Business Management & Enterprise STRATEGIES AND PROCESSES UNIT 2 BME QUIZ © Criddle, Hinton, Nizam

Welcome to the Strategies and Processes quiz for Unit 1BBME You will be given 10 multiple choice questions Click on the correct answer Use the links to navigate through the test To finish the test you must answer all the questions correctly Are you ready? © Criddle, Hinton, Nizam

Question 1 Which of the following would NOT be purchased using capital expenditure? Inventory Equipment Investment shares © Criddle, Hinton, Nizam

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You are correct Question 2 © Criddle, Hinton, Nizam

Question 2 The main purpose of a Mission Statement is to: Outline an explicit statement of the organisation’s purpose and long term goals. Provide the chance for reflection and review to ensure that goals do not obscure the mission. Give a focus for all elements of the organisation's Business Plan. © Criddle, Hinton, Nizam

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You are correct Question 3 © Criddle, Hinton, Nizam

Question 3 The development of a creative new advertising method would be an example of which type of innovation? Process Technological Market Service Product © Criddle, Hinton, Nizam

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You are correct Question 4 © Criddle, Hinton, Nizam

Question 4 When a business is restructured and the organisational chart is flattened, what does this mean? Unwanted front line employees are offered redundancies. The business is too complex and the chart has to fit on one page. Job titles are lengthened so that the chart is wider than it is tall. A layer of middle management is removed. © Criddle, Hinton, Nizam

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You are correct Question 5 © Criddle, Hinton, Nizam

Question 5 One of the purposes of the Marketing Plan is to: Survey current customers and potential consumers. Provide a detailed advertising campaign for release to the media. Assist the business with achieving financial and profit goals. © Criddle, Hinton, Nizam

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You are correct Question 6 © Criddle, Hinton, Nizam

Equivalent with competitors Question 6 Which of the following would NOT be used by a business owner as a pricing strategy? Following Skimming Price leadership Equivalent with competitors Penetration pricing © Criddle, Hinton, Nizam

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You are correct Question 7 © Criddle, Hinton, Nizam

Manufacturer  ?  Wholesaler  Retailer Question 7 What is missing from the simple distribution network shown below? Manufacturer  ?  Wholesaler  Retailer Consumer Customer Supplier Distributor © Criddle, Hinton, Nizam

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You are correct Question 8 © Criddle, Hinton, Nizam

Question 8 In order to raise more capital, a business can use equity financing. What is this? Money provided to the business by a financial institution. Assets provided by the business owner. A loan from a venture capitalist. © Criddle, Hinton, Nizam

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You are correct Question 9 © Criddle, Hinton, Nizam

Question 9 When setting the price of a product, the break even point is: Total fixed expenses less variable expenses. The number of sales, or the dollar amount of income, where all expenses are covered. The difference between the cost of a product and its selling price. © Criddle, Hinton, Nizam

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You are correct Question 10 © Criddle, Hinton, Nizam

Question 10 Which of these is NOT a risk management tool, used to minimise hazards and OHS problems when operating a business? Quality control Locked storage Insurance Posters about equal opportunity Staff training in ergonomics © Criddle, Hinton, Nizam

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Congratulations! You have finished the test © Criddle, Hinton, Nizam