Business Principles Quiz

What principle states that all parts of a business must work together for its success?

• Scalability

• Vision

• Systems

• Standards

What happens if a business does not experience growth?

• It remains successful

• It may suffer from lower product quality and poor employee morale

• It expands into new markets

• It develops new systems

A business which has its own identity and is distinct from the owners is called ____.

• Autonomy

• Profitability

• Big Idea

• Scalability

What principle refers to a business as an economic entity that creates financial certainty for the community?

• Autonomy

• Profitability

• Big Idea

• Scalability

What principle focuses on a business embodying its higher purpose or original intention?

• Scalability

• Vision

• Systems

• Standards

Businesses should avoid using technology as it often complicates workflows and reduces efficiency

• TRUE

• FALSE

Shorter, standing meetings held every morning can help ensure that everyone stays on the right track and focuses on urgent tasks.

• TRUE

• FALSE

Advertising helps businesses stay top of mind for consumers when they need a product or service

• TRUE

• FALSE

Small changes in how a business manages expenses can lead to significant savings and increased efficiency.

• TRUE

• FALSE

Industries involved in the creation, sharing, and transfer of information, such as ICT and research and development, belong to this sector

• Quinary Industry

• Secondary Industry

• Tertiary Industry

• Primary Industry

• Quaternary Industry