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