ACIE Business Pre and Post Assessment FINAL

Question 1

Which approach treats workers as a resource that needs to be controlled to achieve the highest profit?

Accepted Answer

Hard Human Resource Management (HRM)

Question 2

This is the process of bringing a business to an end and distributing its assets to claimants.

Accepted Answer

Liquidation

Question 3

This theory focus on behavior that would lead to outcomes the employee value

Accepted Answer

Vroom and expetancy theory

Question 4

_____ are factors that cause average costs of production to rise when the scale of operation is increased.

Accepted Answer

Diseconomies of scale

Question 5

True or False: Qualitative research is research into the in-depth motivations behind consumer buying behavior.

Accepted Answer

True

Question 6

______ involves the restructuring of a job usually with employees&#x27; involvement and agreement to make work interesting

Accepted Answer

Job redesign

Question 7

_______ is defined as selecting one option instead of another ‘next best’ alternative.

Accepted Answer

Opportunity cost

Question 8

Nike holds a 38.23% total market share. The company invests heavily in marketing and promotion strategies.

Accepted Answer

True

Question 9

What are the 4 P&#x27;s of the marketing mix?

Accepted Answer

place, price, product, promotion

Question 10

The images represents CAD or CAM

Accepted Answer

CAD - computer aided design

Question 11

The operations manager oversees inventory and the supply chain.

Accepted Answer

True

Question 12

The graph illustrates a _________ curve.

Accepted Answer

Supply curve

Question 13

________ is defined as the share of the profits paid to shareholders as a return for investing in the company.

Accepted Answer

Dividend

Question 14

_____ is the only liability or potential loss a shareholder has if the company fails.

Accepted Answer

Limited liability

Question 15

What is primary research (check all that applies)?

Accepted Answer

focus groups, questionnaire, interviews

Question 16

Which is an example of Corporate Social Responsibility?

Accepted Answer

All the above

Question 17

Understanding marks and point values: AO2 level deals with ________________?

Accepted Answer

Application (Apply in business context, Understand the problem, Unfamiliar)

Question 18

_____ is the use of computer software to control machine tools and related machinery in the manufacturing of components

Accepted Answer

CAM computer aided manufacturing

Question 19

True or False: Niche marketing is identifying and exploiting a small segment of a large market

Accepted Answer

True

Question 20

_____ is a type of production producing a limited number of identical products.

Accepted Answer

Batch production

Question 21

______ is the strategic approach to the effective management of an organization&#x27;s workers so that they help the business

Accepted Answer

Human resource management (HRM)

Question 22

____ are non-measurable factors that may influence business decisions.

Accepted Answer

Qualitative factors

Question 23

Understanding marks and point values: AO1 level deals with ________________?

Accepted Answer

Knowledge and Understanding (Define, Explain, Example)

Question 24

_____ is a type of sampling that draws from a specific sub-group or segment of the population.

Accepted Answer

Stratified sampling

Question 25

Which is not a private limited company?

Accepted Answer

Walmart

Question 26

_________ a limited company, often a large business with legal right to sell shares (stock market) to the general public

Accepted Answer

Public limited company

Question 27

_______ is defined as economic resources owned largely by the private sector with very little state intervention.

Accepted Answer

Free-market economy

Question 28

Understanding marks and point values: AO3 level deals with ________________?

Accepted Answer

Analysis (Analyze business problems using qualitative & quantative factors)

Question 29

_____ is the minimum inventory level that should be held to ensure that production could still take place

Accepted Answer

Buffer inventory

Question 30

What is secondary research (check all that applies)?

Accepted Answer

meta analysis, another company&#x27;s annual report i.e. financial statement or SWOT analysis

Question 31

______ is defined as the ability of a firm to pay its short-term debts.

Accepted Answer

Liquidity

Question 32

Which vocabulary best categorize Knaus Berry Farm, a local business in Homestead, Florida?

Accepted Answer

Primary and tertiary sectors business activity

Question 33

According to the CIA World Factbook and other governmental sources, which country is considered a free-market economy?

Accepted Answer

Singapore

Question 34

What type of leader is this?

Accepted Answer

Paternalistic

Question 35

Which are the four factor of production?

Accepted Answer

Capital, enterprise, labor, land

Question 36

True or False the Human Resource (HR) Department recruit, hire, trains, and terminate employees?

Accepted Answer

True

Question 37

Which is not a public sector organization?

Accepted Answer

Privately owned business

Question 38

What type of training is introductory to new recruits?

Accepted Answer

Induction training

Question 39

This theory focus on improving output per worker using money as a method to motivate employees.

Accepted Answer

Taylor and scientific management

Question 40

______ measures the rate at which employees are leaving an organization; employees leaving divided by the employed x 100

Accepted Answer

Labor turnover

Question 41

A supply curve represents the number of products that manufacturers are willing to sell and the price of those items.

Accepted Answer

True

Question 42

______ people or groups of people who can be affected by and therefore have an interest in any action by a business.

Accepted Answer

Stakeholders

Question 43

_____ is defined as the value of the middle item when data have been ordered or ranked.

Accepted Answer

Median

Question 44

________ is the total value of assets – total value of liabilities.

Accepted Answer

Shareholder Equity

Question 45

In 2022, Apple&#x27;s iPhone market share was 24.1% compared to its competitor Samsung&#x27;s smartphone market share of 19.4%.

Accepted Answer

True

Question 46

Which approach treats employees as the most important resource in the business?

Accepted Answer

Soft Human Resource Management (HRM)

Question 47

________ is a method of coordinating and motivating all staff in an organization by dividing its overall aims

Accepted Answer

Management by objectives

Question 48

True or False The Finance Department only oversees (funds) the general operations budget?

Accepted Answer

False

Question 49

Why is it difficult to a classify business as solely public or private?

Accepted Answer

They interchangeably offer a good or service that is public or private

Question 50

This theory focus on self-actualization, esteem needs, social needs, safety needs, physical needs

Accepted Answer

Maslow and the hierarchy of human needs

Question 51

What type of leader is this?

Accepted Answer

Authoritarian

Question 52

____ are taxes imposed on imported goods to make them more expensive than they would otherwise be

Accepted Answer

Tariffs

Question 53

________ a mode of business growth which is self generated such as mergers and take overs. Also known as organic growth.

Accepted Answer

Internal growth

Question 54

Defining scarcity as a resource with limited supply is which mark?

Accepted Answer

Knowledge and Understanding (A01)

Question 55

____ is a business organization that owns and controls a number of separate businesses, but does not unite them into one

Accepted Answer

Holding company

Question 56

Which vocabulary best categorize the United Way, a charitable organization that provides services to consumers (Check 2)

Accepted Answer

Tertiary sector business activity, Social enterprise

Question 57

Understanding marks and point values: AO4 level deals with ________________?

Accepted Answer

Evaluation (Argument, Judgement, Recommendation)

Question 58

___________ the portion of a market controlled by a particular company or product.

Accepted Answer

Market share

Question 59

True or false: Equilibrium price is the market price that equates supply and demand for a product.

Accepted Answer

True

Question 60

Thinking about the 4 Ps in Marketing, which P relates to Tesla producing a new line of electric cars? (Choose 3)

Accepted Answer

Price (how much it will cost to produce each vehicle), Product (the design and functions of the new electric car), Place (where to produce the new line of electric vehicle)

Question 61

_____ a bonus scheme to reward staff above-average work performance.

Accepted Answer

Performance-related pay

Question 62

A ______ is responsible for setting objectives, organizing resources and motivating staff so that the organization&#x27;s aim

Accepted Answer

Manager

Question 63

In 2023, China GDP is 18.92% and the U.S. GDP is 15.39%, how does this affect their control over the global market?

Accepted Answer

Analysis (Analyze business problems using qualitative & quantative factors)

Question 64

_______ is a leadership style that leaves much of the business decision-making to the workforce - a &#x27;hands-off&#x27; approach

Accepted Answer

Laissez-faire leadership

ACIE Business Pre and Post Assessment FINAL

Questions 65

ACIE Business Pre and Post Assessment FINAL

Questions 65