WorksheetsUnits 9–17 | Business Vocab in Use: Int_hard
Total questions: 40
Worksheet time: 20mins
In corporate governance, a non-executive director’s primary function is to:
Monitor executive performance and contribute independent oversight
Supervise operational staff
Control financial statements
Manage day-to-day logistics
Which title reflects a C-level position responsible for technology strategy and digital infrastructure?
COO
CTO
CFO
VP of Sales
A line manager is best described as someone who:
Sets board policy
Handles branding strategies
Oversees the performance of direct reports in a department
Facilitates public relations
The term “executive compensation” typically includes:
Minimum wage and sick pay
Salaries only
Base pay, bonuses, stock options, and benefits
Profit-sharing for junior employees
A “board of directors” ensures:
Operational logistics
Corporate strategy alignment and fiduciary oversight
Media campaign development
Office infrastructure
What is an entrepreneur typically known for in the context of business development?
Inheriting and managing a family business
Buying shares in existing corporations
Establishing and taking the risk of launching a new enterprise
Monitoring financial regulations in the public sector
A “captain of industry” typically refers to:
A regulator in public administration
A pioneering business leader who drives economic growth
A civil servant managing trade policy
A mid-level consultant
A “business mogul” is characterized by:
Reliance on government subsidies
Control over significant proprietary business assets
Work in a single SME
Focus on social enterprise
What differentiates a founder from a CEO?
The founder always manages the company
The CEO is a legal term; the founder is ceremonial
The founder establishes the company, while the CEO may be appointed later
They are interchangeable titles
“Entrepreneurial mindset” refers to:
Compliance with policies
Risk aversion
Innovative and opportunity-seeking behavior
Preference for fixed salaries
What distinguishes a public limited company (PLC) from a private company?
It’s smaller in size
It can’t issue equity
Its shares are traded on public stock exchanges
It cannot attract investment
In legal structure, a “partnership” implies:
Full liability is avoided
All decision-making is centralized
Two or more owners sharing responsibility and profit
A single founder’s control
A sole trader faces which main risk?
Tax exemption
Shared liability
Unlimited personal liability for business debts
Control over multiple subsidiaries
A mutual organization differs from a corporation in that:
It issues public shares
It is state-owned
It is owned by its members or policyholders
It pays dividends to investors only
What does “demutualization” entail in business restructuring?
Privatization of a government entity
Converting a mutual into a shareholder-owned company
Merging two banks
Dissolving a nonprofit
Which of the following is typically part of the secondary sector?
Car manufacturing
Tourism
Software development
Financial services
Which activity is part of the tertiary sector?
Steel refining
Insurance
Farming
Textiles production
Which of the following is most typical of a company operating in the manufacturing sector?
It provides legal consulting to multinational clients
It produces tangible goods such as machinery or textiles
It offers financial advice through digital platforms
It delivers hotel and catering services across regions
The term "lean manufacturing" focuses on:
Maximizing inventory levels
Reducing waste and improving efficiency
Hiring more middle managers
Creating larger product ranges
"Work-in-progress" refers to:
Unfinished goods still in the production cycle
A marketing plan
Post-sale services
Warehouse architecture
A "prototype" in product development serves to:
Finalize marketing slogans
Provide a fully functional, market-ready product
Test features before large-scale production
Register patent ownership
The primary goal of R&D is to:
Reduce wages
Enhance packaging only
Develop innovative products and processes
Expand warehouse operations
What does the term “intellectual property” refer to in a business context?
Equipment used for research and development
Physical assets like factories and warehouses
Intangible creations such as patents, designs, and trademarks
Legal documents related to mergers and acquisitions
“Focus groups” are used primarily to:
Cut down product costs
Replace regulatory testing
Gather qualitative consumer feedback
Determine executive pay
“Rollout” refers to:
Product disposal
Gradual launch across multiple markets
Termination of services
Inventory auditing
What is the primary function of a patent in the context of innovation?
To protect the brand image of a company
To legally safeguard unique product designs and inventions
To ensure regulatory compliance for consumer safety
To register a business in a new market
A firm engaging in open innovation is one that:
Limits development to internal R&D departments
Invites external collaboration for the innovation process
Avoids intellectual property registration
Bases decisions solely on existing market data
What does the term “technology transfer” most accurately describe?
Migrating physical equipment from one plant to another
Outsourcing software development
Sharing proprietary knowledge or innovations with another entity
Hiring new IT staff for internal projects
The term “copyright infringement” refers to:
Licensing content for international use
Unauthorized use of protected creative or intellectual works
Exporting original goods to new markets
Registering a design in a patent office
What is one potential downside of excessive product innovation without market validation?
Stronger brand positioning
Legal disputes over shareholder voting
Wasted R&D expenditure due to lack of customer demand
Faster time-to-market advantage
In product strategy, a "product line" consists of:
A single product offered across all regions
A set of closely related products under the same brand
A list of discontinued offerings
Products licensed from competitors
Which of the following is a core goal of lean production?
Maximizing inventory to prevent delays
Increasing production volume through outsourcing
Reducing waste while maintaining quality and efficiency
Using low-skilled labor for mass production
A company claims that its new design is “proprietary.” What does this imply?
The design is freely available under creative commons
It is based entirely on public domain technology
The design is owned exclusively and protected from unauthorized use
It has been outsourced to a third-party vendor
“Output” in manufacturing refers to:
Total labor hours per employee
Volume of goods produced in a given period
Sales performance of service personnel
Level of consumer demand for future quarters
What is the most accurate definition of product customization?
Creating mass-produced goods for bulk orders
Adapting a standard product to meet individual customer specifications
Outsourcing the product entirely
Reducing the quality of a product to lower cost
What do we mean by “inputs” in the context of the production process?
Customer feedback about a finished product
Raw materials and components used in manufacturing
Marketing strategies and brand slogans
The energy used to transport goods
In a production environment, "work-in-progress" refers to:
Inventory that has been fully packaged and shipped
Materials waiting to be delivered from suppliers
Products currently in the manufacturing process but not yet completed
Rejected goods awaiting disposal
Which best defines the concept of "outsourcing"?
Hiring internal staff for new projects
Distributing shares to third-party investors
Contracting external firms to carry out business functions
Selling a business unit to a competitor
Just-in-time (JIT) inventory management aims to:
Reduce storage costs by receiving goods only as needed
Overproduce goods to maintain availability
Centralize inventory in regional hubs
Maximize supplier negotiation time
Efficient logistics systems contribute to competitiveness by:
Increasing bureaucratic procedures
Reducing transportation time and inventory holding costs
Eliminating all need for warehousing
Lowering the quality of packaging
