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WorksheetsBusiness studies y9
Total questions: 50
Worksheet time: 49mins
Name
Class
Date
1.
Business location would be important to a bakery because of which of the following?
a)
Proximity to customers
b)
Access to local suppliers
c)
Access to transport infrastructure
d)
Technology
2.
Which of the following is a fixed cost ?
a)
Wages
b)
Rent
c)
Stock
d)
Rates
3.
What is a sole trader?
a)
One person who works for a business
b)
One person who sues a business
c)
One person who leaves a business
d)
One person who owns and runs a business
4.
What is a partnership?
a)
A business owned by shareholders
b)
One person trading alone
c)
Two or more individuals trading together
5.
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
a)
Entrepreneur
b)
Franchiser
c)
Director
d)
Trader
6.
What is the acronym for a private limited company?
a)
PLC
b)
PVC
c)
LTD
d)
PVLC
7.
What is the biggest risk of starting a new business?
a)
Losing Money
b)
Making Money
c)
Being Successful
d)
Failing
8.
Who do PLC's sell their shares to?
a)
General Public
b)
Family and Friends
c)
Employees
d)
Schools
9.
Who do LTD's sell their shares to?
a)
Employees
b)
General Public
c)
Family and Friends
d)
Schools
10.
How many people can be in a partnership?
a)
2
b)
2-10
c)
2-20
d)
Unlimited
11.
Can a sole trader have other people working for them?
a)
Yes
b)
No
12.
Some business costs are classified as fixed costs because they
a)
must be paid within a set time
b)
don't change when sales go up or down
c)
are unpredictable and must be estimated
d)
cost all businesses the same amount
13.
When a business has made enough money to pay its costs and begin to make a profit, it has reached its
a)
break-even point
b)
variable-cost margin
c)
fixed cost
d)
selling price
14.
It may be difficult for a new business to predict its variable costs because new businesses
a)
are sometimes short of working capital
b)
don't have access to industry figures
c)
may have inexperienced employees
d)
don't have past sales records
15.
What is the definition of Revenue?
a)
Income from the sales of goods and services
b)
Income from the cost of goods and services
c)
The money made on products
d)
Cash coming into the business from suppliers and customers
16.
What is the formula for Revenue?
a)
No. Sold x Selling Price
b)
No. Sold x Costs
c)
Selling Price x Costs
d)
Selling Price x Total sales
17.
What is the formula for Profit?
a)
Revenue - Sales
b)
Revenue - Costs
c)
Revenue - Fixed Costs
d)
Revenue - Gross Profit
18.
What is the definition of a fixed cost?
a)
A cost that varies with output
b)
A cost that does not vary with output
c)
Costs that do not change
d)
Costs that change only when agreed
19.
What is the definition of a variable cost?
a)
Costs that vary with output
b)
Costs that do not vary with output
c)
Costs that are always changing
d)
Costs that cannot change
20.
Which of the following is the best definition of PROFIT?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for their costs.
c)
The total amount of money a business spends.
21.
If you own a home, you must pay for electricity you use. The amount you pay changes every month depending on how much you use. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
22.
Eric wants to start being an Uber driver taking passengers from Leeds airport to the city centre.Eric knows that he can make £30 per Uber ride he gives. Eric owns his own car, so his only expense is to pay £5 in petrol for every ride he gives. Eric gives 15 rides this week, his COSTS for the week will be...
a)
£30
b)
£75
c)
£375
d)
£450
23.
You own a restaurant and every month you must pay your water bill. However, you never know how much that bill will be because the amount changes based upon how much water your business uses. This is a...
a)
FIXED cost.
b)
VARIABLE cost.
24.
A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made?
a)
A £50 profit is made
b)
A £20 profit is made
c)
A £20 loss is made
25.
What is revenue sometimes called?
a)
Turnover
b)
Overheads
c)
Price
26.
When is a business making a loss?
a)
When revenues are higher than costs
b)
When revenues equal costs
c)
When revenues are less than costs
27.
When is a business making a profit?
a)
When revenues are higher than costs
b)
When revenues equal costs
c)
When revenues are less than costs
28.
Total Costs are calculated by...
a)
Fixed Costs + Variable Costs
b)
Costs - Revenue
c)
Revenue - Costs
d)
Fixed Costs + Variable Costs - Revenue
29.
Raw materials such as wool is an example of
a)
Variable Costs
b)
Fixed Costs
30.
What does a positive cash flow mean?
a)
The business is making a loss
b)
The business is making either a profit or a loss
c)
The business is making a profit
31.
What is an example of a service?
a)
A bus journey
b)
a bus
A bus
A bus
c)
a bus stop
A bus stop
A bus stop
32.
What is a car an example of?
a)
A Cost
b)
A service
A Service
A Service
c)
A Product/Good
33.
A business is any organisation that makes ******** or provides services.
a)
produce
b)
goods
c)
services
d)
money
34.
******* are physical products such as burgers or pokemon cards.
a)
Goods
b)
Services
35.
******** are non-physical items such as hairdressing or dentistry.
a)
Goods
b)
Services
36.
What is a consumer?
- best answer
- best answer
a)
A consumer is someone who buys goods for their own use.
b)
A consumer is someone whos sell goods for profit.
c)
A consumer runs a business as a CEO.
d)
A consumer is someone who buys goods and services for their own use.
37.
Human beings are said to have 5 basic needs. These include...
·Food
·Water
·Clothes
·Warmth
What is the missing human need?
·Food
·Water
·Clothes
·Warmth
What is the missing human need?
a)
House with a bedroom for each family member
b)
Palace
c)
Large Family Home
d)
Shelter
38.
What Am I?
a)
Need
b)
Want
39.
What Am I?
a)
Need
b)
Want
40.
What Am I?
a)
Need
b)
Want
41.
What Am I?
a)
Need
b)
Want
42.
What is a shareholder?
a)
A person who invests in a business
b)
A person who takes interest in a business
43.
What is a stakeholder?
a)
A person who invests in a business
b)
A person who has interest in a business
44.
What is a franchise?
a)
When a person buys from a business
b)
When a person buys the rights to a business
c)
When a person owns a new business
d)
When a person sues a business
45.
Which of these is an example of an external stakeholder?
a)
Employees
b)
Customers
c)
Employers
d)
Shareholders
46.
Taxes are an example of
a)
Cash inflow
b)
Cash outflow
47.
What are the two types of cash flow?
a)
Inflow and outflow
b)
Inflow and outgoings
c)
Income and ougoings
d)
Income and outflow
48.
What is the primary reason that businesses suffer poor cash flow?
a)
Lack funds
b)
Poor management
c)
Rubbish workers
49.
A net cash flow on a cash flow statement is...
a)
Total inflow - total outflow
b)
Total inflow + total outflow
50.
How could a company fix poor cash flow?
a)
Hire more workers
b)
Reschedule payments
c)
Change location
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