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WorksheetsHBM - Understanding Business
Total questions: 30
Worksheet time: 16mins
What are the sectors of economy?
Private, Public, Third
Primary, Secondary, Tertiary, Quaternary
Soletrader, Partnership, Ltd, PLC
Primary, Secondary, Tertiary
What are the sectors of industry?
Private, Public, Third
Primary, Tertiary, Quaternary
Private, Primary, Secondary
Primary, Secondary, Tertiary, Quaternary
What organisations have unlimited liability?
Soletraders
Private Limited Companies
Partnerships
Public Limited Companies
What does the primary sector deal with?
Manufacturing
Providing a service
Extracting of raw materials
ICT, Research and Development
Who owns the organisations in the public sector?
shareholders
government
boards of trustees
private individuals
How are organisations in the third sector financed?
share issue
donations
bank loans
debentures
Who controls organisations in the third sector?
board of directors
government
board of trustees
shareholders
Who is the franchisee?
the owner of the franchise
the person investing in the franchise and opening up a branch
What is a franchise?
the right to operate under a well established name
government owned business
charity
To be classed as multinational, you have to...
sell products around the world
have operations based in several countries
have shops in several countries
have a home country and operate solely from there
Advantages of being a multinational include:
being able to avoid tariffs
benefiting from economies of scale
language barriers
larger customer base
When asked about the features of a business the main things to include in an answer are:
liability
definition
advantages and disadvantages
ownership, control, finance
Advantages of operating as a social enterprise include:
attracting customers who support your cause
bad publicity
attracting high quality staff
funding via grants
Private sector organisations aim to:
maximise profit
raise donations
raise awareness of a good cause
grow
All organisations aim to:
maximise profits
provide a good/service
grow
survive
What does CSR stand for?
Company Social Responsibility
Corporate Survival Remit
Corporate Social Responsibility
Comercial Social Remit
What method of growth involves taking control of your customers?
Backward Vertical
Forward Vertical
Takeover
Horizontal Integration
What method of growth involves taking control of your supplier?
Horizontal Integration
Merger
Backward Vertical Integration
Forward Vertical Integration
Internal Growth includes:
launching a new product
opening a new shop
merger
taking on new staff
Diversification means:
having businesses that all provide the same products
splitting your risk
operating within several markets
taking control of your direct competitors
Internal stakeholder include:
customers
managers
suppliers
employees
Stakeholder are people with an _______ in an organisation.
interest
investment
influence
Managers need employees to perform to their best while employees need managers to make good decisions to keep the business profitable and their jobs safe - is an example of...
stakeholder interdependence
stakeholder conflict
Owners want to maximise profits whereas employees want a pay rise - this is an example of...
stakeholder conflict
stakeholder interdependence
Which organisational structure has many levels of management and a long chain of command?
flat
matrix
tall
entrepreneurial
In which structure are all decisions made at the top and passed down?
flat
tall
matrix
centralised
Which organisation structure involves having project groups?
flat
tall
de-centralised
matrix
Which structure has the decision maker at the centre of a small organisation?
de-centralised
tall
entrepreneurial
matrix
What organisational grouping is done based on the needs of customers?
functional grouping
product grouping
customer grouping
place grouping
What organisational grouping involves staff dealing with different areas of the country?
product grouping
customer grouping
functional grouping
place/territory grouping
