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1.1 Smart quiz questions
Unit 1.1 Smart quiz questions
Review your understanding of Unit 1.1 Introduction to business management by taking this smart quiz. You will need to drag and drop the correct terms into the spaces provided in each question. There are 19 questions in total in this quiz. Do note that there are distractors (incorrect options) included as an extra challenge!
Adding value Investment resources service product process
is the of producing a particular good or that is worth more than the cost of the used to produce it.
Adding value is the process of producing a particular good or service that is worth more than the cost of the resources used to produce it.
services company goods products organisation business
A refers to decision-making established to produce and (or) provide .
A business refers to decision-making organization established to produce goods and/or provide services.
business budgetary document objectives vision plan
A plan is an official with details of an organization and the proposals for reaching its aims and (goals).
A business plan is an official document with details of an organization and the proposals for reaching its aims and objectives (goals).
shares risks shareholder entrepreneur owner plans minded
A(n) is a business- person who manages, organizes, and the production process, taking with business decision-making.
An entrepreneur is a business-minded person who manages, organizes, and plans the production process, taking risks with business decision-making.
objectives knowledge capability experiences owner entrepreneur
The , skills, and of individuals who have the to manage the overall production process, is known as an .
The knowledge, skills, and experiences of individuals who have the capability to manage the overall production process, is known as an entrepreneurship.
manufacturing labour Output production Factors of production managers
is the collective term for the resources used in the process, i.e. land, , capital, and entrepreneurship.
Factors of production is the collective term for the resources used in the production process, i.e. land, labour, capital, and entrepreneurship.
opportunities threats recruitment liquidity experience government money savings
The main causes of business failure include a lack of entrepreneurial , poor decisions, and insufficient cash or . Market growth usually provides for a business, even though it might present more competition.
The main causes of business failure include a lack of entrepreneurial experience, poor recruitment decisions, and insufficient cash or liquidity. Market growth usually provides opportunities for a business, even though it might present more competition.
accounts money functions funds operations people
Finance and are of an organization responsible for ensuring that the business has sufficient in order to conduct its daily .
Finance and accounts are functions of an organization responsible for ensuring that the business has sufficient funds in order to conduct its daily operations.
goods Physical products Intangible products brands flowers furniture services
, such as food, clothes, , motor cars, and smartphones are all considered as .
Physical products, such as food, clothes, furniture, motor cars, and smartphones are all considered as goods.
workforce operations Recruitment industry Human resources
refers to the business function that handles all aspects relate to the , involving all aspects of business related to staff (personnel) within an organization.
Human resources (HR) refers to the business function that handles all aspects relate to the workforce, involving all aspects of business operations related to staff (personnel) within an organization.
organization Intrapreneurship Entrepreneurship NGO outsourced provider entrepreneurs managers
describes the traits of individuals who work for an (so are not self-employed) but behave like .
Intrapreneurship describes the traits of individuals who work for an organization (so are not self-employed) but behave like entrepreneurs.
Market research Marketing identifying researching socially responsible customers profitable Customer relations
is the function of the needs and wants of so that the business can provide goods and services to meet these requirements and desires, usually in a way.
Marketing is the function of identifying the needs and wants of customers so that the business can provide goods and services to meet these requirements and desires, usually in a profitable way.
supplier process stakeholders customers idea management business resources
The of making goods and providing services from the available of a to meet the needs and wants of its is known as operations (or operations ).
The process of making goods and providing services from the available resources of a business to meet the needs and wants of its customers is known as operations (or operations management).
primary education natural agriculture tertiary extraction production secondary
The sector refers to business activity involved with the of resources, e.g. fishing, mining, and .
The primary sector refers to business activity involved with the extraction of natural resources, e.g. fishing, mining, and agriculture.
customer Marketing supplier business Production factors
is the process of creating goods and (or) services using the of production available to the .
Production is the process of creating goods and/or services using the factors of production available to the business.
Production secondary tertiary creation quaternary information Business activity
involving the or sharing of knowledge and occurs in the sector.
Business activity involving the creation or sharing of knowledge and information occurs in the quaternary sector.
manufacturing products primary tertiary secondary
Business activity involved with the or construction of finished occurs in the sector.
Business activity involved with the manufacturing or construction of finished products occurs in the secondary sector.
tangible healthcare intangible Goods mining construction Services
are products, such as haircuts, tourism, public transport, banking, insurance education, and .
Services are intangible products, such as haircuts, tourism, public transport, banking, insurance education, and healthcare.
tertiary goods business quaternary services
Business activity that involves providing to customers (both consumers and clients) occurs in the sector.
Business activity that involves providing services to customers (both consumers and business clients) occurs in the tertiary sector.
financial numerical value added cost-plus profit production process output
The difference between the cost of factor inputs in the and the price that the final is sold for, is known as .
The numerical difference between the cost of factor inputs in the production process and the price that the final output is sold for, is known as value added.
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