Business Management

Which of the following are classified as current assets?

• Creditors and cash at bank

• Cash at bank and inventory

• Inventory and machinery

• Machinery and mortgage

Which of the following best describes a balance sheet?

• A statement of the profit or loss of a business for a given period

• A statement that shows the movement of cash receipts and cash payments

• A statement that compares expected profit or loss with what was anticipated

• A statement of the assets, liabilities and owner's equity of a business at a particular date

What does the contingency approach to management emphasise?

• Management as planning, organising and controlling

• Management as leading, motivating and communicating

• The need for managers to be reactive and respond to change after it occurs

• The need for flexibility and adaptation of management practices to suit changing circumstances

A furniture store has designed a new logo to market its products. Which marketing strategy is used by the company?

• Place

• Price

• Product

• Promotion

Calculate the value of owner's equity given the following information:

Liabilities = $75 000 and Assets = $145 000

#Remember Assets = Liabilities + Owner's Equity

• $70 000

• $75 000

• $ 220 000

• $ 240 000

Which of the following are both examples of voluntary separation?

• Retirement and resignation

• Resignation and dismissal

• Dismissal and retrenchment

• Retrenchment and retirement

A manager of a real estate agency always consults with employees when setting targets and making decisions. What type of leadership style is this an example of?

• Autocratic

• Democratic

• Diplomatic

• Hierarchical

A production manager inspects products at various points in the production process to check for problems. Which of the following best describes the approach to quality management?

• Quality control

• Quality assurance

• Continuous improvement

• Total quality management