BUSINESS MANAGEMENT 2024/2025
QUESTIONS AND ANSWERS.
Human Resource Maintaining - ANSWER Employee relations, compensation, and
benefits.
Human Resource Management - ANSWER All activities involved in acquiring,
maintaining, and developing an organization's human resources.
Human Resource Planning - ANSWER - How many employees?
- What qualifications?
Human Resources - ANSWER People who provide labour and skills in a business.
Import Quota - ANSWER A nontariff barrier that limits the amount of a good that can
be imported.
Importing - ANSWER Taking in materials into one's own country.
Incinerators - ANSWER Facilities that burn trash at high temperatures.
Incorporation - ANSWER The process of forming a corporation.
NOTE: consult a lawyer
Individual Branding - ANSWER Use a different brand for each product.
Intermediary - ANSWER Go-between; mediator.
International Business - ANSWER A business that buys, sells, and trades across
national boundaries.
Interpersonal Skills - ANSWER Ability to deal effectively with other people.
Introduction - ANSWER low customer awareness and acceptance; sales rise
gradually; high marketing costs, low profits. Make potential customers aware of
product.
Inventory Control - ANSWER Keeping track of the amount of product on hand, sold,
and on order.
What are the four resources a business needs in order to be successful? - ANSWER
Human resources, material resources, informational resources, and financial
resources.
What are the four types of utility? - ANSWER Form, place, time, and possession.
,What are the three levels of management? - ANSWER Top management, middle
management, and first-line management.
What classifies a small businesses a small business? - ANSWER Number of
employees and average annual sales.
What do businesses purchase after they sell their goods and services? - ANSWER
Factors of production.
What do service businesses do? - ANSWER They provide services.
Ex: Haircuts, legal advice, tax preparation, etc.
What do small businesses fail? - ANSWER - Several years to profit
- Time
- Money
- Over
- Overexpansion
What do the board of directors do? - ANSWER Set corporate goals, develop plans,
and are esponsible for firm's overall operation.
What does the government do in exchange for taxes? - ANSWER They provide
public services not provided by businesses.
Ex: Law Enforcement
What is a noise pollution problem? - ANSWER Excessive noise due to traffic,
aircraft, and machinery.
What is the benefit of countertrade? - ANSWER Avoids restrictions on converting
domestic currency to foreign currency.
What is the benefit of having a totally owned facility? - ANSWER There is a complete
control over operations.
What is the disadvantage of having a totally owned facility? - ANSWER It's risky.
What is the formula for profit? - ANSWER Sales revenue - expenses
What is the simplest for of business ownership? - ANSWER Sole proprietor
What is the structure of a corporation? - ANSWER 1. Stockholders elect board of
directors
2. Board of directors appoint officers
3. Officers hire employees.
Bureaucratic Red Tape - ANSWER The overwhelming amount of government rules,
regulations, and paperwork.
, Business - ANSWER The organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs.
Business Ethics - ANSWER The application of moral standards to business
situations.
Business Plan - ANSWER A description of the goals of a business and how it will
operate.
Can a board of directors be on the inside or outside of the company? - ANSWER
Both
Capacity - ANSWER The amount of products that can be produced in a given
amount of time.
Capitalism - ANSWER A system in which individuals own and operate the majority of
businesses that provide goods and services.
Caveat Emptor - ANSWER "Let the buyer beware."
Centralized - ANSWER Authority is concentrated at the upper levels.
Chain of Command - ANSWER A list of who reports or answers to whom.
Closed Corporation - ANSWER A corporation whose stock is owned by relatively few
people and is not sold to the general public.
Code of Ethics - ANSWER A set of guidelines for maintaining ethics in the
workplace.
Command Economy - ANSWER An economic system in which the government
controls a country's economy.
Common Stock - ANSWER The primary form of ownership in a corporation. You get
a vote in how to run the corporation. Each year the stockholders have a meeting
where they vote on various issues and elect members to the Board of Directors.
Communication Skills - ANSWER Ability to speak, listen and write effectively.
Communications - ANSWER Business communications that are false, misleading, or
deceptive are both illegal and unethical.
Communism - ANSWER A system where factors of production are owned and
directed by the state.
Comparative Advantage - ANSWER The ability to produce a good at a lower cost
than another nation.
Compensation - ANSWER Payment employees receive for their labor.
QUESTIONS AND ANSWERS.
Human Resource Maintaining - ANSWER Employee relations, compensation, and
benefits.
Human Resource Management - ANSWER All activities involved in acquiring,
maintaining, and developing an organization's human resources.
Human Resource Planning - ANSWER - How many employees?
- What qualifications?
Human Resources - ANSWER People who provide labour and skills in a business.
Import Quota - ANSWER A nontariff barrier that limits the amount of a good that can
be imported.
Importing - ANSWER Taking in materials into one's own country.
Incinerators - ANSWER Facilities that burn trash at high temperatures.
Incorporation - ANSWER The process of forming a corporation.
NOTE: consult a lawyer
Individual Branding - ANSWER Use a different brand for each product.
Intermediary - ANSWER Go-between; mediator.
International Business - ANSWER A business that buys, sells, and trades across
national boundaries.
Interpersonal Skills - ANSWER Ability to deal effectively with other people.
Introduction - ANSWER low customer awareness and acceptance; sales rise
gradually; high marketing costs, low profits. Make potential customers aware of
product.
Inventory Control - ANSWER Keeping track of the amount of product on hand, sold,
and on order.
What are the four resources a business needs in order to be successful? - ANSWER
Human resources, material resources, informational resources, and financial
resources.
What are the four types of utility? - ANSWER Form, place, time, and possession.
,What are the three levels of management? - ANSWER Top management, middle
management, and first-line management.
What classifies a small businesses a small business? - ANSWER Number of
employees and average annual sales.
What do businesses purchase after they sell their goods and services? - ANSWER
Factors of production.
What do service businesses do? - ANSWER They provide services.
Ex: Haircuts, legal advice, tax preparation, etc.
What do small businesses fail? - ANSWER - Several years to profit
- Time
- Money
- Over
- Overexpansion
What do the board of directors do? - ANSWER Set corporate goals, develop plans,
and are esponsible for firm's overall operation.
What does the government do in exchange for taxes? - ANSWER They provide
public services not provided by businesses.
Ex: Law Enforcement
What is a noise pollution problem? - ANSWER Excessive noise due to traffic,
aircraft, and machinery.
What is the benefit of countertrade? - ANSWER Avoids restrictions on converting
domestic currency to foreign currency.
What is the benefit of having a totally owned facility? - ANSWER There is a complete
control over operations.
What is the disadvantage of having a totally owned facility? - ANSWER It's risky.
What is the formula for profit? - ANSWER Sales revenue - expenses
What is the simplest for of business ownership? - ANSWER Sole proprietor
What is the structure of a corporation? - ANSWER 1. Stockholders elect board of
directors
2. Board of directors appoint officers
3. Officers hire employees.
Bureaucratic Red Tape - ANSWER The overwhelming amount of government rules,
regulations, and paperwork.
, Business - ANSWER The organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs.
Business Ethics - ANSWER The application of moral standards to business
situations.
Business Plan - ANSWER A description of the goals of a business and how it will
operate.
Can a board of directors be on the inside or outside of the company? - ANSWER
Both
Capacity - ANSWER The amount of products that can be produced in a given
amount of time.
Capitalism - ANSWER A system in which individuals own and operate the majority of
businesses that provide goods and services.
Caveat Emptor - ANSWER "Let the buyer beware."
Centralized - ANSWER Authority is concentrated at the upper levels.
Chain of Command - ANSWER A list of who reports or answers to whom.
Closed Corporation - ANSWER A corporation whose stock is owned by relatively few
people and is not sold to the general public.
Code of Ethics - ANSWER A set of guidelines for maintaining ethics in the
workplace.
Command Economy - ANSWER An economic system in which the government
controls a country's economy.
Common Stock - ANSWER The primary form of ownership in a corporation. You get
a vote in how to run the corporation. Each year the stockholders have a meeting
where they vote on various issues and elect members to the Board of Directors.
Communication Skills - ANSWER Ability to speak, listen and write effectively.
Communications - ANSWER Business communications that are false, misleading, or
deceptive are both illegal and unethical.
Communism - ANSWER A system where factors of production are owned and
directed by the state.
Comparative Advantage - ANSWER The ability to produce a good at a lower cost
than another nation.
Compensation - ANSWER Payment employees receive for their labor.
