IB Business Management 1.1

Question 1

A business plan serves all these purposes EXCEPT:

Accepted Answer

measures success of a business

Question 2

Private sector organizations are those owned by individuals and not run by the state.

Accepted Answer

True

Question 3

Purpose of a Business Plan includes...

Accepted Answer

Support strategic planning, Identify resource needs, Financial forecasting

Question 4

Stepsthrough the different sectors to turn raw materials into a consumer good that is marketed

Accepted Answer

Chain Of Production

Question 5

Apple, Microsoft, Verizon, General Motors, Walmart and Target are examples of:

Accepted Answer

Private Sector

Question 6

Quaternary sector is never included in the tertiary sector as they are not service sectors

Accepted Answer

False

Question 7

What are the business functions?

Accepted Answer

operations, marketing, finance and HR

Question 8

A business plan sets out how the organization will meet its business objectives

Accepted Answer

True

Question 9

What is the similarity between intrapreneur and entrepreneur?

Accepted Answer

both are innovative

Question 10

Organizations has no outside shareholders & are accountable to the govt for their performance

Accepted Answer

Public Sector

Question 11

private sector cover activities such as state health, education, police and prison services

Accepted Answer

False

Question 12

The private sector covers activities that are within the control of direction of the governmnt

Accepted Answer

False

Question 13

What are the sectors of business activity?

Accepted Answer

primary, quarternary , secondary, tertiary

Question 14

organizations cover activities such as the state health, education, police and prison services

Accepted Answer

Public Sector

Question 15

These Organizations operate with the main objective of making a profit

Accepted Answer

Private Sector

Question 16

Department is responsible for managing the personnel of the organization

Accepted Answer

Human Resources

Question 17

What is an intrapreneur?

Accepted Answer

employee that proposes a business idea within the business

Question 18

What is quaternary?

Accepted Answer

Focuses on IT businesses

Question 19

What makes entrepreneurs & intrapreneurs similar is the passion and the courage to face failure

Accepted Answer

True

Question 20

Intrapreneurs find it difficult to get resources, Entrepreneurs have no problem

Accepted Answer

False

Question 21

A business combines resources into processing goods and services to satisfy customer needs

Accepted Answer

True

Question 22

What is the difference between intrapreneur (I) and entrepreneur (E)?

Accepted Answer

I (employee in business) E (creates a business)

Question 23

Which one is NOT a reason to start up a business?

Accepted Answer

Interdependence

Question 24

Which one is not a Problem faced by start-ups

Accepted Answer

more than enough working capital

Question 25

Successful Entrepreneurs are:

Accepted Answer

willing to take on a challenge, multi-skilled and have leadership skills, committed and self-motivated, innovative and risk takers

Question 26

Department is responsible for identifying and satisfying the needs and wants of customers.

Accepted Answer

Marketing

Question 27

The main aim is to gain financial backing from banks and/or investors.

Accepted Answer

Business Plan

Question 28

What is an entrepreneur?

Accepted Answer

Takes risks for a business idea

IB Business Management 1.1

Questions 28

IB Business Management 1.1

Questions 28