Business Concepts Quiz

What does Competitive Advantage refer to?

• The ability to hire more employees

• The special capabilities of a company that allows it to create a superior product or service

• The process of reducing costs

• The expansion into new markets

What is Strategic Planning?

• Short-term planning for specific activities

• Long-term planning providing broad goals and directions for the entire business

• A financial plan for the next quarter

• A marketing campaign

What is the purpose of SWOT Analysis?

• To determine employee salaries

• To examine internal strengths and weaknesses, and external opportunities and threats

• To create a marketing plan

• To develop a new product

What is a Vision statement?

• A short-term financial goal

• A broad, lasting, and often inspirational view of a company’s reason for existing

• A list of daily tasks

• A marketing strategy

What is an Organization Chart?

• A list of company policies

• An illustration of the structure of an organization, major job classifications, and reporting relationships

• A financial report

• A marketing plan

Which principle states that no employee has more than one supervisor at a time?

• Span of Control

• Line Organization

• Unity of Command

• Centralized Organization

What term describes the hierarchy of the organization from the highest level to the lowest level?

• Chain of Command

• Matrix Organization

• Self-Directed Work Teams

• Flattened Organization

What is the addition of staff specialists to a line organization called?

• Line-and-Staff Organization

• Self-Directed Work Teams

• Centralized Organization

• Decentralized Organization

Which organization combines workers into temporary work teams to complete specific projects?

• Team Organization

• Matrix Organization

• Centralized Organization

• Flattened Organization

What is a business structure that divides employees into permanent work teams called?

• Self-Directed Work Teams

• Team Organization

• Departmentalization

• Line Organization