What is the traditional definition of business management?

Coordinating a business's resources to achieve its goals

In business terms, what is efficiency?

Goods and services produced relative to the resource inputs

To be an effective manager, you must ...

Ensure efforts of employees are directed to a common goal

The four main resources available to businesses are:

Human, Information & Technology, Physical and Financial

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Duplicate of SPC 11 Prelim Business Topic 2: Business Management - The Nature of Management #1

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Preliminary Year 11 Business Studies Topic 2 Business Management - The Nature of Business Quiz #1 #nsw #business

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Questions 9

Answers

1
Which level of management would be responsible for developing policies, plans and strategies?
Supervisory /first level management
Top level management
Middle level management
2
What is the traditional definition of business management?
Operations to maximise profit
Satisfying the wants and needs of a target market
Achieving a work/life balance
Coordinating a business's resources to achieve its goals
3
In business terms, what is efficiency?
The effectiveness of a production factor
Following instructions quickly and correctly
Goods and services produced relative to the resource inputs
The degree to which business goals have been achieved
4
To be an effective manager, you must ...
Ensure efforts of employees are directed to a common goal
Ensure you maximise revenue
Closely supervise the activities of employees
Repay creditors and long term loans as quickly as possible
5
Which of the following is usually a major determinant of the success or failure of a business?
Strong vision and mission statements
Effective management
Marketing strategies
Cutting edge technology
6
Which of the following are human resources?
Goodwill
Employees
Long term loans
Machinery
7
Which of the following is an example of a stakeholder in a business?
Supplier
Customer
Shareholder
All of the above
8
Strategic decisions, direction and information flow from middle to top level management. T/F?
True
False
9
The four main resources available to businesses are:
Profit, Turnover, Sales & Revenue
Primary, Secondary, Tertiary & Quaternary
Land, Natural Resources, Capital & Enterprise
Human, Information & Technology, Physical and Financial

Duplicate of SPC 11 Prelim Business Topic 2: Business Management - The Nature of Management #1 Flashcards | StudBud