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WorksheetsITB mock
Total questions: 89
Worksheet time: 45mins
A business is:
any activity undertaken by people
only motivated by maximising profit
the organised effort of individuals to produce and sell, for a profit, goods and services
none of the above
The person who risks his or her time, energy and money to start a business is called:
an employer
an entrepreneur
an innovator
a financier
An example of a secondary industry is:
Plastics Manufacturing Ltd
Zenon Mining
Canberra Legal Centre
Heritage Motel
The most common type of business entity in Australia is a:
partnership
cooperative
public company
sole trader
National Foods Limited would most likely be a:
public company
private company
government business enterprise
partnership
Complacency amongst management normally occurs in the:
establishment phase
maturity phase
post maturity phase
growth phase
A business's operating environment refers to:
the nature of the workplace environment that businesses provide for their employees
the specific external stakeholders with whom the business conducts its business
those factors over which the business has some degree of control
none of the above
Businesses are important to the Australian economy because they:
provide goods and services to satisfy consumers' wants
provide employment for millions of people
contribute to Australia's Gross Domestic Product (GDP)
all of the above
An example of legislation designed to protect the interests of both consumers and business is:
the Trade Practices Act
the Broadcasting and Television Act
the Consumer Affairs Act
the Small Business Act
Social and ethical responsibility of a business refers to:
a business'e responsibility only to its shareholders
a business'e responsibility only to its internal stakeholders
a business'e responsibility to both its internal and external stakeholders
a business'e responsibility only to its external stakeholders
SBA stands for:
Small Business Activity
Small Business Administration
Small Business Average
State Business Administration
You should always calculate the amount of funding needed before business setup?
Yes
No
Buying a business can be
quicker and easier
quicker but complicated
long and complicated
long and risky
Steps of starting a business includes all of the following EXCEPT:
Writing a business plan
Choosing a business location
Contacting existing customers
Registering business name
Types of business ownership are:
Sole Proprietor
Partnership
Corporation
All of the above
A Franchisee is
not a real thing
a business named after Fran Chise
a business that leases it's trade name and operating system to another person.
a person or persons who pay fees to a company to operate under a trade name.
A ________ can be complex and difficult to build.
Franchise
Corporation
Sole Proprietorship
Partnership
Actions of one partner in a partnership can be legally binding on the other partner/partners.
True
False
A _______________ is owned and operated by one individual.
Sole Proprietorship
Partnership
Corporation
Franchise
Ways to become a business owner are:
Start a new business
Purchase an existing business
Purchase a franchise
Enter a family business
All of the above
This shows how the business is structured and who oversees whom.
management plan
mission statement
procedures
organizational chart
A centralized structure puts authority in one place, with top management.
True
False
Organizational structure describes the flow of what?
information & supervision
formality
culture
diversification
Amy who works well in teams, manages time well, and is creative, would work well in an informal organic structure.
True
False
The span of control describes...
the number of written rules in the company
the number of people a supervisor oversees
the number of levels in a company
none of the options listed
This is a possible problem when supervisors have a narrow span of control.
lack of control over subordinates
micromanaging: too much control over subordinates
In a formal structure departmentalization divides responsibility among specific units, or departments.
True
False
An organization that puts authority in one place, with top management has a decentralized structure.
True
False
Communication flows faster with what kind of structure?
Flat
Tall
A decentralized structure gives authority to many different managers to run their own departments.
True
False
What does internal source of finance mean?
A source from within the business
A source from outside the business
What is the best advantage of owners' funds?
There will be little or no interest
You can pay in smaller installments
They take a long time to arrange
You don't have to pay it back
What is an advantage of a bank loan?
There will be little or no interest
You can pay in pre-planned instalments
They are quick and easy to arrange
You don't have to pay it back
What is the most likely of a friends & family loan?
There will be little or no interest
You can pay in smaller installments
They take a long time to arrange
You don't have to pay it back
What is the most likely / straightforward source of finance for a small firm?
A debenture
Issuing shares
A bank loan
What is the most likely source of finance for buying property?
Mortgage
Factoring
A bank loan
What is the most likely source of finance for buying a new IT system?
Mortgage
Factoring
A bank loan
What of the following is a source of internal finance?
Selling assets
Trade credit
A bank loan
Which of the statements about retained profits is false?
You have unlimited amounts of money available
Shareholders and employees could be frustrated because there is less profit to be 'shared out'
You do not have to pay interest
You are free to use it for any purpose
A short-term source of finance from a bank that usually is only used in an emergency/when needed
Overdraft
Loan
Share capital
Credit card
Define ERP
•Enterprise resource planning (ERP) is a process used by agents to manage and integrate the important parts of their businesses.
Enterprise resource planning (ERP) is a software to manage and integrate the important parts of their businesses.
•Enterprise resource planning (ERP) is a process used by customer to manage and integrate the important parts of their businesses.
Data is_____________
a collection of facts
useful if it is organised
a collection of information
useful if it is not organised
I. stored
II. updated
III. accessed
IV. formatted
The basic principles that govern a business’s actions are ____.
respect
code of ethics
business ethics
law
Most industries have specific ____.
codes of ethics
laws
respect
consequences
Ethics begin with important ethical principles like ____.
code of ethics
consequences
law
respect
Business ethics are not the same thing as business ____.
business ethics
law
atruistic
consequences
Doing something unethical and doing something illegal may result in different ____.
public image
consequences
customers
laws
An unethical business increases its risk of ____.
altruistic
respect
code of ethics
bankruptcy
An unethical business may lose ____.
customers
law
code of ethics
consequences
An unethical business may build a negative ____.
business ethics
respect
public image
customers
Businesses may engage in unethical practices because they are acceptable in ____.
foreign cultures
illegal
stakeholders
respect
Businesses may engage in unethical practices because the practices are not ____.
stakeholders
laws
foreign
illegal
Businesses must fulfill obligations to ____
stakeholders
customers
foreign cultures
illegal
When a business contributes to charitable causes, it is acting in a(n) ____ manner.
unethical
code of ethics
altruistic
respect
Businesses should behave ethically because of their ____.
customers
social repsponsibility
stakeholders
laws
Which all of the following constitute the business environment? (Select ALL correct options)
Economic
Cultural
Political
Social
Technological
Segmentation is the process of _____
Selecting the RIGHT customers
Selecting the RIGHT Products for the customers
Dividing the market into smaller groups of customers
Creating a RIGHT image in the minds of the Right Customers
If you are Marketing Manager for a Paint manufacturing firm, which ONE of the following is NOT your B2B customer-category?
Individual households
Manfucturining firms
Service firms/institutions
Retailers
Government organizations
Creating a favorable and distinct image of your product or brand in the minds of target customers is called ______ .
Differentiation
Targeting
Segmentation
Positioning
Which of the following is FALSE regarding marketing mix?
All its elements together make a value proposition or offering to a customer.
Its elements are not inter-dependent of one another.
It is set of decisions in the hands of marketers.
Each element of marketing mix is a set of strategic decisions.
Which ONE of the following should ideally be the FIRST objective of marketing?
Customer satisfaction
Profit maximization
Sales maximization
Market share leadership
By definition, which ONE of the following does not form a part of the market for a firm?
Its Suppliers
Its Customers
Its Competitors
The Firm itself
Which ONE of the following segmentation criteria will you suggest to be the most effective to get the best outcome of marketing strategy?
Geographic
Demographic
Psycho graphic
Behavioral
Promotion element in marketing mix is set of strategies to ___________ .
manufactue or sell a number of different product lines
create, grow, and manufacture products needed by customers
Develop communication a business or organization uses to inform, persuade, or remind.
take the product to where the customer is.
The items you can touch, see or smell, such as rose flower, are called _____
concepts
goods
ideas
services
__________ is the process of forecasting an organisations future demand for, and supply of, the right type of people in the right number.
Human Resource Planning
Recruitments
Human Resource Management
Human Capital Management
The basic purpose of human resource planning is to
identify the human resource requirements
identify the human resource availability
match the HR requirements with the HR availability
All of the above
Human Resources Planning is
a process of organization to have the right number of employee at the right time.
a process of organization to have the right job title at the right time.
a process of organization to have the right department at the right time.
a process to have the right position at the right time.
Labor Requirement more than Labor Availability, this situation is called labor shortage
TRUE
FALSE
Through workforce planning, organizations attempt to predict future human resource needs.
TRUE
FALSE
There are two components in forecasting which are requiremet forecast and availability forecast.
TRUE
FALSE
If a worker shortage a forecast, the firm must obtain the proper quantity of workers from outside the organization.
TRUE
FALSE
Which of the following techniques uses the organization’s current level of employment as the starting point for determining future staffing needs.
ZERO BASE FORECASTING
BOTTOM-UP APPROACH
MATHEMATICAL MODEL
STIMULATIONS
Which of the following action is NOT labor shortage action?
Early Retirement
Hired New Workers
Overtime
Subcontracting
What are strategies if occur labor surplus?
Subcontracting
Hired New Workers
Restricted Hiring
Overtime
