ORGMA Quiz LESSON 2

What is the definition of an organization?

• A group of people working independently

• A group of people working together to accomplish specific goals

• A collection of unrelated individuals

• A business entity with no specific purpose

What does the business environment include?

• Only external factors

• Only internal factors

• Only economic factors

• Both external and internal factors

Answer explanation

It includes forces affecting operations that are within the control of the company.

Which of the following is NOT part of the internal environment?

• Management

• Production & Operations

• Economic Environment

• Human Resources

What does the socio-cultural environment pertain to?

• Technological advancements

• Natural disasters

• People and their culture

• Government regulations

Which business organization is owned by a single person?

• Partnership

• Cooperative

• Corporation

• Sole Proprietorship

What is a SWOT analysis used for?

• To determine legal compliance

• To assess strengths, weaknesses, opportunities, and threats

• To evaluate financial performance

• To analyze market trends

Answer explanation

What does 'strengths' refer to in a SWOT analysis?

• Characteristics that a company lacks

• Potential problems for a business

• External factors that can benefit a company

• Features that organizations possess

Which of the following is an example of an external environment factor?

• Production processes

• Market trends

• Internal policies

• Human Resources

What does the technological environment refer to?

• Government regulations

• Advancements in science and technology

• Cultural influences

• Natural disasters

What is a cooperative?

• A business owned by two or more persons

• A business entity with separate legal personality

• A business organization owned and operated by a group for mutual benefit

• A business owned by a single individual