Starter Quiz: Managing Resources

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Which of these is a human resource?

• Coffee machine

• Barista

• Bank loan

• Tables and chairs

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Why is recruitment planning important for a new business?

• To reduce equipment costs

• To attract qualified staff and avoid delays

• To increase running costs

• To avoid paying wages

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Which of the following is a physical resource?

• Staff wages

• Coffee grinder

• Training course

• Bank loan

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. What does financial resource management involve?

• Hiring staff

• Buying furniture

• Managing funding and costs

• Training employees

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Give one example of a start-up cost for a café.

• Buying a coffee machine

• Paying monthly utility bills

• Regular staff wages during normal operations

• Offering customer loyalty discounts

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Why might a business choose part-time staff instead of full-time? Select all that apply.

• To reduce wage costs

• To increase staffing flexibility

• To guarantee full-time benefits

• To increase fixed payroll

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. What is one advantage of leasing equipment instead of buying?

• Lower upfront costs

• Higher maintenance responsibilities

• Reduced access to upgrades

• Ownership equity

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Name two sources of finance for a new business. Select all that apply.

• Bank loan

• Personal savings

• Employee training

• Monthly rent

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. How does effective resource management improve customer satisfaction?

• Ensures staff availability, proper equipment, and smooth operations

• Focuses only on cutting wages to reduce costs

• Delays service by reducing inventory and staff

• Eliminates the need for training and planning

Instructions: Answer the following question. Discuss your reasoning with your group before sharing with the class. Explain why human, physical, and financial resources are interconnected.

• Staff need equipment to work; both require funding; poor management in one area affects the others

• Human resources operate independently from equipment and funding

• Financial resources only influence profits, not staffing or equipment

• Physical resources determine outcomes without regard to people or budgets