Business Quiz

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

A business that sells the rights to trade using its name, logo and products...

• A partnership

• A franchisee

• A franchise

• An Ltd

Reasons for starting a business are

• To keep all the profits

• To get money

• To be your own boss

• To escape a boring job

• To be motivated

A factor for choosing a location could be

• Nice working environment

• Proximity to customers

• Close to where you live

• High costs of premises

A Sole Trader would experience

• Limited Liability

• Stress of decision making

• Loneliness of having no employees

• Decisions taking too long due to discussion

Which of these are Stakeholders

• Customers

• Employees

• Competitors

• Shareholders

A benefit of writing a business plan could be

• Avoids fines as it is a legal document

• Guarantees a profit will be made

• A bank is more likely to lend money

• Increases the risk of the business failing

Sales Revenue is calculated by...

• Price x Total Cost

• Profit - Variable Costs

• Fixed Costs + Variable Costs

• Price x Output

The factors of production are...

• Capital, Costs, Risk, Location

• Land, Skills, Ideas, Profit

• Capital, Enterprise, Land, Labour

• Labour, Location, Costs, Enterprise

A farmer is in which industrial sector?

• Primary

• Secondary

• Tertiary

• Quarternary