Understanding Business Concepts Quiz

Which of the following is a common financial objective for a business?

• Increasing staff holidays

• Maximising profit

• Reducing product range

• Improving staff morale

What is the main purpose of primary market research?

• To gather existing data from reports

• To collect new, first-hand information

• To analyse competitors’ financial statements

• To review government statistics

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

• Shares can be sold to the public

• Unlimited liability

• Shares are only sold privately

• Owned by the government

Which motivation theory focuses on a hierarchy of human needs?

• Taylor’s Scientific Management

• Herzberg’s Two-Factor Theory

• Maslow’s Hierarchy of Needs

• Mayo’s Human Relations Theory

Which of the following is an example of a non-financial business objective?

• Increasing sales revenue

• Reducing costs

• Improving customer satisfaction

• Maximising profit

Which of the following is a method of secondary market research?

• Focus groups

• Questionnaires

• Analysing government reports

• Observations

Which type of business ownership is most suitable for a single person wanting full control?

• Partnership

• Public limited company

• Sole trader

• Franchise

According to Herzberg, which of the following is a hygiene factor?

• Achievement

• Recognition

• Salary

• Responsibility

Which of the following is a qualitative market research technique?

• Surveys with tick-box answers

• Focus groups

• Sales data analysis

• Website analytics

What is the main advantage of a partnership over a sole trader?

• Limited liability

• More capital available

• Shares can be sold to the public

• No need to share profits