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Questions and Answers

What characterizes a need in economic terms?

An unlimited desire for various goods and services.
A resource that is produced by businesses.
A good or service essential for living. (correct)
A good that is desired but not crucial for survival.

What does scarcity refer to in economics?

The efficiency of resource allocation in an economy.
The availability of all resources in abundance.
The lack of sufficient products to fulfill total wants. (correct)
The ability to produce more goods than are needed.

Which of the following best describes opportunity cost?

The next best alternative given up by choosing another item. (correct)
The most expensive alternative lost when making a decision.
The price difference between two goods.
The loss of resources in production.

What is the definition of division of labour?

The splitting of production processes into different tasks performed by individuals. (A) Signup and view all the answers

Which sector is responsible for extracting and using natural resources?

Primary sector (D) Signup and view all the answers

What does internal growth refer to in a business context?

The expansion of a business's existing operations. (C) Signup and view all the answers

What is meant by added value in business?

The difference between the buying price and selling price of a product. (B) Signup and view all the answers

What is the role of an entrepreneur?

To operate and take risks for a new business venture. (C) Signup and view all the answers

What is a takeover in a business context?

A purchase where one business integrates another. (B) Signup and view all the answers

Which type of integration occurs when a business merges with another in the same industry at the same production stage?

Horizontal integration (A) Signup and view all the answers

What does limited liability mean for shareholders in a company?

Their liability is limited to their investment amount. (D) Signup and view all the answers

What is the primary difference between a private limited company and a public limited company?

Public companies can sell shares to the public and are tradable. (C) Signup and view all the answers

Which term describes when a business merges with or acquires another business in a different industry?

Conglomerate integration (A) Signup and view all the answers

What is the role of an Annual General Meeting (AGM) for a company?

To allow shareholders to vote on Board of Directors. (D) Signup and view all the answers

What distinguishes an incorporated business from an unincorporated business?

Incorporated businesses have a legal status separate from owners. (A) Signup and view all the answers

What does 'delegation' in an organisational context refer to?

The act of assigning authority to subordinates. (C) Signup and view all the answers

What is a partnership agreement?

A legal contract outlining the relationship between business partners. (C) Signup and view all the answers

Which leadership style involves all employees in the decision-making process?

Democratic leadership (D) Signup and view all the answers

What is the primary purpose of an organisation chart?

To outline the internal management structure. (A) Signup and view all the answers

What role do 'staff managers' play in an organisation?

They provide support and information to line managers. (A) Signup and view all the answers

What does 'span of control' refer to in a managerial context?

The number of subordinates directly managed by a manager. (C) Signup and view all the answers

What is the first step in the recruitment process?

Identifying the need for employment. (D) Signup and view all the answers

Which of the following best describes 'hierarchy' within an organisation?

The levels of management from highest to lowest. (D) Signup and view all the answers

Which term refers to the evaluation process for selecting candidates for a specific job?

Employee selection (D) Signup and view all the answers

What is meant by 'market share'?

The percentage of total market sales held by one brand or business. (C) Signup and view all the answers

Which term describes a business owned and controlled by the state?

Public corporation (B) Signup and view all the answers

What does 'profit sharing' involve?

Distributing a portion of the business's profit to employees. (C) Signup and view all the answers

Which of the following best describes 'motivation' in a workplace context?

The reason why employees want to work hard and effectively. (A) Signup and view all the answers

What is 'job enrichment'?

Adding tasks that require more skill and responsibility. (B) Signup and view all the answers

Which of the following defines 'stakeholder'?

Any person or group with an interest in the business's performance. (A) Signup and view all the answers

What is the primary purpose of a 'social enterprise'?

To achieve social objectives while making a profit. (D) Signup and view all the answers

Which type of payment is 'commission' based on?

The number of sales made. (A) Signup and view all the answers

What is defined as a document outlining the requirements and qualifications for a specified job?

Job specification (D) Signup and view all the answers

What type of recruitment involves filling a vacancy with an existing employee?

Internal recruitment (B) Signup and view all the answers

Which training method involves new employees learning by observing experienced colleagues at work?

On-the-job training (C) Signup and view all the answers

What characterizes full-time employment?

Working 35 hours or more a week (B) Signup and view all the answers

Which communication type is defined as communication between members of the same organisation?

Internal communication (A) Signup and view all the answers

What is the definition of feedback in the communication process?

The reply from the receiver indicating message understanding (C) Signup and view all the answers

Which term refers to a message that does not require a response?

One-way communication (B) Signup and view all the answers

What is the purpose of workforce planning?

To establish future workforce needs (D) Signup and view all the answers

What is meant by customer loyalty?

Existing customers consistently purchasing from the same business (A) Signup and view all the answers

Which of the following defines market research?

The process of gathering, analysing, and interpreting information about a market (B) Signup and view all the answers

What does the term 'niche market' refer to?

A small, specialized segment within a larger market (D) Signup and view all the answers

Which best describes primary research?

The collection of original data through direct contact (D) Signup and view all the answers

What is the main focus of a market-oriented business?

To understand consumer wants before product development (D) Signup and view all the answers

What does the term 'mass market' indicate?

A very large number of sales of a product (D) Signup and view all the answers

Which statement accurately describes customer relationships?

Regular communication with customers to build loyalty (C) Signup and view all the answers

What is a marketing budget?

A plan outlining financial resources for marketing (C) Signup and view all the answers

Flashcards

Need

A good or service essential for living.

Want

A good or service that people would like to have, but is not essential for living; unlimited.