What two main categories of research might a business undertake in order to complete a business plan?

Secondary and tertiary research

Which of these statements describes a competitor?

A business that sells a similar product at a similar level of quality and price

A business that sells something completely different

A business that sells a similar product but at a much higher quality and price

What does ‘product range’ mean?

The number of products sold by a business

The range of prices of the products sold by a business

Selling just one type of product

How might a business respond to a competitor bringing out a new product?

Promote its existing products more

What does a dynamic environment refer to?

A business environment that is rapidly changing where businesses must adapt to survive

A slowly changing environment where businesses run smoothly

A business environment with lots of competitors fighting for customers

What does ‘the interdependent nature of business activity’ refer to?

Businesses working closely together to achieve success

Businesses avoiding working with any other business

Where one department in a business works closely with one other department

What is the calculation for averages?

Add all of the number in a set ÷ the amount of values there are

Add all of the number in a set ÷ the amount of values there are then × 100

Add all of the number in a set ÷ the amount of values there are then – 100

What is the calculation for a percentage increase?

% increase = Increase ÷ Original Number × 100

% increase = increase × Original Number - 100

% decrease = decrease ÷ Original Number × 100

What is the difference between goods and services?

Goods are tangible products that you can touch, services are intangible experiences

Goods are intangible products that you experience, services are tangible goods

Goods and services are both tangible products

What is a producer good?

Producer goods are goods that businesses use to either produce other goods or in the provision of providing services

A producer good is a good that consumers use

A producer good is an experience offered to customers by large businesses

What best describes a public sector business?

A business that is owned and run by the government

A business that is owned and run by individuals or shareholders

A business that provides a mixture of goods and services

Which is an example of a private sector business?

A consumer electronics business

What is a commercial service?

Services that are usually supplied to businesses

Services that are supplied to individuals

Any service that is supplied by a business

What four resources are needed to produce goods and services?

Land, labour, capital, and enterprise

Land, labour, commercial and personal

Land, labour, durable and non-durable

1.2 Providing Goods & Services Quiz

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is usually the first section of a business plan?

Business aims and objectives

Revenue forecast

Business idea

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an element that is included in a business plan?

Marketing mix

Stock market price

Sources of finance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these stakeholders might be interested in seeing a business plan?

Bank

Local community

Pressure groups

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What acronym is used when creating business objectives?

SWOT

SMART

PESTLE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can a business plan be used to minimise risk for a business?

It tells an entrepreneur exactly how much profit they will make

It shows an entrepreneur how many products they will definitely sell

It allows an entrepreneur to make informed decisions about their business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four elements of the marketing mix?

Product, profit, place and promotion

Product, price, place and promotion

Product, price, payments and promotion

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why would a bank primarily be interested in seeing a business plan?

To determine whether a business would be able to pay back a loan or mortgage

To determine whether a business would be able to pay back a grant or mortgage

To check a business’ aims and objectives

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1.2 Providing Goods & Services

What is usually the first section of a business plan?

Which of the following is not an element that is included in a business plan?

Which of these stakeholders might be interested in seeing a business plan?

What acronym is used when creating business objectives?

How can a business plan be used to minimise risk for a business?

What are the four elements of the marketing mix?

Why would a bank primarily be interested in seeing a business plan?

Other than a bank, who else would want to see a business plan?

Which of these business elements is not a major part of a business plan?

What two main categories of research might a business undertake in order to complete a business plan?

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