Business Administration Quiz

Principles of Business Administration Lecture Notes

• Business involves producing and distributing goods and services to customers.

• Business activities include organizing, managing, producing, and marketing products.

• Business resources include human resources and materials.

• Characteristics of business include exchange of goods and services, profit motive, dealing in goods and services, uncertainty and risk bearing, and continuity and regularity.

• Objectives of business include profit, survival, growth, market share, productivity, innovation, employee welfare, service to consumers, and social responsibility.

• Consumers, citizens, and wage earners have a relationship with business and affect it directly or indirectly.

• Consumers play a role in the growth of a company by continuing to patronize it.

• Wage earners contribute to a business through their skills, job market, personality, and interest.

• Citizens affect business activities through policy decisions affecting the public.

• Business benefits owners, employees, government, and general society.

• Management can be classified as junior or first-line and senior, with different levels of responsibility and range of activities.

• The major schools of management thought include classical, neo-classical, modern, and behavioral, with different approaches and principles.Business Types, Intermediaries, and Modes of Transportation

• Producers are involved in producing raw materials goods and services for distribution.

• Processors add value to products that they cannot produce from their natural form.

• Manufacturers turn raw or processed goods into finished goods.

• Intermediaries are businesses that transport and distribute goods from one business to another, usually wholesalers and retailers.

• Marketing intermediaries are organizations that assist in moving goods and services from producers to end-users and consumers.

• Agents and brokers are sales representatives of manufacturers and wholesalers, while brokers bring buyers and sellers together.

• Industrial distributors buy related product lines from many manufacturers and sell them to industrial users.

• Wholesalers sell finished goods to retailers, manufacturers, and institutions.

• Retailers sell goods to consumers and industrial users for their own consumption.

• There are four main methods of distribution, including direct from producer to customers, via a wholesaler to a retailer, directly to retailers, and through specialist merchants.

• The best mode of transportation for goods depends on distance, urgency, cost, type of goods, and customer.

• The modes of transportation include roadways, railways, water transportation, air transportation, and pipelines transportation.

Are you familiar with the basic principles of business administration? Do you know the different types of businesses, intermediaries, and modes of transportation involved in the distribution of goods and services? Test your knowledge with this quiz that covers topics such as business objectives, management, marketing, and logistics. Sharpen your understanding of the fundamental concepts of business administration and enhance your expertise in this field. Get ready to ace this quiz and excel in your business ventures!