Business Admin Glossary Quiz 4

Question 1

Internal Customers are.....

Accepted Answer

People in a business receiving goods/services from within the business

Question 2

Kaizen is..................

Accepted Answer

A Japanese business philosophy of continuous development

Question 3

LLC = Limited Liability Company

Accepted Answer

True

Question 4

There are 9 recognised styles of Leadership Styles, which one of the following is not a Leadership Style?

Accepted Answer

Kinesthetic

Question 5

What is indirect Discrimination?

Accepted Answer

People treated less well than others due to a protected characteristic

Question 6

Supply versus demand and the effect on price, how the supply of a product is related to the level of demand for it, is..

Accepted Answer

Market Forces

Question 7

What is a KPI?

Accepted Answer

Key Performance Indicator

Question 8

The Higher Rate National Minimum Wage is payable to workers aged 18 and over.

Accepted Answer

False

Question 9

What does KRI stand for?

Accepted Answer

Key Risk Indicator

Question 10

Net Profit is.......?

Accepted Answer

The actual profit after working expenses have been paid

Question 11

What is described as: when a business employs another business to do some of its work?

Accepted Answer

Outsourcing

Question 12

What is a Micro Environment?

Accepted Answer

Factors in a business's immediate environment which affect its performance

Question 13

What is the Statutory Leave Entitlement (Minimum amount of annual leave which all employees are entitled to)?

Accepted Answer

5.6 weeks

Question 14

What is a Monopsony Interaction?

Accepted Answer

When a single business has a large proportion of market power

Question 15

What is a mission statement?

Accepted Answer

A list of values, purpose, goals and objectives of a business

Question 16

There are generally 8 recognised leadership styles?

Accepted Answer

False

Question 17

The Kubler-Ross Management Model - Change Curve is.....

Accepted Answer

also known as the five stages of grief

Question 18

What is the purpose of the ISO? (International Organisation for Standardisation)

Accepted Answer

To develop and publish international standards across a range of fields

Question 19

What does Employers' Liability Insurance protect against?

Accepted Answer

The cost of compensation claims from illness or injury

Question 20

What is meant by the term 'Lean Practice'?

Accepted Answer

Practice of continuous improvement & experimentation to achieve perfection

Question 21

A Partner Organisation is.......

Accepted Answer

Where two or more individuals pool their money, skills and resources.

Questions 21