Scribd Logo
Upload

Welcome to Scribd!

  • 878 views

    You Did Not Answer The Question. Correct Answer

    Uploaded by

    Muhammad Furqan
    This document consists of 10 multiple choice questions about business concepts related to the environment analysis framework PEST, the definition of profit, corporate social responsibility, consumer sovereignty, multi-national corporations, and functional organization structure. The questions are followed by the correct answers and brief feedback explaining the concepts in more detail with references to page numbers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd

    You Did Not Answer The Question. Correct Answer

    Uploaded by

    Muhammad Furqan
    878 views4 pages
    This document consists of 10 multiple choice questions about business concepts related to the environment analysis framework PEST, the definition of profit, corporate social responsibility, consumer sovereignty, multi-national corporations, and functional organization structure. The questions are followed by the correct answers and brief feedback explaining the concepts in more detail with references to page numbers.

    Original Title

    Question 1

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document consists of 10 multiple choice questions about business concepts related to the environment analysis framework PEST, the definition of profit, corporate social responsibility, consumer sovereignty, multi-national corporations, and functional organization structure. The questions are followed by the correct answers and brief feedback explaining the concepts in more detail with references to page numbers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    878 views4 pages

    You Did Not Answer The Question. Correct Answer

    Uploaded by

    Muhammad Furqan
    This document consists of 10 multiple choice questions about business concepts related to the environment analysis framework PEST, the definition of profit, corporate social responsibility, consumer sovereignty, multi-national corporations, and functional organization structure. The questions are followed by the correct answers and brief feedback explaining the concepts in more detail with references to page numbers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Question 1

    In the PEST framework for environmental analysis what does the letter E stand for?

    You did not answer the question.

    Correct Answer:

    d) Economic

    Feedback:

    The PEST framework is very simple. There are alternative frameworks that
    incorporate the other Es.
    Page reference: 24-25
    Question 2

    Analyzing processes of change in the business environment involves


    conceptualizing it as:

    You did not answer the question.

    Correct Answer:

    c) Dynamic

    Feedback:

    The business environment is also complex and diverse, but it is rarely static.
    Page reference: 24
    Question 3

    Profit may be defined as:

    You did not answer the question.

    Correct Answer:

    c) The difference between total production costs and total sales revenue

    Feedback:
    Profit is the prime motive of private sector business. In simple terms profit is the
    difference between the sum of money you start out with and the sum you end up
    with at the end of the transformation process. The point is to 'make money'.
    Page reference: 9
    Question 4

    Who was forced to step down as chief executive after describing one of his
    company's products as 'total crap'?

    You did not answer the question.

    Correct Answer:

    d) Gerald Ratner

    Feedback:

    Perhaps it was a joke, but this comment seems to illustrate that markets do not
    always serve consumers well.
    Page reference: 6
    Question 5

    In which year was the National Minimum Wage (NMW) introduced in the UK?

    You did not answer the question.

    Correct Answer:

    b) 1999

    Feedback:

    The NMW was introduced by the Labour government under Tony Blair in its first
    term of office. The NMW can be seen as a response to a form of market failure.
    Page reference: 8
    Question 6

    The concept of a firm's 'license to operate' refers to:

    You did not answer the question.


    Correct Answer:

    b) The need for a firm to retain its legitimacy in the eyes of the public

    Feedback:

    This concept is often related to corporate social responsibility (CSR) and the
    pressure on business to demonstrate benefit to society beyond the traditional goal of
    making profits.
    Page reference: 9
    Question 7

    What does the term 'third sector' refer to?

    You did not answer the question.

    Correct Answer:

    c) The voluntary sector

    Feedback:

    The voluntary or 'third' sector is not-for-profit. They often provide goods and services
    that would not be attractive to for-profit private sector business. 
    Page reference: 10
    Question 8

    The idea that consumers are in charge of the economic system because their
    preferences drive business decisions about what to produce is referred to as:

    You did not answer the question.

    Correct Answer:

    b) Consumer sovereignty

    Feedback:

    The idea of consumer sovereignty is challenged by the claim that business is able to
    manipulate consumer preferences through advertising and branding. Consumer
    activism involves channeling the power of consumer sovereignty in accordance with
    particular values such as fair trade. Consumerism and consumer therapy reflect the
    belief that consumption is a prime source of happiness. 
    Page reference: 18
    Question 9

    A multi-national corporation (MNC) is defined by:

    You did not answer the question.

    Correct Answer:

    a) Carrying out production in more than one country

    Feedback:

    The defining feature of MNCs is that production is carried out in more than one
    country. MNCs vary in size but the largest of them are truly global in the scale of
    their operations.
    Page reference: 19
    Question 10

    Which type of organization structure is characterized by departments or units


    dealing with specialized tasks?

    You did not answer the question.

    Correct Answer:

    d) Functional

    Feedback:

    These functions typically include production, finance, personnel, marketing, sales.


    Page reference: 21

    You might also like