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CIE AS Business - Unit 1 Business and its Environment Review Flashcards | StudBud
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CIE AS Business - Unit 1 Business and its Environment Review
CIE AS Business - Unit 1 Business and its Environment Review
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CIE AS Business - Unit 1 Business and its Environment Review
Flashcards
25 cards
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Questions
25
Answers
1
MBO is most effective when employees are...
told what their goals/objectives will be
involved in goal-setting
Scottish
unskilled workers
2
What is the benefit of limited liability?
There are more shareholders
Only money invested into the business can be lost.
The business is bigger
There is no limit to the number of sales
3
MBO =
Manchester Burping Organisation
Motivation by Objectives
Management by Objectives
Management by Objects
4
It is the right of lenders to...
be paid back on time (including interest and other charges)
be paid back on time
banks and lenders have no rights
to negotiate with suppliers
5
Which type of business has unlimited liability?
Sole trader
Private limited company
Public limited company
6
I am still concentrating
False
True
7
What can social enterprises do with profit? (choose the best answer)
Some is invested into society, some can be paid to owners.
They don't make a profit
The owners/shareholders can keep it all.
All must be invested into benefitting society.
8
Focusing on profit maximisation is the only way to run a successful business.
False
True
9
Economies of scale are...
advantages enjoyed by growing businesses
the best
disadvantages faced by growing businesses
wonderful
10
SMART =
Specific, Measurable, Achievable, Realistic, Timed
Specific, Motivating, Achievable, Realistic, Timed
Specific, Measurable, Achievable, Realistic, Technological
Specific, Measurable, Advanced, Realistic, Timed
11
Capital employed is:
the ($) value of a business
the number of machines in a business
the total value of all long-term finance in a business
the number of employees in a business
12
Corporate Social Responsibility is...
a bit pointless
important in the long-term
just for show and brand image
important in the short and long-term
13
The modern view that businesses have a responsibility to a wide range of groups is called..,
this answer is incorrect
the steakholder concept
the shareholder concept
the stakeholder concept
14
The best football team is...
Manchester City
Manchester United
15
Some stakeholder conflict is usually inevitable (unavoidable)
False
True
16
Internal growth is also known as...
organic growth
Merger
inorganic growth
Takeover
17
Physical goods and machinery used by industry to produce goods and services are called...
Capital goods
Land
Labour
18
Market share % =
(sales of industry / sales of business) x 100
(sales of business / sales of industry) x 100
19
Mission statements should...
Set specific goals
Provide direction and motivation to employees
20
Total market sales = $987m, ABC Sales = $123m. Market share = ???
8.5%
12.5%
13.5%
8%
21
Added value is the difference between...
profit and break-even
cost of purchased materials& selling price of finished goods
22
Businesses should consider their impact on the local community because... (choose best answer)
they might get sued
the business shouldn't care about the local community
workers may quit their jobs
a poor reputation in one area may limit chances elsewhere
23
The benefit of the next most desired option given up is...
opportunity costed
opportunity cost
plopportunity cost
opportunity lost
24
The business and the owners are the same legal entity for which of these types of business?
Public limited company (plc)
Franchise
Sole trader
Private limited company (ltd)
25
Public sector organisations are controlled and managed by the government.
True
False
