The Business Environment – Page 3

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

Topic: The Business Environment
Series: NOV 2014

BMF – May 2018 – L1 – SB – Q4c – The Business Environment

Explains reasons for businesses to expand into international markets.

Question

Many businesses expand beyond their national markets and have competitors all over the world. Explain FOUR reasons for the internationalisation of markets and competition.

Answer

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Tags: Global Competition, Internationalisation, Market Expansion
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SB – Q4b – The Business Environment

Explains monopolistic competition and its key features.

Question

Explain the term monopolistic competition and state its SIX main features.

Answer

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Tags: Competition Features, Market structure, Monopolistic Competition
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SB – Q4a – The Business Environment

Identifies characteristics of a perfectly competitive market.

Question

State FOUR characteristics of a perfectly competitive market.

Answer

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Tags: Economic theory, Market Characteristics, Perfect competition
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SB – Q3c – The Business Environment

Explains key business terms related to economic policy and business practices.

Question

Explain briefly the following business terms:
i. Fiscal policy
ii. Monetary policy
iii. Monopoly
iv. Downsizing
v. De-layering
vi. Outsourcing

Answer

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Tags: De-layering, Downsizing, Fiscal Policy, Monetary Policy, Monopoly, Outsourcing
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SB – Q3b – The Business Environment

Discusses implications of a fall in the value of a nation’s currency.

Question

State the implications of a fall in the value of a nation’s currency.

Answer

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Tags: Currency Value, Economic Impact, Inflation, Trade Balance
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SB – Q3a – The Business Environment

Classifies and explains different categories of unemployment.

Question

High unemployment rate is a challenge in any economy. Attempts have been made to classify unemployment so as to resolve it. State and explain briefly FIVE categories of unemployment.

Answer

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Tags: Structural Unemployment, Technological Unemployment, Transitional Unemployment, Unemployment
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SA – Q4 – The Business Environment

Benefits of engaging in international business.

Question

Which of the following is a benefit derivable through international business?
A. Economies of scale
B. Low profit
C. High cost
D. Short supply of goods and services
E. Insufficient capital accumulation

Answer

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Tags: Benefits, International business
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – May 2018 – L1 – SA – Q3 – The Business Environment

Identifying barriers to international business.

Question

Which of the following is NOT a barrier to international business?
A. Tariff
B. Quota
C. Embargoes
D. Market Growth
E. Infrastructure

Answer

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Tags: International business, Trade Barriers
Level: Level 1

Topic: The Business Environment
Series: MAY 2018

BMF – Nov 2021 – L1 – SB – Q4B – The Business Environment

Question asks candidates to state four features of bureaucracy as identified by Rosemary Stewart.

Question

State FOUR main features of bureaucracy as identified by Rosemary Stewart. (4 Marks)

Answer

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Tags: Bureaucracy, Organisational Structures, Rosemary Stewart
Level: Level 1

Topic: The Business Environment
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q20 – The Business Environment

Question about identifying an element not part of the Cultural Web model within an organization.

Question

The cultural web consists of the following inter-related elements of culture within an organisation, EXCEPT:

A. Symbols
B. Interactions
C. Control systems
D. Stories and myths
E. Routine and rituals

Answer

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Tags: Corporate Culture, Organizational Behavior, Strategic Management
Level: Level 1

Topic: The Business Environment
Series: NOV 2021

Topic: The Business Environment

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

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

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

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

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

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

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

Identify a feature of monopolistic competition.

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

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

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

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

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

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

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

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

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

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

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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.

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BMF – May 2018 – L1 – SB – Q4c – The Business Environment

Explains reasons for businesses to expand into international markets.

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BMF – May 2018 – L1 – SB – Q4b – The Business Environment

Explains monopolistic competition and its key features.

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BMF – May 2018 – L1 – SB – Q4a – The Business Environment

Identifies characteristics of a perfectly competitive market.

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BMF – May 2018 – L1 – SB – Q3c – The Business Environment

Explains key business terms related to economic policy and business practices.

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BMF – May 2018 – L1 – SB – Q3b – The Business Environment

Discusses implications of a fall in the value of a nation’s currency.

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BMF – May 2018 – L1 – SB – Q3a – The Business Environment

Classifies and explains different categories of unemployment.

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BMF – May 2018 – L1 – SA – Q4 – The Business Environment

Benefits of engaging in international business.

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BMF – May 2018 – L1 – SA – Q3 – The Business Environment

Identifying barriers to international business.

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BMF – Nov 2021 – L1 – SB – Q4B – The Business Environment

Question asks candidates to state four features of bureaucracy as identified by Rosemary Stewart.

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BMF – Nov 2021 – L1 – SA – Q20 – The Business Environment

Question about identifying an element not part of the Cultural Web model within an organization.

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