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Which of the following refers to an organized effort of an individual to produce/ manufacture and sells goods or services in order to satisfy the needs of the market? Business Which among the basic business resources is considered the most important aspect? Men It pertains to a basic business resource that helps improve the efficiency of modern production. Machines It is a basic business resource that refers to the technology or techniques used in production. Methods What type of production technology is often utilized in poor countries? Primitive Which of the following types of production technologies is often used in first world countries? Modern It is a basic business resource referring to the importance of human element that drives him/ her to effectively and efficiently work toward achieving demands of clients, staff, etc. Motivation Which of the following economic models describe a system of economic organization wherein privately owned funds and property rights are privately invested with the purpose of gain for these individual owners? Capitalism Which among the following economic models is a mixture of capitalism and communism? Socialism What economic idealism states that competition can be trusted to guide business activity towards socially desirable ends? Laissez-faire Theory What kind of business refers to the transfer or exchange of goods and services with the movement of goods from point of production to point of consumption? Commerce What category of industry includes agriculture, forestry and fish culture? Genetic Industries It pertains to a category of industry that converts raw materials into various articles or materials for further industrial processing. Manufacturing Industries It is a business division that caters to personal needs of the public in general on a community. Services It refers to a type of services which includes businesses such as restaurants, hotels, laundry shops, beauty salons etc. Personal Services Which among the following refers to a person or group of individuals who pooled their resources and work together to attain their common objective? Business Organization What form of business organization is owned and usually managed by one person? Single or Sole Proprietorship In partnership, it refers to the individual whose liability extends up to his personal properties. General Partner What business organization describes an artificial being created by operation of law with the right of succession? Corporation Which of the following is not a type of cooperative? Manufacturer Which of the following refers to an organized effort of an individual to produce/ manufacture and sells goods or services in order to satisfy the needs of the market? Business Which among the basic business resources is considered the most important aspect? Men It pertains to a basic business resource that helps improve the efficiency of modern production. Machines It is a basic business resource that refers to the technology or techniques used in production. Methods What type of production technology is often utilized in poor countries? Primitive Which of the following types of production technologies is often used in first world countries? Modern It is a basic business resource referring to the importance of human element that drives him/ her to effectively and efficiently work toward achieving demands of clients, staff, etc. Motivation Which of the following economic models describe a system of economic organization wherein privately owned funds and property rights are privately invested with the purpose of gain for these individual owners? Capitalism Which among the following economic models is a mixture of capitalism and communism? Socialism What economic idealism states that competition can be trusted to guide business activity towards socially desirable ends? Laissez-faire Theory What kind of business refers to the transfer or exchange of goods and services with the movement of goods from point of production to point of consumption? Commerce What category of industry includes agriculture, forestry and fish culture? Genetic Industries It pertains to a category of industry that converts raw materials into various articles or materials for further industrial processing. Manufacturing Industries It is a business division that caters to personal needs of the public in general on a community. Services It refers to a type of services which includes businesses such as restaurants, hotels, laundry shops, beauty salons etc. Personal Services It refers to a highly effective instructional tool used to study a business situation all over the world? Case Method He defined management as the process of designing and maintaining an environment in which individuals working together in groups efficiently accomplish selected aims. Weihrich (1993) . What type of organizational structure has the advantage of quick decision making where a direct flow of authority from the top position to immediate subordinate level is evident? Line Type Organization It refers to a principle of organization that helps achieve smoother flow of operations which may lead to growth and expansion? Principles of Departmentalization Which among the principles of organization states that activities which are not significant should be eliminated and that the creation of a position should be created on its functionality? Which among the principles of organization states that activities which are not significant should be eliminated and that the creation of a position should be created on its functionality? Which is involved in planning, organization, coordination and control of resources in order to maximize the creation of goods and services and to minimize cost and maximize profit? Production management The former manager of a company asks her assistant to undergo training for him to be familiar with the operations of the business that maybe useful in the future. This is an example of which of the following types of training? Promotional training Adequate lighting, elimination of unnecessary notice, proper ventilation, hygienic environment are examples of what? Working conditions This refers to planning, organization, implementation and control of business activities designed to maximize consumer satisfaction through the exchange process is the definition of which of the following? Marketing management What is considered as the standard practice in progressive firms which is a requirement of applicants before they are accepted to make sure that they are fit to work? Physical examination Proper allocation of budget of productive resources prior to the activity is a definition of which type of controls? Pre-action controls A technology that requires local labor and materials and simple management. Intermediate technology This is defined as the process of ensuring that goods and services are produced in accordance with their design and specifications? Quality control The theorist who adheres to the philosophy which is "customer is always right". Stew Leonard Pertain to stockpiles of materials for inputs of production. Raw materials inventory

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