Business Terminologies Quiz

4. This is not a good way to measure business size.
7. Individuals and organisations that have a direct or indirect interest in business activities and business performance.
8. Companies that have separate legal status from their owners is called as being this.
10. Industry that processes raw materials into manufactured goods.
14. A business that has productive operation in more than two countries.
15. This involves concentrating on a small number of productive tasks in a business or on the production of a particular product group of similar products.
17. A decline in the importance of the secondary sector of the industry.
18. Term used to describe natural resources used in production.
20. This person proposed the hierarchy of needs.
22. An economic system which combines a market economy with government planning, ownership of resources, and public sector provision of goods and services.
24. Type of communication where messages contain sensitive information intended only for an identified receiver.
25. A group of firms specialising in similar products or processes.

1. A contractual agreement between two or more organisations to share the expertise, investment, management, costs, profits, and risks of running a business.
2. This refers to the number of subordinates a manager supervises.
3. A document consisting business objectives and details about business operations.
5. A strategy that involves producing a range of different products to reduce the risk of a fall in demand for one of them significantly harming a business.
6. When a private company is nationalised.
9. The next best alternative forgone by choosing another item.
11. When an employee is no longer needed and loses his/her job. This is not because of his/her performance being unsatisfactory.
12. The transfer of a company from government to private ownership and control.
13. The liability of shareholders in a company is only limited to the amount they invested.
16. The structure in an organisation which allows instruction to be passed down from senior management to lower levels of management.
19. The term used to describe the work of those employees with the authority to plan, organise, coordinate, command, and control other employees and resources within an organisation to achieve aims and goals.
21. Result of unlimited needs and wants coupled with limited resources.
23. In short, a measure of national output or income.