The Business Environment – Page 2

BMF – Nov 2020 – L1 – SB – Q1b – The Business Environment

State five functions each for the Administration and Finance departments of an organization.

Question

Innoson Transport Company plans to create two new departments, administration and finance. In view of this, two managers will be hired to oversee these functional units.
State FIVE functions of each of the two departments.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cultural Differences, Hofstede's Dimensions, International business, National Culture
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SB – Q1a – The Business Environment

Identify and explain Hofstede's five dimensions of national culture.

Question

Geert Hofstede gave an international perspective on suggesting that culture differs among nations.

Identify and explain the FIVE dimensions of national culture as suggested by Hofstede.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cultural Analysis, Cultural Dimensions, Hofstede, International business, National Culture
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

Question

Which of the following statements in relation to the laws of demand and supply is correct?
A. An increase in price leads to an increase in demand
B. A decrease in price leads to a decrease in demand
C. If demand is highly elastic, a reduction in the sales price will result in an increase in total sales revenue
D. The quantity of a good that suppliers are willing to sell falls when the price of the good rises
E. The quantity of a good that suppliers are willing to sell rises when the price of the good falls

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Economic Laws, Supply
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

Question

Which of the following is a feature of monopolistic competition?
A. Small number of suppliers
B. Monitors the actions of the other firms
C. Faces a kinked demand curve
D. Knowledge is widespread, but not perfect
E. Decisions of one firm influence the decisions of other firms

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic theory, Market Features, Monopolistic Competition
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment

Identify the item that is NOT addressed by the employment law in Nigeria.

Question

Each country has employment laws. Which of the following is NOT addressed by the employment law in Nigeria?
A. Discrimination on the grounds of physical disability, gender, and religion
B. Legislative protection for non-regulated data
C. Minimum acceptable working conditions
D. Minimum monthly rate of pay that may be due to any employee
E. Certain rights against unfair dismissal by an employer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Employment Law, Labor Rights, Legal protection, Nigeria
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – MAY 2016 – L1 – SA – Q19 – The Business Environment

Multiple choice question on the most likely result of competition in a market.

Question

Which of the following is most likely to be a result of competition?

A. Development of new products
B. Reduction in product quality
C. High prices
D. More monopolies
E. Market regulation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Competition, Market dynamics, Product Development
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

Question

The general public might consider that it has a stake or interest in major companies, because the actions of these companies can affect society as a whole. Areas of public concern may include any of the following EXCEPT

A. Public health, especially in the case of food manufacturers and manufacturers of drugs and medicines
B. Protection of the environment, reducing pollution, and creating ‘sustainable businesses’
C. Corruption in business practices
D. The exploitation of the consumer through misleading descriptions of goods
E. Excess profit made by these companies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Corporate Responsibility, Public Concern
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2016 – L1 – SA – Q6 – The Business Environment

This question assesses the understanding of the type of unemployment caused by economic downturns.

Question

Unemployment that results from a ‘slump’ in the economy can be described as:
A. Frictional unemployment
B. Seasonal unemployment
C. Residual unemployment
D. Cyclical unemployment
E. Recessional unemployment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Cycles, Labor Market, Unemployment
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2016 – L1 – SA – Q4 – The Business Environment

This question tests knowledge of what constitutes a Non-Governmental Organization (NGO).

Question

Which of the following is NOT a Non-Governmental Organization?
A. Women in Management and Business
B. University of Lagos
C. Access to Education for Children
D. Action Aid International Nigeria
E. Lagos Digital Village

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Management, Non-Governmental Organizations
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – Nov 2014 – L1 – SA – Q17 – The Business Environment

Identify the term used to describe the business environment outside a company's country of incorporation.

Question

The environment of a business operating outside its own country of incorporation is called:

A. International
B. Multilateral
C. Cultural
D. Multinational
E. National

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Country of Incorporation, International business
Level: Level 1

Topic: The Business Environment
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q14 – The Business Environment

Identify the factor influencing the threat of entry in Porter’s Five Forces model.

Question

The “threat of entry” part of the Porter’s Five Forces Model is influenced by:

A. Supplier competitiveness
B. Economies of scale
C. Inflation
D. Terrorism
E. Financial Reporting Council Regulation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economies of scale, Porter’s Five Forces, Threat of Entry
Level: Level 1

Topic: The Business Environment
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q8 – The Business Environment

Identifies what PEST analysis assesses in business.

Question

Political, Economic, Social and Technological (PEST) analysis is used to assess:

A. Staff of the organisation
B. Business environment
C. Board of Directors
D. Shareholders
E. Corporate Affairs Commission

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Economic, PEST Analysis, Political, Social, Technological
Level: Level 1

Topic: The Business Environment
Series: NOV 2014

BMF- Nov 2014 – L1 – SA – Q5 – The Business Environment

Identifies the statement that defines the purpose and direction of an organisation.

Question

Which of the following defines the purpose of an organisation and gives the direction in which it is heading?

A. Vision statement
B. Mission statement
C. Business objective
D. Strategic intent
E. Organisational goal

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Objectives, Mission, Organisational Goals, Strategy, Vision
Level: Level 1

Topic: The Business Environment
Series: NOV 2014

BMF – May 2015 – L1 – SB – Q2 – The Business Environment

Discuss four external environmental factors that impact business operations.

Question

Businesses do not operate in a vacuum. There is a combination of internal and external factors that affect how businesses function.
State and explain any FOUR external environmental factors that affect a business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Economic, External Environment, Political, Social, Technological
Level: Level 1

Topic: The Business Environment
Series: MAY 2015

BMF – MAY 2015 – L1 – SA – Q16 – The Business Environment

Defining the process of grouping prospective buyers in marketing.

Question

Aggregating prospective buyers into groups is called:

A. Market categorisation
B. Market mix
C. Market segmentation
D. Market modelling
E. BCG matrix analysis

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consumer Behavior, Market Analysis, Market Segmentation, Marketing Strategy
Level: Level 1

Topic: The Business Environment
Series: MAY 2015

BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment

Identifying the most appropriate term for individuals or groups interested in an organization.

Question

The most appropriate terminology that describes those who have interest in an organisation is:

A. Customers
B. Shareholders
C. Stakeholders
D. Management
E. Owners

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Business interests, Corporate Governance, Stakeholders
Level: Level 1

Topic: The Business Environment
Series: MAY 2015

BMF – May 2015 – L1 – SA – Q3 – The Business Environment

This question focuses on the purpose of analyzing an organization’s strategic position and its implications for organizational strategy.

Question

The purpose of analyzing an organisation’s strategic position is:

A. To understand the operational and corporate requirements of an organisation
B. To understand the strategic position of the organisation in terms of its strategic capability
C. To understand and allocate available resources
D. To understand the strategic position of the organisation in terms of its external environment, capabilities, and expectations
E. To evaluate the resources required to translate strategy into action

Answer

Find Related Questions by Tags, levels, etc.

Level: Level 1

Topic: The Business Environment
Series: MAY 2015

BF – Nov 2015 – L1 – SB – Q3 – The Business Environment

Discussing the impact of the business environment and key marketing concepts.

Question

The business environment can have a fundamental impact on the degree to which a firm is able to develop and maintain successful transactions with its customers and consequently on its profitability and sustainability of its operations.

Explain briefly the following:
i. Product life cycle (5 Marks)
ii. PEST Analysis (4 Marks)
iii. SWOT Analysis (4 Marks)

b. State and explain the 7P’s of marketing. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: 7P's, Business Environment, Marketing
Level: Level 1

Topic: The Business Environment
Series: NOV 2015

BF – Nov 2015 – L1 – SA – Q17 – The Business Environment

Identifying what is not an advantage of a partnership business.

Question

Which of the following is NOT an advantage of a partnership business?
A. More financial resources
B. Registration with Corporate Affairs Commission
C. Payment of Corporate Income Tax
D. Sharing of risk and losses
E. Continuity

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advantages, Business Structure, Partnership
Level: Level 1

Topic: The Business Environment
Series: NOV 2015

BF – Nov 2015 – L1 – SA – Q5 – The Business Environment

dentifying what is not a characteristic of the business environment.

Question

Which of the following options is NOT a characteristic of the business environment?
A. Complexity
B. Dynamism
C. Multi-facets
D. Far-reaching impact
E. Predictability

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Characteristics, Predictability

Topic: The Business Environment
Series: NOV 2015

Topic: The Business Environment

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

BMF – Nov 2020 – L1 – SB – Q1b – The Business Environment

State five functions each for the Administration and Finance departments of an organization.

You're reporting an error for "BMF – Nov 2020 – L1 – SB – Q1b – The Business Environment"

BMF – Nov 2020 – L1 – SB – Q1a – The Business Environment

Identify and explain Hofstede's five dimensions of national culture.

You're reporting an error for "BMF – Nov 2020 – L1 – SB – Q1a – The Business Environment"

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

You're reporting an error for "BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment"

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment"

BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment

Identify the item that is NOT addressed by the employment law in Nigeria.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment"

BMF – MAY 2016 – L1 – SA – Q19 – The Business Environment

Multiple choice question on the most likely result of competition in a market.

You're reporting an error for "BMF – MAY 2016 – L1 – SA – Q19 – The Business Environment"

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

You're reporting an error for "BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment"

BMF – May 2016 – L1 – SA – Q6 – The Business Environment

This question assesses the understanding of the type of unemployment caused by economic downturns.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q6 – The Business Environment"

BMF – May 2016 – L1 – SA – Q4 – The Business Environment

This question tests knowledge of what constitutes a Non-Governmental Organization (NGO).

You're reporting an error for "BMF – May 2016 – L1 – SA – Q4 – The Business Environment"

BMF – Nov 2014 – L1 – SA – Q17 – The Business Environment

Identify the term used to describe the business environment outside a company's country of incorporation.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q17 – The Business Environment"

BMF – Nov 2014 – L1 – SA – Q14 – The Business Environment

Identify the factor influencing the threat of entry in Porter’s Five Forces model.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q14 – The Business Environment"

BMF – Nov 2014 – L1 – SA – Q8 – The Business Environment

Identifies what PEST analysis assesses in business.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q8 – The Business Environment"

BMF- Nov 2014 – L1 – SA – Q5 – The Business Environment

Identifies the statement that defines the purpose and direction of an organisation.

You're reporting an error for "BMF- Nov 2014 – L1 – SA – Q5 – The Business Environment"

BMF – May 2015 – L1 – SB – Q2 – The Business Environment

Discuss four external environmental factors that impact business operations.

You're reporting an error for "BMF – May 2015 – L1 – SB – Q2 – The Business Environment"

BMF – MAY 2015 – L1 – SA – Q16 – The Business Environment

Defining the process of grouping prospective buyers in marketing.

You're reporting an error for "BMF – MAY 2015 – L1 – SA – Q16 – The Business Environment"

BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment

Identifying the most appropriate term for individuals or groups interested in an organization.

You're reporting an error for "BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment"

BMF – May 2015 – L1 – SA – Q3 – The Business Environment

This question focuses on the purpose of analyzing an organization’s strategic position and its implications for organizational strategy.

You're reporting an error for "BMF – May 2015 – L1 – SA – Q3 – The Business Environment"

BF – Nov 2015 – L1 – SB – Q3 – The Business Environment

Discussing the impact of the business environment and key marketing concepts.

You're reporting an error for "BF – Nov 2015 – L1 – SB – Q3 – The Business Environment"

BF – Nov 2015 – L1 – SA – Q17 – The Business Environment

Identifying what is not an advantage of a partnership business.

You're reporting an error for "BF – Nov 2015 – L1 – SA – Q17 – The Business Environment"

BF – Nov 2015 – L1 – SA – Q5 – The Business Environment

dentifying what is not a characteristic of the business environment.

You're reporting an error for "BF – Nov 2015 – L1 – SA – Q5 – The Business Environment"

Our offerings

Contact Info

Customer

Get In Touch

admin