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WorksheetsManagement of Business Unit 2
Total questions: 45
Worksheet time: 23mins
The term modularization refers to the
last stage of product development
sharing of common data and processes
designing of products in sections/components
small scale production for electronic devices
Which of the following is a disadvantage of job production?
Workers tend to be less motivated because of repetition of work
Large stock of unfinished goods at each stage of the process
High labour costs as production tends to be labour intensive
Not possible to offer a wide variety of goods to meet consumers' needs.
A type of costing which focuses only on variable costs and ignores fixed cost is known as
marginal costing
full costing
absorption costing
standard costing
Which of the following is NOT a dimension of quality?
Aesthetics
Integration
Conformance
Serviceability
Which of the following is the MOST appropriate method for measuring efficiency of production in a capital-intensive industry?
Sales per employee
Output per worker
Profit per worker
Output per machine
Mr. Joe produces hand carved jewelry. Which type of production layout is BEST suited for his business?
Process
Product
Fixed-position
Cellular position
Which of the following incentive schemes can be used to increase productivity?
Promotion
Job rotation
Profit sharing
Empowerment
What is the critical path?
L, M, P, R
L, N, P, R
L, M, O, Q, R
L, N, O, Q, R
Calculate the contribution to fixed costs
$200,000
$300,000
$500,000
$700,000
The perceived quality of a product is measured by
conformity to general production standards
conformity to customers' expectations
the producer's standards
the features of the product
Which of the following is NOT a characteristic of lean production?
Kaizen
Just in time
Time management
Excess capacity
Which of the following represents the lead time?
I
II
III
IV
Which of the following is considered a quantitative method of forecasting?
Market survey
Time series analysis
Delphi method
Jury of experts
The strategy of selecting the best practice against which the organization's performance is compared is known as
outsourcing
benchmarking
continuous improvement
total quality management
Calculate the sales for week 6, using a 4 week moving average.
2050
4350
1900
2350
The type of sampling whereby every member of the population has a known chance of selection is called
probability sampling
convenience sampling
non-random sampling
non-probability sampling
"If we mass produce, sell cheaply and distribute intensively, we will be profitable" This reflects the
selling concept
product concept
marketing concept
production concept
Which of the following may be used to describe the term 'loss leader'?
A product that is difficult to find
A product that is sold below cost
A manager who has no experience
A product that has no value to consumers
Which of the following is NOT an objective of promotion?
To inform
To coerce
To persuade
To make aware
Vidal is thinking about producing cricket gear.
He was advised to conduct primary research.
Which of the following instruments would be
MOST appropriate?
Internet
Desk research
Questionnaire
Library research
To price his product, Paul decided to add 25% of the cost price to get his selling price. This strategy is known as
cost plus pricing
going rate
perceived value
competition pricing
A product has 3 dimensions or layers. Which layer is represented by the shaded region C?
Actual
Formal
Core
Augmented
E-commerce is best defined as
Use of a skybox
buying and selling via the internet
buying on the internet only
advertising on the internet
Which of the following is NOT a characteristic of a service?
Uniformity
Intangibility
Perishability
Inseparability
ABC Co. Ltd uses advertising, personal selling and sales promotion to inform customers of the company's product. These techniques can be BEST described as
marketing mix
promotion mix
distribution channel
advertising mix
Consumer buying behaviour refers to
target market buying
market segment buying
business buying behaviour
buying behaviour of final consumers
The characteristics of region B include:
warranty, quality, function
features, style, packaging
style, image, preservatives
delivery, after-sales service
A producer who deliberately restricts the number of dealers for the firm's product is implementing a
multiple channel strategy
direct distribution strategy
selective distribution strategy
intensive distribution strategy
CNM cosmetics manufactures products for the face, hands and feet. The sum of all the different products is called the
cash cow
product mix
product line
Boston matrix
Which of the following is LEAST likely to occur during stage C?
New product features added
Competitors decrease
Lower pricing is used
product life extension
Which of the following is NOT required of a new business when applying for a bank loan?
Reason for the loan
Some form of collateral
Description of the business
Qualifications of Board members
Which of the following is NOT a characteristic of a successful entrepreneur?
High energy level
Fear of the unknown
Tolerance for ambiguity
Internal locus of control
A business plan can be defined as a document which
specifies the business details
identifies the level of profitability of the business
specifies how long the business has been in operation
identifies the characteristics of the business
Which of the above doors should an entrepreneur open if he has a unique idea for a product not offered presently but would be in great demand?
Door 1
Door 2
Door 3
Door 1 & 3
Which of the following can be identified as a benefit of e-commerce to the entrepreneur?
Access to a larger market
Higher levels of profitability
Reduction in production costs
Improvement in product quality
One advantage of a mixed economy is that
The state provides public goods
There is no wasteful competition
The price of all goods is dictated by market forces
The private sector provides essential services for consumers
Which of the following problems is MOST likely to prevent a small business from expanding?
Lack of sufficient finance
Poor managerial skills
Lack of marketing knowledge
E-commerce
Small firms that are organized as sole traders may find it difficult to access much needed capital mainly because
they do not have limited liability
their workforce is usually inefficient
they do not keep accurate records of their activities
customers prefer to purchase goods from larger firms
What is the potential reward, to the entrepreneur, his employees, the community, and the economy for venturing into business?
Economic growth
Minimum wage
Social cohesion
Rising costs
Which of the following criteria is MOST appropriate for measuring the size of a service provider such as a radio station?
Output level
Labour force
Market share
None of the above
A patent is considered a strategic asset to a business because it
protects innovative new products
advertises innovative new products
reduces the cost of innovative new products
allows other businesses to copy innovative new products
Which if the following is NOT a type of assistance given to small businesses?
Financial assistance
Technical assistance
Consumer Protection
Managerial Training
Entrepreneurship can be BEST defined as
accessing capital
making profits at all cost
identifying the factors of production
using scarce resources to establish business entities
Baked Treats Ltd, a small bakery, sells its products through its own retail outlet. Which of the following forms of distribution is Baked Treats using?
Agent
Direct
Indirect
Multiple
Mrs. Chang recently opened a small restaurant. After one week of operations, she does not have sufficient cash to pay her two workers. Her issue is:
high gearing
working capital deficiency
low stock turnover
legal and ethical
