BUSINESS ENVIRONMENT

Question 1

The ———– is a set of forces and conditions within and outside the organization‘s boundaries that have the potential to affect the way the organization operates.

Answer 1

business environment

Question 2

The environment of business is divided into two sections namely

Answer 2

the internal and external environment

Question 3

———-consist of a set of forces and conditions within the organization‘s boundaries that have the potential to affect the way the organization operates

Answer 3

INTERNAL ENVIRONMENT

Question 4

A corporate board of directors is elected by the ———-

Answer 4

stockholders

Question 5

—————–are responsible for combining and coordinating the resources of an organization including the workers to ensure that organizations achieved their goals.

Answer 5

Managers

Question 6

Business organizations are characterized by a ———- which allows employees to specialize in particular roles and to occupy designated positions in pursuit of the organizational objectives.

Answer 6

division of labour

Question 7

The task environment which is an aspect of the external environment and is also referred to as ———————-

Answer 7

immediate or operational environment

Question 8

————– is the set of forces and conditions that originate with suppliers, distributors, customers, and competitors

Answer 8

Immediate or operational environment

Question 9

————- consists of a set of forces and conditions outside the organization‘s boundaries that have the potential to affect the way the organization operates

Answer 9

External environment

Question 10

———— are individuals and companies that provide an organization with the input resources (such as raw materials, component parts, or employees)

Answer 10

Suppliers

Question 11

The success of suppliers is often intimately connected with the ————-of their customers.

Answer 11

decisions and/or fortunes

Question 12

Some organizations may seek to gain an advantage in price, quality or delivery by —————- from overseas, while others might consider dealing with suppliers within the country of its operation.

Answer 12

purchasing resources

Question 13

———– are organizations that help other organizations sell their goods or services to customers.

Answer 13

Distributors

Question 14

The changing nature of distributors and distribution methods can bring opportunities and ———- for managers.

Answer 14

threats

Question 15

If distributors become so large and powerful that they can control —a—- access to a particular organization‘s goods and services, they can threaten the organization by ——-b—— that it reduce the price of its goods and servic

Answer 15

A. customers‘
B demanding

Question 16

The ability to———————– is the main reason for the survival and prosperity of an organization.

Answer 16

identify and meet customers‘ needs

Question 17

————- are often regarded as the most critical stakeholder group

Answer 17

Customers

Question 18

When customers are so powerful, they can —–a—- or force down prices or —b—- higher quality and better service, which will increase an organization‘s operating costs and reduce their profitability

Answer 18

a.influence
b.demand

Question 19

———– are organizations that produce similar goods and services to an organization

Answer 19

Competitors

Question 20

———- between competitors is potentially the most threatening force that organizations must deal with.

Answer 20

Rivalry

Question 21

————– to entry are factors
that make it difficult and costly for an organization to enter a particular industry.

Answer 21

Barriers

Question 22

Barriers to entry result from three main sources namely:

Answer 22

1.economies of scale,
2 brand loyalty, and
3. government regulations that impede entry

Question 23

Economies of scale result from factors such as;

Answer 23

1.manufacturing products in very large quantities,
2.buying inputs in bulk, or making more effective use of organizational resources than do competitors by fully utilizing employees‘ skills and knowledge.

Question 24

Organizations who are already in the industry and who operate with economies of scale will enjoy ———- costs than the costs of potential entrants

Answer 24

lower

Question 25

-------------is customers‘ preference for the products of organizations currently existing in the industry.

Answer 25

Brand loyalty

Question 26

If established organizations enjoy significant brand loyalty, then a new entrant will find it extremely difficult and -------- to build customer awareness of the goods or services they intend to provide.

Answer 26

costly

Question 27

The ------------- environment is mainly concerned with the type of leadership a nation adopts.

Answer 27

political

Question 28

two main political systems which are

Answer 28

the authoritarian system and the political system

Question 29

A society is often described as being -----------if the process of decision making, even to the extent of monopolizing the process altogether and permitting no opposition to occur.

Answer 29

totalitarian.‘

Question 30

According to ---------AND --------(2009), democracy means far more than just popular government or a system of regular elections,

Answer 30

Worthington & Britton

Question 31

There are four common components inherit in any democratic government which are

Answer 31

1. An electoral system 2 A party system, 3.A representative system and 4. A pressure group.

Question 32

For an electoral system to be effective and operate in a way that will be regarded as democratic, Worthington & Britton (2009) suggest that a country‘s electoral system should exhibit the following 5 features;

Answer 32

* a system of regular elections (e.g. every four to five years) based on universal adult suffrage. In Nigeria, presently elections are held for every four years. * Basic freedoms of speech, movement, assembly, etc * Freedom from coercion and absence of illegal electoral practices; * A secret ballot; * Free media.

Question 33

In order to convince the electorate, parties usually have an identifiable policy statement TERMED(--------) which states what the party stands to achieve or belief in and attempts to achieve if it gains political office.

Answer 33

party manifesto

Question 34

There are three major branches or functions of government namely

Answer 34

Executive, Judiciary and Legislature

Question 35

-----------refer that relatively small group of individuals chosen to decide on policy and oversee its Implementation;

Answer 35

The Executive

Question 36

in totalitarian systems of government the----------- is essentially the servant of the ruling elite (e.g. the 'party'),

Answer 36

judiciary

Question 37

it seems fair to suggest that under current legal arrangements, legal ----------- is not far removed from the world of politics

Answer 37

adjudication

Question 38

-------- law is the law which concerns the state, whether in international agreements or disputes or in the relationship between the state and the individual.

Answer 38

public

Question 39

------------ is a civil wrong other than a breach of contract or a breach of trust and is a duty fixed by law on all persons

Answer 39

A tort

Question 40

The most common torts are negligence,----A----, defamation and -----B------

Answer 40

A.nuisance B.trespass.

Question 41

A -------- is generally defined as an 'equitable obligation imposing on one or more persons a duty of dealing with property, over which they have control, for the benefit of other persons who may enforce the obligation'.

Answer 41

trust

Question 42

---------is based on the rule that the previous decisions of a higher court must be followed by the lower courts -

Answer 42

judicial precedent

Question 43

the term "ratio decidendi" of the previous case simply means

Answer 43

the ratio of a case

Question 44

Anything which cannot be regarded as a rationes is termed -------------

Answer 44

obiter dicta or 'things said by the way'.

Question 45

The whole of a dissenting judgment in a case is regarded as ----------

Answer 45

obiter.

Question 46

--------------- is law made by a body or person to which Parliament has given limited powers of law-making

Answer 46

delegated legislation

Question 47

in establishing an organisation, what are the legal influences to consider

Answer 47

Company laws, partnerships, business names

Question 48

in acquiring resources in an organisation, what are the legal influences to consider

Answer 48

Planning laws, property laws, contract, agency

Question 49

In business operation,what are the legal influences to consider

Answer 49

Employment laws, health and safety laws, contract agency Consumer laws contract

Question 50

A/An ---------- therefore is a declaration by the offeror and the offeree that they intend to be legally bound by the terms stated in the offer if it is accepted by the offeree

Answer 50

offer

Question 51

----------------- which is essentially an invitation to make an offer,

Answer 51

'invitation to treat',

Question 52

An offer with condition to be met is termed------------

Answer 52

condition precedent

Question 53

A --------------- where there is a perfectly good contract which runs until something happens.

Answer 53

condition subsequent'

Question 54

------------ refers to the price which each side pays and the advantages or benefits each side enjoys for the promise or performance of a contract

Answer 54

Consideration

Question 55

Together, offer and acceptance constitute the basis of an `-------------- provided the parties are clear as to what they are agreeing about (i.e. a consensus ad idem exists).

Answer 55

agreement' or meeting of minds,

Question 56

------------- has been defined as some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other

Answer 56

Consideration

Question 57

The agent may be a --------of the principal

Answer 57

'servant'

Question 58

the function of an agent is to act on behalf of a -------- so as to effect a contract between the principal and a third party.

Answer 58

principal

Question 59

Traditionally the 5 common law of agency prescribes, however, that agents:

Answer 59

* Obey the lawful instruction of the principal, otherwise they may be in breach of contract. * Exercise due care and skill, in order to produce a deal which is to the principal's best advantage. * Act personally, rather than delegate, unless expressly or implicitly authorised to do so. * Act in good faith, thus avoiding conflicts of interest or undisclosed profits and bribes. * Keep proper accounts, which separate the principal's funds from those which belong personally to the agent.

Question 60

If individuals are behaving rationally when consuming goods and services, they would arrange their consumption to maximise their ---------------

Answer 60

satisfaction (or 'utility'),

Question 61

The sources of these laws could be the custom of the land, judicial precedent, and ---------

Answer 61

legislation