BMNG5121 LU 1 Introduction to Business Management Quiz

What are the three main economic systems?

• Market economy, Command economy, Capitalism

• Market economy, Command economy, Socialism

• Market economy, Capitalism, Socialism

• Market economy, Capitalism, Command economy

What are all the themes of sustainability in business that we have covered?

• Social responsibility, Employment equity, Business ethics, Consumerism, Environmental sustainability

• Social responsibility, Employment equity, Consumerism, Environmental sustainability

• Employment equity, Business ethics, Consumerism, Environmental sustainability

• Social responsibility, Business ethics, Consumerism, Environmental sustainability

What are the four factors of production in society's limited resources?

• Land, Human resources, Assets, Collective managerial capacity

• Natural resources, Labor, Assets, Collective managerial capacity

• Land, Labor, Capital, Human resources

• Natural resources, Human resources, Capital, Entrepreneurship

What is the economic system where the state decides what the needs of the community are, how and where the goods will be obtained, and in what quantities they may be used?

• Market economy

• Mixed economy

• Socialism

• Command economy

Which functional management area of a business focus on the transformation process of goods and services?

• Marketing management

• Operations management

• Financial management

• Purchasing and supply chain management

What is the main purpose and task of business management?

• To control the economy of the country

• To create a monopoly in the market

• To create jobs

• To maximize profit and minimize costs

What are the need-satisfying institutions of the market economy? Select the most correct answer.

• Business organisations, Government organisations

• Business organisations, Government organisations, non-profit seeking organisations

• Business organisations, profit seeking organisations

• Business organisations, non-profit seeking organisations

Which of the following is NOT an example of a non-profit organisation?

• SANCOB

• CANSA

• ENGEN

• CHOC Childhood Cancer Foundation

What is the current official unemployment rate in South Africa (4th quarter, 2023)?

• 32%

• 25%

• 28%

• 36%

What is the ability of a business to survive and prosper over long periods of time called?

• Profitability

• Innovation

• Sustainability

• Efficiency