Big Business Quiz 2

The chain of command refers to:

• The communication channels between departments

• The formal reporting structure within the company

• The informal relationships between employees

• The decision-making process

What is the main purpose of training in an organization?

• To reward employees for good performance

• To improve employee skills and knowledge

• To establish a clear chain of command

• To delegate tasks effectively

Which type of business structure has the most legal formalities?

• Sole trader

• Partnership

• Private limited company

• Public limited company

A wide span of control means a manager oversees:

• Few employees, leading to high levels of direct supervision

• Many employees, requiring delegation and trust

• Only senior-level employees

• Only entry-level employees

How can a business increase its profit margin?

• Raise prices and decrease costs

• Decrease prices and increase costs

• Raise prices and keep costs the same

• Decrease prices and keep costs the same

What type of motivation is intrinsic?

• Driven by external rewards like bonuses

• Driven by internal factors like personal satisfaction

• Driven by avoiding negative consequences

• Driven by achieving company goals

What type of legal document outlines a business's goals and strategies?

• Franchise agreement

• Partnership contract

• Shareholder agreement

• Business plan

How does a franchise agreement benefit the franchisor?

• Receive royalty fees from franchisees

• Expand brand awareness quickly

• Quick way to expand and grow a business.

• All of the above

Which of the following factors can negatively impact job satisfaction?

• Clear goals and objectives

• Regular performance feedback

• Lack of career progression opportunities

• Strong team communication

What term describes the level of satisfaction an employee has with their job?

• Motivation

• Hierarchy

• Span of control

• Job satisfaction