TOPIC 1 IB BM

What are outputs in a business?

• The raw materials used in production.
• Outputs are the goods or services produced by a business.

• The marketing strategies employed to attract customers.
• Outputs in a business are the work in progress products or services that we cannot deliver to customers.

What is the definition of inputs in a business context?

• The final products delivered to customers.

• Inputs are the resources used in the production of goods or services.

• The financial profits generated by the business.

• Inputs refer to the marketing efforts made to promote products.

How do outputs impact customer satisfaction?

• They have no effect on customer satisfaction.

• Outputs directly influence customer satisfaction by meeting their needs.

• They only affect the internal processes of the business.

• Outputs are irrelevant to customer satisfaction.

What role do outputs play in measuring business performance?

• They are not used in performance measurement.

• Outputs are key indicators of business performance and success.

• They only reflect employee productivity.

• Outputs are secondary to financial metrics in performance measurement.

How does a business ensure its outputs are worth more than its inputs?

• By adding value through efficiency, quality, branding, and innovation.

• By reducing production costs without improving quality.
• By increasing input quantities regardless of output quality.
• By focusing solely on marketing without enhancing product features.

Which of the following is the primary goal of a for-profit organization?

• (a) To provide essential services to the community

• (b) To maximize shareholder wealth

• (c) To promote social well-being

• (d) To operate ethically and sustainably

A business whose primary aim is to improve society rather than make a profit is best described as a:

• (a) Sole trader

• (b) Public limited company

• (c) Non-governmental organization (NGO)

• (d) Multinational corporation

Which of the following is NOT typically considered a characteristic of an entrepreneur?

• (a) Risk-averse

• (b) Innovative

• (c) Opportunity-seeking

• (d) Decisive

The process of starting a new business venture is known as:

• (a) Innovation

• (b) Management

• (c) Entrepreneurship

• (d) Strategic planning

Which of the following is an example of a social enterprise?

• (a) A large multinational oil company

• (b) A local bakery owned and operated by a family

• (c) A fair-trade coffee company that reinvests profits in farmer communities

• (d) A government-owned postal service