Answer: Inflation Question: The primary objective of business is ____. Answer: Profit Question: The use of changes in government spending and taxation to influence the level and composition of aggregate demand in the economy and, given the amounts involved, this clearly has important implications for business is known as ____. Answer: Fiscal policy Question: __________ seeks to influence monetary variables such as the money supply or rates of interest in order to regulate the economy. Answer: Monetary policy Question: IMF stands for ______. Answer: International Monetary Fund Question: Organisation for Economic Co-operation and Development came into being in ______ Answer: 1948 Question: ______ is the sum of knowledge of the means and methods of producing goods and services. Answer: Technology Question: _____ are usually measured per thousand of the population in a given year. Answer: Death rates Question: The most valuable framework to help managers to better understand differences between national cultures was developed by ____ Answer: Geert Hofstede Question: ______ refers to the extent to which individuals in society see themselves as independent and autonomous human beings. Answer: Individualism Question: The full meaning of SWOT is _____ Answer: S is strengths, W is weaknesses, O is for Opportunities and T is for Threats Question: Ikharehon (2006) divides forecasts into ___ Answer: 2 Question: Decision-making requires analytical and ____thought Answer: Conceptual Question: who is the originator of the message in spoken or written form? Answer: Encoder Question: _______ means to check or verify, to regulate, to compare with a standard, top exercise authority over, or to curb or restrain. Answer: Control Question: _______ management is also defined as the analysis, planning, implementation, and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. Answer: Marketing Question: The basic physical need are the following except ____ Answer: Belongingness Question: Affection is an example of _____ need Answer: Social Question: Self- expression is an example of _____ need Answer: Individual Question: The movement of goods from the manufacturer down to the target consumer is called ___ Answer: Transportation Question: The _____concept or sales concept is another common approach adopted by some firms in penetrating their target markets. Answer: Selling Question: The _____ marketing concepts posits that key achieving to organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors well as meeting the needs in line with the expectations of the society Answer: societal Question: CAC stands for Answer: Corporate Affairs Commission Question: The environment of business is divided into ___ sections Answer: 2 Question: The ____of business are those who have legal property rights to the business. Answer: Owners Question: A corporate board of directors is elected by the _____ Answer: Stockholders Question: Who are the individuals who perform the day to day operations of the organization and ensure that work is being accomplished to achieve the organization‘s desired goals? Answer: Employees Question: A set of forces and conditions outside the organization‘s boundaries that have the potential to affect the way the organization operates is called __ Answer: External environment Question: Organizations that help other organizations sell their goods or services to customers are called ___ Answer: Suppliers Question: The ____political system could be an individual (e.g. a monarch or other powerful individual) or a group of individuals (e.g. a political party or military junta) who may have assumed political power in a variety of ways ( Answer: Authoritarian Question: There are _____ major branches or functions of government. Answer: 3 Question: _____ is concerned with those situations where the conduct of one party threatens or causes harm to the interests of another party and the aim of the law is to compensate for this harm Answer: Law of tort Question: Hofstede dimension of culture that examines the acceptance of unequal distribution of power is called ___ Answer: Individualism Question: ___ analysis is the of scanning the environment to identify changes or trends that have the potential to generate opportunities and threats to the organization‘s current or future intended strategies Answer: Environmental Question: ______ is the method used for predicting how variables will change the future. Answer: Planning Question: ____ is the process in which an organization undertakes to compare its practices and technologies with those of other organizations Answer: Benchmarking Question: _____ is owned by one person. Answer: Sole proprietorship Question: Who defined entrepreneur as a person who makes money by starting or running businesses, especially when this involves taking financial risks? Answer: Hornby (2006) Question: Which entrepreneurial activity involves in advertising, distributing and selling those products produced? Answer: Marketing Question: The entrepreneur must have more than a casual interest in the business because he or she must overcome many hurdles and obstacles. This statement describes entrepreneurial characteristic of ____ Answer: Passion for the business Question: ___ search for change, respond to it, and exploit it as an opportunity, which is the basis of innovation Answer: Entrepreneurs Question: ___ has been defined as a person‘s belief in his or her capability to perform a task. Answer: Self-efficacy Question: Who defined planning as selecting missions and objectives and deciding on the actions to achieve them; it also requires decision making, that is, choosing a course of action from among alternatives. Answer: Weihrich and Koontz (2005) Question: Futuristic is a ____ of planning Answer: Feature Question: Flexibility is a ____ of planning Answer: Feature Question: planning is selecting missions, objectives and deciding on the ………to achieve Answer: actions