D072 BUS 2010
Fundamentals for Success in Business
Final Assessment Review (Qns & Ans)
2025
1. Which of the following is a key component of strategic
management?
- A. Financial accounting
- B. Human resource management
- C. Marketing research
- D. Environmental scanning
- ANS: D. Environmental scanning
- Rationale: Environmental scanning involves analyzing
external factors that can impact an organization's strategy.
©2024/2025
,2. What is the primary purpose of a SWOT analysis?
- A. To evaluate financial performance
- B. To assess market trends
- C. To identify strengths, weaknesses, opportunities, and
threats
- D. To develop marketing campaigns
- ANS: C. To identify strengths, weaknesses, opportunities,
and threats
- Rationale: SWOT analysis helps organizations understand
their internal and external environments.
3. Which leadership style is characterized by a high level of
employee involvement in decision-making?
- A. Autocratic
- B. Democratic
- C. Laissez-faire
- D. Transformational
- ANS: B. Democratic
- Rationale: Democratic leadership involves employees in
decision-making processes, fostering collaboration and
participation.
©2024/2025
,4. What is the primary goal of lean manufacturing?
- A. To increase production speed
- B. To reduce waste and improve efficiency
- C. To enhance product quality
- D. To expand market share
- ANS: B. To reduce waste and improve efficiency
- Rationale: Lean manufacturing focuses on minimizing
waste and maximizing value in production processes.
5. Which of the following is an example of a fixed cost?
- A. Raw materials
- B. Direct labor
- C. Rent
- D. Sales commissions
- ANS: C. Rent
- Rationale: Fixed costs remain constant regardless of
production levels, such as rent.
Fill-in-the-Blank Questions
©2024/2025
, 6. The process of identifying and evaluating potential risks to an
organization is known as __________.
- ANS: Risk assessment
- Rationale: Risk assessment involves identifying and
evaluating potential threats to an organization's operations.
7. A __________ is a visual representation of an organization's
structure, showing the relationships between different roles and
departments.
- ANS: Organizational chart
- Rationale: An organizational chart visually depicts the
hierarchy and relationships within an organization.
8. The __________ ratio measures a company's ability to meet
its short-term obligations with its most liquid assets.
- ANS: Current
- Rationale: The current ratio is a liquidity ratio that assesses
a company's ability to pay off short-term liabilities with current
assets.
9. __________ is the process of continuously improving
products, services, or processes through incremental changes.
- ANS: Kaizen
©2024/2025
Fundamentals for Success in Business
Final Assessment Review (Qns & Ans)
2025
1. Which of the following is a key component of strategic
management?
- A. Financial accounting
- B. Human resource management
- C. Marketing research
- D. Environmental scanning
- ANS: D. Environmental scanning
- Rationale: Environmental scanning involves analyzing
external factors that can impact an organization's strategy.
©2024/2025
,2. What is the primary purpose of a SWOT analysis?
- A. To evaluate financial performance
- B. To assess market trends
- C. To identify strengths, weaknesses, opportunities, and
threats
- D. To develop marketing campaigns
- ANS: C. To identify strengths, weaknesses, opportunities,
and threats
- Rationale: SWOT analysis helps organizations understand
their internal and external environments.
3. Which leadership style is characterized by a high level of
employee involvement in decision-making?
- A. Autocratic
- B. Democratic
- C. Laissez-faire
- D. Transformational
- ANS: B. Democratic
- Rationale: Democratic leadership involves employees in
decision-making processes, fostering collaboration and
participation.
©2024/2025
,4. What is the primary goal of lean manufacturing?
- A. To increase production speed
- B. To reduce waste and improve efficiency
- C. To enhance product quality
- D. To expand market share
- ANS: B. To reduce waste and improve efficiency
- Rationale: Lean manufacturing focuses on minimizing
waste and maximizing value in production processes.
5. Which of the following is an example of a fixed cost?
- A. Raw materials
- B. Direct labor
- C. Rent
- D. Sales commissions
- ANS: C. Rent
- Rationale: Fixed costs remain constant regardless of
production levels, such as rent.
Fill-in-the-Blank Questions
©2024/2025
, 6. The process of identifying and evaluating potential risks to an
organization is known as __________.
- ANS: Risk assessment
- Rationale: Risk assessment involves identifying and
evaluating potential threats to an organization's operations.
7. A __________ is a visual representation of an organization's
structure, showing the relationships between different roles and
departments.
- ANS: Organizational chart
- Rationale: An organizational chart visually depicts the
hierarchy and relationships within an organization.
8. The __________ ratio measures a company's ability to meet
its short-term obligations with its most liquid assets.
- ANS: Current
- Rationale: The current ratio is a liquidity ratio that assesses
a company's ability to pay off short-term liabilities with current
assets.
9. __________ is the process of continuously improving
products, services, or processes through incremental changes.
- ANS: Kaizen
©2024/2025
