Business Management

Finished goods inventory is the amount of manufactured product in stock that is available for sale.

• TRUE

• FALSE

A business that is owned and controlled by one person

is a:

• cooperative   

• partnership    

• sole proprietorship  

• d. corporation

What is the primary goal of business management?

• Maximizing profits

• Minimizing costs

• Increasing employee satisfaction

• Enhancing customer loyalty

Which of the following is a key function of business management?

• Product design

• Market research

• Financial planning

• Customer service

Who is known as the father of scientific management?

• Henry Ford

• Frederick Taylor

• Elton Mayo

• Peter Drucker

What is SWOT analysis used for in business management?

• Evaluating employee performance

• Analyzing market trends

• Assessing internal and external factors

• Developing new products

Which management style involves making decisions without consulting others?

• Democratic

• Autocratic

• Laissez-faire

• Transformational

What does the 'P' in PEST analysis stand for?

• Political

• Product

• Price

• Promotion

Which of the following is a characteristic of transformational leadership?

• Focus on routine tasks

• Encouraging innovation

• Strict adherence to rules

• Centralized decision-making

What is the purpose of a business plan?

• To outline the company's goals and strategies

• To manage daily operations

• To hire new employees

• To design marketing materials