Introduction to Business Management Quiz

What is the main focus of Chapter 1 in the book?

• The history of business management

• The role of technology in business

• The business world and business management

• The financial aspects of business

Which of the following is NOT one of the four elements that describe a business?

• Business involves production

• Business involves human activities

• Business involves marketing

• Business involves profit

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

• Market economy, Command economy, Socialism

• Capitalism, Socialism, Communism

• Market economy, Traditional economy, Mixed economy

• Command economy, Free market, Cooperative economy

Which of the following is an example of a formal sector business?

• Local farmers

• Street vendors

• Old Mutual

• Independent family-owned enterprises

What does Maslow's hierarchy of needs include as the highest level?

• Physiological needs

• Safety and security needs

• Self-esteem

• Self-actualization

Which of the following is a characteristic of a command economy?

• Profit-driven businesses

• Free choice of products and services

• Limited choices based on state offerings

• Minimal state interference

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

• To maximize profits at any cost

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

• To manage human resources effectively

• To create new products only

Which of the following is NOT a functional management area of a business?

• Environmental management

• Marketing management

• Financial management

• Public relations management

What is the relationship between society and the business world according to the text?

• The business world has no impact on society

• Society controls the business world

• They depend on and influence one another

• They are completely independent

What is a need-satisfying institution that is not profit motivated?

• Exxaro

• SAA

• Pick 'n Pay

• Old Mutual