WorksheetsBusiness Fundamentals
Total questions: 15
Worksheet time: 8mins
Which of the following is a primary purpose of a business?
Profit
Satisfying consumer needs
Gaining market share
all of the listed responses
Profit is always the primary aim of a business:
True
False
The way in which a business turns inputs into outputs is known as:
processes
means
ends
finalising
A business that exists to address a social purpose is known as a:
social enterprise
government owned corporation
public company
private company
A government owned corporation is
a public company that individuals can bid on
a private company where ownership is not up for sale
a business structure that is owned in whole or by majority by the government
a large social enterprise
Internal operating environment refers to:
factors that a business can control and that can determine the success of the business
owners, structure, feasibility and partnership
organisational culture, leadership, profitability and growth
factors that a business can not control, and our outside of their business model
Organisational culture is:
a factor within the internal operating environment that refers to the values and attitudes held by the company
a factor within the internal operating environment that refers to the employee's customer service
a factor within the external operating environment that refers to the structure of the company
a factor within the external operating structure that refers to the relationship the company holds with special interest groups
External operating factors are those that:
are outside the business but directly affect it
affect the entire business landscape at a national level
are within the business and affect it's day-to-day operations
effect government regulations
Interest groups are a type of external operating factor. They include:
unions, professional associations and groups that operate in the public interest
suppliers and other actors in the supply chain
the government and other public bodies
customers and other stakeholders
The external macro-environment refers to:
a broad array of factors that affect the industry at large
factors that affect the day-to-day operations of a business
society's customs
factors within a business' control
An example of a socio-cultural factor that a business might need to consider is:
not offending certain minority groups
the exchange rate of the local currency
the laws relating to workplace health and safety
a competitive company's productivity
The post-maturity and maturity stage can be differentiated as:
one is at the top of its game, and the other will require re-invention to avoid shrinking
they can not - they are identical
one is associated with growth, and the other diminishing returns
one is concerned with testing products, while the other has completed products that are newly ready to sell
A challenge of the start-up stage is generally...
acquiring funds and engaging with customers
navigating the competition
remaining relevant
writing a business plan
A business can accurately be judged using a single criteria
False
True
Efficiency means...
creating something with minimal resources
creating something that is the best in it's field
staying ahead of the competition
being well liked by customers
