AS Level Business Revision_Knowledge

Which of the following is the definition for Franchise

• business investment that involves renting or leasing another successful business model
• unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
• unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
• form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued

Which of the following is an advantage of a sole proprietorship

• easy to start up
• Decisions do not require the approval of a co-owner, boss, or other "higher-up
• the owner can keep the profits of successful management without having to share them with other owners. 
• All the other options

Which of the following is NOT one of the six basic activities that all businesses perform?

• raising capital
• buying goods and services
• conserving resources
• generating ideas

A ________ must name a board of directors that will make the major policy and financial decisions for the business.

• limited liability company
• proprietorship
• corporation
• limited liability partnership

A(n) ______ is a short, specific written declaration of the reason a business exists and what it wants to achieve.

• statement of intent
• affirmation of purpose
• mission statement
• declaration of principle

Which of the following best describes quality?

• The service provided to a customer before, during and after purchasing.
• Products being made to a high standard to meet customer needs.
• A high level of productivity.

What is customer service?

• The service provided to customers before, during and after purchasing a product
• When a business meets customer needs
• A method of production

When products are checked at each stage of production, what is this an example of?

• Quality Control

• Quality Circles

• Quality Assurance

When products are checked throughout the production process this is called

• Quality Circles

• Quality Assurance

• Quality Control

When products are checked at the end of the production process this is called

• Quality Assurance

• Quality Circles

• Quality Control