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WorksheetsBusiness lockdown quiz 1
Total questions: 20
Worksheet time: 10mins
What is a USP?
Unique starting place
United selling partnership
Unique selling point
Universal starting point
A completely new business opportunity is called a ...
Rising star
Question mark
Market starter
Gap in the market
Which one is not a reason for starting your own business...
To be your own boss
To share business ideas
To choose your own working hours
Keep all the profits
Which of the following is an example of a service?
Butchers
Travel agent
Sandwich shop
Tattoo artist
What are inflation rates?
The cost of borrowing money
The cost of changing the currency
The rate of increase of interest
The rate of increase in prices
At what age does the national living wage start?
18
21
23
25
How much is the national living wage per hour?
£7.20
£7.83
£7.50
£8.07
Which of the following is NOT a type of business ownership?
partnership
sole trader
entrepreneurship
franchise
Which of the following is a type of business which operates as a separate legal entity?
private limited company
franchise
partnership
sole trader
A _____ is owned and operated by one individual; an example would be a plumber.
franchise
partnership
sole trader
Ltd
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?
Sole trader
Partnership
LTD
PLC
What are the owners of private and public limited companies called?
Stakeholders
Managers
Shareholders
Board of directors
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Unlimited liability
Limited liability
Financial accounts are kept private
A private limited company may change into a public limited company because it wants:
To raise additional finance
Unlimited liability
Limited liability
To avoid takeover
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared profit
Shared workload
More ideas generated
What are business objectives?
goals of a busniess
time frames set up to achieve targets
things to do list
steps to achieve goals
What is the most popular goal for a start-up business?
Profit maximisation
growth
market share
survival
What is a purpose of setting objectives for a business?
To know what needs to be done daily
To look good for customers
To measure business performance
to generate more ideas for the business
What are social enterprises?
businesses that trade globally
businesses that run as a charity
businesses that try to reduce their environmental impact
businesses that are trading for social and environmental purposes
