Quizs: Unit 1 Business & its Environment

What is forward vertical integration?

• Integration with a retailer business in the later stage of production.

• Integration with a supplier business in the earlier stage of production.

• Acquisition of a competitor in the same industry.

• Collaboration with a third-party logistics provider.

What is an ethical code?

• A document detailing a company's rules and guidelines on employee behavior.

• A set of laws governing corporate practices.

• A guideline for personal financial management.

• A manual for employee training and development.

What are consumer goods?

• Physical and tangible goods sold to the general public, including durable goods like cars and non-durable goods like food.

• Services provided to consumers, such as haircuts and car repairs.

• Digital products available for download, like e-books and software.

• Luxury items that are not essential for daily living, such as designer handbags.

What is a merger?

• Agreement by owners of two businesses to unite them into a new business.

• A process where one company acquires another without any agreement.

• A legal process to dissolve a business partnership.

• A strategy to increase competition among businesses.

What are consumer services?

• Tangible products sold to businesses, such as machinery and equipment.

• Non-tangible products sold to the general public, such as hotel accommodation and insurance services.

• Physical goods that require storage and inventory management.

• Services provided exclusively to government agencies.

What are business objectives?

• Stated measurable targets of a business written in its business plan.

• General guidelines for business operations.

• A list of products and services offered by a business.

• The financial goals set by a business for the next quarter.

What is organic growth?

• Expansion of a business by establishing new plants or stores.

• Acquisition of other companies to increase market share.

• Increasing sales through aggressive marketing campaigns.

• Reducing operational costs to improve profit margins.

What is a business strategy?

• A short-term plan to increase sales quickly.

• A long-term plan consisting of steps of action to achieve a specific objective.

• A method to reduce costs without affecting quality.

• A strategy to improve employee satisfaction and retention.

What are external stakeholders?

• Individuals or groups separate from the business but affected by its operations.

• Employees who work within the business.

• Shareholders who own a part of the business.

• Customers who purchase products from the business.

What is a command economy?

• An economy where resources are owned, planned, and controlled by the state.

• An economy driven by supply and demand with minimal government intervention.

• An economy where all production is based on traditional methods and customs.

• An economy that relies heavily on foreign trade and investment.