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WorksheetsManagement of Business Unit 1(sixth week test)
Total questions: 70
Worksheet time: 37mins
In which of the following levels of production would bottling water fall?
Primary
Tertiary
Secondary
Subsistence
One function of a public limited company is that
the shares are traded on the stock exchange
all transactions are made public to the citizen
all transactions are kept private from the citizen
the owners of the factors of production keep the information
A public limited company may decide to go private in order to
I. regain control of the business
II.eliminate the threat of takeover
III. raise additional finance to purchase new equipment
I and II only
I and III only
II and III only
I, II and III
Which of the following is the lowest in the hierarchy of objectives?
Tactical
Strategic
Corporate
Decisional/ Operational
Which of the following best explains unemployment to a country?
A high efficient workforce
An increased in foreign reserves
Reduced demand for goods and services
Increased costs for trade unions
One advantage of Nationalization to a country is
a more efficient public sector
greater profits to the business
better regulation of businesses
greater emphasis on social development.
A firm offering management services to its customers would be regarded as what level of business activity?
Primary
Tertiary
Temporary
Secondary
Which of the following would NOT be regarded as a private- sector organisation?
Franchise
Public limited company
Public corporation
Partnership
ALL of the following EXCEPT one outline the importance of objectives. Which is it?
They give the employees a sense of direction as to where the business is going
They function as a yardstick for tracking an organisation’s performance and progress
They may be limited and take a long time to be achieved
They are used in the decision-making process
It is said that objectives should be SMART. Which one of the following is NOT a part of this acronym?
Timely
Separable
Measurable
Realistic
Which business organisation has as a feature separate legal identity?
Sole trader
Company
Partnershop
Franchise
ALL of the following are included in the articles of association, EXCEPT which one?
The rights of the shareholders
Procedures for meetings
The process for transferring shares
Details of the company’s capital
A sixth-form student’s objective reads: ‘To achieve grade 1 in all my CAPE examinations’. Which type of objective is this?
Medium-term
Long-term
Short-term
None of the above
Middle management deals with which of the following objectives?
Corporate
Tactical
Strategic
Operational
A company that controls other companies but is not involved in their day-to-day operations is known as:
Holding company
Public company
Associate company
Conglomerate
Burger King in the Caribbean would best be described as a:
Sole trader
Public corporation
Franchise
Cooperative
A/An __________ defines the organisation’s purpose and direction.
Aim
Objective
Goal
Mission
To sign up ten more people for health insurance in each quarter this year’ represents a/an __________
Corporate objective
Tactical objective
Operational objective
Strategic objective
The process of government taking over enterprises that were in the private sector is known as:
Globalisation
Privatisation
Nationalisation
Liberalisation
The following are reasons for nationalisation EXCEPT which one?
To offer social benefits
To crowd out investors
To protect consumers
To provide certain goods and services
A firm is responsible to its shareholders in the following ways EXCEPT one. Which is it?
To give fair returns on shareholders’ investment
To keep them informed of the business’s performance
To sell them more shares
To protect their investment
Which of the following would NOT be included in a discussion on ethical issues?
Testing of products on animals
Deceptive advertisement
Evading taxes
The use of child labour
Which of the following is NOT a type of cooperative?
Worker cooperative
Owner cooperative
Producer cooperative
Consumer cooperative
The government may privatise public corporations for the following reasons EXCEPT which one?
To generate much-needed income
To improve efficiency
To lay off workers
To encourage competition
A firm Practices ethical behaviour when it
recalls a specific batch of products because of flaws in a few
Places more emphasis on social responsibilities over profits
delays paying its supplier in order to improve its liquidity position
pays large salaries to its executives during a redundancy exercise.
A &. B Electronics is in the business of providing internet and cellular phone services.
In which of the following economic activities is A& B Electronics involved?
Tertiary
Primary
Secondary
Elementary
A multi-national company will most likely be located in a country which has
Limited services
low taxation rates
high employment
limited access to raw material
Which of the following factors is NOT a challenge of globalization to Caribbean firms?
wider market access
increased competition
removal of protection policies
conformity to international standards
John wishes to start a business with branches in different countries, However, he has no advertising experience but needs quick business success. he also needs easily available sources of raw materials.
Which of the following types of business is best suited for John?
Franchise
Partnership
Sole trader
Multinational
The benefits which many large firms enjoy over smaller firms are referred to as
economies of scale
economic wellness
profit maximization
goodwill of the firm
One benefit of Multinational corporations to the host country is
better knowledge of consumers taste
increased foreign exchange earnings
better access to local natural resources
lower transportation costs for the finished product
The term 'Technological obsolescence' refers to technology being
outdated
expensive
ineffiecient
inappropriate
Ms.Clarke is concerned that although the new business plan promises that her business will be more profitable, the business would have a negative impact on the community. Which of the following BEST describes Ms.Clarke's concern?
Legal
Ethical
Political
Financial
One benefit of a private limited company over a partnership is that
shareholders can sell their shares on the stock market
the private company is an unincorporated association
shareholders have limited liability
the private company can issue a prospectus to the general public
Which of the following is a non-financial reward ?
Gain sharing
Job enrichment
Lump-sum bonus
Employee stock ownership plan
In which of the following activities is the tertiary sector of economy engaged?
harvesting
providing services
manufacturing
extracting raw materials
Singh's Engineering Company and Ram's Architectural firm have decide to work together on a government project to construct a bridge. This type of arrangement can be referred to as
a franchise
a co-operative
a joint venture
an unlimited company
Which of the following statements represents and advantage of a franchise to a franchisee?
Advertisement by the franchisor will also benefit the franchisee
The initial capital investment is relatively low
the franchisee exercises total control over the franchise
Royalties are received from the franchiser
Mr.John is thinking of asking his employees to work overtime. He calls a meeting with them and asks for their suggestions.
Mr.John's leadership style can be BEST described as
autocratic
democratic
bureaucratic
laissez faire
Which of the following would NOT be regarded as a private- sector organisation?
Franchise
Public limited company
Public corporation
Partnership
A firm offering management services to its customers would be regarded as what level of business activity?
Primary
Tertiary
Temporary
Secondary
The tertiary sector earns foreign exchange from the products that are exported
True
False
An advantage of the secondary sector-Creation of jobs, especially because the sector is mostly labour intensive
True
False
The private sector includes businesses that are owned and controlled by the government or local authorities of a country.
True
False
An advantage of a co-operative is that it members have limited liability.
True
False
The occupation in which people work for others and get remunerated in return is known as
Business
Employment
Profession
None of them
What objective do all 3 sectors share?
Profit Maximisation
Social Responsibility
Growth
Provision of a service
What is meant by the 'objective' of a business?
Long-term vision or goal of the business
Are more specific steps to achieve the aim; they tend to be S.M.A.R.T
What are business objectives?
ways that businesses will grow their customer database in line with inflation
Objectives are defined by government policy
Business objectives are set only by looking at results from the previous year
stated, measurable targets of how business can achieve business aims
Which of the following statements is true in relation to business aims and objectives?
Aims are specific and objectives are general
Aims and objectives are both general
Aims are general and objectives are specific
Aims and objectives are both specific
Which of the following statements best defines the term, market share?
The increase in total sales made by a business
The percentage increase in sales made by a business
The increase in total market sales
The percentage of total market sales sold by one business
Marketing objectives need to be SMART. What does this acronym stand for?
Specific, marginal, acceptable, respectable and timed
Specific, measurable, adequate, relevant and time bound
Specific, marketing, achievable, relevant and time bound
Specific, measurable, affordable, relevant and timed
Specific, measurable, achievable, relevant and time bound
What is the best definition of brand loyalty?
The positive association consumers attach to a particular product or brand.
The promotion of a particular product by means of advertising
The use of market research and advertising to promote and sell products or services
The combination of factors used to influence consumers to purchase a company's products
In the hierarchy of objectives which one is the second one:
Aims
Strategic objective
Tactical objective
Operational objective
The objectives that are set by the middle managers are
Vision
Mission
Tactical objective
Operational objective
Profit maximization means that a business aims to produce goods and services at a level that achieves the highest level of profit possible
True
False
Corporate social responsibility (CSR) is when a business has NO consideration for the impact it has on the community and the environment.
True
False
The long-term goals of a business, often expressed in the firm's mission statement
Targets
Strategy
Aims
Vision
The short-term actions that firms use to achieve their objectives
Visions
SMART
Tactics
Analysis
Plans of action that a firm uses to achieve its long-term objectives
Strategies
SMART objectives
SWOT
Tactics
The declaration of a firm¨s overall purpose
Strategic plan
Mission statement
Annual Report
Code of Practice
The moral principles that guide decision-making
Profit
Ethics
Growth
Laws
An analytical tool used to examine a firm's opportunities in the market place
PESTLE
GANTT chart
SWOT
Force Field Analysis
First step in planning is setting_________
Objectives
Plans
Process
Rules
The overall aim of any public sector business is to ...
Make profit
Provide facilities and services
benefit the society/community
