Communication and Management Quiz
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Questions and Answers

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.

    <p>Government agencies and shareholders - interested in financial performance and compliance</p> 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.

    <p>Improved workplace communication and negotiation process</p> Signup and view all the answers

    Which of the following is an essential characteristic of specialization?

    <p>Increased efficiency</p> Signup and view all the answers

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

    <p>Monotonous</p> Signup and view all the answers

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

    <p>The difference between the cost price and the selling price of a product</p> 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?

    <p>The next best alternative forgone by choosing another alternative</p> Signup and view all the answers

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

    <p>Employs people</p> Signup and view all the answers

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

    <p>Increased investment in the tertiary sector at the expense of the secondary sector</p> Signup and view all the answers

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

    <p>Private players</p> Signup and view all the answers

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

    <p>Money invested in a business by its owners</p> Signup and view all the answers

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

    <p>Mixed</p> Signup and view all the answers

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