- 55. What is the ultimate goal of the leading function in management? a) To enforce strict rules and regulations b) To increase the complexity of organizational processes c) To inspire and guide employees toward achieving shared goals d) To minimize communication within the organization 56. What is the primary role of the human resources (HR) function in a business? a) Product development b) Employee recruitment, development,and management c) Financial analysis d) Marketing strategy 57. Which HR function is responsible for negotiating labor contracts, handling employee grievances, and maintaining labor relations? a) Employee recruitment b) Compensation and benefits c) Labor relations d) Performance management 58. What does the term "onboarding" refer to in HR management? a) The process of offloading underperforming employees b) Welcoming and integrating new employees into the company c) Employee termination procedures d) Compensation and benefits administration 59. What is the primary purpose of a performance appraisal conducted by the HR department? a) Determining employee compensation b) Identifying training and development needs c) Monitoring employee attendance d) Setting marketing goals 60. What is the core goal of the marketing function in a business? a) Managing employee relations b) Maximizing profitability c) Identifying cost-saving measures d) Creating customer value and satisfaction 61. Which element of the marketing mix focuses on how a product is priced and promoted to target customers? a) Product b) Place c) Price d) Promotion
- a) Determining employee compensation b) Identifying training and development needs c) Monitoring employee attendance d) Setting marketing goals 60. What is the core goal of the marketing function in a business? a) Managing employee relations b) Maximizing profitability c) Identifying cost-saving measures d) Creating customer value and satisfaction objectives? a) Planning b) Leading c) Controlling d) Organizing 55. What is the ultimate goal of the leading function in management? a) To enforce strict rules and regulations b) To increase the complexity of organizational processes c) To inspire and guide employees toward achieving shared goals d) To minimize communication within the organization 56. What is the primary role of the human resources (HR) function in a business? a) Product development b) Employee recruitment, development.and management c) Financial analysis d) Marketing strategy 57. Which HR function is responsible for negotiating labor contracts, handling employee grievances, and maintaining labor relations? a) Employee recruitment b) Compensation and benefits c) Labor relations d) Performance management 58. What does the term "onboarding" refer to in HR management? a) The process of offlooding underperforming employees b) Welcoming and integrating new employees into the company c) Employee termination procedures d) Compensation and benefits administration 59. What is the primary purpose of a performance appraisal conducted by the HR department? Page 13 of 16 61. Which element of the marketing mix focuses on how a product is priced and promoted to target customers? a) Product b) Place c) Price d) Promotion 62. What is the process of identifying and evaluating potential markets and customers for a product or service called? a) Product development
- 64. What is the primary responsibility of the finance function in a business? a) Employee training and development b) Managing the company's financial resources c) Product design and development d) Market research and analysis 65. What is the financial statement that shows a company's revenues and expenses over a specific period? a) Balance sheet b) Income statement c) Cash flow statement d) Profit and loss statement 66. What financial ratio measures a company's ability to pay its short -term debts with its current assets? a) Debt-to-equity ratio b) Current ratio c) Return on investment (ROI) d) Price-earnings ratio (P/E ratio) 67. What term describes the process of determining the optimal mix of debt and equity financing for a company? a) Cost analysis b) Capital budgeting c) Financial leverage d) Capital structure 68. What is the primary focus of the production function within a business? a) Employee recruitment and training b) Developing marketing strategies c) Creating goods and services efficiently d) Managing the company's financial resources 69. Which production concept emphasizes the efficient production of a large quantity of standardized products at a low cost? a) Lean production b) Mass production c) Customization d) Just-in-time (JIT) production 70. What term describes the process of ensuring that products meet established quality standards before they are delivered to customers? a) Inventory management b) Quality control c) Cost analysis d) Market research 71. In production management what is the "lead time"? a) The time it takes to manufacture a product b) The time it takes to deliver a product to customers Page 14 of 16
- QUESTION 3 a) Explain each of the three headings in the Statements of Cash Flows as required by International Accounting Standards (IAS) 7. b) Explain with relevant examples, the information to be included under each of the headings stated above, in an IAS 7- based Statement of Cash Flows and explain further the usefulness of each heading.
- Question Three a) Using relevant examples , describe four types of utility as used in business.10 marks. b) Discuss public limited companies as a form of business ownership. Question Four a) Using examples, examine five factors in the macro environment of a business likely to affect a business. b) Analyze five major features of business ethics. 10 marks Question Five a) Assess five things a small business manager must embrace so as to attain success in his /her business. 10 marks b) Examine five major functions undertaken by the human resource department in a business organization. 10 marks
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