Unit 1 Business

Which of the following is a factor that affects both demand and supply?

• External shocks

• Indirect taxes

• Demographics

• Advertising and branding

What are the key characteristics of successful entrepreneurs?

• Procrastination, laziness, and lack of motivation

• Inflexibility, lack of passion, and weak work ethic

• Lack of creativity, inability to adapt, and lack of resilience

• Resilience, creativity, passion, adaptability, and strong work ethic

Which of the following is not a key part of flexible working?

• zero-hour contracts

• irregular hours

• Temporary staff

• Gross misconduct

What are the key steps involved in recruitment and training of employees?

• Hiring without any screening or interviewing

• Firing existing employees

• Identifying the need for new employees, sourcing candidates, screening and interviewing, selecting the right candidates, onboarding, and providing necessary training and development.

• Sending candidates to a spa day

Discuss the role of motivation in employee performance and satisfaction.

• Motivation only affects employee satisfaction, not performance

• Employee performance and satisfaction are solely dependent on external factors

• Motivation influences employee effort, persistence, and engagement with their work.

• Motivation has no impact on employee performance and satisfaction

What factors can influence demand for a product or service?

• Weather conditions

• Political stability in the country

• Price, consumer preferences, income levels, advertising, and availability of substitutes

• Color of the product

How do entrepreneurs identify and evaluate business opportunities?

• By guessing and taking a chance

• By conducting market research, analyzing industry trends, assessing their own skills and resources, and seeking feedback from potential customers.

• By following the advice of friends and family

• By ignoring market research and industry trends

What are the different styles of leadership styles?

• Autocratic, democratic, and transformational.

• Autocratic, democratic, laissez-faire, and paternalistic

• Authoritative, laissez-faire, and bureaucratic.

• Laissez-faire, bureaucratic, and transactional.

What are the best practices for effective recruitment and selection of employees?

• Hiring based on personal connections

• Skipping background checks

• Relying solely on resumes for selection

• Defining job requirements, using multiple recruitment sources, conducting thorough interviews, and utilizing assessment tools

What are the non-financial incentives for an entrepreneur?

• Ethical stance

• Social entrepreneurship

• Independence

• All of the above