1) Which of the following statements best describes the Business Life Cycle? a) It describes the stages a business goes through from inception to closure. b) It refers to the process of acquiring new customers. c) It outlines the different departments within a business. d) It explains the techniques for maximizing profitability. 2) Which of the following is NOT a common business ownership structure? a) Corporation b) Sole tradership c) Partnership d) Non-governmental organization (NGO) 3) What is the primary purpose of a Vision Statement? a) To outline short-term business goals. b) To communicate the organization's long-term aspirations. c) To analyze the external environment. d) To identify competitors' weaknesses. 4) A Mission Statement typically addresses: a) Specific, measurable objectives. b) Short-term profitability goals. c) The organization's purpose and values. d) Internal operational procedures. 5) What does SWOT analysis stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Strategy, Workload, Objectives, Timeline c) Sales, Wages, Output, Technology d) Stability, Wealth, Organization, Training 6) Which analysis focuses on examining the external factors affecting a business, including social, technological, economic, environmental, political, legal, and ethical factors?SWOT analysis a) SWOT analysis b) Profitability analysis c) Market share analysis d) STEEPLE analysis 7) SMART goals are: a) Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. b) Goals that are Strategic, Multi-faceted, Analytical, Resourceful, and Tangible. c) Goals that are Social, Marketable, Accessible, Reliable, and Trustworthy. d) Goals that are Significant, Manageable, Aspirational, Resourceful, and Timely. 8) Profitability in business refers to: a) The number of customers a business has. b) The amount of money a business earns after expenses. c) The market share a business controls. d) The efficiency of a business's operations. 9) Market share represents: a) The proportion of total sales in an industry that a specific company captures. b) The total number of products a company sells. c) The geographic area a company operates in. d) The number of competitors in a particular market. 10) Competitiveness in business refers to: a) The ability of a company to maintain a stable profit margin. b) The effectiveness of a company's marketing campaigns. c) The company's position relative to its rivals in the industry d) The number of employees a company has. 11) Which of the following is NOT considered a key business function? a) Human Resources b) Marketing c) Research and Development d) Sales and Distribution

Business Fundamentals - Week 6

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