WorksheetsThe Firm & Its Environment
Total questions: 15
Worksheet time: 8mins
A smaller number of firms increase rivalry because fewer firms must compete for the same customers and resources.
True
False
Which of the following is an advantage of a sole proprietorship?
Pride ownership
Ease of starting a business
Being your own boss
All of the given options
A sole proprietorship is the simplest form of business organization.
True
False
Which of the following is not a commonly used term to describe an element of the business environment?
Macro-environment
Micro-environment
Extrinsic environment
Internal environment
Which of the following is an opportunity for an organization?
Poor marketing skills
Good distribution skills
Limited management skills
Rapid market growth
Which of the following is a threat for an organization?
Economic downturn
Out-of-date products / technology
Higher costs
Rapid market growth
With regard to a sole proprietorship, the owner of the business is the business; in other words, there is no separate legal entity.
True
False
Which of the following does not form part of a firm's macro-environment?
political environment
economic environment
technological environment
internal environment
Corporation pertains to the establishments, operations, and profits of large business which was handled by groups of people.
True
False
This is something that at some time in the future may destabilize and/or reduce the potential performance of the organization.
Strength
Opportunity
Threat
Weakness
Walt Rostow’s Economic Development model has five major stages.
True
False
The three major forms of business ownership are (1) sole proprietorships, (2) partnerships, and (3) co-operatives.
True
False
Which of the following is considered as a Social Factor?
Career attitudes
R & D quality
Environmental regulations
All of the choices
In SWOT Analysis, which among the following are considered as internal factors which can greatly affect our strategies in managing our business?
Opportunities; Weaknesses
Threats; Opportunities
Threats; Strengths
Strengths; Weaknesses
It is NOT easy to enter an industry if there is:
Difficulty in brand switching
Restricted distribution channels
Patented of propriety know-how
All of the choices
