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AS Business Studies (CIE) UNIT 1

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.
How can a business reduce the risk of failure?
a)
By selling less products
b)
By keeping the cost of their products low
c)
By carrying out market research
d)
By staying open late.
2.
What is an entrepreneur?
a)
Someone who takes a calculated risk through starting a business
b)
Someone who gives up when something goes wrong
c)
Someone who doe not understand the business environment
d)
Someone who does not take time to consider the risks
3.
What is meant by 'adding value'?
a)
The money a company invests into a new product
b)
the difference between the price of the finished product/service and the cost of the inputs involved in making it.
4.

The insurance industry forms part of the..... sector

a)

Primary

b)

Secondary

c)

Tertiary

d)

Informal

5.

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

a)

quality control

b)

primary

c)

Government

d)

secondary

6.
What are stakeholders?
a)
Anybody who knows the name of the business
b)
Anybody who takes an interest in a business
c)
Anybody who works for the business
d)
Anybody who buys from the business
7.
True or False: stakeholders can be internal and external.
a)
True
b)
False
8.
Which of the following is NOT an example of a stakeholder?
a)
Customers
b)
Shareholders
c)
Local Community 
d)
Children
9.
As a stakeholder, what interest would the shareholders have in a business?
a)
Increasing Profits
b)
Business Relationships
c)
Business Profitability
d)
Staff Pay
10.
As a stakeholder, what interest would pressure groups have in a business?
a)
Training
b)
Business Relationships
c)
Business Profitability
d)
Staff Pay
11.
True or False: a consequence of a business not listening to their stakeholders is employees could go on strike.
a)
True
b)
False
12.
An important characteristic of a successful entrepreneur is that:
a)
they are always rich
b)
they are risk takers
c)
they are usually shy
d)
they want to avoid hard work
13.
Which of the following is not an effective way of measuring the size of a business?
a)
number of employees
b)
value of sales
c)
value of capital invested
d)
profit level
14.
Which of the following options is most likely to be a reason why a firm may wish to expand?
a)
To keep control of the business
b)
To increase the level of profits the firm will make
c)
To encourage competition
d)
To avoid publicity
15.
One of the most common reasons for a new business not surviving is:
a)
too much time spent on developing the business plan
b)
no competitors in the industry
c)
poor cash flow as a result of poor financial planning
d)
consumers like dealing with small firms providing a service
16.

Qantas is large because....

a)

it has 20-199 employees

b)

it has a small share of the marked

c)

it is independently owned and operated

d)

it is a public company

17.

Annual turnover means

a)

the amount of expenses paid during the year

b)

the amount of assets owned by the business

c)

the total amount of sales

d)

the number of employees who leave the business

18.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
19.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
20.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
21.

In partnership, decisions require agreement

a)

True

b)

False

22.

Google, Amazon, and Facebook are examples of...

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

23.
What liability is a franchise?
a)
Limited
b)
Unlimited
c)
It depends (could be either)
24.
Opening a branch of a successful business as a Franchise, is a guaranteed way of making money
a)
TRUE
b)
FALSE
25.
True or False:  A Franchisee has total control of their business
a)
TRUE
b)
FALSE
26.
An agreement between two or more companies to share a business project - this business is on a limited basis for control
a)
Licensing
b)
Joint venture
c)
Franchising
d)
Infrastructure
27.
What are some of the challenges small businesses face (barriers to entry) in starting?
a)
Startup Funding
b)
Government Regulations
c)
Fear of Failure
d)
All of These
28.
________ is money provided by large investors to finance new products and new businesses that have a good chance to be very profitable.
a)
Marginal Capital
b)
Working Capital
c)
Lending Capital
d)
Venture Capital
29.

Which of these is NOT an advantage to a franchisee when purchasing a franchise?

a)

Franchisees enter into an existing market

b)

It is usually expensive to buy a franchise

c)

Market research is done by the franchisor before franchisee purchases franchise.

d)

The franchisor sometimes provides the franchisee with equipment

30.
Which of the following is NOT an advantage of buying a franchise
a)
Recognised brand name/national advertising
b)
Bulk buying through franchise group
c)
All equipment to start business
d)
Ongoing franchise fees to cover advertising 
31.
80% of small businesses fail in the first five years.
a)
True 
b)
False
32.

Which of these is a disadvantage of a small business

a)

difficult to manage

b)

few economies of scale

c)

slow decision making

d)

diseconomies of scale

33.

Which of these is an advantage of being a large business

a)

able to adapt quickly

b)

easy to set up

c)

economies of scale

d)

easier to control

34.

Which of these is a common weakness associated with family businesses?

a)

resistance to change

b)

abe to adapt quickly

c)

employees are committed

d)

succession planning can begin early

35.

Small businesses benefit the economy by (TWO ANSWERS)

a)

being able to access government grants

b)

creating jobs/reducing unemployment

c)

making use of business parks

d)

offering consumers choice

36.

A statement of specific target to be achieved. They should be SMART.

a)

Objective

b)

Profit

c)

Revenue

d)

Delegation

37.

M in SMART stands for:

a)

Modest

b)

Meaningful

c)

Money

d)

Measurable

38.

A business with social objectives that reinvests most of its profits back into the business or into benefiting society at large.

a)

Social network

b)

Social enterprise

c)

Corporation

d)

Multinational company

39.

Accessible, affordable, and open to all are:

a)

Private business objectives

b)

Public limited objectives

c)

Franchise

d)

Public sector objectives

40.

What objective do all 3 sectors share?

a)

Profit Maximisation

b)

Social Responsibility

c)

Growth

d)

Provision of a service

41.

A sole traders first objective would be...

a)

Growth

b)

Survival

c)

Profit maximisation

d)

Sales maximisation

42.

What sector of economy do franchises operate in?

a)

Private

b)

Public

c)

Voluntary

43.

A social enterprise...

a)

Relies on donations

b)

Aims to make a huge profit

c)

Has a main social or environmental aim

d)

Is owned by shareholders

44.
Which one of the following isn't likely to be a common business objective?
a)
To make profit
b)
To provide a service to the community
c)
To pay as much tax as possible
d)
To increase market share
45.
Most businesses are likely to put survival as their main objective when
a)
the competition is  becoming weaker
b)
the economy is becoming weaker
c)
the government plans to increase grants to firms
d)
consumers are increasing their demand for products
46.
Social enterprises are likely to have which combination of objectives?
a)
Maximum returns for owners and increased market share
b)
Community service, profits and protection of the environment
c)
Survival and an increased share price
d)
Increased profits for owners and protection of the community
47.
Which  of the following stakeholder groups is most likely to be against a new shopping center?
a)
Central government
b)
 Suppliers of goods to the retail industry
c)
 Shoppers
d)
A local primary school with a 500 student population
48.
How can a  conflict between stakeholder groups about a new shopping center be reduced?
a)
New shops pay taxes to pay for building a new leisure park
b)
The owners of new shops employ workers from other towns
c)
The shoppers are allowed free parking in the new centre
49.

What is meant by the 'aim' of a business?

a)

Long-term vision or goal of the business

b)

Are more specific steps to achieve the aim; they tend to be S.M.A.R.T

50.
What aim might a well established international airline facing competition from low-cost airlines have?
a)
Growth
b)
Profit
c)
Market share
d)
Providing a service

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