IB Business Management Review | Practice Test / Quiz / MCQs

Home > CompTIA Healthcare IT+ Technician > Quizzes > IB Business Management Review

IB Business Management Review

Fast practice, instant feedback. Timer auto-submits when time’s up.

Avg score: 49% • Most missed: “Problems that a new business may face”

The IB Business Management covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques... Show more

The IB Business Management covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques and placed in the context of real world examples and case studies.

The course encourages the appreciation of ethical concerns at both a local and global level. It aims to develop relevant and transferable skills, including the ability to: think critically; make ethically sound and well-informed decisions; appreciate the pace, nature and significance of change; think strategically; and undertake long term planning, analysis and evaluation. The course also develops subject-specific skills, such as financial analysis.
Show less

IB Business Management Review

Time left 00:00

25 Questions

1. Current Ratio

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.People actually want to feel like they are making a difference. People's careers are so often linked to their own self identities. People want to work for companies that are doing good for the world.

2. Physical resources

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.People actually want to feel like they are making a difference. People's careers are so often linked to their own self identities. People want to work for companies that are doing good for the world.

3. Advantages of large organizations

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.People actually want to feel like they are making a difference. People's careers are so often linked to their own self identities. People want to work for companies that are doing good for the world.

4. Purpose (Pink)

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.People actually want to feel like they are making a difference. People's careers are so often linked to their own self identities. People want to work for companies that are doing good for the world.

5. Cluster sampling

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.When getting feedback respondents from a large geographical area involves too much time or money. Units in the population can often be found in certain geographic groups. A random sample of these groups is taken, then either all or a sample of people within the cluster are examined. Quicker, easier and cheaper than other methods if covering a large geographical area. Especially works well if customer characteristics are homogeneous. Potential drawbacks are bias and sampling error. Low number of clusters and sample size would reduce this.

6. Revenue expenditure

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Used for daily running of the business (wages, utilities, rent, raw materials and stock). Needed to manage cash flow and avoid liquidity issues or even insolvencyInclude tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.

7. Ethical considerations of market research

Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Invasion of privacy: Video footage from observations Will data collected be shared beyond marketing purposes? Bias: Can I manipulate questions to make them leading and get the answer I want? Will I only use the answers that agree with what I want to share?

8. Question marks (problem children)

Products in a BCG matrix that compete in high market growth industries but have low market share; they consumer lots of cash but do not generate much profit, if anyThis ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

9. Qualitative research

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.Is any research conducted using observation or unstructured questioning. Common types include focus groups, interviews, observation. Is about finding out not just what people think, but why they think it. It's about getting people to talk about their opinions so you can understand their motivations and feelings. One limitation with it is that it can be subjective.

10. Non profit organization

Is an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to pursue its goals. Many are charities; others include trade unions and public arts organizations. Although many government agencies meet this definition, in most instances they are not considered as this.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.

11. Handy's Shamrock

A group of experienced managers as well as employees to perform the core important tasks at the firm, to ensure that the positioning and traditions of the firm remain intact. The core employees will benefit from job security and a career path which is highly motivating. Part time staff:the flexible worker with only a short-term contract without many other benefits and rights are definitely cheaper for the firm. Will be able to cut costs as well as improve the flexibility needed. Especially important in a seasonal business. Contractors: Are not part of the firm and they are employed to carry out a particular project. This can include training, IT services, marketing services etc.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

12. Market share

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.The percentage of one firm's share of the total sales in the market. Formula is firm's sales / total market sales.

13. Reasons a firm would pick a specific location for production

Access to resources or raw materials. Access to appropriate technologies, including infrastructure. Proximity to markets. Proximity to suppliers, including suppliers of financial services. Proximity to other firms in the industry or related (clustering) Access to available appropriate workforce. Access to transportation systems. Cost of land.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

14. Bureaucracy

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Refers to an organization that is complex with multilayered systems and processes. These systems and procedures are designed to maintain uniformity and control within an organization. Is used to describe the established methods in large organizations or governments.

15. Conflict between stakeholders

Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.When groups interests go against each other. If a firm is cutting costs, shareholder's may benefit as cutting costs many times increases the stock price and value to shareholders but managers and employees may receive less remuneration or have to do more work for the same remuneration.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.

16. Retailers

The sellers of products to the general public that operate in outletsInclude tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.

17. Social for STEEPLE

This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

18. Cultural differences in marketing

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.The variety of traditional beliefs and ideologies across demographics such as regions and age. 7P's: How well does the firm understand the target market in order to apply an appropriate marketing mix? Typically a one size fits all approach does not work and not may not sell but also can decrease brand image if considered offensive to a certain culture.

19. Characteristics of an entrepreneur

Risk taker Creative Motivated Fail and try againThey often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

20. Mission statement

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Operationalize the vision in a shorter-term, 5 years or so typically. The intended audience are employees and customers. Typically have concrete characteristics. While central to a business's strategy, also guide employees tactically and operationally, by giving them a guiding statement to refer to when making decisions. For customers, makes clear how this business relates to them.

21. Advantages of franchsising

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.This is a relatively inexpensive method of expansion for (unlike the acquisition of a firm). If the model works well, there are large profits to be made (not only from portion of sales as well as the royalty payments, but also from further strengthening the brand name)

22. Short channel

Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.This type of distribution generally means a large business with competent management, access to needed finance and sophisticated delivery equipment (lorries). Smaller firms may utilize direct sales. Both of these allow for larger gross profit margins as there are less or no intermediaries who also need profit.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.

23. Internal growth

When a firm expands without involving other firms. It can occur by increasing market share in existing markets with existing products, or can involve introducing new products or entering new markets. It is considered easier to manage and coordinate, no need to seek synergy, can use tried and trusted managers, creates career opportunities for employees with a known employer and possible retention of future profitsInclude tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.

24. Strategy to improve net profit margin

Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.This ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Maintain same gross profit but increase overall sales volume without increasing overhead. Reduce indirect costs such as salaries, rent, advertising, R&D investments.

25. Human resource planning

They often have more capital than their rivals. They have easier access to finance. They have continuity apart from the principals. They enjoy the expertise of specialists. They often have significant market share. They typically can better withstand fluctuations in the economy. They have greater resources to do market research and to innovate.Refers to the forecast of future human resources, especially in terms of recruitment and training. It normally involves assessing the current workforce and identifying future needs for new skills, or knowledge, in order to help the organization meet its strategic objectivesThis ratio helps a firm determine whether they have enough liquid (easily converted into cash) to pay for short term debts. Between 1.0-3.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up.Include tangible items that are necessary and available for a business to function. These are inputs that take space, have a value, and are used in the operation of the company. Some of the most common include raw materials, buildings and facilities, machinery, energy, and supplies.

⚡ Recently practiced quizzes in this topic

Live quiz activity

HIT Terminology

25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com