Font size
WorksheetsMGT028 Exercise 1
Total questions: 20
Worksheet time: 10mins
What is the purpose of organizational objectives?
To prevent takeovers
To provide direction to staff
To set staff limits of authority
To give a brief overview of ideas
A vision statement focuses on tomorrow and what an organisation wants to ultimately become.
True
False
A mission statement doesn't usually include
what we do
deadlines for when things will be done
who we serve
how we serve them
What are the resources called that are needed to produce a good or service?
Goods and services.
Needs and wants.
Factors of production.
All of the above.
What are natural resources?
Animals
Things from nature (not man-made)
Tree
All of the above
What could be an example of capital?
Buildings
Machines
Money
All of the above
Entrepreneur combines natural resources, labor, and capital to produce a good or service.
True
False
Which one of the four factors of production does the picture show?
Labor
Natural Resources
Capital
Entrepreneur
Literacy, education and special skills are examples of
capital goods
human capital
natural resources
entrepreneurship
If a country has a poor education system and healthcare, this is a problem with
capital goods
human capital
natural resources
entrepreneurship
Businesses have freedom to produce whatever they think consumers will buy
Market
Command
Mixed
Traditional
What type of economy do most countries in the world have?
Free economy
Command economy
Traditional economy
Mixed economy
______ is an economic system that is heavily influenced by the law of ______.
Capitalism; Sustainable Development
Communism; Class Warfare
Capitalism; Supply & Demand
Capitalism; Distribution
My name is Bruce. I work for a large bank. My personal fortune is quite large. I own two mansions, sixteen cars, a luxury yacht and a utility belt.
Bruce lives in a capitalist country
Bruce lives in a communist country
Sole Proprietorship is most suitable for
Medium scale concerns
Large scale concerns
Small scale concerns
None of the above
Partnerships are small businesses and easy to grow.
True
False
Sole proprietorship and partnership businesses can easily compete with bigger businesses.
True
False
What is unlimited liability?
It means you do have to pay the debts of the company you own
It means you have no company debts
It means you don't have to pay the debts of the company you own
A business which has a huge amount of money invested in it is most likely to be a
sole proprietorship
cooperative
partnership
public limited company
Which of the following is not considered for assessment of the standard of living?
Per capita income
Standard of education
Quality health care
Number of political party
