Combined: Business Studies - Business Management + SPC 11 Prelim Business Topic 2: Business ...

Question 1

What significant improvements did the behaviouralists theory lead to?

Accepted Answer

Safe working conditions, better incentives & training

Question 2

Connecting the business with customers with the goal of maximising profit

Accepted Answer

Marketing

Question 3

A term to describe the comparing of resources used and the benefits achieved

Accepted Answer

Efficiency

Question 4

Occurs when an employee is asked to leave the business against their will

Accepted Answer

Involuntary separation

Question 5

Which level of management would be responsible for developing policies, plans and strategies?

Accepted Answer

Top level management

Question 6

An ongoing commitment to achieving perfection

Accepted Answer

Continuous improvement

Question 7

The application of moral standards to business behaviour

Accepted Answer

Ethics

Question 8

The preparation of a predetermined course of action for a business

Accepted Answer

Planning

Question 9

A group of customers with similar characteristics who presently, or in the future, may purchase

Accepted Answer

Target market

Question 10

A term used to describe the sets of rules and regulations that control a business.

Accepted Answer

Bureaucracy

Question 11

In business terms, what is efficiency?

Accepted Answer

Goods and services produced relative to the resource inputs

Question 12

Which of the following is usually a major determinant of the success or failure of a business?

Accepted Answer

Effective management

Question 13

What is the traditional definition of business management?

Accepted Answer

Coordinating a business's resources to achieve its goals

Question 14

The process of developing individuals by offering coaching and modelling acceptable behaviour

Accepted Answer

Mentoring

Question 15

A name, term, symbol or design that identifies a specific product or business

Accepted Answer

Brand

Question 16

The process of evaluating performance and taking corrective action

Accepted Answer

Controlling

Question 17

Comparing what was intended to happen with what has actually occured

Accepted Answer

Controling

Question 18

Specific details about the way in which the business will operate in the short term is known as

Accepted Answer

Operational planning

Question 19

Gross profit equals

Accepted Answer

Sales minus Cost of Goods Sold (COGS)

Question 20

Which of the following are human resources?

Accepted Answer

Employees

Question 21

A standard by which something can be judged or measured

Accepted Answer

Benchmark

Question 22

The Classical Approach was all about?

Accepted Answer

Improving efficiency, decreasing costs and increasing profit

Question 23

The four main resources available to businesses are:

Accepted Answer

Human, Information & Technology, Physical and Financial

Question 24

People interacting regularly and coordinating their work towards a common goal

Accepted Answer

Teamwork

Question 25

A legally binding, formal agreement between the employee and the employer

Accepted Answer

Employment contract

Question 26

Classical management theory was invented by who?

Accepted Answer

Fedrick Taylor

Question 27

Controlling: Compares what intended to happen with what actually occurred. True or False?

Accepted Answer

True

Question 28

what are the 3 different types of management approaches?

Accepted Answer

Classical, Behavioural & Contingency Approaches

Question 29

To be an effective manager, you must ...

Accepted Answer

Ensure efforts of employees are directed to a common goal

Question 30

An independent check of the accuracy of financial records and accounting procedures

Accepted Answer

Audit

Question 31

The process of identifying, evaluating and selecting options to solve problems

Accepted Answer

Decision making

Question 32

S.M.A.R.T. is an acronym for

Accepted Answer

Specific, Measurable, Achievable, Relevant and Timebound

Question 33

A style of leadership which stresses flexibility of management to changing circumstances

Accepted Answer

Contingency

Question 34

Cost of Goods Sold = ?

Accepted Answer

Opening stock + Purchases - Closing Stock

Question 35

Dividing consumers up into groups based on demographic, geographic or behavioural traits

Accepted Answer

Market segementation

Question 36

A narrowly selected target market segment with very particular characteristics

Accepted Answer

Niche market

Question 37

Which of the following statements are true?

Accepted Answer

Typical business managers are constantly interrupted

Question 38

What does TQM stand for?

Accepted Answer

Total Quality Management

Question 39

Skills needed to work and communicate with each other are

Accepted Answer

Interpersonal

Question 40

Price, Product, Promotion and Place are all parts of which key business function

Accepted Answer

Marketing

Question 41

The individual internal process that directs, energises and sustains a person's behaviour

Accepted Answer

Motivation

Question 42

Autocratic leadership style falls under what management approach?

Accepted Answer

Classical Approach

Question 43

Groups or individuals who interact with or have an interest in the business's activities

Accepted Answer

Stakeholders

Question 44

Increasing authority at higher levels within a business is known as the

Accepted Answer

Management heirarchy

Question 45

An example of a social goal is

Accepted Answer

Provision of employment

Question 46

Inputs that carry out the transformation process

Accepted Answer

Transforming resources

Question 47

A written statement describing the employee's duties, tasks and responsibilities

Accepted Answer

Job description

Question 48

Goods/services that cannot be touched

Accepted Answer

Intangible

Question 49

Communication, vision, flexibility and decision-marking are all types of:

Accepted Answer

Skills

Question 50

Items of value possessed by the business that can be given monetary value

Accepted Answer

Assets

Question 51

Inputs that are changed or converted in the operations process

Accepted Answer

Transformed resources

Question 52

The degree of excellence of goods or service and its fitness for purpose

Accepted Answer

Quality

Question 53

Planning for the following 3 to 5 years is known as

Accepted Answer

Strategic planning

Question 54

An unenthusiastic response to proposed changes by management

Accepted Answer

Inertia

Question 55

When management presents problems and staff and management work together to make decisions

Accepted Answer

Participative leadership

Question 56

Someone who coordinates the business's limited resources in order to achieve specific goals

Accepted Answer

Manager

Question 57

What are the three levels of planning?

Accepted Answer

strategic, tactical, operational

Question 58

Which of the following is an example of a stakeholder in a business?

Accepted Answer

All of the above

Question 59

Finance that is put aside for unanticipated events

Accepted Answer

Contingency fund

Question 60

Total Revenue minus Total Costs equals

Accepted Answer

Profit

Question 61

How many people worked on the Great Pyramids of Giza in Egypt?

Accepted Answer

greater than 100,000 slaves, unknown number, lots of people, more than 200,000 slaves and managers

Question 62

What are some external changes that a business has no control over?

Accepted Answer

The economy, technology, political and social changes

Question 63

When tasks are divided into separate jobs to improve its effectiveness or efficiency

Accepted Answer

Specialisation of labour

Question 64

Strategic decisions, direction and information flow from middle to top level management. T/F?

Accepted Answer

False

Combined: Business Studies - Business Management + SPC 11 Prelim Business Topic 2: Business ...

Questions 65

Combined: Business Studies - Business Management + SPC 11 Prelim Business Topic 2: Business ...

Questions 65