Intro to Business 1-4 Lesson Quiz

A route or plan of action designed to achieve certain goals and objectives is known as which of the following?

• strategy

• 
  function

• department

• mission

The reason why a company exists - its purpose - is best known as which of the following?

• 
  the company’s vision

• the company’s strategy

• the company’s mission

• the company’s success

How does the strategy business function affect each of the other five business functions?

• 
  by assisting the operations of each function

• it doesn’t affect the other functions

• by providing a plan of action for each function

• it is the concrete purpose of the company

Complete the following sentence with the best term. Mission is a company’s purpose, and strategy is the _____.

• who

• what

• why

• how

Habitat for Humanity’s mission is to “bring people together to build homes, communities, and hope.” Based on their mission, what is most likely their company vision?

• a world where everyone has a home

• building high-cost, designer homes

• a world where homes will always be built

• 
  building low-quality inexpensive homes

Which of the following best demonstrates how a company successfully uses strategy to live out its mission and vision?

• 
  A company that believes everyone can be an athlete only sells to professional athletes.

• A company that wants to make affordable home furniture knows to say no to expensive materials.

• A company that’s dedicated to becoming the world’s most flown airline charges high prices for flights.

• A company looking to free the world of Alzheimer’s invests in research for all types of diseases.

Complete the following sentence with the best term. ________ is informed by the company’s vision and mission.

• Tactic

• Performance

• Strategy

• Management

Which of the following statements best demonstrates how strategy and Human Resources work together?

• Strategy helps determine who to hire and fire in a company.

• Strategy helps a company determine its annual revenue.

• Strategy helps determine benefits like health insurance and retirement.

• Strategy helps a company determine who reports to whom in a company.

A specific procedure or action used to support strategy in order to achieve goals and objectives is known as which of the following?

• tactic

• 
  KPI

• goal

• 
  operation

A stated, observable, and measurable end result to be achieved within a certain timeframe is known as which of the following?

• 
  KPI

• goal

• strategy

• tactic