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GCSE Business Mock Revision 1

Total questions: 61

Worksheet time: 31mins

Name
Class
Date
1.
Which of the following is not an advantage of buying a franchise?
a)
Make more profit
b)
Access to a successful business idea
c)
Lower costs
d)
Have total control of a business
2.
Which of the following is a benefit of writing a business plan?
a)
It takes time
b)
You use a word processor
c)
You choose what you want to do
d)
You identify risks
3.
What benefit does limited liability give an entrepreneur?
a)
More sales
b)
Access to greater market information
c)
Reduced number of competitors
d)
Protection of personal assets
4.
Which of these is not a reason for starting a business?
a)
To have more time to yourself
b)
To make a living from something you are interested in doing
c)
To make money
d)
To be in control of your own future
5.

Select all the qualities of entrepreneurs below?

a)

Hardworking

b)

Risk Taking

c)

Stubborn

d)

Over confident

e)

Organised

6.

What sector of the economy?

a)

Primary

b)

Secondary

c)

Tertiary

7.

A hospital would be part of which sector of the economy?

a)

Primary

b)

Secondary

c)

Tertiary

8.

Unlimited liability is a disadvantage of which ownership?

a)

Sole Trader

b)

Partnership

c)

Sole Trader & Partnership

d)

Private Limited Company (Ltd)

9.

How many people can be in a partnership?

a)

2

b)

2-10

c)

2-20

d)

2-100

10.

Select all of the statements that are true about PLC's

a)

Anyone can buy shares

b)

They have limited liability

c)

They are owned by shareholders

d)

The accounts are private

11.

What does the benefit of limited liability give a business?

a)

Increased sales

b)

Reduced competition

c)

Protection of personal assets

d)

Access to a larger market

12.

Which of these is not a typical aim of a business?

a)

Survival

b)

Growth

c)

Increase Market Share

d)

Lower Prices

e)

Social & Ethical

13.

Which of these is not an advantage of buying a franchise?

a)

Potential to make more profit

b)

Access to an established business idea

c)

Have total control of decisions

14.

What would be a reason why a business would create a business plan?

a)

It is a legal requirement

b)

It costs time and money

c)

Banks are more likely to provide loans

d)

It will guarantee profit

15.

A business has decided to take more environmental responsibility when making decisions. What is the benefit to the business of doing this?

a)

Increased costs

b)

Employees may leave

c)

It will prevent global warming

d)

Create competitive advantage

16.

Globalisation means the world is more...

a)

Interconnected

b)

Expensive

c)

Risky

d)

Profitable

17.
a)

Job

b)

Batch

c)

Flow

18.
a)

Job

b)

Batch

c)

Flow

19.
a)

Job

b)

Batch

c)

Flow

20.
Which of the following is a benefit of writing a business plan?
a)
It takes time
b)
You use a word processor
c)
You choose what you want to do
d)
You identify risks
21.
What benefit does limited liability give an entrepreneur?
a)
More sales
b)
Access to greater market information
c)
Reduced number of competitors
d)
Protection of personal assets
22.
Which of these is not a reason for starting a business?
a)
To have more time to yourself
b)
To make a living from something you are interested in doing
c)
To make money
d)
To be in control of your own future
23.

Which of the following functional areas is most likely to use twitter to increase customer engagement?

a)

Business Operations

b)

Marketing

c)

Finance

d)

Human Resources

24.
Is an owner of a company. Each shareholder owns a share of the business.  The amount of shares owned can indicate the amount of control within the business.  
a)
Customer
b)
Stakeholder
c)
Owner
d)
Shareholder
25.
Is formed when 2 or more people set up in business  together. This can be between 2—20 people.  
a)
Sole Trader
b)
Partnership
c)
Company
d)
Franchise
26.
Is a document that sets out what the business does at  present , plus what it intends to achieve in the future and how this will be accomplished. The plan will include marketing and financial plans.  
a)
Business Outline
b)
Business Aims
c)
Business Objectives
d)
Business Plan
27.
A target that is set for a business to achieve.
a)
Objective
b)
Aim
c)
SMART
d)
PIGS
28.
Is an individual, group or an organisation that is affected by the actions or activities of a business.  
a)
Customers
b)
Stakeholders
c)
Owners
d)
Shareholders
29.
Occurs when a franchisor sells an existing business idea to a franchisee.  
a)
Franchise
b)
Franchisor
c)
Franchisee
d)
Venture capital
30.
Is the buyer of the franchise.
a)
Franchise
b)
Franchisor
c)
Franchisee
d)
Venture capital
31.
A long term goal that is set for a business to achieve  
a)
Objective
b)
Aim
c)
SMART
d)
PIGS
32.
Is when the owners of the business are not personally liable for the debts of the business. This mean their personal  possessions are safe, only business assets are at risk.  
a)
Unlimited liability  
b)
Limited liability
33.
A business that is set up to help society rather than to make a profit.  
a)
Social Enterprise
b)
Sole Trader
c)
Franchise
d)
Company
34.
Is something that we cannot be sure will happen.
a)
Risk
b)
Chance
c)
Uncertainty
d)
Guess
35.
Is when the owner of the business is personally liable for the debts of the business. This means the owners personal  possessions are at risk.
a)
Unlimited liability  
b)
Limited liability
36.
Is the possibility of something going wrong
a)
Lottery
b)
Risk
c)
Change
d)
Guess
37.
An organisation owned by the government.  
a)
Public Sector organisation
b)
Private sector organisation
38.
An organisation owned by private individuals.
a)
Public Sector organisation
b)
Private sector organisation
39.
Is the sellerof the franchise.
a)
Franchise
b)
Franchisor
c)
Franchisee
d)
Venture capital
40.
Is an individual who sets up a business on his or her own and is the only owner.
a)
Sole Trader
b)
Partnership
c)
Company
d)
Franchise
41.

Two drawbacks of a franchise

a)

More risk for a start-up business

b)

Other franchisees could give the brand a bad reputation

c)

Franchise businesses usually have established customer bases

d)

Initial costs can be high for the franchisee

42.

Two benefits of a franchise

a)

More risk for a start-up busine

b)

Joining fees can be expensive

c)

Less risk for a start-up business (Franchisee)

d)

Franchisor will offer support and training

43.

Two benefits of a business plan

a)

Helps to consider the business idea thoroughly

b)

Is a waste of time for the small business

c)

Could persuade lenders to invest capital

d)

It cannot be monitored or reviewed

44.

Two pros of partnerships

a)

There are more people involved with discussing problems and deciding on strategies

b)

There could be disputes over decision making

c)

The rewards will have to be divided up between partners

d)

Several people are involved in a partnership so can contribute money

45.

Two cons of being a sole trader

a)

It can be quite stressful making all the decisions yourself

b)

It is quick and easy to set up as a sole trader

c)

If a sole trader dies, the business ends as well

d)

You keep all the profits yourself

46.

Two cons of partnerships

a)

There are more people involved with discussing problems and deciding on strategies

b)

There could be disputes over decision making

c)

The rewards will have to be divided up between partners

d)

Several people are involved in a partnership so can contribute money

47.

Two advantages of setting up as a private limited company (ltd)

a)

Have to disclose information on sales and profits

b)

Limited liability

c)

Can bring in more investors

d)

If there are other investors the original founder is not in full control of the business

48.

Two disadvantages of setting up as a private limited company (ltd)

a)

Have to disclose information on sales and profits

b)

Limited liability

c)

Can bring in more investors

d)

If there are other investors the original founder is not in full control of the business

49.

All partnerships must be 50 - 50?

a)

True

b)

False

50.

Your business plan should never list any risks or potential problems.

a)

True

b)

False

51.

Which of these pieces of information would NOT be in a business plan put together by a new business?

a)

Target market

b)

Market research

c)

Profit

d)

Estimated cashflow

52.

If a business if acting ethical, it means

a)

They act morally correct

b)

They act morally incorrect

c)

They cut corners

d)

The test on animals

53.

If a business if acting ethical, it means

a)

They use Fair trade products

b)

They pay a fair wage for their employees

c)

They cut corners with safety regulations

d)

They test on animals

54.

A pressure group trys to

a)

Encourage businesses to do the right thing

b)

Encourage customers to shop there

c)

Gain a business repeat purchase

d)

Encourage a business to be more ethical

55.

Highlight a short term environmental effect

a)

Climate change

b)

Traffic congestion

c)

Resource Depletion

d)

Air noice and small pollution

56.

Highlight a Long term environmental effect

a)

Climate change

b)

Traffic congestion

c)

Resource Depletion

d)

Air noice and small pollution

57.
Business logistics is also sometime known as EXCEPT:
a)
Physical Distribution
b)
Materials Management
c)
Supply Chain Management
d)
Production
58.
Reasons for the importance of logistics EXCEPT :
a)
Location
b)
Cost
c)
Strategic Role
d)
Customer Wants
59.

Items held by a business for use or for sale

a)

Lead time

b)

Stock

c)

Warehouse

d)

Just in time

60.

What is an advantage of ‘just In time’?

a)

Less of the business’s capital is tied up in stocks.

b)

There is a greater risk of running out of stock.

c)

Buying smaller quantities more often means losing out on bulk buying discounts.

d)

It can lead to higher levels of quality.

61.

What is logistics?

a)

Ensuring the right supplies will be ordered and delivered on time

b)

Knowing how to get the right supplies quickly

c)

Building a business relationship with suppliers

d)

Obtaining the right supplies from the right supplier

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