Question 1

What is the definition of a market?

Accepted Answer

Where buyers and sellers come together to exchange goods and services

Answer

Where businesses are located

Answer

Where goods and services are produced

Answer

Where customers buy goods and services from businesses

Question 2

What is a public limited company?

Accepted Answer

A business organization that has sold shares to the public

Answer

A business that is owned by a single individual

Answer

A business that is not profitable

Answer

A business owned by the government

Question 3

What is a sole trader?

Accepted Answer

A business owned and operated by a single individual

Answer

A business owned by two or more people

Answer

A business that is not profitable

Answer

A business owned by the government

Question 4

What is a franchise?

Accepted Answer

A business owned by an individual that operates under the name of a larger corporate business

Answer

A business owned by the government

Answer

A business owned by two or more people

Answer

A business that is not profitable

Question 5

What is a market segment?

Accepted Answer

A specific group of customers within a larger market

Answer

The number of competitors in the market

Answer

The price of goods and services in the market

Answer

The overall market size

Question 6

What is a business plan?

Accepted Answer

A written document that outlines a company's goals and strategies for achieving them

Answer

A document that outlines a company's employees

Answer

A document that outlines a company's expenses

Answer

A document that outlines a company's revenue

Question 7

What is the name of the theory that suggests humans have five basic needs that must be met for motivation?

Accepted Answer

Maslow's Hierarchy of Needs

Answer

Behavioral Theory

Answer

Equity Theory

Answer

Goal-Setting Theory

Question 8

What is a common mistake managers make when trying to motivate workers?

Accepted Answer

Treating all workers the same

Answer

Providing too many bonuses

Answer

Offering too many opportunities for growth

Answer

Giving too much recognition

Question 9

What is the definition of job enrichment?

Accepted Answer

Increasing the depth and breadth of responsibilities

Answer

Providing recognition

Answer

Giving a bonus

Answer

Offering a promotion

Question 10

What is the definition of job enlargement?

Accepted Answer

Increasing the number of tasks an employee is responsible for

Answer

Offering a promotion

Answer

Giving a bonus

Answer

Providing recognition

Question 11

What is the most effective way to motivate workers?

Accepted Answer

It depends on the individual

Answer

Strict rules and consequences

Answer

Bonuses

Answer

Peer pressure

Question 12

Which of the following is NOT a common motivator for workers?

Accepted Answer

Micromanagement

Answer

Recognition

Answer

Opportunities for growth

Answer

Bonuses

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