BOMM Key Ideas Week 1 & 2

What is the definition of an organisation?

• A formal or structured arrangement where two or more people work together to accomplish some specific purpose or set of goals.

• A business owned and operated by one person.

• The total value of output produced in a country in one year.

• The percentage of total sales in a market held by one brand or business.

What does Market Share represent?

• The total value of output produced in a country in one year.

• The percentage of total sales in a market held by one brand or business.

• The total income earned by the business.

• A business entity that is legally separate from its owners.

What is Gross Domestic Product (GDP)?

• The total income earned by the business.

• The percentage of total sales in a market held by one brand or business.

• The total value of output produced in a country in one year.

• A business owned and operated by one person.

Which of the following is a type of legal ownership where a business is owned by two or more people?

• Sole Proprietor

• Partnership

• Company

• Corporation

What is the goal of a Profit Attainment type of business?

• Providing a specific service to the community.

• Making financial gains.

• Reflecting the organisation’s purpose and management approach.

• Outlining the aspirations of the organisation.

What is the focus of a Not-for-Profit business?

• Making financial gains.

• Providing a specific service to the community.

• Reflecting the organisation’s purpose and management approach.

• Outlining the aspirations of the organisation.

What does a Mission Statement reflect?

• The organisation’s purpose and management approach.

• The aspirations of the organisation.

• The total value of output produced in a country in one year.

• The percentage of total sales in a market held by one brand or business.

Which business activity sector is concerned with agriculture, fishing, and extraction of raw materials?

• Primary

• Secondary

• Tertiary

• Quaternary

Which business activity sector involves manufacturing and constructing goods?

• Primary

• Secondary

• Tertiary

• Quinary

Which business activity sector provides services for consumers and other businesses?

• Primary

• Secondary

• Tertiary

• Quaternary