Business Management Unit 1 Revision

Question 1

Ethical Management involves ...

Accepted Answer

Moral Obligations

Question 2

The external macro environment:

Accepted Answer

Answers A and C

Question 3

The following is NOT a factor affecting the choice of business locaiton:

Accepted Answer

Online presence

Question 4

some methods of market research:

Accepted Answer

customer surveys and observations

Question 5

The following ownership structure has the business as a seperate legal entity from the owner.

Accepted Answer

Incorporation

Question 6

Owner having freedom to set the business up how they like is an advantage of which start option

Accepted Answer

Starting a business from scratch

Question 7

not for profit businesses:

Accepted Answer

profit is not their main aim, social objectives are

Question 8

some of the free assistance available to small business owners:

Accepted Answer

Answers B and C

Question 9

The employees who provide their time, energy, skills and effort to a business are ...

Accepted Answer

Human Resources

Question 10

An advantage of a partnership agreement:

Accepted Answer

You can share your business ideas

Question 11

The following is NOT a business support service:

Accepted Answer

Shareholder

Question 12

Casual and part-time are different in terms of:

Accepted Answer

Answers A and B

Question 13

The ___ is a part of the business plan designed to plan, price, promote and distribute products

Accepted Answer

Marketing Plan

Question 14

Recruitment is often internal. This means that:

Accepted Answer

you are sourcing staff from within the business

Question 15

The following is not a form of business ownership:

Accepted Answer

Management

Question 16

True or False: A franchisor purchases a franchise from a franchisee.

Accepted Answer

False

Question 17

You cannot discriminate the employment an employee if:... (choose 2)...

Accepted Answer

they have a tatoo, they are married

Question 18

A large scaled organisation has ore than how many employees?

Accepted Answer

200

Question 19

OH&S stands for:

Accepted Answer

Occupational Health and Safety

Question 20

The operating environment consists of:

Accepted Answer

customers, suppliers, interest groups and competitors

Question 21

legal requirements of small businesses:

Accepted Answer

B, C, D

Question 22

___________________ is measured by gaining feedback from customers about their experience.

Accepted Answer

Customer Satisfaction

Question 23

An entrepreneur:

Accepted Answer

Answers B,C,D

Question 24

Contributions of businesses to the economy

Accepted Answer

Answers B,C,D

Question 25

T or F: A franchise is an individual who grants someone else the rights to their business.

Accepted Answer

False

Question 26

The internal environment has stakeholders such as:

Accepted Answer

employees and employers

Question 27

The following is a non-financial indicator for evaluating a small business:

Accepted Answer

Customer Satisfaction

Question 28

The following is NOT a motivation for starting a small business:

Accepted Answer

Need for employment

Question 29

The following support service is available to organisations needing help with contracts:

Accepted Answer

Solicitor

Question 30

The costs involved in setting up the busines are called the ...

Accepted Answer

Establishment Costs

Question 31

The selection process involves:

Accepted Answer

application/cv, testing, interviews, ref checks

Question 32

Socially responsible management is the organisations ____ above and beyond ___ requirements.

Accepted Answer

obligations, legal

Question 33

True or False: Profitability measures the earning performance of the business

Accepted Answer

True

Question 34

Goodwill:

Accepted Answer

reputation of business, adds to its value when sold.

Question 35

Stakeholders:

Accepted Answer

have a vested interest in the business

Business Management Unit 1 Revision

Questions 35

Business Management Unit 1 Revision

Questions 35