WorksheetsBasic Business Concepts Vocabulary Part 1
Total questions: 17
Worksheet time: 9mins
Which business concept is defined as the category of the organizational functions of business which performs functions related to recording and reporting financial transactions?
Accounting
Marketing
Human Resources
Operations
Which business concept refers to a business structural design which blurs boundaries surrounding an organization by increasing its interdependence with its environment?
Boundaryless Business Structure
Hierarchical Business Structure
Centralized Business Structure
Functional Business Structure
Which business concept provides goods and services to satisfy consumer wants and needs to make a profit?
Business
Charity
Government Agency
Nonprofit Organization
Which business concept is a model representing the pattern of growth, peak, recession and trough of a product, business or economy over long periods of time; also referred to as the economic cycle?
Business Cycle
Market Segmentation
SWOT Analysis
Value Chain
Which business concept refers to an individual or group which own a business and its legal entities?
Business Ownership
Business Partnership
Business Management
Business Franchise
Which business concept is the alignment of the business’ organizational structure with the overall goals considering tasks and functions of the business?
Business Structural Design
Market Segmentation
Financial Forecasting
Product Differentiation
Which business concept occurs when only a select few people at the top of an organization make the decisions?
Centralized Decision-Making
Decentralized Leadership
Open-Book Management
Employee Empowerment
Fill in the blank: The ________ is the principle in which an employee should have only one supervisor to whom they are responsible; decreases conflicting demands and priorities.
unity of command
span of control
division of labor
delegation of authority
Fill in the blank: A ________ is a separate legal entity which forms a board to act as governing bodies.
Corporation
Partnership
Sole Proprietorship
Cooperative
Fill in the blank: ________ occurs when decisions are made by the individuals who are the closest to the problem; more conducive to making changes in a process.
Decentralized Decision-Making
Centralized Planning
Top-Down Management
Hierarchical Control
Fill in the blank: ________ is the grouping of individuals into departments based on work functions, product or service, target market, geographic territory and process used to create products.
Departmentalization
Centralization
Delegation
Specialization
Fill in the blank: ________ is the category of the organizational functions of business which delivers produced goods and services to consumers in a timely manner.
Distribution
Production
Finance
Human Resources
Fill in the blank: ________ is a business structural design which is divided by products or services produced and subdivided by functions.
Divisional Business Structure
Matrix Business Structure
Functional Business Structure
Network Business Structure
Fill in the blank: ________ is the category of the organizational functions of business which manages the use of business funds, obtains needed funds and creates a financial plan.
Finance
Marketing
Operations
Human Resources
Fill in the blank: ________ is a clearly defined and organized organizational structure.
Formal Structure
Informal Group
Matrix Management
Ad hoc Team
Fill in the blank: A ________ is a business which has a right or license to sell a product or service at a designated location.
Franchise
Subsidiary
Partnership
Corporation
A Franchisee is:
an individual or company that is granted the right to do business using the franchisor's brand and system
the original creator of a business concept who sells the rights to others
a government official who regulates franchises
a customer who frequently visits a franchise location
