2ND GRADING: M1

Question 1

principles that can be use in the management of a business

Answer 1

• HAVE A UALITY PRODUCT
• KNOW YOUR INDUSTRY AND COMPETITORS
• PROMOTE YOUR PRODUCT AND SERVICE
• BUILD GREAT STAFF
• UNDESTAND ORGANIZATIONAL STRUCTURE AND DESIGN
• USE CAPITAL AND CASH FLOW WISELY
• UNDERSTAND FUNDAMENTAL PRINCIPLES OF ACCOUNTING AND FINANCE
• RESPECT YOUR CUSTOMERS

Question 2

considered the pride of the business.

Answer 2

quality of service and product
(have a quality of product)

Question 3

one of the fundamental principle that help for easily differentiate and build customer satisfaction

Answer 3

have a quality of a product

Question 4

know what the people want to buy

Answer 4

know your industry and competitors

Question 5

study the fundamental of marketing through traditional, digital and media

Answer 5

promote your product and service

Question 6

the most important asset to be in the business organization

Answer 6

employees

Question 7

may contribute to the success and downfall of the business. There is a need to hire the right people and train these people in order to attain the mission and goal of the business.

Answer 7

build great staff

Question 8

One should understand the basic knowledge of running the business effectively

Answer 8

understand organizational structure and design

Question 9

look into the initial structure of the organization, the personnel and how activities, projects are being managed.

Answer 9

understand organizational structure and design

Question 10

These factors may contribute on how to manage the business effectively and efficiently

Answer 10

understand organizational structure and design

Question 11

the first requirement for a business to operate

Answer 11

capital

Question 12

it is also important that there should be a positive cash flow in order to grow and develop.

Answer 12

use capital and cash flow wisely

Question 13

There should be sufficient funds to pay the employees and expenses so products will be produced.

Answer 13

use capital and cash flow wisely

Question 14

one must adhere to the regulations and laws that affect the business. Obtain the necessary permit and pay the tax.

Answer 14

understand the fundamental principles of accounting and finance

Question 15

Customers may not be always right, but it is always a need to do whatever is right to keep them by providing quality product and services

Answer 15

respect your customers

Question 16

According to __________ (2015) Here are some business principles used by small business in order to flourish

Answer 16

melinda emerson

Question 17

what year melinda emerson published business principles used by small business

Answer 17

2015

Question 18

what are the business principle use by small business according to melinda emerson

Answer 18

• have an entrepreneurial mindset
• strict fiscal discipline
• a kitchen cabinet advisors
• a defined brand
• a niche market
• excellent customer service
• cash position and good banking relationship

Question 19

To develop a mindset for success, you must realize how your business and your life determines your reality.

Answer 19

have an entrepreneurial mindset

Question 20

Entrepreneurs are not born but they are developed through determination and constant study and training.

Answer 20

have an entrepreneurial mindset

Question 21

Business owners should always have an ________

Answer 21

entrepreneurial mindset

Question 22

Successful businesspeople used budgets and realistic sales projection to run their business.

Answer 22

strict fiscal discipline

Question 23

Businesspeople do not spend their money on activities if not budgeted.

Answer 23

strict fiscal discipline

Question 24

They always monitor their sales.

Answer 24

strict fiscal discipline

Question 25

practice in managing finance

Answer 25

strict fiscal discipline

Question 26

Develop relationships with people who are entrepreneurs or businesspeople with positions to give great insight that help in the success of the business

Answer 26

a kitchen cabinet advisors

Question 27

It is also helpful to include potential client in your conversations. Keep the company of smart people.

Answer 27

a kitchen cabinet advisors

Question 28

our company, product and service is what makes a great brand

Answer 28

a defined brand

Question 29

Protect your brand with necessary trademarks, patents, copyrights, logo, colors, design and packaging of your product.

Answer 29

a defined brand

Question 30

enhances the performance, innovation, transparency of your company and it has the power to project a sense of social responsibility outside the company.

Answer 30

brand

Question 31

the most important assets that a business can own.
- melinda emerson

Answer 31

brands

Question 32

Successful small businesses owners understand that only a limited number of people will buy their product or service.

Answer 32

niche market

Question 33

They only pursue marketing efforts toward the exact people they are targeting as customers. Having a narrowly defined group of customers is how they’ve built their business.

Answer 33

niche market

Question 34

will keep customers coming back

Answer 34

excellent customer service

Question 35

In today’s customer-oriented business environment, “people skills” are critical for small business success.

Answer 35

excellent customer service

Question 36

On a day-to-day basis, successful entrepreneurs understand what their cash position is in terms of accounts receivable and accounts payable.

Answer 36

cash position and good banking relationship