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Question 1
Question
Which of the following best defines the term 'stakeholder'?
Answer
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Anyone with shares in a company
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Anyone with an interest in an organisation
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Anyone who owns a business
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Anyone who buys a product from the organization
Question 2
Question
Which stakeholder is most interested in profit?
Answer
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Staff
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Customers
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Managers
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Owners
Question 3
Question
Which one of the following is an internal stakeholder
Answer
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A creditor
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A key supplier
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An employee
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The government
Question 4
Question
What objectives do different groups of stakeholders have?
Answer
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No objectives
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Different objectives
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Similar objectives
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Identical objectives
Question 5
Question
The laying-off of staff is NOT in the best benefit of:
Answer
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Owners
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Customers
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Lenders
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Employees
Question 6
Question
Staff demand a 5% pay increase. Which stakeholder is most likely to be affected?
Answer
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Customers
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Owners
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Managers
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Suppliers
Question 7
Question
As business objectives are set further down along the hierarchy they become increasingly:
Answer
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Detailed in nature
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Strategic in nature
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Financial in nature
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Short-term in nature
Question 8
Question
Which of this objectives would be consistent with a corporate objective to reduce costs?
Answer
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Increase marketing budget by 10%
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Increase average selling price by 15%
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Increase labor productivity by 25%
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Increase unit costs by 10%
Question 9
Question
A key purpose of setting corporate objectives is to:
Answer
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Makes it easier to calculate bonuses for employees
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Improve operational efficiency
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Provide detailed targets for departments & individuals
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Provide focus for all business activities
Question 10
Question
A corporate objective of survival is most likely to be for the following company:
Answer
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A well-known Multi-national organization
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A long established profitable family business
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A start-up company
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A public organization
Question 11
Question
The 2 main advantages of successfully achieving a corporate objective to cut-costs are:
Answer
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Lower cash & higher profits
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Lower costs & more cash
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Higher profits & higher expenses
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Lower costs & more customers
Question 12
Question
What is a business objective?
Answer
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A statement of what the company has achieved
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A statement of what the company is trying to achieve
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A statement of what the company is currently achieving
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A statement of what the company must legally achieve
Question 13
Question
Who normally decides on business objectives for a company in the private sector?
Answer
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Customers
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Managers
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Employees
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The government
Question 14
Question
What is an example of stakeholder consideration?
Answer
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When owners keep all the profits for themselves.
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When some profit is sacrificed to pay staff an annual bonus.
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When owners decide to increase profits.
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When when managers extend the working day by 1 more hour
Question 15
Question
Which is the best example of a SMART objective?
Answer
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To make a 5% profit
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To attract 10% more customers sometime next year
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To respond to customer inquiries 10% quicker by the end of the current month
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To partner-up with a distributor, retailer, a marketing agency, and a competitor by the end of this month
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