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end of year quiz Flashcards | StudBud
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end of year quiz
end of year quiz
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1
A venture capitalist is:
A wealthy business person who invest and supports a business
A wealthy business person who invests in a business only
A wealthy person who has nothing to do with small businesses
A wealthy business person who supports but does not invest
2
What is trade credit?
Time offered by suppliers to allow customers to pay later
The praise given to workers who reach their trading targets
Money given for free in order to attract trade
Remaining balance a business has on their trading account
3
The divorce of ownership and control is
Owners are not making day to day decisions
the owners have full control of the business and its decisions
The owner is going through a messy divorce
The owner is very controlling and also divorced
4
Net cash flow =
Receipts + Payments
Receipts / Payments
Receipts - Payments
Receipts x Payments
5
Opportunity cost is...
The decision making process
The first option chosen when we make a decision
The last option when we make a decision
The second best option not chosen when we make a decision
6
Income elasticity of demand
Percentage change in quantity demand x Percentage change income
Percentage increase in quantity demand / Percentage change income
Percentage change in quantity demand / Percentage change Income
Percentage change in income / Percentage change quantity demanded
7
Gross profit margin = gross profit / ...........
revenue
expenses
revenue x 100
expenses x 100
8
A Matrix Structure is:
Many levels of management
Arranging a temporary project team to carry out a task
One main decision maker, the owner themselves
Decision making is kept at the very top level
9
What did Wright and Taylor create?
Least-Preferred Co-Worker (LPC) Scale Questionarre
Personality test
A checklist for improving staff training
A checklist for improving work performance
10
management by objectives involves
giving feedback to employees after appraisal
setting objectives for employees-align with overall goals
establishing the mission and vision statement
deciding on strategies to achieve business objectives
11
Cost of sales =
Opening + purchases - closing
Price x quantity
Purchases + opening - closing
Purchases - opening + closing
12
Theory Y managers believe...
People aren't ambitious
People must be if they don't work
People want responsibility
People dislike work
13
In an oligopoly, you have _____ firms that control _____ of the market
Many; little
Many; most
Few; most
Few; little
14
Economies of scale refers to....
Reducing production to improve expenses ratio
Measuring the level of economic activity
Higher production reduces the per unit cost of goods
Balancing economic performance
15
What is an inferior good?
A good where the demand decreases with an increase in consumer income
A good better than all other options
A good which is below expectations
A good which exceeds expectations
16
Elton Mayo's motivational school of thought is described as:
Two factor theory
Hierarchy of needs
Scientific management
Human relations
17
Batch production means
all the products are different
a group of products made at the same time
made in Spain
when single items are produced
18
Promotion Mix
Refers to formal arrangements between buyers and sellers that create unique
detailed evaluation of the concepts commercial feasibility- product costs,
Potential products are sorted relative to their strengths and weaknesses to
A combination of marketing methods including advertising, sales, public rel
19
Workforce planning
business that offers the service of recruiting applicants for vacant posts
when a business aims to fill a vacancy from within its existing workforce
forecasting numbers of workers & skills thats required to reach goals
measures the rate at which employees are leaving an organization
20
Price Elasticity of Demand can change over time because......
Price will increase
Over time substitutes are available
Price will decrease
More can be supplied
21
Zero based budgeting is
Justifying all expenses completely
Starting the budget from base zero
All of the above
Not considering the previous year's figure
22
In the Boston Matrix what characterises a 'Question Mark' ?
Low market growth and low market share
Low market share and high market growth
High marker share and low market growth
High market growth and high market share
23
Kaizen is a Japanese philosophy that means...
All of the above
Complete improvement
Continuous improvement
Inefficient operation
24
Gross Profit =
Sales - Expenses
Sales - Cost of the Goods Sold
Sales - Fixed Costs
Sales / Gross Profit
25
Capacity utilisation
Actual output / Maximum possible output
Actual output / Maximum possible output × 100
Actual output - Maximum possible output
Actual output + Maximum possible output × 100
26
Product Orientated
Focus on the market
Internal product focus
Create new products from market
Focus on market research
27
At Break even, Total Cost =Total Revenue
False
True
28
Span of management(Span of control)
The amount of managers who report to its employees
The number of workers that report directly to one manager
The number of people who report to multiple managers
The managers who report to one employee
29
Fiedler Contingency Model determines
what type of employees a company needs
what type of assets a company needs
what type of partners a company needs
what type of leadership a company needs
30
Which term is NOT part of the marketing mix?
population
price
placement
product
