WorksheetsUnit 1 Quiz
Total questions: 30
Worksheet time: 15mins
Which of these is an example of a business operating in the PRIMARY sector?
Car manufacture
Hairdresser
Burger bar
Fisherman
Which of these is defined "a small, specialised market for a particular product or service, e.g. luxury chocolates, exotic pet food"?
Gap in the market
Targeted marketing
Niche market
Mass market
Which of these is an ADVANTAGE of writing a business plan?
It is quick and easy to do
It allows the entrepreneur to focus on what the objectives are
It means that the business is free from any risk
Sometimes the entrepreneur can over-exaggerate in the plan leading to issues later on
Which of these is a DISADVANTAGE of starting as a franchise rather than an independent business?
It is less risky as you trade under a well-known brand name
You have complete control in how you want to run the franchise
There may be little room for creativity as the franchise agreement dictates what you can/cannot do
You get no help or support - you are on your own
Why is unlimited liability a problem?
If the business goes bankrupt your personal possessions can be sold to pay off the debts
It means you have shareholders telling you what to do
You have to pay dividends to the shareholders
Only the assets of the business are at risk if the business gets into debt
Which stakeholder is likely to want good value for money?
Shareholders
Customers
Government
Local community
What type of data do you get from a research focus group?
Secondary data
Quantitative data
Qualitative data
Statistical data
Which of these is NOT one of the 4Ps of the marketing mix?
Place
Price
Product
Publicity
What is e-commerce?
Another name for the internet
Buying and selling online
Business over the phone
A type of teleworking
Which of these is NOT a source of finance available to a small business?
Overdraft
Mortgage
Share issue
Bank loan
What is a cash flow forecast
A financial document that shows the money in and out over the PAST 12 months
A financial document that shows the assets and liabilities of a business
A financial document that shows the profit or loss made over the PAST 12 months
A plan that shows how much money a business expects to receive in, and pay out, over a given period of time
Which of these is NOT a feature of an LTD?
They have a separate legal entity from the owners
They are limited by shares that are owned by family and friends
They have limited liability for debts
They are owned and controlled by 2 to 20 owners
How do you calculate the net cash flow?
Cash inflows-cash outflow
Cash outflow - cash inflow
Cash inflow + cash outflow
Cash inflow x cash outflow
Which of these is NOT a way to resolve poor cash flow?
Give your customers a longer trade credit period to pay their bill
Ask for a longer trade credit period from your suppliers
Ask the bank for an overdraft
Pay your staff monthly instead of weekly
What is a typical aim of a start-up when just getting started?
Survival
Growth
Ethical
Shareholder value
What is the first stage in hiring a new worker?
Job description
Interviews
References
Job analysis
Which of these is an ADVANTAGE of hiring a new worker EXTERNALLY?
Less training is needed
It is faster
There is a wider pool of candidates to select from
It is cheaper
Which of these is the most accurate selection method?
Interview
Graphology - analysing handwriting
Assessment centres
Aptitude tests
Which of these is paying workers based on the amount produced?
Time-rate
Piece-rate
Bonus
Commission
Which of these is NOT a way to decide the level of pay awarded to a job?
Look at typical market pay rates for that job through an online tool
Look at the experience and qualifications that the candidate has
Add up the costs of making the product and add a margin and that's the wage to pay
Link it to performance
Which of these is a BENEFIT of on-the-job training?
It is more cost-effective as the training is done in the working environment
The trainer may pass on their bad habits
Being able to train people is a skill everyone has
The trainee can really focus on the training without any distractions
When does induction training take place?
At the interview
At the beginning of a new job to help the new worker settle
It is on-going throughout the working life of an employee
Each year to review performance and equip staff with new skills
What type of promotional technique is BOGOF an example of?
Public relations
Sponsorship
Demonstration
Sales promotion
What is market segmentation?
Splitting up the market into different groupings according to demographics such as age, income and social class
Carrying out research by asking only certain people
When you market a product to the mass market
When you decide who your competitors are based on the markets they target
Which law would make it unlawful to ask a woman if she ever plans to have children?
Minimum Wage Act
Employment Rights Act
Working Time Directive
Equality Act
What type of production involves making one-offs to meet customer specifications?
Job production
Kaizen
Batch production
JIT
What is 'efficiency'?
How many employees a business has
How well a business is using its resources to produce its goods/services
The output per worker
The use that a business makes of its resources
Which of these is NOT a measure of efficiency?
Labour productvity
Capacity utilisation
Cash flow forecast
Average unit costs
Which law states that "All products sold to customers must be: Satisfactory quality, Fit for purpose and As described"?
Consumer Rights Act 2015
Consumer Protection Act, 1987
Consumer Protection from Unfair Trading Regulations, 2008
Distance Selling Regulations, 2000
Which of these is NOT a method of using ICT to provide good customer service?
FAQs on the business website
Online customer service questionnaires
Comment/rating systems on e-commerce sites, e.g. Trip Advisor
Mystery shoppers
