Quiz: The Ultimate Business Enterprise Questions

A person, organisation or group that has an inerest in the success of an organisation.

A middle manager who helps to make tactical decisions.

An individual who develops a business idea and combines the factors of production (ie land, labour, capital and enterprise) in order to produce a product or provide a service.

Are medium-term decisions. These decisions are about how to achieve the organisation's strategic objectives and are made by middle managers. (If an organisation's strategic objective is to improve profitability then a decision by middle management may be to offer a redundancy package to staff to cut staffing costs).

Are long-term decisions made by senior managers. These decisions concern the organisation's overall purpose and direction.(e.g to improve profitability, to improve company image or to improve efficiency).

Are short-term (day-to-day) decisions made by departmental managers. These decisions are made when a change occurs (eg to call in a repair firm when equipment breaks down or to reorganise the shift rota when staff are ill).

Are long-term decisions made by senior managers. These decisions concern the organisation's overall purpose and direction.(e.g to improve profitability, to improve company image or to improve efficiency).

Are medium-term decisions. These decisions are about how to achieve the organisation's strategic objectives and are made by middle managers. (If an organisation's strategic objective is to improve profitability then a decision by middle management may be to offer a redundancy package to staff to cut staffing costs).

Are short-term (day-to-day) decisions made by departmental managers. These decisions are made when a change occurs (eg to call in a repair firm when equipment breaks down or to reorganise the shift rota when staff are ill).

The decision-making process will be slower because of untrained staff.

The decision-making process will cost the organisation more money.

The decision-making process will be completed more quickly and efficiently.

Children, parents, local community, government, police, employees.

Employees, local community, government, customers, local council, media.

Students, government, customers, pupils, local community, police.

Stakeholders have an effect on all businesses as they may be able to exert control over or influence decisions which have to be made.

Stakeholders have an effect on the business because they have shares in it giving them a say.

Stakeholders have an effect on the business because they work in the organisation.

Political factors, Social factors, internal information, secondary information, competitive information.

Political, Social, Technological, Environmental, Economic

Economic, Demographic, Social, Political, Technological

A manager is able to supervise staff closely, which may put staff under greater pressure. A manager may not have enough staff to share ideas with. Subordinates may barely have time to complete a task before the manager gives them the next. There is a danger of interference by the manager.

A manager would be responsible for a smaller amount of subordinates.

A high degree of delegation is required which needs a high quality of staff. There may be queues for the manager's time leading to delays in decision-making. A manager will be under pressure to deal with everyone swiftly - snap judgements or poor quality decisions may be made. Subordinates may be forced to make decisions themselves when matters cannot wait for the manager and the manager may lose control. The manager will have less time for planning.

Huge amounts of finance can be raised, often dominate their markets and easy to borrow money from lenders due to their large size.

Partners can bring in different areas of expertise, more finance available, workload can be shared and partners in a stronger position than a sole trader to raise finance from lenders.

Shareholders have limited liability, control of compnay not lost to outsiders, more finance can be raised from shareholders and lenders and significant experience and expertise from shareholders and directors.

Control and decision-making is delegated to departments, which relieves senior management from routine day-to-day tasks.

Decisions are made by a few people at the core of the organisation.

Procedures can be standardised for purchasing and hiring.