Business BUNDLED Exams questions and correct answers

Due Process correct answer The right to be protected against the arbitrary use of authority; acknowledges authority but demands it's used justly. Employment at Will correct answer Employers are free to fire an employee at anytime for any reason. Just Casuse correct answer Requires employer...

Budget - correct answer An agreed plan, establishing, in numerical and financial terms, the policy to be pursued and the anticipated outcomes of that policy SMART - correct answer How budgets must be: Specific Measurable Agreed Realistic Timed Variance Analysis - correct answer The pro...

Marketing - correct answer Meeting the needs and wants of customers Venture Capital - correct answer finance that is provided to a small/medium sized business which seeks growth, but may be considered high risk. Monopoly - correct answer In theory a single producer, but in reality a company...

What are common business objectives? - correct answer Profit Growth Survival Cash flow Social Ethical Objectives should be "SMART". What does this mean? - correct answer They should be: Specific Measurable Agreed Realistic Time related What is a mission statement? - correct ans...

Economies of Scale - correct answer Factors that cause costs per unit to fall as production increases Franchise - correct answer A business that sells the rights to use its name and trading methods Generic Brand - correct answer A brand that is so famous that people use its name instead of ...

A physical product such as a house or designer suit - correct answer Good An intangible item such as insurance or decorating - correct answer Service A more general term which includes goods and services - correct answer Product Measures the total value of the production of an economy ov...

Ansoff's Matrix - correct answer Shows the strategies that a firm can use to expand, according to how risky they are Assets - correct answer Resources owned by a business Balance sheet - correct answer A snapshot of a firm's finances at a particular time Barrier to entry - correct ans...

Key issues with different forms of business - correct answer Unlimited/ limited liability, Ordinary share capital, Market capitalisation and Dividends. Budgets - correct answer Agreed ceiling on the monthly spending by any department or manger. Corporate Objectives - correct answer Targets ...

mass market - correct answer a market that targets a large segment - products are standardised niche market - correct answer a market that targets a small segment - customers have specific needs that aren't catered by the mass market brand name - correct answer a name, sign, symbol or othe...

What is a business objective? Why is one needed? - correct answer - It is a goal for the entire organisation - They guide the actions of those withing the business What are the main objectives a business might have? (There are 8) - correct answer - Growth - Reduction of risks / diversificat...