21st Century Business Management Quiz

What does SWOT stand for in business planning?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Work, Operations, Targets

• Strategy, Work, Objectives, Tactics

• Systems, Weaknesses, Opportunities, Trends

Which of the following is NOT a step in the planning process?

• SWOT Analysis

• Set Objectives

• Devise Strategies

• Implement Control

What is the primary purpose of a mission statement?

• To describe the daily tasks of employees

• To set financial targets for the next quarter

• To list the products and services offered

• To outline the business's current and future objectives

Which strategy focuses on keeping costs and prices low?

• Differentiation Strategy

• Niche Strategy

• Low-cost Leadership Strategy

• Market Penetration Strategy

What is a tactical plan?

• A backup plan for emergencies

• A short-term plan usually achieved within 1 year

• A long-term plan for the business

• A plan to enter new markets

Which type of organization structure is based on geographical areas?

• Functional

• Product

• Geographic

• Matrix

What is the main advantage of a functional organization structure?

• Specialization

• Duplication

• Isolation

• Brand Cannibalization

What is the purpose of stock control?

• To eliminate the need for inventory

• To reduce the number of suppliers

• To increase the amount of stock held

• To ensure the business has the right amount of stock at all times

Which of the following is a feature of a matrix organization structure?

• Flat structure

• No hierarchy

• Two bosses

• Single boss

What does a SMART plan stand for?

• Specific, Manageable, Achievable, Relevant, Timed

• Simple, Manageable, Achievable, Relevant, Timely

• Strategic, Measurable, Actionable, Realistic, Timely

• Specific, Measurable, Attainable, Realistic, Timed