Business Management

The United States Small Business Association has identified at least 50% of new small businesses fail within their first five years of operation. Identify TWO factors that MOST likely are the reason for these failures.

• Entrepreneurs have a lack of capital to keep the business going.

• Entrepreneurs have a lack of business experience.

• There is not enough competition in the market.

• The business has a lot of people that travel past it.

A(n) _________ is someone who sets up a new business to make a profit.

• monopoly

• corporation

• entrepreneur

• anarchist

What is the primary goal of business management?

• Maximizing profits

• Minimizing costs

• Increasing employee satisfaction

• Expanding market share

Which of the following is a key function of business management?

• Product design

• Market research

• Financial planning

• Customer service

What is the role of a manager in a business setting?

• To perform all tasks themselves

• To delegate tasks and oversee operations

• To focus solely on customer satisfaction

• To handle only financial matters

Which management style involves making decisions without consulting others?

• Democratic

• Autocratic

• Laissez-faire

• Transformational

What is SWOT analysis used for in business management?

• To evaluate strengths, weaknesses, opportunities, and threats

• To assess employee performance

• To determine pricing strategies

• To analyze market trends

Which of the following is considered a soft skill important for managers?

• Technical expertise

• Communication

• Data analysis

• Financial acumen

What is the significance of corporate social responsibility in business management?

• It focuses on maximizing shareholder profits

• It emphasizes ethical practices and community involvement

• It is solely about environmental sustainability

• It is a legal requirement for all businesses

Which of the following is a characteristic of effective leadership in business management?

• Authoritarian control

• Inflexibility

• Empathy

• Micromanagement