Year 12 Term 1 Review Quiz

• Business
• Secondary Education

Year 12 Term 1 - Review Quiz

International AS Level business

Which of the following is NOT a type of stakeholder?

1. Suppliers
2. Employees
3. Customers
4. Competitors

What is a feature of the quaternary sector?

1. Retail and hospitality services
2. Physical extraction of resources
3. Focus on intellectual services
4. Direct manufacturing of goods

Which sector is known for its high level of customer service?

1. Quaternary sector
2. Quinary sector
3. Tertiary sector
4. Primary sector

What is a disadvantage of the secondary sector?

1. Flexibility in production
2. Low dependency on machinery
3. Direct interaction with customers
4. Reliance on capital-intensive production processes

Which of the following is a feature of the tertiary sector?

1. Focus on agriculture
2. Limited customer interaction
3. Services dominate economic activity
4. Manufacturing goods

What is a key benefit of global expansion for businesses?

1. Reduced transportation costs
2. Increased competition
3. Limited product differentiation
4. Access to new markets and customers

What is a disadvantage of franchise expansion for businesses?

1. Reduced financial risk
2. Increased brand awareness
3. Access to experienced managers
4. Loss of control over franchisees

What is the definition of conglomerate integration in business?

1. When a company expands within the same industry
2. When a company merges with unrelated businesses
3. When a company forms strategic alliances
4. When a company acquires its suppliers

Which type of business integration involves combining with a supplier or distributor?

1. Lateral integration
2. Conglomerate expansion
3. Conglomerate integration
4. Vertical integration

What is the main advantage of horizontal integration in business expansion?

1. Increased market power
2. Limited product range
3. Decreased competition
4. Reduced economies of scale

What is the relationship between Maslow's hierarchy and employee motivation?

1. Lower needs are irrelevant for motivation
2. Meeting only physiological needs is enough
3. Employees are always self-motivated
4. Higher needs must be met for motivation

Which HR practice is related to Maslow's 'Self-actualization' level?

1. Offering basic salary only
2. Imposing strict work schedules
3. Restricting training and development
4. Providing opportunities for personal growth

How can Maslow's hierarchy of needs be applied in HR practices?

1. By understanding employees' basic needs
2. By ignoring employees' needs
3. By focusing only on higher-level needs
4. By applying needs of customers

How can stakeholders influence a business?

1. By recruiting employees
2. By providing financial support
3. By setting sales targets
4. By affecting decision-making and business operations

How can government policies influence businesses?

1. Through market research
2. Through product development
3. Through taxation, regulations, and incentives
4. Through advertising campaigns

What is the main focus of Taylor's scientific management?

1. Efficiency and productivity
2. Work-life balance
3. Employee satisfaction
4. Team collaboration

What is one advantage of Taylor's scientific management?

1. Increased efficiency
2. Enhanced creativity
3. Employee empowerment
4. Higher job satisfaction

What is a potential disadvantage of scientific management?

1. Improved communication
2. Enhanced employee morale
3. Increased teamwork
4. Potential for employee dissatisfaction

What does the term 'motivation theories' refer to?

1. Strategies for conflict resolution
2. Concepts explaining why people behave in a certain way
3. Methods of time management
4. Techniques for stress reduction

According to Vroom, what impacts an individual's motivation?

1. Planning, Organizing, Controlling
2. Competition, Cooperation, Rewards
3. Teamwork, Leadership, Communication
4. Expectancy, Instrumentality, and Valence

What does the expectancy theory suggest about effort and performance?

1. Effort leads to outcomes, and outcomes lead to performance
2. Performance leads to effort, and outcomes lead to performance
3. Effort leads to performance, and performance leads to outcomes
4. Outcomes lead to effort, and effort leads to performance

What is the main advantage of a sole trader business?

1. Tax advantages
2. Full control over decision-making and profits
3. Limited liability
4. Access to additional capital

What is a disadvantage of a partnership business?

1. Unlimited liability for debts and losses
2. Less financial risk
3. Shared responsibility and workload
4. Tax benefits

How can businesses address stakeholder conflict?

1. Ignoring the concerns of stakeholders.
2. Limiting transparency in business operations.
3. Engaging in open communication and negotiation.
4. Imposing decisions without consultation.

What can be the consequence of unresolved stakeholder conflict?

1. Decreased employee morale and productivity.
2. Expansion of market reach.
3. Enhanced supplier relationships.
4. Increased customer satisfaction.

Identify an example of stakeholder conflict in business.

1. Customer loyalty programs.
2. Labor strikes due to wage disputes.
3. Celebration of employee achievements.
4. Joint ventures between companies.

What is the definition of stakeholder conflict?

1. Agreement between all parties involved.
2. Lack of interest from stakeholders.
3. Unrelated interactions among stakeholders.
4. Disagreement between different parties with vested interests.

Which ownership type offers limited liability to its owners?

1. Public limited company
2. Private limited company
3. Sole trader
4. Partnership

What is a disadvantage of a public limited company?

1. Flexibility in decision-making
2. Complex legal and regulatory requirements
3. Limited liability
4. Easy access to capital

What is an advantage of a franchise business?

1. Full control over the business
2. Access to an established brand and business model
3. Limited market potential
4. High start-up costs

What are the characteristics of the public sector?

1. Private ownership, non-profit motive
2. Private ownership, profit motive
3. Government ownership, profit motive
4. Government ownership, non-profit motive

What is a feature of the private sector?

1. Government ownership
2. Non-profit motive
3. Regulated by the government
4. Driven by profit motive

Which sector is characterized by government ownership and provision of public services?

1. Non-profit sector
2. Public sector
3. Private sector
4. Informal sector

What is a distinguishing feature of the private sector?

1. Competitive market orientation
2. Government intervention
3. Non-profit orientation
4. Monopolistic market orientation

What type of sector is driven by the pursuit of social or environmental objectives?

1. Non-profit sector
2. Informal sector
3. Public sector
4. Private sector

What is the impact of Intrapreneurship on organizations?

1. Decreased employee satisfaction
2. Higher operational costs
3. Reduced customer loyalty
4. Increased innovation and adaptability

How does Intrapreneurship differ from traditional entrepreneurship?

1. Operates within the confines of an established organization
2. Involves collaborating with external entrepreneurs
3. Focuses on government-led entrepreneurial initiatives
4. Fosters a culture of independent business ownership

What is the definition of vertical integration in business?

1. When a company expands into different markets.
2. When a company forms strategic alliances with suppliers.
3. When a company merges with a competitor.
4. When a company controls multiple stages of production.

What does backward integration involve in business?

1. When a company forms joint ventures with competitors.
2. When a company acquires its suppliers.
3. When a company expands into new geographic markets.
4. When a company diversifies its operations.

Which of the following is an example of vertical integration?

1. A technology company expanding into new markets.
2. A retail chain merging with a competitor.
3. A car manufacturer acquiring a tire production plant.
4. A pharmaceutical company forming alliances with research firms.

When different companies combine to form a single entity, it is an example of what type of integration?

1. Backward integration.
2. Vertical integration.
3. Corporate integration.
4. Lateral integration.

What do SMART objectives aim to be?

1. Simple, Vague, Ambiguous, Random, Temporary
2. Specific, Memorable, Aspirational, Realistic, Timely
3. Specific, Measurable, Achievable, Relevant, Time-bound
4. Sensible, Meaningful, Attainable, Reasonable, Timely

Which of the following is an example of a SMART objective?

1. Increase sales by 10% within the next quarter
2. Improve customer satisfaction
3. Expand marketing efforts
4. Train employees on new software

What does the 'A' in SMART objectives stand for?

1. Ambitious
2. Achievable
3. Aspirational
4. Attainable

Why are SMART objectives important for businesses?

1. They provide a clear framework for setting and achieving goals
2. They hinder organizational flexibility
3. They limit creativity
4. They are only suitable for large corporations

What is the definition of workforce planning?

1. Process of analyzing and forecasting an organization's future workforce needs.
2. Hiring employees without any planning.
3. Training employees for current job roles.
4. Conducting performance appraisals for the workforce.

Which of the following is a key element of workforce planning?

1. Focusing only on current workforce capabilities.
2. Ignoring technological advancements in the industry.
3. Identifying skills and competencies needed for future roles.
4. Hiring employees based on immediate vacancies.

Why is workforce planning important for businesses?

1. It reduces the need for employee training programs.
2. It helps in anticipating and responding to future staffing needs.
3. It ensures immediate fulfillment of staffing requirements.
4. It eliminates the need for performance evaluations.

What does workforce planning aim to achieve?

1. Maximizing individual employee productivity.
2. Aligning workforce capabilities with organizational goals.
3. Minimizing employee turnover rate.
4. Maintaining a static workforce composition.

What is the definition of dismissal in a business context?

1. Termination of an employee's contract for various reasons.
2. Providing additional training to an employee.
3. Promoting an employee to a higher role.
4. Hiring a new employee for a vacant position.

How can a business identify redundancy in the workforce?

1. When an employee is promoted to a managerial position.
2. When a new department is established in the company.
3. When a job role is no longer required within the organization.
4. When an employee receives a performance bonus.

What is an example of voluntary redundancy in a business?

1. An employee being offered a new role within the organization.
2. An employee being terminated for misconduct.
3. An employee choosing to leave the company with a financial package.
4. An employee receiving a pay raise for exceptional performance.

What action can a business take to mitigate the impact of redundancy on employees?

1. Offering retraining or support for finding alternative employment.
2. Implementing stricter disciplinary measures.
3. Reducing employee benefits and incentives.
4. Increasing working hours for remaining employees.

What is the main objective of profit maximization?

1. To minimize costs to increase revenue.
2. To maintain a sustainable business model.
3. To maximize the financial gains of the business.
4. To prioritize social and environmental concerns.

How does profit satisficing differ from profit maximization?

1. Profit satisficing focuses on reducing operational expenses.
2. Profit satisficing disregards financial performance.
3. Profit satisficing aims to achieve a satisfactory level of profit.
4. Profit satisficing aims to maximize financial gains.

What does Corporate Social Responsibility (CSR) involve?

1. CSR involves neglecting the impact on the community.
2. CSR involves the ethical and responsible business practices.
3. CSR involves purely profit-driven decision making.
4. CSR involves prioritizing shareholder wealth above all.

How do businesses identify their objectives?

1. By assessing internal and external factors affecting the business.
2. By following the objectives of competitors.
3. By solely focusing on financial targets.
4. By randomly choosing goals without evaluation.

Define the concept of business objectives.

1. Business objectives are constantly shifting targets.
2. Business objectives are irrelevant to business success.
3. Business objectives are specific, measurable, achievable, relevant, and time-bound goals.
4. Business objectives are general, non-measurable aspirations.

Thank you!