Business Operations and Decision Making Quiz

Test your knowledge on decision-making, SWOT analysis, financial statements, and more with our quiz on business operations.

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What does SWOT stand for in business analysis?

Strengths, Weaknesses, Opportunities, Threats

Sales, Workforce, Objectives, Targets

Supply, Warehouse, Orders, Transportation

Sustainability, Waste reduction, Optimization, Technology

In decision-making, what does the term 'opportunity cost' refer to?

The cost of goods and services

The cost of missed opportunities

The cost of production

The cost of marketing

What does ROI stand for in business?

Return on Investment

Revenue on Investment

Risk of Investment

Rate of Investment

What is the purpose of a supply chain in business?

To minimize costs

To maximize profits

To deliver products and services to customers

To manage human resources

Which of the following is a key component of a business process?

Profit margin

Cost structure

Value proposition

Sequence of activities

What does JIT stand for in inventory management?

Just In Time

Just In Theory

Just In Transition

Justified Inventory Technique

What is the role of a Chief Financial Officer (CFO) in a company?

Overseeing marketing strategies

Managing human resources

Financial planning and reporting

Operations management

Which of the following is NOT a characteristic of perfect competition?

Homogeneous products

Many buyers and sellers

Barriers to entry

Perfect information

Which financial statement represents a company's financial position at a specific point in time?

Income statement

Statement of cash flows

Balance sheet

Statement of retained earnings

#10

Which inventory management method assumes that the most recently acquired units are the first to be sold?

First In, First Out (FIFO)

Last In, First Out (LIFO)

Just In Time (JIT)

Economic Order Quantity (EOQ)

#11

What is the purpose of a break-even analysis in business?

To determine when a business will make a profit

To calculate the maximum revenue a business can generate

To analyze the level of sales needed to cover costs

To evaluate the performance of employees

#12

What is the main purpose of a Pareto chart?

To display trends over time

To prioritize improvement opportunities

To present financial data

To show geographic distribution

#13

Which of the following is a quantitative forecasting method?

Executive opinion

Market research

Time-series analysis

Delphi method

#14

What is the primary goal of Six Sigma methodology?

Reduce defects and variation in processes

Maximize profits

Increase market share

Improve employee satisfaction

#15

Which of the following is NOT a primary function of operations management?

Inventory management

Human resource management

Quality control

Production scheduling

#16

Which of the following is NOT a component of the PESTEL analysis framework?

Political

Economic

Social

Technological

Environmental

#17

Which of the following is NOT a characteristic of a monopoly?

Single seller

Price taker

No close substitutes

High barriers to entry