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Business Studies With Ms Z

Total questions: 68

Worksheet time: 44mins

Name
Class
Date
1.
what is unlimited liability?
a)
Personal possessions CAN be taken to repay a debt
b)
Personal possessions CANNOT be taken to repay a debt
2.
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
3.
What happens in the primary sector?
a)
Raw materials are sourced
b)
Products are made
c)
Products/services provided to customers
4.
What happens in the secondary sector?
a)
Raw materials are sourced
b)
Products are made
c)
Products/services provided to customers
5.
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
6.
What is a shareholder?
a)
A person who invests in a business
b)
A person who takes interest in a business
7.
This term is used to describe a payment system when people get paid according to what they produce?
a)
Piece rate pay
b)
Pay per product
c)
Commission
d)
Pay for what you make
8.
Name the four elements of the Marketing Mix? 
a)
Product, price, promotion, place
b)
Product, price, promotion, people
c)
Product, price, promotion, packaging
d)
Product, price, postage, people
9.
Leadership style that listens to employees and encourages their opinions.
a)
Democratic
b)
Laissez Faire
c)
Autocratic
d)
Paternalistic
10.
Which of the following is NOT a benefit of being a sole trader?
a)
Keep all the profit
b)
Make own decisions
c)
Easy to set up
d)
Long hours
11.
Which of the following has unlimited liability?
a)
Private Limited Company
b)
Public Limited Company
c)
Franchise
d)
Sole Trader
12.

What is the major difficulty during the establishment stage?

a)

Advertising

b)

Cash flow

c)

Sourcing quality employees

d)

Sourcing equipment

13.

Which of the following are not internal stakeholders?

a)

Owners

b)

Employees

c)

Management

d)

The environment

14.

Someone with an interest or concern in a business' activities is known as a

a)

Manager

b)

Stakeholder

c)

Customer

d)

Government

15.
In business there are 2 main types of costs. F__________ and V_________ Costs. 
a)
Fixed, Variable
b)
First, Varied
c)
Fine, Varied
d)
Fixed, Varied
16.
Who designed the hierarchy of needs?
a)
Frederick Herzberg
b)
Wilfred Taylor
c)
Elton Mayo
d)
Abraham Maslow
17.
 What is a market segment?
a)
A part of a market e.g. age, gender
b)
A piece of cake
c)
Part of a person e.g. age, gender
d)
Smaller part of a larger market e.g. shop
18.
What is meant by a multinational business?
a)
A big business
b)
A business that operates in more than one country
c)
A big business that owns many other businesses
d)
Walmart
19.
What is unemployment?
a)
The figure the government uses to compare people out of work
b)
When a person is available to work, is looking for work, but has no work
c)
When someone doesn't have a job
d)
Students
20.
Fill in the blank.  __________ is a form of business that is owned by one person.
a)
Partnership
b)
Shareholders
c)
Sole Trader
d)
Liability
21.
What is Primary Research?
a)
Primary Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
c)
Primary Research involves gathering existing data that has already been produced. For example, researching the internet
d)
Primary Research involves gathering existing data that has already been produced. For example, researching company reports.
22.
What is Secondary Research?
a)
involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
23.

What is Quantitative data

a)

Numbers,

b)

Opinions

24.

What is Qualitative data

a)

Numbers

b)

Opinions

25.
Which of these is an example of an external stakeholder?
a)
Employees
b)
Customers
c)
Employers
d)
Shareholders
26.

A negative effect of globalization is _________.

a)

a.better jobs

b)

b. the ability to communicate with people all over the world

c)

c. technology

d)

d. loss of jobs

27.

Globalisation is:

a)

the introduction of the internet to make us closer to others in the world.

b)

the breakdown of traditional barriers between nations through technology and transport

c)

faster travel around the world

d)

the movement of ideas around the world.

28.
Globalisation is good because of an ________________ in standard of living , but is bad because there is a _____________ in local cultures and traditions
a)
increase / decrease
b)
decrease / increase
c)
increase / increase
d)
decrease / decrease
29.

Which of the following professions could be run as a partnership?

a)

Plumber, electrician, mobile hairdresser, ice cream van business

b)

Solicitor, accountant and doctor

30.

Explain an advantage of being a partnership

a)

As there is more than one owner it is easier to raise capital (money) to start or expand the business

b)

Easiest and cheapest form of business ownership to set up

31.

Explain a disadvantage of being a partnership

a)

Decision making is slower as more people own the business

b)

They can often work long hours and struggle to take holidays and time off when ill, because of the effort required to establish a business.

32.
The term for money invested in a business is
a)
finance
b)
capital
c)
investment
d)
shares
33.
Profit is
a)
the money that the business makes from selling its products
b)
the money that the business receives from the bank
c)
the money that the owners use to start up the business
d)
the money the business makes once all costs are paid
34.
A sole trader has responsibility for
a)
preparing the accounts of the business
b)
all aspects of their business
c)
selling the products
d)
completing spreadsheets
35.
An objective of a sole trader is
a)
to sell more shares on the stock market
b)
to increase the dividend given to investors
c)
to survive in tough economic times
d)
to maximise the amount of loans they can receive
36.
An advantage of being a sole trader is
a)
you can take time off whenever you want
b)
you can grow your business really easily
c)
you can receive large amounts of finance from loans
d)
you receive all the firm's profit for yourself
37.
An advantage of a business receiving a grant is
a)
the interest rates are very low
b)
they can apply for several grants every year
c)
it is usually a very large amount
d)
they do not have to pay it back
38.
The most important factor to consider when deciding on locations is the amount of land to be used
a)
true 
b)
false 
39.

The value of our currency in terms of foreign currency, is known as a..

a)

exchange rate

b)

interest rate

c)

inflation rate

d)

tax rate

40.

The........ sector includes the production industry/ services that is offered by the business and consumers

a)

quality control

b)

primary

c)

Government

d)

secondary

41.

Which advertising tool the business use, when they advertise position within the business:

a)

radio

b)

newspaper

c)

notice board

d)

billboard

42.
How is a tariff best described?
a)
A tax on imports
b)
A violation of human rights
c)
Comparative Advantage
d)
Contributing to a favorable balance of trade
43.
A nation may put a limit on the amount of foreign goods imported by placing a _____ on these goods.
a)
Export
b)
Quota
c)
Deficit
d)
Trade Surplus
44.
What does LTD stand for?
a)
Public Limited Company
b)
Private Limited Company
45.
What is an example of primary research?
a)
Internet
b)
Newspaper
c)
Questionnaire
d)
Books
46.
What is tax?
a)
Money paid to businesses
b)
Money paid to the government
c)
Money paid to employees
d)
Monday paid to homeless people
47.

Which of the following is not a stage of a product's life?

a)

Start-up phase

b)

Growth phase

c)

Purchasing phase

d)

Decline phase

48.

Buy one, get one free marketing activity forms part of sale promotion

a)

True

b)

False

49.

Broadcasting advertising includes internet and email.

a)

True

b)

False

50.

What are the benefits to collecting Primary Research?

a)

New and up to date research for a specfic topic

b)

Second hand data

c)

Data used for another purpose that you can certain use elements of

d)

Data found online

51.

You can describe a market segment as

a)

A group of similar products

b)

A part of the market that contains a group of buyers with similar buying habits

c)

A part of the market that contains a group of buyers with different buying habits

d)

A list of factors linking to target audiences

52.

Cadbury chocolate has alot of competitors in its market. They have a lot of returning customer.. This is known as

a)

Customers

b)

Customer Loyalty

c)

Negative comments

d)

Returning employees

53.

Ensuring a business achieves repeat purchase, they focus on four areas. They are

a)

The four P's

b)

The 6 thinking hats

c)

Blue sky thinking

d)

Lateral thinking

54.

Heinz are reviewing their advertising policies. This is know as what area of the marketing mix?

a)

Price

b)

Promotion

c)

Product

d)

Place

e)

Pictures

55.
What is the best method of communication if you want to give members of staff an opportunity to discuss views about a new business plan?
a)
Staff meeting
b)
Email
c)
Letter
d)
Noticeboard
56.
Profit is important to businesses because:
a)
it improves businesses, cash balances
b)
it can be used to measure business size
c)
it is a measure of businesses, success
d)
businesses need to pay taxes to the government
57.
What is asset?
a)
An item of property owned by a person or company
b)
An item owned by a business that lasts for several years.
58.
What is revenue expenditure?
a)
Money spent on monthly expenses
b)
Money spent on hour to hour expenses
c)
Money spent on day to day expenses
d)
None of the above
59.
What is NOT a source of Internal finance?
a)
Retained profit
b)
Sale of existing assets
c)
Issue of shares
d)
All are sources of Internal finance
60.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan 
b)
Interest 
c)
Income 
d)
Deposit  
61.
How do we calculate total costs?
a)
Fixed Costs - Variable Costs
b)
Total Revenue - Fixed Costs
c)
Variable Costs x Total Revenue
d)
Fixed Costs + Variable Costs
62.
What happens at Break Even Point?
a)
Company makes neither profit nor loss
b)
Company makes profit
c)
Company makes loss
d)
Company goes bankrupt
63.
Sales - Cost of Sales = ???
a)
Money In
b)
Net Profit
c)
Expenses
d)
Gross Profit
64.
Gross Profit - ??? = Net Profit
a)
Expenses
b)
Sales
c)
Cost of Sales
d)
Money Out
65.
Which of the following is not a feature of a Government Grant?
a)
Awarded as one off payment
b)
Subject to limitations and restrictions
c)
Repaid in monthly instalments
d)
Must be used for specific purpose
66.
Revenue is ...
a)
Money made from selling products
b)
Money paid to suppliers for materials
c)
Expenses x Units produced
d)
Monthly rent payments to landlord
67.
Fixed costs _______ vary with production. (fill in the blank)
a)
Do
b)
May
c)
Sometimes
d)
Do not
68.
Variable costs _______ vary with production. (fill in the blank)
a)
Do
b)
May
c)
Sometimes
d)
Do not

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