Business and its Environment

Question 1

May be defined as all profit seeking activities and enterprises that provide goods and services to an economic system.

Answer 1

Business

Question 2

Refer to the rewards for business persons who take the risk involves in producing and marketing goods and services.

Answer 2

Profit

Question 3

Kind of business which are engaged in buying and selling of goods and services.

Answer 3

Commerce

Question 4

Kind of business that are mainly engaged in the production.

Answer 4

Industry

Question 5

Goods produced which are intended for ultimate consumption.

Answer 5

Consumer goods

Question 6

Goods intended for use of business and industry.

Answer 6

Producers goods.

Question 7

Industry business that involved in agriculture forestry and fishing culture.

Answer 7

Genetic industries

Question 8

Industry business that involved in the extraction of goods from natural resources.

Answer 8

Extractive industries

Question 9

Industry business that convert raw materials into finished products.

Answer 9

Manufacturing industries

Question 10

Industry business that engage in building infrastructures.

Answer 10

Construction industries

Question 11

A kind of business which sells service to the buyer

Answer 11

Services

Question 12

Movie houses, TV show, and radio stations, theatres for drama and stage

Answer 12

Recreation

Question 13

Restaurants, Barber shops transportation hotels tailoring shops slimming salons etc.

Answer 13

Personal

Question 14

Banks insurance companies investment houses financing institutions credit unions savings and loans associations and the like

Answer 14

Finance

Question 15

Primary goal of any business enterprise

Answer 15

Profit

Question 16

Business should grow in all directions over a period of time

Answer 16

Growth

Question 17

Business houses have vast resources at its command. These resources confer enormous economic and political power.

Answer 17

Power

Question 18

Business is people caring for employee satisfaction and providing further development has been one of the objectives of the enlightened business enterprises

Answer 18

Employee satisfaction and development

Question 19

Persistent quality of products earns brand loyalty a vital ingredient of success

Answer 19

Quality products and services

Question 20

To earn a niche for oneself in the market innovation is the key factor

Answer 20

Market leadership

Question 21

Business offers was scope and poses formidable challenges

Answer 21

Challenge

Question 22

Business is a part of society and has several obligations towards it

Answer 22

Service to society

Question 23

Means all of the internal and external factors that affect how the company functions including employees customer management supply and demand and business regulation

Answer 23

Business environment

Question 24

A regular demand is always a problem for many business firms this is so because of the difficulty in making adjustments concerning manpower and equipment

Answer 24

smoothing

Question 25

Is that stock file of fuel by a shipping company to provide some assurance of unhampered operation for a certain period.

Answer 25

Input buffer

Question 26

When the production output of finished goods are not disposed as fast as they are produced it may cause disruption in the production activities of the firm.

Answer 26

Buffering

Question 27

This refers to making predictions projections or estimates of future events or conditions in the environment in which the organization operates.

Answer 27

Forecasting

Question 28

This happens when the organization ignores some operations and emphasizes others in order to reserve the most critical function of the technical core.

Answer 28

Rationing

Question 29

Gather and collect critical information which can be used for planning in the technical core

Answer 29

Boundary spanners

Question 30

This is the process of creating jobs or roles in which individual employees are required to have a strong communication links within their department with people in the other units and often with the external community

Answer 30

Boundary spanning

Question 31

This is when the business adapts to the environment by setting up department or subsystems that will respond to specific groupings of environmental factors

Answer 31

Structural complexity

Question 32

One way of adapting to uncertainty in the environment is the adaption of an effective

Answer 32

Executive succession

Question 33

The replacement of a top manager by another manager is referred to as

Answer 33

Executive succession

Question 34

Is a legal consolidation of two entities into one entity

Answer 34

Merger

Question 35

There are times when the activities of one business firm caused uncertainty to another

Answer 35

mergers

Question 36

It's a business arrangement in which two or more parties agree to pull their resources for the purpose of accomplishing a specific task

Answer 36

Joint ventures

Question 37

When some members of the board of directors of one company are also member of another companies board of directors such arrangement are called

Answer 37

Interlocking directorates

Question 38

When companies hire executives who have prior experience in the industry

Answer 38

Executive recruitment

Question 39

This type of advertising is designed to build goodwill for a company among stockholders employee distributors the public and the government

Answer 39

Institutional advertising

Question 40

This refers to the pattern of resource exchanges between the organization and the environment

Answer 40

Resource flows

Question 41

In the attempt to control the environment the manager can make important decision on the pattern of exchanges his option for under any of the

Answer 41

Frequency of changes quantity involved in the exchanges

Question 42

A business organization seek to manipulate its environmental elements in which it operates

Answer 42

Changing elements

Question 43

This term refers to the act of attempting to influence business and government to create legislation or conduct an activity that will help a particular organization

Answer 43

lobbying

Question 44

One way of manipulating the environment is through trade associations which are composed of member organizations that share a common interest

Answer 44

Forming trade associations