Business Studies Term 2 test

What characterizes the business interactions in the Primary Sector?

Which sector involves transforming raw materials into products?

What type of services does the Tertiary Sector provide?

Which sector has the highest control over tailoring services to meet customer needs?

What type of challenges are classified based on sector-specific environments?

In which sector are businesses heavily impacted by weather variations and natural disasters?

What type of business strategy is it when a bakery starts offering catering services?

A car manufacturer acquiring a steel plant is an example of:

Which strategy involves increasing market share in existing markets?

What does the Consumer Protection Act aim to ensure in business-consumer interactions?

If a business dissolves entirely, what defensive strategy is being implemented?

Which sector can employ market penetration as a strategy to increase market share?

What is the main purpose of the Broad-Based Black Economic Empowerment (BBBEE) initiative?

What is the main difference between over-insurance and under-insurance?

What does the Average Clause primarily help determine in insurance?

In cases of over-insurance, what option may the insurer choose instead of paying cash for a claim?

What is a crucial element for successful team performance according to the text?

Which model is mentioned as a conflict management strategy in the text?

What is the correct procedure to deal with grievances according to the text?

Why is understanding how to interact with difficult personalities crucial in a team setting?

What does under-insurance imply?

Why is conflict management crucial in a team environment?

What are some characteristics of successful teams highlighted in the text?

What is an essential component of successful teamwork according to the text?

What is outlined in Grievance Procedures as per the text?

How can teams overcome challenges effectively according to the text?

What is a key strategy for handling difficult personalities in a professional environment?

Why are structured grievance procedures important in teamwork?

What does effective team collaboration aim to foster in a workplace culture?

What is the impact of quality on brand perception and loyalty?

Which function benefits from consistent quality in manufacturing?

What is an element of Total Quality Management (TQM) that focuses on ongoing training for employees?

What is the purpose of Quality Assurance (QA) in a business?

How can poorly implemented Total Quality Management (TQM) impact businesses?

What can high-quality standards lead to in terms of business success?

In large businesses, how is quality typically managed?

What is the overarching management framework that guides the development of the quality of products and services?

What can be achieved through effective Total Quality Management (TQM) implementation?

What technique is adopted for continuous improvement in processes according to the text?

What is the role of insurance in business?

What is the essence of insurance in business?

Which term refers to the amount paid by the insured to the insurer for coverage?

What does the 'Utmost Good Faith' principle require from both parties in insurance?

Which type of insurance is mandated by law for businesses and individuals?

What does 'Indemnity' ensure in insurance policies?

Which insurance type protects against claims resulting from injuries and damage to people or property?

What is the primary role of investment opportunities in business ventures?

Which investment opportunity offers safe, low-risk investments with fixed returns suitable for preserving capital?

What type of interest leads to exponentially growing returns due to interest on interest?

Which investment vehicle involves investing in startups or expanding businesses but comes with high risk?

Why is understanding the relationship between risk and return crucial in making investment decisions?

Which investment opportunity involves issuing fixed-interest securities and is considered low-risk?

What is the purpose of 32-Day Notice Accounts as an investment option?

Mutual Funds/Stokvels are susceptible to which risks?

Which sector mainly involves businesses that interact with the natural environment and face challenges like weather variations?

In which sector do businesses have the highest level of control over tailoring services to meet customer needs?

Which sector involves transforming raw materials into products, like a furniture manufacturing company?

Which sector faces challenges that are dependent on nature and have limited control over its environment?

In which sector can businesses optimize production processes due to a moderate level of control?

Which sector involves providing services instead of goods and navigates socio-economic and technological environments?

What is the primary benefit of superior quality products in the Marketing function?

Which business structure requires systematic quality management in every department for brand positioning and consumer trust?

What is the main focus of the Total Quality Management (TQM) element 'Total Client Satisfaction'?

Which quality management system involves operational techniques like inspections and testing of products or services?

What are the consequences of poor quality standards on business success?

How can implementing Quality Circles impact business efficiency?

What is a key benefit of effective Total Quality Management (TQM) implementation for businesses?

'Reducing the Cost of Quality through TQM' primarily aims to achieve what outcome?

How can Total Quality Management (TQM) influence customer satisfaction in businesses?

In the context of businesses, why is Total Quality Management (TQM) essential for sustainability?

What is an essential strategy for handling difficult personalities in a professional environment?

Which is a key component for team success according to the text?

What do Grievance Procedures primarily aim to achieve within a team setting?

In conflict management, what should teams strive to foster in the workplace culture?

Which of the following is NOT mentioned as an essential element for successful teamwork in the text?

What should teams focus on to overcome challenges effectively according to the text?

What distinguishes quality in a business operation according to the text?

In which sector can a bakery offering catering services be classified as a business strategy?

What is the primary aim of Broad-Based Black Economic Empowerment (BBBEE) in South Africa?

What impact does the National Credit Act (NCA) have on businesses?

Which type of diversification strategy involves adding new, unrelated products or services aimed at current customers?

What is the key focus of the Employment Equity Act (EEA) in South Africa?

What is the primary implication of over-insurance according to the text?

Which factor is NOT listed as criteria for successful team performance in the text?

What is the key role of conflict management in a team environment as highlighted in the text?

How is compensation calculated when an asset is under-insured based on the text?

Which characteristic is NOT associated with successful teams according to the text?

What method is suggested for handling grievances that involves escalating through organizational hierarchies if needed?

Why is it essential to understand how to interact with difficult personalities in a team setting based on the text?

What is a common outcome of under-insuring an asset according to the text?

What does effective conflict management contribute to according to the text?

Why is it important for individuals and businesses to understand various investment opportunities?

What distinguishes ordinary shares from preference shares as types of investments?

Why is it important to consider factors like inflation rate and taxation when making investment decisions?

What makes government retail bonds suitable for individual investors according to the text?

Why do mutual funds/stokvels pose potential risks according to the text?

What characterizes 32-Day Notice Accounts as an investment option?

Why is understanding the relationship between risk and return crucial in making investment decisions?

What distinguishes debentures as an investment opportunity?

What is the primary function of insurance in business?

Which principle in insurance ensures that the insured is compensated for the loss to the extent of the financial loss suffered, no more, no less?

What is the significance of the 'Utmost Good Faith' principle in insurance policies?

Which type of insurance covers legal and court costs of defending claims of bodily harm caused by defective products?

What is the primary objective of compulsory insurance for businesses and individuals?

Which entity receives compensation under the Compensation for Occupational Injuries and Diseases Act (COIDA)?

What distinguishes non-compulsory insurance policies from compulsory ones?

In insurance, what does 'Insurable Interest' require from the insured?

Which sector involves providing services instead of goods, like a local hospital?

In which sector do businesses face challenges that are largely dependent on nature and have limited control over their environment?

Which sector has the highest level of control, allowing services to be tailored to meet customer needs?

In the secondary sector, businesses deal with supply chain and market demand environments, involving the transformation of:

Businesses in the primary sector interact mainly with the natural environment and face challenges related to:

Which sector provides services, such as retail and healthcare, navigating socio-economic and technological environments?

What is a key component for addressing employee complaints in a methodical way?

Why are structured grievance procedures important in maintaining team morale and productivity?

What is a primary aspect of effective team collaboration highlighted in the text?

Why is seeking authoritative input or ignoring difficult personalities when necessary a recommended strategy?

What is the intended outcome of harnessing diverse skills and perspectives in teams?

Why is establishing personal connections with difficult personalities crucial in a professional environment?

What is the purpose of insurance in business?

What principle ensures that the insured is compensated for the loss to the extent of the financial loss suffered?

Why is understanding the relationship between risk and return crucial in making investment decisions?

What distinguishes compulsory insurance from non-compulsory insurance policies?

What is the key terminology referring to the contract detailing the terms and conditions of the insurance coverage?

Which type of insurance provides protection against claims resulting from injuries and damage to people or property?

What is the main role of the insurer in an insurance contract?

Why is it essential for businesses to understand the intricacies of insurance policies?

What happens if a business fails to disclose all material facts relevant to an insurance policy?

Which type of insurance is designed to compensate individuals injured in road accidents for medical expenses and loss of earnings?

What is the primary benefit of hiring skilled employees and providing ongoing training according to the text?

How does quality contribute to a strong brand position for larger businesses as mentioned in the text?

Which element of Total Quality Management (TQM) emphasizes the importance of ongoing training for employees?

What is the primary goal of Quality Assurance (QA) in a business according to the text?

Which statement accurately reflects the impact of poor Total Quality Management (TQM) implementation?

How can effective Total Quality Management (TQM) implementation benefit a business?

What is a key strategy for handling difficult personalities in a professional environment based on the text?

Why is continuous improvement of processes and systems important in Total Quality Management (TQM)?

What impact does high-quality standards have on business success according to the text?

What distinguishes Quality Control (QC) from Quality Assurance (QA) as mentioned in the text?

What distinguishes compound interest from simple interest?

Which type of investment offers low-risk savings with slightly higher returns than a regular savings account?

What characteristic defines mutual funds/stokvels as potential risks?

Why is understanding risk tolerance crucial for making investment decisions?

In what way do government bonds differ from stocks in terms of returns and security?

What is the primary factor that affects the overall viability of investment opportunities?

Which type of shares offers different rights and returns compared to ordinary shares?

What concept is used to calculate compensation when an asset is under-insured?

Why might an insurer choose to reinstate a damaged property instead of paying out the claim in cash in cases of over-insurance?

What is a crucial component of effective team performance assessment according to the text?

Which personality type is NOT mentioned as a difficult personality in a team setting according to the text?

In conflict management, what procedures can be used to address and resolve issues within a team?

What is the primary focus of understanding how to interact with difficult personalities in a team setting?

Which insurance concept determines compensation based on the proportion of coverage to the actual value of an asset?

Self-assessment and Team Performance Assessment involve identifying behavioral strengths and weaknesses for what purpose?

What strategy can be used for handling grievances in a professional environment according to the text?

What is the primary focus of the Employment Equity Act (EEA) in South Africa?

Which strategy involves businesses adding new, unrelated products or services aimed at current customers?

How does the National Credit Act (NCA) impact businesses?

What does the Consumer Protection Act (CPA) primarily aim to ensure?

In quality management, what does 'Total Client Satisfaction' refer to?

Which diversification strategy involves moving into entirely new lines of business?

What is a primary implication for businesses under the Broad-Based Black Economic Empowerment (BBBEE) initiative?

How does Horizontal Integration differ from Horizontal Diversification?

'Retrenchment' as a defensive strategy involves:

'Market Development' as an intensive strategy involves:

Which sector has businesses that interact mainly with the natural environment, facing challenges like weather variations and natural disasters?

In which sector can services be tailored to meet customer needs due to higher control?

Which sector involves transforming raw materials into products such as manufacturing?

Which sector provides services instead of goods, like retail and healthcare?

In which sector does the extent of control vary from limited to dependent on nature?

Which sector faces challenges classified based on sector-specific environments like economic conditions or political policies?

What is the key implication of over-insurance as mentioned in the text?

What does the Average Clause primarily aim to do when applied to under-insured assets?

What is a characteristic of successful teams that is NOT mentioned in the text?

Which approach is suggested for handling grievances effectively within a team setting?

Why might an insurer opt to reinstate a damaged property rather than paying cash for over-insured cases?

What is a key element in successful team performance according to the text?

What type of personality is NOT mentioned as being challenging in team interactions?

Self-assessment and Team Performance Assessment aim to help with what aspect of team dynamics?

Reinstatement Value is a concept primarily applied in which insurance scenario?

Conflict Management models like the Thomas-Kilnmann model aid in what aspect of team dynamics?

What distinguishes unit trusts from government retail bonds as investment options?

Which type of investment is characterized by offering high returns but with a higher level of risk?

How does compound interest differ from simple interest in terms of calculation?

What is the primary factor that helps in lowering the risk associated with managed portfolios as an investment option?

Which factor plays a crucial role in determining the viability of investment opportunities?

What distinguishes ordinary shares from founders' shares in terms of rights and returns?

What is the primary focus of the Broad-Based Black Economic Empowerment (BBBEE) act in South Africa?

How does the National Credit Act (NCA) impact businesses?

What is the main implication of the Employment Equity Act (EEA) for employers?

Which type of diversification strategy involves moving into entirely new lines of business?

What is the primary purpose of the Consumer Protection Act (CPA) in business-consumer interactions?

In the context of business strategies, what does 'Market Penetration' primarily involve?

What is the implication of 'Horizontal Integration' as a business strategy?

How does 'Retrenchment' contribute to a business's financial stability?

'Product Development' as an intensive strategy involves:

What is a crucial component of effective team performance assessment according to the summary?

Why are structured grievance procedures important in teamwork according to the text?

What should teams focus on to effectively manage conflicts in a professional environment?

According to the summary, what is an essential strategy for handling difficult personalities in a professional environment?

What is the primary goal of Quality Assurance (QA) in a business according to the summary?

What characteristic defines mutual funds/stokvels as potential risks according to the text?

What is the primary difference between Quality Control (QC) and Quality Assurance (QA)?

How does Total Quality Management (TQM) impact businesses' financial performance?

What is the main focus of 'Continuous Improvements to Processes and Systems' in Total Quality Management (TQM)?

How can poorly implemented Total Quality Management (TQM) impact businesses?

In the context of business success, what does high-quality performance lead to?

Why are Quality Circles encouraged in businesses implementing Total Quality Management (TQM)?

What is a key element of Total Quality Management (TQM) that emphasizes meeting or exceeding customer expectations?

'Continuous Skills Development' in Total Quality Management (TQM) primarily focuses on:

'Total Quality Management (TQM)' is an overarching management framework that guides:

What is the primary function of insurance in business?

Which insurance principle ensures fair compensation to the insured for the exact financial loss suffered?

What is the key purpose of compulsory insurance for businesses and individuals?

Which type of insurance covers legal and court costs of defending claims related to bodily harm caused by defective products?

What distinguishes non-compulsory insurance policies from compulsory ones?

In insurance, what is the significance of 'Utmost Good Faith'?

What does 'Insurable Interest' require from the insured in insurance policies?

Which insurance type is designed to compensate workers who become unemployed or are unable to work due to specific reasons?

What is the primary focus of liability insurance in business?

Which term refers to the contract detailing the terms and conditions of insurance coverage?