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1st Term Exam

Total questions: 61

Worksheet time: 32mins

Name
Class
Date
1.

What is "internal growth"?

a)

It occurs when a business takes over or merges with another business at the same stage of production.

b)

It occurs when a business expand its internal operations.

c)

It is the total value of capital used in a business.

d)

It occurs when a business takes over or merges with another business in a completely different industry.

2.

Which of these methods are NOT used to compare the size of a business?

a)

Capital employed

b)

Value of output

c)

Workers employed

d)

Added value

3.

One business merges with or takes over another business in the same industry but at a different stage of production.

a)

Horizontal integration

b)

Conglomerate

c)

Vertical integration

d)

Scarcity

4.

Which of these industries does NOT belong to the tertiary sector?

a)

aircraft

b)

banking

c)

catering

d)

insurance

5.

Another name for 'Land, Labour, Capital & Enterprise'

a)

The economic problem

b)

Specialisation

c)

Factors of production

d)

Mixed economy

6.

Which of these are NOT included in a business plan?

a)

A description of the market the business is targeting.

b)

Financial information including income statements, sources of capital etc.

c)

Which firms they plan to merge with.

d)

Organisation structure & management.

7.

When one business mergers with or takes over a business in a completely different industry.

a)

Internal growth

b)

Horizontal integration

c)

Vertical backwards integration

d)

Conglomerate integration

8.

What is an 'entrepreneur'?

a)

A person in charge of the business strategy.

b)

A person who lends the funds to set up a new business venture.

c)

A person who organises, operates and takes the risk of a new business venture.

d)

A group of people in charge of creating the business plan of a new venture.

9.

A clothing manufacturer buys a textile firm.

What type of business growth is it?

a)

Backwards vertical acquisition

b)

Forward vertical merger

c)

Horizontal integration

d)

Conglomerate

10.

The process of transferring ownership of a business from the public sector (government) to the private sector.

a)

Planned/Command economy

b)

Nationalisation

c)

Privatisation

d)

De-industrialisation

11.
What is the first stage of business activity?
a)
Primary
b)
Secondary
c)
Tertiary
12.
Which of the following is an example of PRIMARY business activity?
a)
Factories
b)
Shops
c)
Schools
d)
Farmers
13.
Which of the following is an example of TERTIARY business activity?
a)
Schools
b)
Farmers
c)
Fishermen
d)
Factories
14.
At which stage of business activity are the tables sold?
a)
Primary
b)
Secondary
c)
Tertiary
15.
True or False: services a tertiary business activity.
a)
True
b)
False
16.
Which of these is the best definition of the ‘economic problem’?
a)
People do not have enough money.
b)
There are not enough resources to satisfy people’s wants.
c)
There are too many factors of production.
17.
Division of labour can be defined as:
a)
Workers specialise on just one task and become better at it.
b)
Workers become specialist in all jobs.
c)
All firms only have one worker
d)
No workers are employed as machines always do all the work.
18.
One of the drawbacks to division of labour is that:
a)
output and efficiency falls
b)
workers spend time on training to do several different jobs
c)
workers can become bored through concentrating on one job
d)
no machinery is used and this slows down production.
19.
All of the following are common business objectives (aims) except:
a)
to grow
b)
to pay taxes
c)
to survive
d)
to make profits
20.
Which of the following is NOT one of the benefits of business growth?
a)
Sales will increase.
b)
Market share will probably rise.
c)
The business will probably become more secure.
d)
Management will have less work to do.
21.
The main objective of a newly formed business is most likely to be:
a)
survival
b)
maximum profit
c)
rapid growth
d)
providing a service to the community
22.

A Sole Trader is a business that is owned and controlled by one person.

a)

Yes this is True

b)

No this is False

23.

In a Partnership, ownership and control of the business is shared between how many partners?

a)

2 to 2,000

b)

2 to 20

c)

2 to 200

24.

McDonald's is an example of a Franchise?

a)

True

b)

False

25.

Which Sector of the Economy would Sole Traders, Partnerships and Private Limited Companies be found in?

a)

Public

b)

Private

c)

Third

26.
How can a business reduce the risk of failure?
a)
By selling less products
b)
By keeping the cost of their products low
c)
By carrying out market research
d)
By staying open late.
27.
What is meant by 'adding value'?
a)
The money a company invests into a new product
b)
the difference between the price of the finished product/service and the cost of the inputs involved in making it.
28.
a business plan 
a)
is useful once your business is operational but not much help during the startup phase
b)
is not usually needed to secure financing in your business
c)
can serve as a tool for managing your business once it is up and running
d)
All of the above
29.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business

d)

All of the above

30.

Which of the following statements about business plans is TRUE?

a)

Business plans eliminate risk to lenders

b)

Business plans reduce risk to lenders

c)

Business plans increase risk to lenders

d)

Business plans have no impact on risk to lenders

31.

The insurance industry forms part of the..... sector

a)

Primary

b)

Secondary

c)

Tertiary

d)

Informal

32.
Define what is meant by a stakeholder
a)
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business. 
b)
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
33.
External stakeholders include 
a)
Customers 
b)
Shareholders 
c)
Employees 
d)
Directors 
34.
These stakeholders are considered to be 'internal'
a)
Customers, suppliers, local community, pressure groups, government and financiers
b)
Owners/shareholders and employees
35.
These stakeholders are considered to be 'external'
a)
Customers, suppliers, local community, pressure groups, government and financiers
b)
Owners/shareholders and employees
36.
What is the role and objectives of an owner (internal shareholder)?
a)
Role - To start and run a business to make a profit.  Objectives - to survive, make a profit.
b)
Role - To work work in a business in return for wages.  Objectives - Job satisfaction, job security and job promotion.
37.
Which of the following is likely to cause conflict between an employee and employer?
a)
Employees want a pay rise, employees don't want this as profit is reduced.  If there's no agreement trade unions intervene to negotiate.
b)
Supplier wants a to sell their raw materials at a higher price but the business wants to buy them at a low price.
c)
Employers want to use profit to expand the business.  Shareholders want to all of the profits in the form of dividends.
d)
The council decides to allow a business to build an incinerator in residential area.
38.
Which of the following is likely to cause conflict between a supplier and a business?
a)
Employees want a pay rise, employees don't want this as profit is reduced.  If there's no agreement trade unions intervene to negotiate.
b)
Supplier wants a to sell their raw materials at a higher price but the business wants to buy them at a low price.
c)
Employers want to use profit to expand the business.  Shareholders want to all of the profits in the form of dividends.
d)
The council decides to allow a business to build an incinerator in residential area.
39.
Employees have the following interests:
a)
Pay, Working Hours, Working Conditions, Training, Job Satisfaction, Promotions, Bonuses, Incentives, Discounts.
b)
Increase profits, Attention to the income and expenditure of the business. Competition. Keeping costs down – like staff pay and reducing waste. Cheapest suppliers
c)
To gain good dividend payments at the end of the financial year. Buy shares at a low price with the hope to sell for higher at a later stage.
d)
Quality of products/service, Range/choice, Customer service, After sales service, Price and value, Payment options, Stock levels
40.
Shareholders have the following interests:
a)
Pay, Working Hours, Working Conditions, Training, Job Satisfaction, Promotions, Bonuses, Incentives, Discounts.
b)
Increase profits, Attention to the income and expenditure of the business. Competition. Keeping costs down – like staff pay and reducing waste. Cheapest suppliers
c)
To gain good dividend payments at the end of the financial year. Buy shares at a low price with the hope to sell for higher at a later stage.
d)
Quality of products/service, Range/choice, Customer service, After sales service, Price and value, Payment options, Stock levels
41.
A business might want to become involved in community projects even though there are not necessarily any direct financial gains from doing so. Which option below does not provide a reason for doing so? 
a)
The subsequent press coverage that it may attract 
b)
To enhance the image of the business 
c)
 To boost staff morale and motivation
d)
For staff professional development 
42.
What arises because an organization cannot meet the needs of all its stakeholders at the same time? 
a)
Conflict 
b)
Miscommunication 
c)
Mismanagement 
d)
Lobbying 
43.
People work hard for all of the following reasons except
a)
earning money.
b)
having social contact
c)
gaining recognition
d)
watching TV
44.
Taylor's views on worker motivation suggests that:
a)
workers will work hard when they have clean conditions
b)
workers will work hard when they enjoy work socially
c)
workers will work harder when they are paid more
d)
workers work harder when they are given extra responsibility
45.
According to Maslow's hierarchy of needs, workers' self-fulfilment will be reached when
a)
they are given challenging  work to do and are recognised
b)
they are paid a higher salary than other employees
c)
work in groups and are given the chance to make decisions  
d)
they have job security
46.
Job satisfaction can be defined as:
a)
being happy when work is finished
b)
being happy when more jobs come in
c)
being happy when an unemployed person finds a job
d)
being happy at work because of the type of job being done
47.
Which of the following did Herzberg believe is the best example of job enrichment?
a)
the worker is given more work to do and is paid more
b)
the worker is allowed to change jobs
c)
the worker is given more physical jobs to complete
d)
the worker is encouraged to take more responsibility at work
48.
The best definition of wages calculated by time rate is:
a)
the hours worked multiplied by the hourly rate of pay
b)
multiplying the amount produced by a rate per unit of output
c)
 a salary paid each month
d)
wages added to the fringe benefits
49.
An advantage of the time rate system is that:
a)
it encourages workers to produce as much as possible
b)
 it is easy to calculate from a time sheet
c)
 it encourages workers to get the job finished quickly
d)
 income tax does not have to be paid on earnings
50.
One disadvantage of the piece rate system of wages is that:
a)
workers have to fill in detailed time sheets
b)
high output is discouraged as workers will receive more pay
c)
quality may be a problem if workers work too fast
d)
little time is wasted by workers
51.
An advantage to workers of being paid a salary rather than a piece rate is
a)
there is more security of payment
b)
higher pay results from higher output
c)
workers will always receive a higher salary than piece rate 
d)
working longer hours always means higher salary 
52.
Which of the following is an example of a fringe benefit?
a)
Higher pay
b)
Free Meals at the canteen
c)
Annual bonus
d)
 Commission
53.

1. Motivation is ________________________

a)

A component of ability, personal traits and desire

b)

An individual’s intensity, direction and persistence

c)

An effort toward creating goals

d)

An constant intensity

54.

1. Why is an understanding of motivational theories important to managers?

a)

Motivational theories help managers to understand the factors that lead higher levels of employee performance in an organization.

b)

Motivational theories help managers to better understand how to create a structure of fear and punishment in order to make employees perform better.

c)

Motivational theories help managers to better understand how to best manipulate their employees to get them to do what they want them to do.

d)

Motivational theories are not necessary, employees are expected to execute their tasks as outlined in their job description.

55.

Which of the following best describes Abraham Maslow's Hierarchy of Needs theory of workplace motivation?

a)

When an employee has satisfied a need associated with a level, he/ she can still return and be motivated by the need of that lower level again.

b)

The complex needs are fulfilled at the lower level and the very basic needs are fulfilled at the upper level.

c)

There are five levels of needs that influence employee motivation and by extension, their performance on the job. Needs ranked from basic to complex.

d)

There are four levels of needs that influence employee motivation and by extension, their performance on the job. Needs ranked from basic to complex.

56.

Ms. Newman is a recruiter who offers Kerissa a Programme Manager position at her faculty. Kerissa says that she is honoured to have the opportunity to take on a management position but she will be unable to take the position unless she is given an annual opportunity to attend training to improve her performance. The training opportunity that she is asking for is an example of _____.

a)

A factor that can reduce job dissatisfaction and performance.

b)

An intrinsic factor of motivation that can lead to improved performance.

c)

A demand on the organization that can lead to improved performance.

d)

An extrinsic factor of motivation that can lead to improved performance.

57.

How does Frederick Herzberg's Two-Factor Model of workplace motivation affect employee performance?

a)

Employees will choose their level of effort based on perceived rewards they may receive.

b)

There are certain factors of an employee's job that are associated with satisfaction and different factors that are associated with dissatisfaction. Providing the intrinsic factors leads to job satisfaction.

c)

There are certain factors of an employee's job that are associated with satisfaction and different factors that are associated with dissatisfaction.Improving the extrinsic factors leads to job satisfaction.

d)

Employees need to have both intrinsic and extrinsic factors satisfied to achieve job satisfaction.

58.

A company’s main goal is to be successful and thus profitable. What is the relationship between motivation, rewards, productivity and profitability?

a)

No relationship.

b)

Rewards boosts motivation, which will increase productivity and hence profitability.

c)

Although rewards may boost motivation it is not related to the business’ profitability.

d)

Motivation and rewards boosts productivity but not profitability

59.

What could happen in terms of productivity, if employees are not motivated or rewarded?

a)

The company will be successful.

b)

The company’s clientele will significantly increase.

c)

Staff will lack interest in their work and there will be a visible decrease in morale.

d)

Nothing would happen.

60.

Which of the following explain job enlargement?

a)

This can improve task efficiency by reducing the number of tasks performed by workers.

b)

This involves moving employees from one job to another to provide them with variety and stimulation.

c)

A job design that combines a series of tasks into one new, broader job to give employees variety and challenge.

d)

incorporates high-level motivators into the work including job responsibility, recognition, and opportunities for growth, learning, and achievement.

61.

Which of the following explain job enrichment?

a)

This can improve task efficiency by reducing the number of tasks performed by workers.

b)

This involves moving employees from one job to another to provide them with variety and stimulation.

c)

A job design that combines a series of tasks into one new, broader job to give employees variety and challenge.

d)

incorporates high-level motivators into the work including job responsibility, recognition, and opportunities for growth, learning, and achievement.

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