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Questions and Answers
Which of the following factors is excluded from those that can affect a business?
Which business formation requires no legal formality like registration?
What is a disadvantage of partnerships?
How is profit and loss typically distributed in a partnership deed?
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Where are the powers of the Board of Directors to borrow from banks mentioned?
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Which element is vital when designing a business plan?
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What is it called when a firm acquires another firm as part of its business strategy?
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What is the record of a country's imports and exports called?
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According to Maslow's hierarchy of needs, what need is being fulfilled by purchasing a burglar alarm?
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What are company policy and salary classified as?
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Which step is essential to enhance expectancy in a workplace?
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What does job rotation involve?
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Which element is NOT a basic idea in the definition of marketing?
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In which stage of marketing are customers' unsatisfied needs addressed?
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Which statement is NOT true about services?
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Who generally has unlimited liability?
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Which area should managers of a fast food restaurant prioritize if they are ignoring customer concerns about toys in meals?
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Which dimension of social responsibility involves hiring minority workers and minimizing pollution?
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What is the primary goal of human resource planning?
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Critics of the MBTI suggest that its results may be questionable because:
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What are selection devices based upon the physical condition of candidates called?
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Which type of chart is used to show employee turnover in an organization?
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What significant factor affecting productivity was highlighted by the Hawthorne Studies?
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The use of MBTI for selecting employees for organizational citizenship behaviors might be considered what?
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Study Notes
Business Factors
- External Factors: Demographics, economic, social, and natural factors can all influence a business.
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Internal Factors:
- Sole Proprietorship: Simple, easy to start, no legal registration required, one owner, unlimited liability.
- Partnership: Two or more individuals, often with shared responsibilities and profits, requires more formal legal structure, unlimited liability for each partner.
- Company: Large entity, requires significant legal and financial setup, offers limited liability and shareholder ownership.
Business Plan and Strategy
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Essential Elements of a Business Plan:
- Objectives: What the company aims to achieve
- Marketing: Strategies to promote products or services
- Financial: Projected income and expenses
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Business Acquisitions:
- A strategic acquisition involves buying another company to benefit from the target company's resources or market position.
International Trade
- Trade Balance: Records a country's total exports minus total imports - known as the visible trade balance.
- Balance of Payments: A broader measure that includes trade in goods and services, income and investment flows.
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International Agreements:
- GATT (General Agreement on Tariffs and Trade): Aims to reduce trade barriers between nations.
- EU (European Union): Large trade bloc with internal free movement of goods, capital, and labor.
- WTO (World Trade Organization): Succeeding GATT, provides a framework for trade negotiations and settlement of disputes.
- NAFTA (North American Free Trade Agreement): Reduced trade barriers between Canada, Mexico, and the United States.
Corporate Social Responsibility
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Dimensions of Corporate Social Responsibility:
- Philanthropy: Donating to charitable causes and supporting community initiatives.
- Policy: Creating responsible business practices.
- Governance: Ethical leadership and decision-making.
- Responsibility: Minimizing impact on the environment, ensuring worker safety, and addressing ethical concerns.
Human Resource Management
- Human Resource Planning: Determines the quantity and quality of employees needed to meet organizational goals.
- Personality Tests: Used in hiring to assess potential employee suitability.
- Employee Selection: Methods for evaluating candidates include medical tests, background checks, aptitude tests, and job applications
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Employee Retention: Strategies for keeping valuable employees include:
- Training and Development: Providing employees with the skills and knowledge they need.
- Job Rotation: Changing tasks to prevent boredom and enhance learning.
- Employee Empowerment: Giving employees more responsibility and autonomy.
- Hawthorne Studies: Demonstrated the impact of social and psychological factors on employee productivity.
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Motivation Theories:
- Maslow's Hierarchy of Needs: Categorizes needs from basic survival to self-actualization.
- Herzberg's Two-Factor Theory: Identifies hygiene factors (preventing dissatisfaction) and motivating factors (leading to satisfaction).
- Expectancy Theory: Focuses on employee expectations about their effort, performance, and rewards.
Marketing
- Marketing Basics: A comprehensive approach including product development, pricing, promotion, and distribution, emphasizing customer satisfaction and company profitability.
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Marketing Stages:
- Product-Oriented: Primarily focused on product development.
- Marketing-Oriented: Emphasizes understanding and meeting customer needs.
- Social-Oriented: Considers social responsibility and long-term sustainability.
- Services Marketing: Deals with the unique characteristics of services, including their intangibility, perishability, and variability.
Measurement
- Validity: Accuracy of a tool or test in measuring what it is designed to measure.
- Reliability: Consistency of the results over time.
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Description
This quiz explores various external and internal factors influencing businesses, including types of ownership like sole proprietorships and partnerships. Additionally, it covers essential elements of a business plan and the concepts of business acquisition and international trade. Test your knowledge of these fundamental business concepts!
