Business Studies June Exam P2 (Medium)
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Questions and Answers

What is the main purpose of the Johannesburg Securities Exchange (JSE)?

  • To exclusively deal in mutual funds
  • To provide venture capital to start-up businesses
  • To provide a platform for trading in various financial instruments (correct)
  • To offer insurance services to individuals and businesses

    • What distinguishes ordinary shares, preference shares, bonus shares, and founders' shares from each other?

  • The geographical location where they are traded
  • The rights and returns they offer (correct)
  • The industry sector they belong to
  • The level of risk associated with each type

    • What is the main function of unit trusts in the realm of investments?

  • Allow investors to pool their money into a professionally managed fund (correct)
  • Provide loans to businesses in need of capital
  • Offer insurance against investment losses
  • Provide tax benefits to individual investors

    • How do direct business investments through purchasing shares differ from unit trusts?

    <p>Direct investments give shareholders more control over their investments</p> Signup and view all the answers

    In the context of securities investments, what role do bonus shares play?

    <p>Providing additional shares to existing shareholders for free</p> Signup and view all the answers

    Why is it important for individuals and businesses to understand different investment opportunities like venture capital?

    <p>To maintain financial growth and stability</p> Signup and view all the answers

    What is the main purpose of insurance in business?

    <p>Managing risks effectively</p> Signup and view all the answers

    Which insurance type compensates individuals injured in road accidents?

    <p>Road Accident Fund (RAF)</p> Signup and view all the answers

    What does the 'Average Clause' help determine in insurance claims?

    <p>Compensation for under-insured items</p> Signup and view all the answers

    What principle ensures that the insured is compensated for the loss suffered, no more and no less?

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

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

    <p>Product Liability Insurance</p> Signup and view all the answers

    What role does the 'Reinstatement Value' play in insurance?

    <p>Replacing damaged property instead of cash payout</p> Signup and view all the answers

    'Compulsory Insurance' is mandated by law to provide what level of protection?

    <p>Minimum protection for employees or public or both</p> Signup and view all the answers

    'Non-Compulsory (Voluntary) Insurance' is important for businesses because it:

    <p>Is crucial for protecting against various risks</p> Signup and view all the answers

    What is the significance of 'Insurable Interest' in insurance?

    <p>Ensuring a financial interest in the insured object</p> Signup and view all the answers

    In cases of over-insurance, what option may the insurer choose regarding damaged property?

    <p>Reinstate or replace the damaged property</p> Signup and view all the answers

    What distinguishes compound interest from simple interest?

    <p>Compound interest is calculated on the principal amount and accumulated interest.</p> Signup and view all the answers

    Which investment option is characterized as a low-risk savings choice with slightly higher returns than a regular savings account?

    <p>32-Day Notice Accounts</p> Signup and view all the answers

    What is the primary factor influencing the risk associated with investment opportunities?

    <p>Risk tolerance</p> Signup and view all the answers

    In what way do mutual funds and Stokvels differ from managed portfolios in terms of risk management?

    <p>Mutual funds/Stokvels offer lower risk through diversification.</p> Signup and view all the answers

    What is the primary reason for the high risk associated with venture capital investments?

    <p>Involvement in startups or expanding businesses</p> Signup and view all the answers

    Which type of investment offers low-risk opportunities aimed at building wealth over time?

    <p>Endowments/Retirement Annuities</p> Signup and view all the answers

    What guides the choice of investment according to the text?

    <p>Financial goals, risk tolerance, and investment horizon</p> Signup and view all the answers

    'Government Retail Bonds' are suitable for investors primarily looking to ___.

    <p>Preserve capital while earning interest</p> Signup and view all the answers

    'Debentures' are described as being issued by companies and considered ___.

    <p>Low-risk investments</p> Signup and view all the answers

    What is the main difference between problem-solving and decision-making?

    <p>Problem-solving identifies, analyzes, and resolves issues, while decision-making involves choosing a course of action.</p> Signup and view all the answers

    Which technique involves iterative rounds of questionnaires to reach a consensus?

    <p>Delphi Technique</p> Signup and view all the answers

    What is the essence of fostering creative thinking in the workplace?

    <p>Encouraging innovation and flexibility</p> Signup and view all the answers

    How can businesses create a conducive environment for creativity?

    <p>Recognizing and rewarding creativity</p> Signup and view all the answers

    Which step in the problem-solving process involves brainstorming possible solutions?

    <p>Evaluate Alternatives</p> Signup and view all the answers

    What does Force Field Analysis examine to evaluate the viability of a change initiative?

    <p>Driving and restraining forces</p> Signup and view all the answers

    Why is providing resources and dedicated time important in fostering creative thinking?

    <p>To allow employees the opportunity to explore innovative solutions</p> Signup and view all the answers

    What is the primary difference between ethical behavior and professional behavior in business?

    <p>Ethical behavior is guided by moral principles, while professional behavior involves adherence to industry-specific standards.</p> Signup and view all the answers

    Which of the following would be considered an example of professional behavior in business?

    <p>Continuous professional development and skill enhancement.</p> Signup and view all the answers

    What is a key aspect of fostering ethical and professional environments in organizations?

    <p>Regular review of ethical codes to ensure alignment with laws and regulations.</p> Signup and view all the answers

    How can unethical business practices impact a company's reputation?

    <p>They can damage trust and credibility with customers and the community.</p> Signup and view all the answers

    What role do ethics committees play in maintaining ethical and professional standards within an organization?

    <p>They resolve ethical dilemmas and review practices.</p> Signup and view all the answers

    Why is transparency in operations considered an example of ethical behavior in business?

    <p>To maintain trust with stakeholders through open communication.</p> Signup and view all the answers

    How do professional behaviors differ from unprofessional practices in a business setting?

    <p>Professional behaviors include continuous skill enhancement.</p> Signup and view all the answers

    Why is adherence to industry-specific codes of conduct considered an example of professional behavior?

    <p>To demonstrate commitment to effective performance in a given field.</p> Signup and view all the answers

    What is the significance of leadership by example in promoting ethical and professional behavior within an organization?

    <p>It sets a standard for all employees and reinforces ethical and professional values.</p> Signup and view all the answers

    How can unethical business practices impact stakeholder relationships?

    <p>They can damage trust and rapport with stakeholders, including customers and investors.</p> Signup and view all the answers

    What is essential for effective team performance according to the text?

    <p>Clear objectives and mutual respect</p> Signup and view all the answers

    Which approach could help in managing conflicts within a team?

    <p>Promoting open communication and understanding</p> Signup and view all the answers

    What is a characteristic of successful teams as mentioned in the text?

    <p>Balanced skills, knowledge, and expertise</p> Signup and view all the answers

    Which personality type poses challenges in a team setting according to the text?

    <p>Aggressive and confrontational personality</p> Signup and view all the answers

    How can conflict be addressed effectively within a team based on the text?

    <p>Using structured conflict resolution models</p> Signup and view all the answers

    What is the purpose of self-assessment and team performance assessment as described in the text?

    <p>To identify behavioral strengths and weaknesses for effective contribution</p> Signup and view all the answers

    Why is conflict management considered crucial in a team environment?

    <p>To maintain a productive team environment</p> Signup and view all the answers

    Which method can be employed to handle grievances effectively in an organization?

    <p>&quot;Structured approach&quot; with timely resolution of reported grievances</p> Signup and view all the answers

    What action can help in dealing with difficult personalities in a team setting?

    <p>&quot;Seeking authoritative input&quot; when necessary</p> Signup and view all the answers

    What is the primary function of the Johannesburg Securities Exchange (JSE)?

    <p>Selling various financial instruments like stocks and bonds</p> Signup and view all the answers

    What distinguishes preference shares from ordinary shares in business investments?

    <p>Preference shares yield higher returns compared to ordinary shares</p> Signup and view all the answers

    What role do unit trusts play in the realm of investments?

    <p>Pooling investors' money into a single fund managed by professionals</p> Signup and view all the answers

    In what way do bonus shares differ from founders' shares in business investments?

    <p>Bonus shares are offered to existing shareholders for free</p> Signup and view all the answers

    How do mutual funds differ from venture capital in terms of investment opportunities?

    <p>Mutual funds are low-risk with moderate returns, while venture capital carries high risk for potentially high returns</p> Signup and view all the answers

    What distinguishes managed portfolios from unit trusts in terms of investment management?

    <p>'Managed portfolios' are managed by individuals, while 'unit trusts' are self-managed by investors</p> Signup and view all the answers

    What distinguishes ethical behavior from professional behavior in a business context?

    <p>Ethical behavior is based on individual moral values, while professional behavior focuses on organizational guidelines.</p> Signup and view all the answers

    How can businesses promote ethical and professional conduct among employees according to the text?

    <p>By having leadership demonstrate ethical and professional behavior as a standard.</p> Signup and view all the answers

    What is the primary function of codes of conduct in fostering ethical and professional environments within organizations?

    <p>To provide clear guidelines on expected behaviors and consequences of unethical actions.</p> Signup and view all the answers

    Why is transparency considered an example of ethical behavior in business practices?

    <p>To provide clear and truthful information about operations and decision-making.</p> Signup and view all the answers

    How does professionalism differ from unprofessionalism in a business setting?

    <p>Professionalism embodies adherence to codes of conduct, while unprofessionalism encourages negligence in fulfilling job responsibilities.</p> Signup and view all the answers

    How can organizations address challenges in maintaining ethical and professional standards?

    <p>By establishing ethics committees to oversee compliance and resolve dilemmas.</p> Signup and view all the answers

    Why is honesty in advertising crucial for businesses practicing ethical behavior?

    <p>To build trust with customers by providing accurate information.</p> Signup and view all the answers

    What role does respect play in fostering a professional environment within a business?

    <p>'Respect' encourages courteous interactions and effective collaboration among stakeholders.</p> Signup and view all the answers

    'Continuous professional development' entails which of the following actions?

    <p>'Continuous professional development' requires ongoing skill enhancement throughout one's career.</p> Signup and view all the answers

    'Negligence in fulfilling job responsibilities' is considered an example of which kind of conduct?

    <p>'Negligence' falls under unprofessional behavior as it violates expected duties.</p> Signup and view all the answers

    What is the primary purpose of government retail bonds?

    <p>Offer low-risk investments with fixed returns</p> Signup and view all the answers

    What distinguishes compound interest from simple interest?

    <p>Compound interest leads to exponentially growing returns</p> Signup and view all the answers

    What is the key factor that determines the relationship between risk and return in investments?

    <p>Risk tolerance</p> Signup and view all the answers

    What makes debentures attractive as investment options?

    <p>Considered low-risk investments</p> Signup and view all the answers

    Why are endowments and retirement annuities considered long-term investment options?

    <p>To build wealth over time</p> Signup and view all the answers

    In what way do mutual funds differ from managed portfolios?

    <p>Mutual funds are less susceptible to the risks of mismanagement or fraud</p> Signup and view all the answers

    What is essential when choosing an investment opportunity that aligns with one's financial goals?

    <p>Aligning with financial goals, risk tolerance, and investment horizon</p> Signup and view all the answers

    Why should understanding economic indicators be a part of making informed investment decisions?

    <p>To navigate the complexities of financial markets better</p> Signup and view all the answers

    How do 32-Day Notice Accounts compare to regular savings accounts?

    <p>Higher liquidity but lower returns</p> Signup and view all the answers

    What is the significance of understanding the risk and return relationship in investment decisions?

    <p>To make informed decisions based on individual risk tolerance</p> Signup and view all the answers

    What distinguishes problem-solving from decision-making?

    <p>Problem-solving focuses on identifying and resolving issues, while decision-making involves choosing between solutions.</p> Signup and view all the answers

    Which problem-solving step involves assessing the feasibility and potential impact of each solution?

    <p>Evaluate Alternatives</p> Signup and view all the answers

    Which technique combines individual idea generation with collective decision-making to solve problems?

    <p>Nominal Group Technique</p> Signup and view all the answers

    What is the essence of fostering creative thinking in the workplace?

    <p>Involves looking at situations from fresh perspectives to devise innovative solutions</p> Signup and view all the answers

    Which factor is crucial for adapting to change, enhancing productivity, and maintaining a competitive edge?

    <p>Creative thinking</p> Signup and view all the answers

    How can businesses create a conducive environment for creativity?

    <p>Recognizing and rewarding creativity</p> Signup and view all the answers

    What is the primary function of insurance in business?

    <p>To manage risks effectively and ensure operational continuity</p> Signup and view all the answers

    What principle ensures that the insured is compensated for the loss suffered, no more and no less?

    <p>Indemnity principle</p> Signup and view all the answers

    Why is 'Utmost Good Faith' important in insurance policies?

    <p>To ensure honesty and full disclosure between the insurer and insured</p> Signup and view all the answers

    What type of insurance compensates individuals injured in road accidents?

    <p>Road Accident Fund (RAF)</p> Signup and view all the answers

    In insurance, what does 'Reinstatement Value' refer to?

    <p>Replacing damaged property instead of cash settlement</p> Signup and view all the answers

    Why is 'Insurable Interest' crucial in insurance?

    <p>To ensure a legal or financial stake in the insured item</p> Signup and view all the answers

    What is the main purpose of 'Average Clause' in insurance claims?

    <p>To calculate compensation for under-insured assets</p> Signup and view all the answers

    Why is 'Compulsory Insurance' mandated by law for businesses and individuals?

    <p>To provide a minimum level of protection for employees and the public</p> Signup and view all the answers

    'Liability Insurance' primarily protects against claims resulting from:

    <p>Injuries and damage to people or property</p> Signup and view all the answers

    'Over-insurance' occurs when:

    <p>'The value of coverage exceeds the value of the insured item'</p> Signup and view all the answers

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

    <p>Positive interpersonal relationships</p> Signup and view all the answers

    Which technique is recommended in conflict management for resolving issues?

    <p>Implementing grievance and disciplinary procedures</p> Signup and view all the answers

    How can teams effectively handle grievances based on the information provided?

    <p>Addressing grievances in a timely manner through structured procedures</p> Signup and view all the answers

    Which type of personality could potentially disrupt team cohesion according to the content?

    <p>Complainer personality</p> Signup and view all the answers

    What is a characteristic of successful teams as outlined in the provided material?

    <p>Balanced skills, knowledge, and expertise</p> Signup and view all the answers

    Why is conflict management essential in a team setting based on the information given?

    <p>To maintain a productive team environment</p> Signup and view all the answers

    Which approach is recommended for dealing with difficult personalities in a team based on the text?

    <p>Respecting the individual's opinions and intentions</p> Signup and view all the answers

    Why is self-assessment important in team performance assessment according to the content?

    <p>To identify behavioral strengths and weaknesses for effective contribution</p> Signup and view all the answers

    What role does openness play in successful team performance as mentioned in the text?

    <p>Promoting collaboration and effective communication</p> Signup and view all the answers

    How does conflict arise in a team setting according to the provided information?

    <p>Arising from differences in background, opinions, and personalities</p> Signup and view all the answers

    What is the primary purpose of the Johannesburg Securities Exchange (JSE)?

    <p>To offer a platform for trading stocks and bonds</p> Signup and view all the answers

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

    <p>Preference shares</p> Signup and view all the answers

    What distinguishes unit trusts from direct investments in businesses through purchasing shares?

    <p>Unit trusts are managed by professionals</p> Signup and view all the answers

    In the realm of securities investments, what role do bonus shares typically play?

    <p>Acting as an incentive to existing shareholders</p> Signup and view all the answers

    Which investment opportunity provides a way for businesses to raise capital and allows investors to own a share of those businesses?

    <p>Securities like stocks and bonds</p> Signup and view all the answers

    What role does insurance play in ensuring business sustainability?

    <p>Providing strategic risk management</p> Signup and view all the answers

    In insurance, what does 'Indemnity' principle aim to achieve?

    <p>Compensating to the extent of the financial loss suffered</p> Signup and view all the answers

    What is the legal or financial requirement that an insured must have in an insurance policy?

    <p>Insurable interest</p> Signup and view all the answers

    What distinguishes over-insurance from under-insurance in insurance coverage?

    <p>Over-insurance exceeds the value of the insured item, under-insurance falls short</p> Signup and view all the answers

    What is the purpose of 'Average Clause' in insurance claims?

    <p>To determine compensation for under-insured assets</p> Signup and view all the answers

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

    <p><strong>Road Accident Fund (RAF)</strong></p> Signup and view all the answers

    What important ethical and legal expectation do both parties in an insurance contract need to adhere to?

    <p><strong>Utmost Good Faith (Uberrima Fides)</strong></p> Signup and view all the answers

    Why are non-compulsory insurance policies crucial for businesses?

    <p><strong>They help manage risks effectively</strong></p> Signup and view all the answers

    'Liability Insurance' primarily protects businesses against claims resulting from which scenarios?

    <p><strong>Injuries and damage to people or property</strong></p> Signup and view all the answers

    What kind of insurance compensates employees who are injured through their employment?

    <p>Compensation for Occupational Injuries and Diseases Act (COIDA)</p> Signup and view all the answers

    Which process involves identifying, analyzing, and resolving problems through a structured sequence of steps?

    <p>Problem-solving</p> Signup and view all the answers

    What distinguishes problem-solving from decision-making?

    <p>Problem-solving involves resolving issues through a series of steps.</p> Signup and view all the answers

    Which technique combines individual idea generation with collective decision-making to solve problems?

    <p>Nominal Group Technique</p> Signup and view all the answers

    What is the primary purpose of the Delphi Technique?

    <p>Utilizes expertise to reach a consensus</p> Signup and view all the answers

    Which step in the problem-solving process involves assessing the feasibility and impact of potential solutions?

    <p>Evaluate Alternatives</p> Signup and view all the answers

    What distinguishes Brainstorming as a problem-solving technique?

    <p>Quick generation of a wide range of ideas</p> Signup and view all the answers

    In problem-solving, what is the significance of implementing the chosen solution effectively?

    <p>Executing the chosen solution properly</p> Signup and view all the answers

    Which technique examines driving and restraining forces to evaluate change initiatives?

    <p>Force Field Analysis</p> Signup and view all the answers

    What is a distinguishing feature of the Force Field Analysis technique?

    <p>Examines driving and restraining forces for change initiatives</p> Signup and view all the answers

    How does the Delphi Technique differ from Brainstorming?

    <p>Utilizes external experts to reach agreement</p> Signup and view all the answers

    What distinguishes compound interest from simple interest?

    <p>It involves interest on interest</p> Signup and view all the answers

    Which investment option is characterized by providing diversified investment managed by professionals to lower risk?

    <p>Managed Portfolios</p> Signup and view all the answers

    What is the primary purpose of debentures as investment options?

    <p>Low-risk returns</p> Signup and view all the answers

    Which factor should individuals consider to align their investment choices with their financial goals?

    <p>Investment horizon</p> Signup and view all the answers

    How do government retail bonds and stocks differ in terms of returns and risk?

    <p>Stocks offer higher returns with lower risk than government bonds.</p> Signup and view all the answers

    Why are endowments and retirement annuities considered low-risk investment options?

    <p>They offer fixed returns over time</p> Signup and view all the answers

    What is the fundamental principle underlying most investment decisions?

    <p>Relationship between risk and return</p> Signup and view all the answers

    Why are mutual funds and stokvels susceptible to risks according to the text?

    <p>[They are often subject to mismanagement or fraud]</p> Signup and view all the answers

    What factor plays a crucial role in making informed investment decisions according to the text?

    <p>Economic indicators</p> Signup and view all the answers

    What is the main distinction between managed portfolios and 32-Day Notice Accounts?

    <p>Managed portfolios are professionally diversified</p> Signup and view all the answers

    What distinguishes ethical behavior from professional behavior in a business context?

    <p>Ethical behavior is rooted in moral principles, while professional behavior is influenced by organizational codes.</p> Signup and view all the answers

    How do organizations foster ethical and professional environments according to the text?

    <p>By regularly updating ethical codes and engaging stakeholders.</p> Signup and view all the answers

    What is the primary purpose of codes of conduct in a business setting?

    <p>To outline expected behaviors and consequences of unethical actions.</p> Signup and view all the answers

    Which factor influences the conduct of professional behavior in a given field?

    <p>Skills and attributes that demonstrate commitment to effective performance.</p> Signup and view all the answers

    Why is transparency essential in business operations?

    <p>To build trust with stakeholders.</p> Signup and view all the answers

    What contributes to professionalism in business beyond ethical behavior?

    <p>Continuous professional development along with skills enhancement.</p> Signup and view all the answers

    How can unethical business practices impact an organization's reputation?

    <p>Damage credibility and trustworthiness.</p> Signup and view all the answers

    What can organizations do to address challenges in maintaining ethical standards?

    <p>Regularly review ethical codes and involve stakeholders.</p> Signup and view all the answers

    What is a key characteristic of successful teams as discussed in the text?

    <p>Positive interpersonal relationships</p> Signup and view all the answers

    Why is conflict management crucial in maintaining a productive team environment?

    <p>To resolve differences and maintain productivity</p> Signup and view all the answers

    What is the primary purpose of self-assessment in team performance evaluation?

    <p>To identify behavioral strengths and weaknesses</p> Signup and view all the answers

    Which approach is recommended for dealing with difficult personalities in a team setting?

    <p>Establishing personal connections and understanding intentions</p> Signup and view all the answers

    How can conflict resolution strategies contribute to effective teamwork?

    <p>By addressing and resolving issues constructively</p> Signup and view all the answers

    What role does continuous evaluation play in fostering creativity within an organization?

    <p>Encourages refinement of creativity strategies</p> Signup and view all the answers

    Why is trust considered a vital element for successful team performance?

    <p>To foster collaboration and respect among team members</p> Signup and view all the answers

    What differentiates successful teams from unsuccessful ones based on the text?

    <p>'Positive interpersonal relationships and mutual respect'</p> Signup and view all the answers

    What is the primary purpose of the Johannesburg Securities Exchange (JSE)?

    <p>To provide a marketplace for trading stocks and bonds</p> Signup and view all the answers

    What distinguishes unit trusts as investment options?

    <p>They involve pooling money into a managed fund</p> Signup and view all the answers

    Which type of shares offers different rights and returns to investors?

    <p>Preference shares</p> Signup and view all the answers

    Why do businesses invest in securities like stocks and bonds?

    <p>To raise capital</p> Signup and view all the answers

    What is the main purpose of direct investments in businesses through share purchases?

    <p>To gain ownership stakes in those businesses</p> Signup and view all the answers

    How do business ventures benefit from securities like stocks and bonds?

    <p>By offering a marketplace to raise capital</p> Signup and view all the answers

    What distinguishes compound interest from simple interest in investment?

    <p>Compound interest is calculated only on the principal amount, while simple interest is the interest on interest.</p> Signup and view all the answers

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

    <p>Return on investment (ROI)</p> Signup and view all the answers

    Which investment option provides slightly higher returns than a regular savings account but has less liquidity?

    <p>32-Day Notice Accounts</p> Signup and view all the answers

    What principle is fundamental in the relationship between risk and return in investments?

    <p>Higher risks are usually associated with higher potential returns.</p> Signup and view all the answers

    Why are government retail bonds suitable for individual investors preserving capital?

    <p>They have very low chances of default and provide fixed returns.</p> Signup and view all the answers

    Which type of investment involves investing in startups or expanding businesses with high risk and high potential returns?

    <p>Venture capital</p> Signup and view all the answers

    What should an investor consider when choosing between government bonds and stocks?

    <p>'Government bonds are secure with lower returns, while stocks offer high returns but with increased risk.'</p> Signup and view all the answers

    'Endowments/Retirement Annuities' aim at building wealth over time by providing what kind of return?

    <p>'Long-term, low-risk options offering a fixed return.'</p> Signup and view all the answers

    'Managed Portfolios' are known for what characteristic that contributes to lowering investment risks?

    <p>'Diversified investments managed by professionals.'</p> Signup and view all the answers

    What should investors primarily focus on when considering mutual funds/Stokvels as investment options?

    <p>The potential risks associated with mismanagement or fraud.</p> Signup and view all the answers

    What is the critical role of insurance in business sustainability?

    <p>A strategic tool for managing risks effectively.</p> Signup and view all the answers

    What does the principle of 'Indemnity' ensure?

    <p>Compensation to the extent of the financial loss suffered, no more, no less.</p> Signup and view all the answers

    What is the purpose of the 'Average Clause' in insurance policies?

    <p>To calculate compensation when an asset is under-insured.</p> Signup and view all the answers

    Why is 'Utmost Good Faith (Uberrima Fides)' important in insurance policies?

    <p>To encourage honesty and full disclosure between both parties.</p> Signup and view all the answers

    What differentiates compulsory insurance from non-compulsory insurance?

    <p>Compulsory insurance is mandated by law, while non-compulsory isn't.</p> Signup and view all the answers

    How does 'Over-insurance' differ from 'Under-insurance'?

    <p>'Over-insurance' means the coverage value exceeds the item's value, while 'Under-insurance' means the opposite.</p> Signup and view all the answers

    What does 'Insurable Interest' require of the insured?

    <p>To have a legal or financial interest in the insured object.</p> Signup and view all the answers

    'Reinstatement Value' in insurance policies refers to:

    <p>The option for insurers to reinstate damaged property instead of cash payouts in cases of over-insurance.</p> Signup and view all the answers

    'Liability Insurance' primarily protects against claims related to:

    <p>Injuries and damage to people or property.</p> Signup and view all the answers

    What is one of the key principles guiding insurance policies?

    <p>Utmost Good Faith (Uberrima Fides)</p> Signup and view all the answers

    What is the core difference between ethical behavior and professional behavior in a business context?

    <p>Ethical behavior is universal, while professional behavior is specific to an industry.</p> Signup and view all the answers

    In the context of unethical business practices, what does 'Misleading advertising or product misrepresentation' exemplify?

    <p>Exploitation of labor</p> Signup and view all the answers

    What strategy can organizations use to promote ethical and professional environments by setting clear guidelines?

    <p>Developing and enforcing codes of conduct</p> Signup and view all the answers

    What contributes to professionalism in business beyond ethical and professional standards?

    <p>Continuous professional development</p> Signup and view all the answers

    Which aspect is crucial for maintaining trust with stakeholders in a business environment?

    <p>Transparency in operations</p> Signup and view all the answers

    What differentiates unethical business practices from professional behavior?

    <p>Exploitation of labor</p> Signup and view all the answers

    Which measure can help address challenges related to maintaining ethical and professional standards in dynamic markets?

    <p>Regular review of ethical codes</p> Signup and view all the answers

    Why should businesses involve stakeholders in discussions about ethical practices and corporate responsibility?

    <p>To ensure the alignment of ethical practices with societal expectations</p> Signup and view all the answers

    What can organizations implement to foster transparency in operations and decision-making?

    <p>Compliance with legal and environmental regulations</p> Signup and view all the answers

    How can businesses uphold fair treatment of employees and safe working conditions?

    <p>Compliance with legal and environmental regulations</p> Signup and view all the answers

    What is the primary difference between problem-solving and decision-making?

    <p>Problem-solving involves identifying, analyzing, and resolving issues, while decision-making is about choosing between solutions.</p> Signup and view all the answers

    Which problem-solving step involves reviewing the solution's effectiveness and making necessary adjustments?

    <p>Evaluate the Outcome</p> Signup and view all the answers

    Which problem-solving technique utilizes a panel's expertise through iterative questionnaires to reach a consensus?

    <p>Delphi Technique</p> Signup and view all the answers

    What is the essence of creative thinking in the workplace?

    <p>Devise innovative solutions by looking from fresh perspectives</p> Signup and view all the answers

    Which factor is crucial for fostering creative thinking in the workplace?

    <p>Recognizing and rewarding creativity</p> Signup and view all the answers

    In problem-solving, what does the 'Evaluate Alternatives' step entail?

    <p>Assessing the feasibility and impact of each solution</p> Signup and view all the answers

    What technique examines driving and restraining forces to evaluate the viability of a change initiative?

    <p>Force Field Analysis</p> Signup and view all the answers

    What is a key characteristic of successful teams according to the text?

    <p>Balancing skills, knowledge, and expertise</p> Signup and view all the answers

    What is an essential aspect of conflict management in a team environment based on the information provided?

    <p>Resolving issues using disciplinary procedures</p> Signup and view all the answers

    How can organizations promote creativity effectively based on the text?

    <p>Implementing structured approaches to problem-solving</p> Signup and view all the answers

    Which of the following is a recommended method for handling grievances in the workplace?

    <p>Escalating grievances through organizational hierarchies</p> Signup and view all the answers

    What is a common challenge in dealing with difficult personalities within a team setting?

    <p>Understanding intentions of difficult personalities</p> Signup and view all the answers

    Why is self-assessment important for team performance according to the text?

    <p>To identify behavioral strengths and weaknesses for effective contribution</p> Signup and view all the answers

    What is a critical factor in effective team performance based on the information provided?

    <p>Regular progress reviews to track team objectives</p> Signup and view all the answers

    Why is mastering creative thinking essential for businesses in dynamic environments?

    <p>To navigate challenges effectively and seize innovation opportunities</p> Signup and view all the answers

    What does ensuring open communication and trust contribute to in successful teams?

    <p>Fostering positive interpersonal relationships and mutual respect</p> Signup and view all the answers

    What should organizations do regularly to adapt to evolving business landscapes?

    <p>Regularly evaluate and refine strategies for promoting creativity</p> Signup and view all the answers

    What is a critical aspect of maintaining trust within a team environment?

    <p>Fostering open communication</p> Signup and view all the answers

    Why is self-assessment important in identifying roles within a team?

    <p>To ensure each member contributes effectively to the team's objectives</p> Signup and view all the answers

    What is a common characteristic of difficult personalities within a team setting?

    <p>Inability to adapt to changing circumstances</p> Signup and view all the answers

    Which model is commonly used for conflict management in a team environment?

    <p>Thomas-Kilmann Model</p> Signup and view all the answers

    What is an essential characteristic of successful teams according to the text?

    <p>Individual responsibility towards team values</p> Signup and view all the answers

    How can conflict be beneficial in a team setting?

    <p>By bringing underlying issues to the surface for resolution</p> Signup and view all the answers

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