A-Level Business Quiz

What is the main purpose of a business plan?

• To guarantee business success

• To attract investors and guide decision-making

• To increase the cost of starting a business

• To reduce competition in the market

Which of the following is NOT a key element of a business plan?

• Market research

• Employee holiday schedules

• Financial forecasts

• Business objectives

Which of the following is a limitation of business plans?

• They ensure business success

• They require time and effort to prepare

• They eliminate all business risks

• They prevent the need for finance

Which economic sector involves the extraction of natural resources?

• Primary

• Secondary

• Tertiary

• Quaternary

What is the main difference between public sector and private sector businesses?

• Public sector businesses aim to make a profit, private sector businesses do not

• Private sector businesses are owned by individuals, public sector businesses are state-owned

• Public sector businesses focus only on healthcare and education

• Private sector businesses only operate in the primary and secondary sectors

Why has the importance of the tertiary sector increased in many developed economies?

• Due to a decline in industrial production

• Because the demand for services has grown

• As a result of increased globalisation and technology

• All of the above

Which business structure has unlimited liability?

• Public Limited Company

• Private Limited Company

• Sole Trader

• Franchise

Which of the following is a key advantage of a private limited company (Ltd)?

• Shares can be sold to the public

• It has limited liability

• It is easy to set up

• There is no legal paperwork

Which business type is jointly owned by individuals who share profits equally?

• Sole Trader

• Co-operative

• Franchise

• Joint Venture

Why do businesses need finance?

• To cover start-up costs

• To fund expansion

• To survive during difficult times

• All of the above