Business GCSE Theme 1 Quiz

Which is not a way of adding value

• Quality

• Price

• Convenience

• Branding

Asset

• changing an existing product or process

• any item of value that a business owns, such as machinery or premises.

• the proportion of sales in a market that are taken by one business

• the flow of goods and services out of a country

Overdraft

• A facility offered by a bank that allows an account holder to borrow money at short notice

• When an individual is unable to pay their debts

• When a company ceases trading

• A long term source of finance

Brand loyalty

• This is how you market your business

• A customers willingness to buy a product from a particular business rather than from competitors

• The logo that you use to advertise your business

• A customers willingness to buy a product from competitors

Methods of primary research

• Government reports

• Market reports

• Internet

• Questionnaire

Price, _______, Promotion, Place

Select TWO true statements that relate to a sole trader. (Select two answers)

• Sole traders have limited liability

• Sole traders get to make all their own decisions about the business

• Sole traders may find it harder to raise funds for the business

• Sole traders usually get more holidays than partners or directors

A limited company is owned by

• Shareholders

• Stakeholders

• Directors

• Employees

Which of the following would be a reason to alter a company's aim and objectives

• The business has met their previous aims/objectives
• The business has made lots of profit
• The business employs a new owner
• A new financial year

True or false: A good entrepreneur will take calculated risks

• True
• False