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Total questions: 52
Worksheet time: 29mins
Define Production
The quantity, or amount, produced within a given time
Making a product or providing a service
The major on going activities of a business
The people involved in production
Define Human Resources
The people involved in production
The resources used to produce a product or service.
Resources provided by nature
The buying of goods and services for a business
Define Purchasing
Productive resources; human and natural resources and capital goods
The major ongoing activities of a business
Money, buildings, tools, and machines necessary for production
The buying of goods and services for a business
Define Entrepreneurship
Using/combine Factors of Production resources to create a new product or services
People who work to produce goods and services
The economic process or activity of producing goods and services
Any resource found in nature that is used to produce goods and services
Manufactured or constructed items that are used in the production of goods and services is?
Capital Goods
Production
Natural Resources
Scarcity
A condition resulting from the gap between unlimited wants for goods and services and limited resources is?
Dispatching
Mass Production
Scarcity
Intermittent Production
Define Follow-up
buying the resources needed
determining how products will be produced and how much of the product to produce
the way in which production will be carried out
make sure products meet standard and are completed according to plan
Determining the time table to follow in production is?
Scheduling
Dispatching
Planning
Follow-up
Define Provides form utility
Enables businesses to be competitive
Enables companies to stay in business
usefulness created by altering or changing the form or shape
is the creation of goods and services from the combination of economic resources
Presented at the time of purchase to get money
taken off the purchase price is?
Intermittent Production
Sales
Rebates
Discount Coupons
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Setting the company objectives for the coming year is an example of which business management function?
Controlling
Leading
Organizing
Planning
Helping to resolve a dispute between two workers in the department is an example of which business management function?
Controlling
Organizing
Leading
Planning
A change in an individual's behaviour prompted by information and experience refers to which one of the following concept?
Learning
Role selection
Perception
Motivation
The extended Ps of service marketing mix is
People, product, place
Price, physical evidence, promotion
Physical evidence, process, People
Product, Process, Physical Environment
The Practice of Management written by---
Peter F Drucker
Terry
Louis Allan
Henery Fayol
Select the 2 advantages of branding
A business can save money on marketing once the product becomes a household name.
It means businesses don't have to make new items.
The business can change its name if it wants to.
Higher prices can be charged when consumers become loyal to the brand.
Tipp-Ex is...
The product
The brand
Brands tend to charge customers
more for their products
less for their products
2 disadvantages of branding are..
The business gains a huge following of loyal customers.
The business' products can be easily copied and sold for a much cheaper price.
A poor brand can affect the whole range of products produced by the manufacturer.
The company cannot release new collections.
In what ways can a brand be easily recognisable?
By its logo
By the price
By the taste
By its packaging
Customers that buy brands expect the product to be high
in price
quality
Hoover is the...
Product
Brand
A well known brand might be seen as a guarantee of high quality. With some brands there can be an element of “snob value” in using them.
True
False
A "target audience" is identified by:
Age
Gender
Age, gender or gender neutral
Age, gender or gender neutral and common interests
What is a factor that drives Global Business Development?
Financial Growth and/or Loss Minimisation
Financial Stability
Saving Money
Global Recognition
Economies of scale means...
cost savings or disadvantages created as a result of and increase in operation costs, resulting in higher unit input costs.
wages become cheaper
cost savings or advantages are created as a result of an increase in the scale of business operations, resulting in lower unit input costs.
goods become cheaper
What best explains Loss Minimisation as a factor that drives global business development?
E-Commerce has allowed consumers to engage with businesses globally increasing customers
Global business can reduce losses by producing in areas of lower labour costs
Global business can increase losses by producing in areas of lower labour costs
Global brand recognition has also led to increases in customer numbers
What best explains Financial Growth as a factor that drives global business development?
•This concept relates to reductions in costs or losses associated with running a global business
Global business can reduce losses by producing in areas of lower labour costs
•Spread risks - Businesses can produce in a variety of locations to lower the risks of unforeseen circumstances like natural disasters or political conflicts
Global brand recognition has also led to increases in customer numbers
What term can be defined as: The movement towards the expansion of economic and social ties between countries through the spread of corporate institutions and the capitalist philosophy that leads to the shrinking
of the world in economic terms.
Globalisation
Capitalism
Global Business Development
Deregulation of the Financial Sector
Name the factor that drives global business development by Identifying trends and spending patterns allowing businesses to identify gaps in the global marketplace and create opportunities to innovate and increase sales.
Financial Growth and/or Loss Minimisation
Consumer spending and purchasing patterns
WTO Regulations and Sanctions
Deregulation of the Financial Sector
What factor drives Global Business Development as it assists Global business to reduce losses by producing in areas of lower labour costs
Deregulation of the financial market
Consumer purchasing and spending patterns
WTO Regulations and sanctions
Financial growth and/or loss minimisation
The World Trade Organisation is...
an organisation that sets standards for international trade and rules of FTAs.
Only focuses on regulations and sanctions
Controls Australia's export market
Assists MNC's to exploit developing nations
What is NOT part of the role of The WTO?
Lowers barriers for increased access to the global market and helps facilitate trade agreements
It is charged with the task of resolving conflicts if they arise
It sets standards of transparency of trade partners
It assists countries in forming government
The process of removing government rules controlling the way that banks and other financial organisations operate is known as...
Financial regulation
Financial deregulation
Export regulation
export deregulation
