Introduction to Business Management Quiz

What is the primary role of a business organization in society?

• To satisfy the needs of society

• To provide entertainment

• To create jobs for the unemployed

• To maximize profits for shareholders

Which of the following is NOT one of Maslow's hierarchy of needs?

• Social needs

• Financial independence

• Safety and security needs

• Self-actualization

What are the three main economic systems identified in the text?

• Market economy, Command economy, Socialism

• Free market, Regulated market, Command economy

• Capitalism, Socialism, Communism

• Traditional economy, Market economy, Mixed economy

Which sector includes large businesses listed on the JSE?

• Non-profit organizations

• Informal Sector

• Formal Sector

• Micro enterprises

What is the core of sustainability for a business?

• Maximizing profits

• Ability to survive and prosper over time

• Expanding market share

• Reducing operational costs

Which of the following is a need-satisfying institution in a market economy?

• All of the above

• Business organizations

• Non-profit seeking organizations

• Government organizations

What does the term 'entrepreneurship' refer to in the context of production factors?

• The ability to manage resources

• The willingness to take risks

• The process of hiring employees

• The creation of new products

Which management function focuses on the financial aspects of a business?

• Production management

• Financial management

• Marketing management

• Human resource management

What is the main purpose of business management as described in the text?

• To manage human resources effectively

• To develop new products

• To achieve the highest possible output with the lowest possible input

• To ensure compliance with laws

Which of the following best describes a command economy?

• Limited choices determined by the state

• Free choice of products and services

• Market-driven resource allocation

• Community ownership of assets