This quiz works best with JavaScript enabled. Home > Economy > Business > Business Management – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Management Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The marketplace is the essence of which of the following? A) The selling process. B) The manufacturing process. C) The exchange process. D) The marketing process. Show Answer Correct Answer: C) The exchange process. 2. What are the main approaches of Porter's Generic strategies that are relevant for our exam? A) Lower Cost and Cost Leadership. B) Lower Cost and Product Differentiation. C) Focus and Cost Leadership. D) Systems Thinking and Persona Mastery. Show Answer Correct Answer: B) Lower Cost and Product Differentiation. 3. How many core TQM concepts are there? A) 3. B) 4. C) 5. D) 6. Show Answer Correct Answer: B) 4. 4. An estimate of cash flowing in and out of a business. A) Cash budget. B) Operating budget. C) Working capital. D) Financial records. Show Answer Correct Answer: A) Cash budget. 5. Small businesses employ ..... of private sector employees in the United States. A) Less than 10 percent. B) About a quarter. C) More than half. D) About 75 percent. Show Answer Correct Answer: C) More than half. 6. Anticipating problems and coping with change is one of the positives of A) Directing. B) Staffing. C) Planning. D) Organizing. Show Answer Correct Answer: C) Planning. 7. The first step in developing a business plan is to ..... A) Identify strategic alternatives. B) Write the plan. C) Gather and review information. D) Ask an expert to review the plan. Show Answer Correct Answer: C) Gather and review information. 8. Dismissing (Firing) an employee for poor attendance rate A) Planning. B) Organizing. C) Leading. D) Controlling. Show Answer Correct Answer: D) Controlling. 9. A business that takes natural resources and converts them into a consumer good. A) Extrator. B) Manufacturer. C) Marketer. D) Wholesaler. Show Answer Correct Answer: B) Manufacturer. 10. Which of the following describes the matrix organizational structure: A) It includes only traditional departments, such as sales and marketing. B) It is separated by product lines. C) It is a combination of two other organizational structures. D) It is the oldest organizational structure being used. Show Answer Correct Answer: C) It is a combination of two other organizational structures. 11. A statement describing the purpose of your business A) Business plan. B) Mission statement. C) Insurance card. D) Vision statement. Show Answer Correct Answer: B) Mission statement. 12. According to ....., all people have five basic type of needs. A) Abraham H. Maslow. B) Fredrick W, Taylor. C) Abraham Lincoln. D) Fredrick Douglass. Show Answer Correct Answer: A) Abraham H. Maslow. 13. The most important factor in carrying out brand promise is: A) Brand personality. B) Business environment. C) Corporate culture. D) Employees. Show Answer Correct Answer: D) Employees. 14. A type of business that moves goods from the manufacturer to the consumer. A) Marketer. B) Extractor. C) Manufacturer. D) Wholesaler. Show Answer Correct Answer: A) Marketer. 15. Takes place during the production process when the value of output to consumers is greater than the costs of production to the firm. A) Economic sustainability. B) Value added. C) Social sustainability. D) Operations Management. Show Answer Correct Answer: B) Value added. 16. The basic accounting equation is A) Capital = assets + liabilities. B) Liabilities = assets + capital. C) Assets = capital-liabiities. D) Assets = liabilities + capital. Show Answer Correct Answer: D) Assets = liabilities + capital. 17. The following are which type of problems when starting a business:1. Accounts were not kept properly-cash flow, in particular, was a problem 2. Raising start-up capital was too difficult 3. Raising medium-term to long-term finance was difficult A) Business Plan. B) Market Research. C) The Market. D) Finance. Show Answer Correct Answer: D) Finance. 18. A manager evaluates the production output of a department by checking it against the production goals for that time period. This is an example of the ..... function of management A) Planning. B) Directing. C) Organizing. D) Controlling. Show Answer Correct Answer: D) Controlling. 19. Why is leadership important in the change management process? A) To act as a bridge as employees transition to new practices. B) It isn't, employees just need to do what they're told. C) Employees will not know what to do if nobody tells them. D) To implement a change management theory. Show Answer Correct Answer: A) To act as a bridge as employees transition to new practices. 20. In which stage of project management is the product delivered? A) Initiation. B) Planning. C) Monitoring and controlling. D) Closing. Show Answer Correct Answer: D) Closing. ← PreviousNext →Related QuizzesEconomy QuizzesBusiness Management Quiz 1Business Management Quiz 2Business Management Quiz 3Business Management Quiz 4Business Management Quiz 5Business Management Quiz 6Business Management Quiz 7Business Management Quiz 8Business Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books