• False