Business and Its Environment Quiz

Which of the following best describes a characteristic of an entrepreneur?

• Is employed by a public company

• Organises and manages business risks

• Avoids risk at all costs

• Works only for profit

Which of the following is a feature of a private limited company?

• Shareholders have limited liability

• It is always owned by the government

• Liability of shareholders is unlimited

• Shares are sold on the stock exchange

Which of the following is a reason why a business might set objectives?

• To pay higher taxes

• To confuse competitors

• To provide direction and motivation

• To increase employee working hours

Who are considered internal stakeholders of a business?

• Government and competitors

• Pressure groups and media

• Customers and suppliers

• Employees and owners

Which of the following is a feature of Herzberg's two-factor theory?

• Motivation is driven solely by financial rewards

• Hygiene factors cause satisfaction

• Motivation factors include recognition and achievement

• Motivation factors are the same as Maslow's needs

What is the role of human resource management?

• Recruiting and training employees

• Managing customer complaints

• Managing business finances

• Setting business objectives

Which leadership style gives employees total decision-making power?

• Democratic

• Bureaucratic

• Laissez-faire

• Autocratic

Which of the following is a characteristic of market orientation?

• Bases decisions on market research

• Ignores customer needs

• Focuses only on the product

• Reduces marketing budget

What is meant by the 'marketing mix'?

• A market segmentation strategy

• The pricing strategy for only one product

• The combination of product, price, place, and promotion

• A list of potential customers

Which method is an example of primary market research?

• Reading industry articles

• Using online statistics

• Reviewing government reports

• Conducting a customer survey