day 1 -15

Question 1

What is a stakeholder?

Answer 1

A person or group with an interest in the success of a business.

Question 2

Examples of internal stakeholders

Answer 2

Employees, owners, managers.

Question 3

Examples of external stakeholders

Answer 3

Customers, suppliers, government, community.

Question 4

What are SMART objectives?

Answer 4

Specific, Measurable, Achievable, Relevant, Time-bound.

Question 5

Why might business objectives change over time?

Answer 5

Due to growth, change in market, stakeholder influence.

Question 6

Types of growth

Answer 6

Organic (internal) and Inorganic (external).

Question 7

Methods of inorganic growth

Answer 7

Mergers, takeovers, franchising.

Question 8

Risks of growth

Answer 8

Culture clash, financial strain, loss of control.

Question 9

Advantages of a private limited company (LTD)

Answer 9

Limited liability, easier to raise finance.

Question 10

Disadvantages of a private limited company (LTD)

Answer 10

More legal requirements, shared control.

Question 11

Primary research example

Answer 11

Surveys, interviews, focus groups.

Question 12

Secondary research example

Answer 12

Online sources, reports, data from other organizations.

Question 13

What is market segmentation?

Answer 13

Dividing a market into groups with similar characteristics.

Question 14

Break-even formula

Answer 14

Fixed Costs ÷ (Selling Price - Variable Cost)

Question 15

Purpose of break-even

Answer 15

Helps determine how many units need to be sold to cover costs.

Question 16

What is cash flow?

Answer 16

The movement of money in and out of a business.

Question 17

Causes of cash flow problems

Answer 17

Late payments, poor budgeting, overspending.

Question 18

Solutions to cash flow problems

Answer 18

Delay supplier payments, reduce spending, increase revenue.

Question 19

Gross Profit formula

Answer 19

Revenue - Cost of Sales

Question 20

Net Profit formula

Answer 20

Gross Profit - Expenses

Question 21

Just in Time (JIT)

Answer 21

Stock is ordered only when needed, reduces storage costs.

Question 22

Advantages of JIT

Answer 22

Less storage cost, fresher stock, efficiency.

Question 23

Disadvantages of JIT

Answer 23

Supply chain risks, delays impact production.

Question 24

Quality control vs quality assurance

Answer 24

Control: checking at the end; Assurance: checking at each stage.

Question 25

Consequences of poor quality

Answer 25

Customer complaints, bad reviews, returns.

Question 26

Internal recruitment

Answer 26

Hiring from within the business.

Question 27

External recruitment

Answer 27

Hiring from outside the business.

Question 28

On-the-job training

Answer 28

Training at the workplace during working hours.

Question 29

Off-the-job training

Answer 29

Courses, seminars, training off-site.

Question 30

Benefits of training staff

Answer 30

Improved performance, employee satisfaction.

Question 31

Types of motivation

Answer 31

Financial (bonuses), non-financial (promotion, praise).

Question 32

Employment laws protect workers by…

Answer 32

Ensuring safe conditions, fair pay, preventing discrimination.

Question 33

Consequences of breaking employment laws

Answer 33

Legal action, fines, reputational damage.

Question 34

Mission statement

Answer 34

A business’s overall purpose and goals.

Question 35

Corporate culture

Answer 35

Shared values, beliefs, and practices in an organization.

Question 36

Organizational structure

Answer 36

How roles and responsibilities are arranged in a business.

Question 37

Internal environment examples

Answer 37

Staff skills, culture, financial resources.

Question 38

Regulation meaning

Answer 38

Rules set by authorities affecting business operations.

Question 39

Legislation meaning

Answer 39

Laws businesses must follow (e.g., health and safety).

Question 40

McGregor’s Theory X

Answer 40

Workers are lazy, need supervision, avoid responsibility.

Question 41

McGregor’s Theory Y

Answer 41

Workers are motivated, seek responsibility, enjoy work.

Question 42

Autocratic leadership

Answer 42

Leader makes decisions alone; fast but can demotivate.

Question 43

Democratic leadership

Answer 43

Involves team in decisions; boosts morale and ideas.

Question 44

Laissez-faire leadership

Answer 44

Minimal leader input; relies on team’s self-motivation.

Question 45

Situational leadership

Answer 45

Adapts style depending on the task and people involved.

Question 46

Transactional leadership

Answer 46

Focuses on tasks and rewards for performance.

Question 47

Transformational leadership

Answer 47

Inspires and motivates change and innovation.

Question 48

Contingency theory

Answer 48

There is no one best leadership style; it depends on the situation.

Question 49

Change management

Answer 49

Approach to transitioning individuals, teams, and organizations.

Question 50

Lewin’s Change Model

Answer 50

Unfreeze – Change – Refreeze.

Question 51

Kotter’s 8-Step Change Model (simplified)

Answer 51

Create urgency, form a coalition, vision, communicate, remove obstacles, short-term wins, build on change, anchor it.

Question 52

Project management tools

Answer 52

Gantt chart, CPA (Critical Path Analysis).

Question 53

Purpose of Gantt chart

Answer 53

Tracks project progress against time.

Question 54

Purpose of CPA

Answer 54

Identifies critical tasks for timely project completion.

Question 55

Advantages of tall organizational structure

Answer 55

Clear hierarchy, closer supervision.

Question 56

Disadvantages of tall structure

Answer 56

Slower communication, less flexibility.

Question 57

Lean management

Answer 57

Maximizing value by eliminating waste.

Question 58

Kaizen (continuous improvement)

Answer 58

Ongoing small changes that improve efficiency and quality.

Question 59

Corporate Social Responsibility (CSR)

Answer 59

Business actions that benefit society and environment.