Business Management

Question 1

1Price skimming means

Easy

A. setting a high initial price for a new product B. giving goods away C. setting a very low price D. pricing at cost

Question 2

2The responsibility of a business to act in ways that benefit society is

Easy

A. liquidation B. monopoly C. corporate social responsibility D. profit maximisation

Question 3

3The marketing mix extended for services adds people, process and

Medium

A. profit B. physical evidence C. patents D. partnership

Question 4

4Manpower planning means

Easy

A. buying machines B. paying taxes C. firing all staff D. forecasting the organisation's future staff needs

Question 5

5Keeping stock as low as possible by receiving materials only when needed is

Easy

A. just-in-time inventory B. hoarding C. safety stock D. bulk buying

Question 6

6Trade credit means

Easy

A. selling shares B. buying goods now and paying the supplier later C. paying in advance D. getting a bank loan

Question 7

7Unity of command means each employee should

Easy

A. have only one boss B. have many bosses C. have no boss D. manage themselves

Question 8

8The executive summary of a business plan

Easy

A. describes competitors only B. lists all expenses C. is the last financial table D. gives a brief overview of the whole plan

Question 9

9According to Maslow, the highest need is

Hard

A. physiological B. safety C. self-actualisation D. esteem

Question 10

10Dismissal of an employee for serious misconduct is called

Medium

A. redundancy B. retirement C. summary dismissal D. promotion