November 2022 Business Studies Quiz

What is the break-even point?

• The point at which a business makes a loss

• The point at which revenue and total costs are the same, meaning the business makes neither a profit nor a loss

• The point at which a business makes a profit

Which of these is the most likely result of an increase in costs?

• The break-even point will decrease

• The break-even point will increase

Which of these is the most likely result of a decrease in revenue?

• Costs will increase

• Profits will increase

• Profits will decrease

How is a loss shown on a break-even graph?

• A shaded area between the revenue and total costs lines below the break-even point

• A shaded area between the revenue and total costs lines above the break-even point

• It is represented on the Y axis

What is represented on the X axis on a break-even graph?

• Costs and revenue

• Profit

• Products sold

What is the difference between an aim and an objective?

• An aim is the overall goal and objectives are the steps to achieve it

• An objective is the overall goal and aims are the steps to achieve it

• A aim is where the business wants to be in 10 years and the objectives are where the business wants to be in five years

What are the two main types of objective?

• Short-term and long-term objectives

• Big objectives and small objectives

• Financial and non-financial objectives

Which of the following is one of the two main reasons that each business has different aims and objectives?

• The owners want different amounts of profit

• Different businesses operate in different sectors

• Different businesses sell different amounts of products

Which of these objectives for a small business follows the S.M.A.R.T acronym?

• To earn £100,000 in 2022

• To earn £1,000 profit each month for the next year

• To earn £150,000 profit each week for the next month

What is the difference between financial and non-financial objectives?

• Financial objectives mostly relate to money, whereas non-financial objectives relate to things other than money

• Financial objectives relate to profit, whereas non-financial objectives relate to the types of products a business sells

• Non-financial objectives relate to money, whereas financial objectives relate to things other than money