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WorksheetsManagement Quarter 1 Test Review
Total questions: 35
Worksheet time: 18mins
The four functions of management are:
Planning, Organizing, Managing, Examination
Planning, Organizing, Leading, Evaluation
Organizing, Control, Managing, Prioritizing
Planning, Contour, Leading, Control
_______ involves motivation and direction for employees, to help encourage high performance.
Planning
Leading
Controlling
Organization
_________ is the problem-solving process of using resources to achieve goals through planning, organizing, leading, and controlling.
MANAGEMENT
PLANNING
LEADING
CONTROLLING
Managers must be able to:
MAKE GOOD DECISIONS
SOLVE PROBLEMS
KNOW HOW TO WORK WITH OTHERS
ALL
________is something the business wants to accomplish in the near future and in less than 12 months.
LONG-TERM GOALS
VISION
SHORT-TERM GOALS
MISSION
________ is something the business wants to accomplish in the future and typically within 1 – 10 years.
LONG-TERM GOALS
VISION
SHORT-TERM GOALS
MISSION
_________ are crucial for managers and the employees, as it’s a time to get feedback, talk about things going well and areas that they could improve on.
LONG-TERM GOALS
VISION STATEMENTS
SHORT-TERM GOALS
EVALUATIONS
Someone who is self-employed and runs their own business is likely to be a ...
Partnership
Sole trader
Limited company
Public limited company
Shared decision-making is an advantage of what type of organization?
Sole trader
Private limited company
Public limited company
Partnership
Which is an advantage of a public limited company?
Risk of takeover due to the availability of the shares on the stock exchange
Legal formalities in formation
Share prices subject to fluctuation
Separate legal identity
Which of the following is not an advantage of operating as a sole trader?
Complete control over decision-making
Greater privacy as owners do not have to disclose their financial information to the public
Paying dividends to shareholders
Easy access to finance to grow the business
Is run by two or more individuals who join together.
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Is owned by shareholders. It is structured as a separate
legal entity under the operation of law.
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Advantages:
- cheap to organize
- easy to start and operate
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Sole proprietors have ____________, a situation in which a business owner is responsible for all the losses, debts, and other claims against the business.
unlimited liability
limited liability
legal immunity
dividend
A __________ is a form of business organization recognized by law as a separate legal entity having all the rights of an individual. It has the right to buy and sell property, enter into legal contracts, and sue and be sued.
corporation
partnership
conglomerate
proprietorship
Name the 4 Types of Business:
franchise, corporation, partnership, sole proprietorship
sole proprietorship, club, non-profit, franchise
accounting, marketing, advertising, corporation
Nike, State Farm, Hobby Lobby, Subway
Which is an example of a good?
television repair
pedicure
shoes
haircut
Walmart is an example of a:
single owner
partnership
corporation
non-profit
A father who wants to take his son into the business with him should form a......
non-profit
franchise
corporation
partnership
Which is an example of a service?
furniture
groceries
dog grooming
clothing
Which of the following systems refers to goods being exchanged for goods.
functional system
primary system
Money system
barter system
Which one of the following is a modern form of currency?
Paper notes
Gold
Silver
Copper
Which one of the following is not a modern form of money?
Demand Deposits
Paper currency
Coins
Precious metals
What does S stand for in SWOT?
small
strange
strengths
slow
What does W in SWOT stand for?
weather
weaknesses
wrong
wide
What does O in SWOT stand for?
open
only
opportunities
open-minded
What does T in SWOT stand for?
true
threats
trade
troubles
Internal resources such as skilled, knowledgeable staff.
Strength
Weakness
Opportunity
Threat
Things your company lacks.
Strength
Weakness
Opportunity
Threat
Negative press/media coverage.
Strength
Weakness
Opportunity
Threat
You conduct a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. This would be considered a __________.
Strength
Weakness
Opportunity
Threat
By identifying areas under the weaknesses section, how does this help you develop?
So that you can avoid them.
So that you can pretend they don't exist and ignore them
Use them to identify areas for development and focus on them
By allowing other people to see them and use them against you.
Ethics
Instinct; gut feeling.
The result of an action.
The basic principles that govern your behavior.
The quality of being just as one seems; being open and truthful when communicating.
