G10 Revision Answer Key PDF

G10 Revision Answer Key Section A – True or False 1. Social media keeps businesses on their toes with customer service. True 2. New technology makes businesses more efficient and cost-effective. True 3. Websites and apps make customers consider more brands before buying. True 4. New te...

G10 Revision Answer Key Section A – True or False 1. Social media keeps businesses on their toes with customer service. True 2. New technology makes businesses more efficient and cost-effective. True 3. Websites and apps make customers consider more brands before buying. True 4. New tech helps small businesses challenge big companies. True 5. New tech gives startups a fighting chance! This keeps it simple, uses clear language, and emphasizes the competitive aspect relevant to business studies. True 1 Section B – Multiple Choice Questions Choose the correct answer. 1. Which risk management strategy involves reducing the impact of a risk rather than eliminating it? a) Risk avoidance. b) Risk transfer. c) Risk mitigation. 2. What is one of the primary benefits of using social media for business? a) Increased operational costs. b) Less customer engagement. c) Improved brand visibility. 3. How can businesses use social media to provide customer service? a) By ignoring customer inquiries. b) By responding quickly to customer messages and comments. c) By deleting negative feedback. 4. Instead of asking people directly, how can businesses use social media to learn what customers REALLY think about their products? a) By avoiding customer interaction. b) By limiting content creation. c) By monitoring customer feedback and discussions. 5. Why do businesses take time to identify risks before they happen? a) To remove all risks from a project. b) To identify and prioritize potential risks. c) To accept all risks without mitigation. 6. Out of these options, which would not MOST LIKELY be part of keeping risks under control in a business? a) Risk identification. b) Risk avoidance. c) Risk assessment. 2 7. Which risk management technique involves transferring risk to a third party, usually through insurance? a) Risk avoidance. b) Risk transfer. c) Risk assessment. 8. How can businesses measure the effectiveness of their social media marketing efforts? a) By ignoring analytics data. b) By focusing solely on follower count. c) By analyzing engagement metrics, such as likes, shares, and comments. 9. Which of the following is an example of operational risk? a) Changes in interest rates. b) Natural disasters. c) Employee errors. 10. Which of the following statements about risk management is true? a) Risk management focuses solely on maximizing profits. b) Risk management is a continuous process. c) Risk management eliminates all potential risks. 11. What's one BIG thing that changed during the Industrial Revolution? a) Cottage industries. b) Factory systems. c) Guilds. 3 12. What was a MAJOR effect of the Industrial Revolution on businesses? a) A decrease in the overall production of goods. b) Increased efficiency and a rise in output of goods. c) A decline in the standard of living for most people. 13. A key innovation of the Industrial Revolution was the development of: a) The concept of limited liability companies. b) Steam engine, enabling mechanized production. d) Widespread use of credit cards for consumer purchases. 14. The division of labor, a concept that emerged during the Industrial Revolution, refers to: a) Specialization of tasks within a production process. b) A shift towards a more barter-based economy. c) Increased government regulation of businesses. 15. The Industrial Revolution had a significant impact on workers. Which of the following is most likely true? a) Working conditions in factories were often harsh and dangerous. b) There was an increase in the demand for manual labor. c) Labor unions played a minor role during this period. 16. In sales, what are managers trying to achieve most of all? a) To minimize production costs. b) To increase sales and profitability. c) To improve employee morale. 17. Why do sales managers make sales forecasts? a) To establish production quotas for different departments. b) To predict future sales figures based on historical data and market trends. c) To develop marketing campaigns to promote new products. 4 18. Out of these options, what's a common way to manage a sales team? a) Implementing stricter quality control measures in the production process. b) Providing sales training and coaching to improve the skills of the sales team. c) Not doing research and development for product innovation. 19. Think about salespeople. Which of these would likely make them work harder to make sales? a) Micromanaging their activities and closely monitoring every call. b) Offering commissions (money) and bonuses based on sales performance. c) Providing minimal training and expecting them to learn on the job. 20. What's one of the MOST IMPORTANT things salespeople do when selling something? a) Setting unrealistic sales quotas for individual salespeople. b) Identifying customer needs and matching them with the company's products or services. c) Focusing solely on closing the sale as quickly as possible. 5 Section C – Answer the following questions. 1. How can social media influence consumer behavior? Choose one Targeted advertising. Word-of-mouth marketing. Social influence. 2. How can businesses use social media to sell more stuff? Choose one Creating brand awareness. Customer engagement. 3. What is a potential problem of social media for businesses? Choose one Negative publicity: Unhappy customers can easily voice complaints on social media, potentially damaging a brand's reputation. False information: The spread of misinformation or negative reviews on social media can be challenging to address. 4. Why do businesses need to plan for things that might go wrong? Risk management helps you prepare for any problems, minimizing potential losses and disruptions. 5. What are 3 ways businesses can play it safe to avoid problems? Risk avoidance. Risk reduction. Risk transfer. 6