WorksheetsBTEC Enterprise Component 3 Learning Aim B
Total questions: 60
Worksheet time: 30mins
Which of the following is the term for long term assets such as vehicles & buildings?
Fixed assets
Current Assets
Current Liabilities
Long term Liabilities
Which of the following is the term for short term debts that a business owes such as an overdraft?
Fixed Assets
Current Assets
Current Liabilities
Long term Liabilities
Which of the following categories would highlight the inventories that a business owns?
Fixed Assets
Current Assets
Current Liabilities
Long term liabilities
Which of the following categories would highlight bank loans that a business owes?
Fixed Assets
Current Assets
Current Liabilities
Long term liabilities
Net current assets is calculated by
Current liabilities – current assets
Current assets / Current liabilities
Current liabilities / current assets
Current assets – current liabilities
This term refers to the money invested in a business
Fixed assets
Current assets
Current liabilities
Long term liabilities
Capital
Which term refers to the ease with which you can repay short term debts?
Cash
Cash Balance
Liquidity
Assets
When a business finds repaying short term debts difficult they have
Cash
A Cash balance
Good Liquidity
Poor Liquidity
What is the value of total assets?
£4,000
£20,000
£10,000
£18,000
What is the value of net current assets?
£6,000
£2,000
£10,000
£18,000
Which of the following is not benefit of producing financial documents?
Ability to calculate revenues, costs & profits
Maintains a record of all customers & suppliers
Faulty goods can be tracked & refunds issued
It can be a time consuming and expensive process
Which of the following is used when buying goods from a supplier?
Purchase order
Delivery note
Goods received note
Credit note
Which of the following is used when confirming arrival of goods from a supplier?
Purchase order
Delivery note
Goods received note
Credit note
Which of the following is used when a customer returns a good to a supplier?
Purchase order
Delivery note
Goods received note
Credit note
Which of the following is used when a supplier sends goods to a customer?
Purchase order
Delivery note
Goods received note
Credit note
Which of the following is a request for money owed after goods have been received?
Goods received note
Credit Note
Invoice
Receipt
Which of the following can be used to compare against the purchase order before final payment is made?
Goods received note
Credit Note
Invoice
Receipt
Which of the following provides proof of purchase?
Goods received note
Credit Note
Invoice
Receipt
A card which deducts payment for goods and services immediately from your bank account is called ___________.
Cash
A debit card
A credit card
A direct debit
A card which enables payments for goods and services to be deferred for a period of one month is called ___________.
Cash
A debit card
A credit card
A direct debit
Which form of payment gives flexibility and is most suitable for small purchases?
Cash
A debit card
A credit card
A direct debit
Which form of payment gives flexibility and is most suitable for small purchases?
Payment technologies
A debit card
A credit card
A direct debit
Which type of payment allows people to pay online or via their smartphones?
Payment technologies
A debit card
A credit card
A direct debit
Which of the following are start-up costs for a restaurant?
Wages
Rent
Furniture
Stock
Which of the following are running costs for a restaurant?
Furniture
Buying an oven
Paying for logo design
Purchase of ingredients
Which of the following are both fixed costs?
Rent & stock purchases
Salaries & wages
Wages & Rent
Insurance & Salaries.
Which of the following is NOT a variable cost?
Paying business rates
Paying wages
Paying for ingredients
Fuel for deliveries.
How do you calculate total costs?
Variable costs X Quantity
Fixed costs + Total Variable Costs
Start-up costs + Running costs
Start-up costs + Variable Costs
How do you calculate turnover or sales?
Net sales – cost of sales
Gross profit – expenses
Fixed costs + Variable costs
Price X Quantity sold
___________ is calculated by Sales Revenue– cost of sales
Gross profit
Net profit
Closing Balance
Opening balance
____________ is calculated by gross profit – expenses
Gross profit
Net profit
Closing Balance
Opening balance
If a business wishes to increase its gross profit they may wish to
Lower price
Find cheaper suppliers
Raise their cost of sales
Keep the price the same
If a business wishes to increase its net profit it must.
Raise cost of sales
Raise expenses
Reduce prices
Reduce expenses
Which of the following is the term for indirect costs of running a business?
Turnover or Sales Revenue
Cost of sales
Gross Profit
Expenses
Net Profit
Which of the following is the term for profits made before expenses are deducted?
Turnover or Sales Revenue
Cost of sales
Gross Profit
Expenses
Net Profit
Which of the following is the term for stock purchases?
Turnover or Sales Revenue
Cost of sales
Gross Profit
Expenses
Net Profit
Which of the following terms considers income made through sales?
Turnover or Sales Revenue
Cost of sales
Gross Profit
Expenses
Net Profit
Turnover – cost of sales = Gross Profit – Expenses = which of the following terms?
Total costs
Variable costs
Fixed costs
Net Profit
If turnover is lower than cost of sales what will happen to gross profit?
Gross Profit is positive
Gross Profit is negative
Which of the following is not a means of increasing gross profit?
Increasing the price
Reducing the cost of sales
Bulk buying stocks to get a cheaper price
Reducing expenses
Which of the following is not a means of increasing net profit?
Reducing cost of sales
Reducing expenses
Increasing wages
Increasing price
Which of the following is the correct means by which you calculate the gross profit margin?
Turnover – cost of sales
Turnover – expenses
(Gross profit / Turnover) X 100
(Net Profit / Turnover) X 100
Which of the following is the correct means by which you calculate the net profit margin?
Turnover – cost of sales
Turnover – expenses
(Gross profit / Turnover) X 100
(Net Profit / Turnover) X 100
Calculate the gross profit
£120,000
£80,000
£100,000
£8,000
Calculate the net profit
£85,000
£155,000
£45,000
£115,000
Which of the following is an immediate aim in carrying out promotion?
Increase profits
Increase prices overtime
Make people aware of the business and improve brand image
Reduce costs
Which of the following refers to the range of promotional activities that a business decides to use.
Promotional benefits
Media
Promotional mix
Advertising
Moving images, print, ambient, digital and audio are all types of ___________
Sales Promotion
Personal Selling
Public Relations
Advertising
When sales agents contact customers directly they are using ____________.
Sales Promotion
Personal Selling
Public Relations
Advertising
Using press releases, exhibitions, sponsorship or promotional stunts are all examples of _________________.
Sales Promotion
Personal Selling
Public Relations
Advertising
This method of promotion will allow customers to ask questions and give feedback, enabling sales staff to gain a better understanding of customer needs. It is _______.
Sales Promotion
Personal Selling
Public Relations
Advertising
Using mail order catalogues, magazines, telemarketing & digital mail are all types of
Sales promotions
Personal selling
Public Relations
Direct Marketing
Using Public Relations usually has the clear purpose of _________.
Generating positive brand image
Persuading people to make purchases
Better understanding customers
Introducing customers to a new product.
Direct marketing occurs when a business uses which of the following methods?
Print & billboard advertising
BOGOFs, loyalty schemes
Email or video conferencing
Direct mail, catalogues
Which of the following terms describes splitting up a market into areas where consumers have the same interests?
Promotional campaign
B2C
Market segmentation
B2B
Which of the following methods of market segmentation methods uses age, gender & income status to segment customers?
Demographic
Geographic
Psychographic
Behavioural
Which of the following is not a benefit of market segmentation?
Understand the characteristics & needs of customers better
Develop goods & services for a specific market
Clear identification of target market
A lack of focus on a given customer
Which one of the following is not a cash outflow?
Wages
Marketing
Rent
Sales Revenue
Which of the following is not a benefit of cash flow forecasting?
Allows identification of inflows & outflows
Expensive items can be bought at the best time
It is unlikely to be 100% accurate
Which of the following is not a possible reason for cash flow difficulties?
Having too much money tied up inventories
Debtors not paying promptly
Bills arriving at the same time
Having a variety of income sources
