Year 11 Business Studies Recap Quiz

What is the primary goal of most businesses?

• To provide employment

• To maximize profits

• To pay taxes

• To support charities

Which of the following is a characteristic of a sole trader?

• Limited liability

• Owned by shareholders

• Unlimited liability

• Separate legal entity

In the business life cycle, which stage involves the highest risk of failure?

• Growth

• Maturity

• Establishment

• Post-maturity

What does SWOT analysis stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Wages, Output, Taxes

• Strategy, Work, Operations, Targets

• Systems, Workforce, Objectives, Technology

Which external influence affects a business due to changes in laws and regulations?

• Technological

• Political

• Legal

• Economic

What is meant by 'limited liability'?

• Owners are responsible for all debts

• Owners' personal assets are protected

• Business has unlimited resources

• Business can operate without regulations

Which of the following is an internal influence on a business?

• Economic conditions

• Competitors

• Business culture

• Legal environment

A business plan is important because it:

• Ensures immediate success

• Attracts customers automatically

• Provides a roadmap for business operations

• Eliminates all risks

What is the role of the operations function in a business?

• Managing finances

• Recruiting staff

• Producing goods or services

• Marketing products

Which financial statement shows a business's financial position at a specific point in time?

• Income Statement

• Cash Flow Statement

• Balance Sheet

• Budget