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Worksheets1.1 Intro to Business Management
Total questions: 20
Worksheet time: 8mins
A (a) is a decision-making organization that uses inputs known as the factors of production.
Arjun is considering the types of machines used in a factory. Bottling machines are usually considered as...
Consumer goods
Services
Capital goods
Capital services
An individual who uses a product is known as the...
(a)
What are the resources used in production process collectively known as?
Capital resources
Factors of production
Raw materials
Working Capital
The physical human effort and psychological intellect used in the production process is known as (a) .
The driving force of business, provided by risk-taking individuals which combines the other factors of production is called
Land
Labor
Capital
Enterprise
Which of the following Business Functions will organize production in a factory?
Human Resource Management
Finance and Accounts
Marketing
Operations Management
This business function will apply research, then launch and promote the products.
(a)
A physical item that can be touched.
Product
Good
Service
An individual or group who buys products
People
Consumer
Businesses
Customer
Transforms primary resources into manufactured goods for sale
Primary Sector
Secondary Sector
Tertiary Sector
Quaternary Sector
The non-natural (manufactured) resources used to further the production process, e.g. buildings, machinery, tools and vehicles.
(a)
Involved in intellectual, knowledge-based activities that generate and share information, e.g. R&D
Primary Sector
Secondary Sector
Tertiary Sector
Quaternary Sector
An entrepreneur is an individual employed by a large organization who helps develop products and services.
TRUE
FALSE
When a responsible and creative employee is encouraged to take risks and innovate inside a corporation, he is known as an...
Entrepreneur
Intrapreneur
The process of starting up a business includes:
Looking for business partners, sourcing capital, determining a location, establishing a customer base.
Identifying the best products, financing, hiring personnel, selling the products
Looking for market opportunities, sourcing capital, determining a location, establishing a customer base.
Looking for business partners, saving capital, determining a location, establishing a customer base.
Which of the following is not a reason why people may choose to set up their own business?
There is lack of employment opportunities
There are higher risks than working for someone else
To enjoy autonomy in decision-making
To extend personal interests and hobbies
A (a) is a written document used as a management tool to report how an organization intends to achieve its goals and objectives.
A business plan is not so useful when sourcing out finance for a startup business.
True
False
Competition, lack of record-keeping, lack of finance and working capital, poor management skills and changes in the business environment are (a) .
