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WorksheetsUnit 27
Total questions: 60
Worksheet time: 3600secs
What are stakeholders?
Anybody who knows the name of the business
Anybody who takes an interest in a business
Anybody who works for the business
Anybody who buys from the business
Financiers are a stakeholder in a business.
True
False
What are the owners of stocks call?
Board of Directors
President
Shareholders
Franchisor
What are the three major types of ownership?
Franchise, Cooperative, Partnership
Proprietorship, Partnership, Corporation
Corporation, Franchise, Non-Profit
LLC, S-Corp, Corporation
Innovation means:
Changing processes or creating more effective processes, products and ideas for businesses
Opportunity cost
. Clarify Vision, Mission and Values
Working Conditions
A business started by someone who notices a need for a product or service is:
Entrepreneurship
Entrepreneur
Entrepreneurial
Small Business
Reason an entrepreneur may fail:
lack of money
working long hours
not planning well enough
good managerial skills
A business that operates on the Internet:
dot.corp
virtual business or dot.com
entrepreneurship
small business
Many small businesses have an advantage over larger businesses because they are better able to ________.
raise large amounts of financial capital
mass produce products
provide unique services to customers
market their products
Which of the following is not a common reason for the failure of small businesses?
lack of sufficient start-up money
failure to manage credit offered to customers
shortage of skilled workers
lack of management experience
A ________ business should locate in an area with access to raw materials and transportation systems.
retail
manufacturing
wholesale
service
Which of the following individuals or groups represents an internal stakeholder?
Customers
Government
Employees
Creditors
Business goals and objectives may include:
Customer needs/marketing projections
Family or community benefits
Financial projections
All of the above.
A written document containing the nature of the business, goals, marketing plan, financial plan, and organizational plan is called a:
Business plan
Mission statement
Procedure
Standard
What are stakeholders?
Anybody who knows the name of the business
Anybody who takes an interest in a business
Anybody who works for the business
Anybody who buys from the business
Which of the following is NOT an example of a stakeholder
Customers
Shareholders
Local Community
Children
True or False: Financiers are a stakeholder in a business.
True
False
As a stakeholder, what interest would customers have in a business?
Working Conditions
Payment Methods
Increase Profits
Paying Taxes
Owners of stocks are called what?
Board of Directors
President
Shareholders
Franchisor
What are the three major types of ownership?
Franchise, Cooperative, Partnership
Proprietorship, Partnership, Corporation
Corporation, Franchise, Non-Profit
LLC, S-Corp, Corporation
Innovation means:
Changing processes or creating more effective processes, products and ideas for businesses.
Opportunity cost
Clarify Vision, Mission and Values
Working Conditions
When you don't lose but don't make a profit either is called:
loss leader
price war
brand awareness
break even point - no profit no loss
What does the term NPV stand for?
Network price value
Net present value
Nordic product value
None of the above
In terms of operations control system, the forecast which projects a company’s sales is called:
Technological forecast
Associative model
Economic forecast
Demand forecast
Steps to creating a total quality management system include:
Clarify Vision, Mission and Values
Identify Critical Success Factors (CSF)
Identify Key Customer Group and solicit Customer Feedback
All of the above
Revenue Control systems are designed to:
remove the temptation to steal
to make people accountable for all the transactions and all the revenue, flowing through the facility
increases the audit capability
All of the above
Performance management system is:
a tool which is used to communicate the organizational goal to the employees individually
helps allot individual accountability towards that goal
helps tracking of the progress in the achievement of the goals assigned and evaluating their individual performance
All of the above
Making adjustments to the business operation when required, involves focusing on:
Business legal structure
Physical operations/ Day-to-day operations
Business financial operations
All of the above
Most companies implement an annual or biannual performance management process.
True
False
To complete the process, organizations may use a software program designed for performance appraisals whereas, smaller organizations may use a paper-based system.
True
False
An employee management system is designed to simplify the process of record maintenance of employees in an organization. It helps in managing the information of employees for HR functions.
True
False
Different types of innovation include:
Product or service
Process
Marketing and business model
All of the above
A business started by someone who notices a need for a product or service is
Entrepreneurship
Entrepreneur
Entrepreneurial
Small Business
Reason an entrepreneur may fail:
lack of money
working long hours
not planning well enough
good managerial skills
A business that operates on the Internet:
dot.corp
virtual business or dot.com
entrepreneurship
small business
Many small businesses have an advantage over larger businesses because they are better able to ________.
raise large amounts of financial capital
mass produce products
provide unique services to customers
market their products
Which of the following is not a common reason for the failure of small businesses?
lack of sufficient start-up money
failure to manage credit offered to customers
shortage of skilled workers
lack of management experience
A ________ business should locate in an area with access to raw materials and transportation systems.
retail
manufacturing
wholesale
service
Small business owners:
typically focus on products and services that meet the needs of a large group of customers
rely heavily on consumer research to gather information
usually get direct information from their customers about what they like and dislike
have less frequent contact with their customers than large businesses
The government is interested in a business because:
They will want to buy the products
They want the business to comply with the law and pay taxes
They want good quality products
They want to be paid the money they are owed
Operations management is a ___________________ process.
translation
transformation
transaction
transition
For which of the following operations would a manager not be responsible?
Safety and maintenance
Sales and marketing
Selecting suppliers
Recruiting employees
A strategy is a set of plans designed for ___________ competitive advantage.
Short-term
Medium-term
Immediate
Long-term
Funds that are contributed by an investor to a business. (The most common is money, but it can be other forms of funding.).
Capital/ owner’s equity
Credit
Interest
Creditor
The five marketing concepts are:
Production and product concept
Selling and marketing concept
Societal marketing concept
All of the above.
When a company has to control damage because a terrible situation stuck.
cold call
product abandonment
crisis response
crisis management
You are purchasing a TV for $990 TV with 9% sales tax. What is the final price of the TV?
$ 1881.00
$ 1079.00
$ 1,079.10
$ 1,709.10
Someone who lends money and charges interest:
Creditor
Debtor
Guarantor
Principal
Management accounting concentrates on_____________ .
Opening books of account
Preparation of financial statements
Control of business activities
None of these
In order to manage business and to set up quality systems, in what sequence do managers typically perform the managerial functions?
organizing, planning, controlling, leading
organizing, leading, planning, controlling
planning, organizing, leading, controlling
planning, organizing, controlling, leading
VAT stands for...
Value Added Tax
Value Additional Taxes
Value Added Taxes
Venue Added Tax
Operational targets and quality assurance provides _____________.
Customer needs
Marketing projections
Proposed size and scale of the business
Rigorous and systematic approach
Action plan is often referred to as operational plan, what does it consist of?
Actions and Timeframe
Resources and Operational targets
Person responsible
All of the above
What can be driven by performance management?
Resource allocations
Strategic decisions
Annual budgets
All of the above
The maintenance of a desired level of quality in a service or product, especially by means of attention to every stage of the process of delivery or production is a definition for:
Key performance indicators
Quality assurance
Action plan
Performance measures
Difficult performance management conversations focus on three main objectives choose the item that does not belong:
To correct the performance, not to punish the performer
To protect the employees’ rights
To protect you and the organization
To protect manpower needs for the coming year
The supervisor of a make-up store has trained the salesmen and saleswomen on how to approach the customers in the store, and he gave them an idea of the KPI would be followed, the next step that the supervisor must do is:
Leave the employees to do their job on their own
Check the performance periodically
Ask one of the salesmen to check the performance
Trust the salesmen and saleswomen
Performance management is:
Formal and more general feedback and information at predetermined intervals.
Have the employee understand and accept changes that will increase his/her effectiveness and performance.
Both a and b
None of the above
Occupational Health & Safety is ________________ requirement for a business
Legislative
Management
Economic
None of above
What system ensures daily activities comply with business plans?
Revenue control.
Operations control.
Quality management.
Performance management.
