Business Management_HYE_Grade11

What is the primary purpose of a business?

• To create a positive social impact only.

• To generate profit.

• To provide free services to everyone.

• To focus solely on employee satisfaction.

Name three types of business entities.

• Franchise

• Limited Liability Company

• Non-Profit Organization

• Sole Proprietorship, Partnership, Corporation

What are common objectives of a business?

• Reducing employee benefits

• Increasing production costs

• Limiting market reach

• Maximizing profits, ensuring customer satisfaction, achieving growth, maintaining competitive advantage, promoting sustainability.

Who are considered stakeholders in a business?

• Only the government and regulators

• Only employees and customers

• Only investors and suppliers

• Employees, customers, suppliers, investors, and the community.

How can a business grow and evolve over time?

• A business can grow and evolve by diversifying products, expanding markets, leveraging technology, enhancing customer engagement, and adapting to trends.

• Focusing solely on reducing costs

• Avoiding any changes to existing business practices

• Limiting product offerings to a single category

What defines a multinational company?

• A company that only operates in one country.

• A business that focuses solely on online sales.

• A firm that has no international presence.

• A corporation that operates in multiple countries.

What is the role of finance in a business?

• Finance is essential for managing funds, ensuring liquidity, and supporting investment decisions in a business.

• Finance has no impact on business growth.

• Finance is only about accounting practices.

• Finance is solely responsible for marketing strategies.

List two sources of finance for businesses.

• Crowdfunding

• Personal savings

• Government grants

• Bank loans, Equity financing

What are fixed and variable costs?

• Variable costs are incurred only when production is at its maximum level.

• Fixed costs vary with production levels, while variable costs remain constant.

• Fixed costs remain constant regardless of production levels, while variable costs change with production volume.

• Both fixed and variable costs are the same regardless of production volume.

How is revenue calculated?

• Revenue = Total Expenses - Profit

• Revenue = Price per Unit x Quantity Sold

• Revenue = Cost per Unit x Quantity Sold

• Revenue = Price per Unit + Quantity Sold