Critical issues in business success and failure

Question 1

Competitive Advantage

Answer 1

the strategies used by a business to gain an ‘edge’ over its competitors .

Question 2

E-Commerce

Answer 2

the buying and selling of goods and services via the internet.

Question 3

Leasing

Answer 3

a long-term source of the borrowing for businesses. Its invloves the payment of money for the use of equipment that is owned by another party.

Question 3

E-business

Answer 3

(electronic business) using the internet to conduct business.

Question 4

Skills Audit

Answer 4

a process that establishes the current skills level of employees and future skills requirements.

Question 5

Skills Inventory

Answer 5

a database containing information on the skills, abilities and qualifiactions of existing staff.

Question 6

1. which of the following factors would be experienced during during periods of strong economic activity?

Answer 6

A. falling unemployment

Question 7

2. what management skill would most likely be needed when creating a business plan?

Answer 7

D. communication

Question 8

3. why is having too much stock an oiissue for a business’s owners and management?

Answer 8

C. it increase a business’s liability.

Question 8

4. which of the following would NOT included in a business plan?

Answer 8

C. balance sheet and income statement.

Question 8

5. which of the following statement is FALSE in relation to teams?

Answer 8

B. increases employee cooperartion.

Question 8

6. what is the process of investigating changes over time and looking for patterns to predict the future known as?

Answer 8

B. differentiation

Question 8

7. which of the following would be an example of overextending financially?

Answer 8

C. using a credit card for short-term payments.

Question 8

8. which of the following would be a disadvantage of using technology?

Answer 8

D. need for increased training.