The four main resources available to businesses are:

Human, Information & Technology, Physical and Financial

What is the traditional definition of business management?

Coordinating a business's resources to achieve its goals

In business terms, what is efficiency?

Goods and services produced relative to the resource inputs

Which of the following statements are true?

Typical business managers are constantly interrupted

To be an effective manager, you must ...

Ensure efforts of employees are directed to a common goal

studbud

11 Business Topic 2: Business Management - The Nature of Management #1

10 termsStudBud Administration1,263 plays

Preliminary Year 11 Business Studies Topic 2 Business Management - The Nature of Business Quiz #1

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The four main resources available to businesses are:
Land, Natural Resources, Capital & Enterprise
Profit, Turnover, Sales & Revenue
Primary, Secondary, Tertiary & Quaternary
Human, Information & Technology, Physical and Financial
2
What is the traditional definition of business management?
Achieving a work/life balance
Satisfying the wants and needs of a target market
Operations to maximise profit
Coordinating a business's resources to achieve its goals
3
Which of the following is an example of a stakeholder in a business?
All of the above
Shareholder
Supplier
Customer
4
Strategic decisions, direction and information flow from middle to top level management. T/F?
True
False
5
Which of the following are human resources?
Machinery
Long term loans
Employees
Goodwill
6
Which level of management would be responsible for developing policies, plans and strategies?
Top level management
Middle level management
Supervisory /first level management
7
In business terms, what is efficiency?
Following instructions quickly and correctly
The degree to which business goals have been achieved
The effectiveness of a production factor
Goods and services produced relative to the resource inputs
8
Which of the following statements are true?
Managers have time to reflect on the mission of the business
The activity of management is a science with set formulas
Typical business managers are constantly interrupted
Management is about making systematic decisions
9
Which of the following is usually a major determinant of the success or failure of a business?
Marketing strategies
Cutting edge technology
Effective management
Strong vision and mission statements
10
To be an effective manager, you must ...
Repay creditors and long term loans as quickly as possible
Ensure efforts of employees are directed to a common goal
Closely supervise the activities of employees
Ensure you maximise revenue

11 Business Topic 2: Business Management - The Nature of Management #1 Flashcards | StudBud