Introduction to busniess managment

Question 1

Consumer goods

Answer 1

The physical and tangible goods sold to the general public.

Question 2

Durable consumer goods

Answer 2

They include cars and washing machines which can be used for a long time period.

Question 3

Non-durable consumer goods

Answer 3

They include food drinks and sweets and can only be used once.

Question 4

Consumer services

Answer 4

They are non-tangible products that are sold to the general public. They include hotel accommodations, insurance services, etc.

Question 5

Capital goods

Answer 5

The physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles.

Question 6

Primary sector business activity

Answer 6

Firms engaged in farming fishing, oil extraction, etc. They extract natural resources so that they can be used and processed by other firms.

Question 7

Secondary sector business activity

Answer 7

Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing, etc.

Question 8

Tertiary sector business activity

Answer 8

Firms that provide services to consumers and other businesses such as retaining, transport, insurance, hotels, telecommunications, etc.

Question 9

Quaternary sector business activity

Answer 9

Is focused on information and technology (IT) businesses and information services providers such as research and development, business consulting and information gathering.

Question 10

Quinary sector

Question 11

Entrepreneur

Answer 11

Someone who takes the financial risk of starting and managing a new venture.

Question 12

Intrapreneur

Answer 12

Someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using “Entrepreneurial talents” such as risk taking and innovation.

Question 13

Business plan

Answer 13

A written document that describes a business, its objectives and its strategies, the market it is in and its financial forecast.

Question 14

Input

Answer 14

any resources used to create goods and services.

Question 15

output

Answer 15

quantity of goods or services produced in a specific time period as the production process increases or decreases

Question 16

Innovation

Answer 16

a new method, idea, product, etc.

Question 17

Globalisation

Answer 17

process of interaction and integration among people, companies, and governments worldwide.(Borders open so the trade of goods and services is easier)

Question 18

Business competition

Answer 18

Contest between organizations that provide similar products or services or that target the same audience of consumers.

Question 19

Stock levels

Answer 19

The amount of goods or raw materials that should be maintained by businesses to continue their activities and avoid any situations like understocking or overstocking.