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Business Environment Quiz

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Questions and Answers

According to Davis and Blomstorm (1971), how do they define business environment?

The aggregate of all conditions, events, and influences that surround and affects it.

What is the significance of the symbiotic relationship between business and its environment?

The business is influenced by its environment and, to a certain degree, influences the environment along with other firms.

What does the survival and success of a business firm depend upon, according to the text?

The survival and success of a business firm depend upon its innate strength, adaptability to the environment, and the extent to which the environment is favorable to its development.

What are the two sets of factors affecting business as mentioned in the text?

The internal factors (present inside the firm) and the external factors (present outside the firm). Signup and view all the answers

Name three factors forming the Internal Environment of a business as listed in the text.

Promoters/shareholders values, mission & objectives, management structure & nature, internal human relationships, physical assets and facilities. Signup and view all the answers

Match the following definitions with their corresponding term:

Aggregate of all conditions, events, and influences that surround and affect a business = Business environment Surroundings, external objects, influences, or circumstances under which someone or something exists = Environment Factors present inside the firm = Internal factors Factors present outside the firm = External factors Signup and view all the answers

Match the following factors with their impact on a business firm:

Promoters / shareholders values = Innate strength Mission & objectives = Adaptability to the environment Management structure & nature = Extent to which the environment is favourable Physical assets and facilities = Development of the organisation Signup and view all the answers

Match the following terms with their description:

Symbiotic relationship between business and its environment = Mutual influence between business and environment Evolution of business environment = Continuous change in the business environment Innate strength of a business firm = Resources at its command, physical resources, human resources, skill and organisation External factors affecting business = Factors present outside the firm Signup and view all the answers

Match the following terms with their primary impact on a business firm:

Business environment = Influences the business and is influenced by it Internal human relationships = Impact on internal dynamics Adaptability to the environment = Influences the survival and success of the firm Physical assets and facilities = Contribute to the business's innate strength Signup and view all the answers

Match the following factors with their category:

Mission & objectives = Internal factors External factors affecting business = External factors Management structure & nature = Internal factors Physical assets and facilities = Internal factors Signup and view all the answers