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Business studies
Contributed by: Bedford
  • 1. Business studies is a field of study that involves the exploration and analysis of various aspects of business operations and management. It covers a wide range of topics such as marketing, finance, human resources, and entrepreneurship. Students of business studies learn about the strategies and principles involved in running successful businesses, as well as the challenges and opportunities in the business world. This field prepares individuals for careers in various industries and equips them with the knowledge and skills needed to navigate the complexities of the business environment.

    What does SWOT analysis stand for in business?
A) Strengths, Weaknesses, Opportunities, Threats
B) Sales, Workforce, Objectives, Training
C) Spreadsheet, Workflow, Operations, Taxes
D) Success, Wealth, Optimization, Trade
  • 2. What is a business plan?
A) Employee handbook
B) Document outlining goals and strategies for a business
C) Annual financial report
D) Product brochure
  • 3. Which form of business organization offers limited liability to its owners?
A) Limited Liability Company (LLC)
B) Partnership
C) Corporation
D) Sole Proprietorship
  • 4. What is the role of human resources in a business?
A) Manage employee recruitment, benefits, and training
B) Oversee production operations
C) Develop marketing strategies
D) Handle company finances
  • 5. What is the purpose of market research in business?
A) Organize office space
B) Understand customer needs and preferences
C) Set employee salaries
D) Manage inventory levels
  • 6. Which financial statement shows a company's revenues and expenses over a period?
A) Statement of retained earnings
B) Income statement
C) Cash flow statement
D) Balance sheet
  • 7. What is a niche market?
A) Online market
B) Mass market
C) International market
D) A small, specialized segment of the market
  • 8. What does ROI stand for in business?
A) Return on Investment
B) Revenue of Income
C) Risk of Investment
D) Ranking of Industries
  • 9. What does CRM stand for in business?
A) Cash Register Management
B) Corporate Revenue Model
C) Customer Relationship Management
D) Company Resource Management
  • 10. What is a brand strategy?
A) Annual financial report
B) A long-term plan for developing a successful brand
C) Short-term advertising campaign
D) Employee training program
  • 11. What is the purpose of a SWOT analysis in business?
A) Assess internal strengths and weaknesses, and external opportunities and threats
B) Forecast future sales
C) Stock inventory
D) Select office locations
  • 12. What is a mission statement?
A) Product pricing strategy
B) Quarterly budget report
C) Social media marketing plan
D) Declaration of an organization's core purpose and focus
  • 13. Which type of communication is essential in business negotiations?
A) Informal
B) Effective
C) Casual
D) Personal
  • 14. What is the purpose of a business case?
A) Customer satisfaction survey
B) Employee attendance record
C) Office supplies inventory list
D) Document justifying a proposed project or solution
  • 15. What is a budget in business?
A) Business expansion strategy
B) Staff training program
C) Customer loyalty program
D) Plan for managing income and expenses
  • 16. What is a marketing mix?
A) Combination of product, price, promotion, and place (distribution) strategies
B) Office furniture supplier
C) Training program
D) Employee benefits package
  • 17. Which economic system is characterized by private ownership and free market competition?
A) Fascism
B) Capitalism
C) Communism
D) Socialism
  • 18. What type of market research involves observing customers in their natural environment?
A) Surveys
B) Experimental research
C) Focus groups
D) Ethnographic research
  • 19. Which negotiation strategy involves a win-win approach?
A) Avoidance
B) Collaborative
C) Accommodating
D) Competitive
  • 20. What term describes the legal protection of original works of authorship?
A) Copyright
B) Trade secret
C) Patent
D) Trademark
  • 21. A situation where a single firm earns all the profits in a market is known as:
A) Monopoly
B) Competitive Market
C) Oligopoly
D) Perfect Competition
  • 22. When a business sets prices below production costs to drive competitors out of the market, it is engaging in what practice?
A) Market pricing
B) Dynamic pricing
C) Premium pricing
D) Predatory pricing
  • 23. Which department is responsible for overseeing the financial health of a company?
A) Marketing
B) Finance
C) Human Resources
D) Operations
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