Communication and Management Quiz

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What is meant by 'added value' in a business context?

The value of shares held by stakeholders in the business

The extra worth that a company adds to a product or service during the production process (correct)

The total value of assets owned by the business

The overall profit earned by the business in a financial year

Identify two advantages to workers of being members of a trade union.

Enhanced job security and access to collective bargaining power (correct)

Limited workplace representation and reduced benefits

Decreased training opportunities and lack of legal protection

Decreased job security and lower wages

In what business situations would one-way communication be suitable?

During brainstorming sessions and strategy development

When seeking input for decision-making processes

During employee feedback sessions and team meetings

When introducing a new policy or procedure (correct)

Identify two external stakeholder groups and explain why each might be interested in a business.

Government agencies and shareholders - interested in financial performance and compliance Signup and view all the answers

Identify and explain two possible advantages to a company's management of its workers being members of a trade union.

Improved workplace communication and negotiation process Signup and view all the answers

Which of the following is an essential characteristic of specialization?

Increased efficiency Signup and view all the answers

What is the primary disadvantage associated with division of labour as mentioned in the text?

Monotonous Signup and view all the answers

Based on the text, added value in a business context refers to:

The difference between the cost price and the selling price of a product Signup and view all the answers

In the economic problem of unlimited wants and limited resources, what does opportunity cost represent based on the text?

The next best alternative forgone by choosing another alternative Signup and view all the answers

Why is it important for businesses to combine factors of production to produce goods and services?

Employs people Signup and view all the answers

What is the primary cause of de-industrialization in the secondary sector?

Increased investment in the tertiary sector at the expense of the secondary sector Signup and view all the answers

In a capitalist economy, who makes all decisions according to the text?

Private players Signup and view all the answers

What does the term 'capital' refer to in a business context?

Money invested in a business by its owners Signup and view all the answers

Which type of economy involves both private and public sectors, according to the text?

Mixed Signup and view all the answers

Communication and Management Quiz

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