WorksheetsG11 Enterprise Exam Revision
Total questions: 161
Worksheet time: 1hrs 21mins
Name
Class
Date
1.
Adding Value
a)
The difference between the cost to produce and the selling price
b)
In business these choices based on scarcity are called Opportunity Costs
c)
something that is considered essential
d)
want is something that would be beneficial
2.
Scarcity - Choose 1 scarce product
a)
Diamonds
b)
Sand
c)
Air
d)
Water
3.
Adding Value:
a)
The difference between the cost to produce and the selling price
b)
The limit to how much we can have
c)
Something that is considered essential
d)
Something that would be beneficial
4.
Monopoly
a)
A monopoly can charge a high price, provide poor quality and little choice
b)
A monopoly can charge a low price, provide high quality and big choice
c)
A monopoly can't charge
5.
Incentives
a)
Various organisations offer incentives
b)
Various organisations offer incentives
c)
To protect and enforce workers legal right
d)
Improved working conditions
6.
Constraints
a)
Planning permission often stops some building in certain areas
b)
To protect against unfair dismissal
c)
Collective bargaining for pay rises
d)
Maternity and paternity leave
7.
Fringe Benefits
a)
Are payments in kind of, e.g. a company car or staff discounts, cheap loans, free accommodation, time off, mobile phone.
b)
Are handicaps when being assigned to certain roles
c)
Are additional advantages when being off work
d)
Are very good virtues
8.
Where workers simply slow down
a)
Go slow
b)
Work to rule
c)
Picketing
d)
Strike
9.
what is social costs?
a)
The unintended negative effects of business activity on people and places
b)
careful to minimise the impact of their behaviour on the environment.<br />
c)
a primary piece of legislation covering occupational health and safety in many countries.<br /><br />
d)
such as timber, oil and metals are used to manufacture goods.
10.
where workers will read rule books before working and-not do anything that is not in their job description.
a)
Work to rule
b)
Go slow
c)
Picketing
d)
Strike
11.
where workers stand outside a business to tell everyone how poor working conditions are at the business to encourage local people to support them and pressure groups.
a)
Picketing
b)
Go slow
c)
Work to rule
d)
Strike
12.
Recruitment Agency
a)
Companies which are specialists in recruitment
b)
A form of job enrichment
c)
Level of skills needed
d)
Enables a new recruit to become productive as quickly as possible
13.
Motivation
a)
Is about the ways a business can encourage staff to give their best. Motivated staff care about the success of the business and work better.
b)
Makes a business less creative, less productive
c)
Is an increase in work force in a business
d)
Is something businesses shouldn't have
14.
where workers refuse to go to work. This harms the workers and the business as production stops and workers do not get paid. Can force a business to agree to workers’ demands but in some countries where trade unions are not as strong the
a)
Strike
b)
Go slow
c)
Work to rule
d)
Strike
15.
Technical Economies
a)
Larger plants run more efficiently and running costs do not rise in proportion with size
b)
the cost of a double Decker bus is not twice that of a single Decker as some of the parts,
c)
Enables a new recruit to become productive as quickly as possible
16.
What is Liquidity Ratios?
a)
How capable a business is of meeting its short-term obligations as they fall
b)
Sometimes referred to as the “primary ratio”
c)
Estimates whether the business can pay debt
d)
Control its cost of goods sold or ability to increase price
17.
Social Influences
a)
Pressure groups occasionally get involved in stopping industry from moving to a particular area
b)
Business could find themselves going<br />through lots of paperwork to expand<br />or develop a business<br />
c)
Government intervention might stop<br />a business being competitive<br />internationally
d)
are organisations representing workers who join together to further their own interests.
18.
What do noise, pollution, visual blight, congestion belong to?<br />
a)
social costs
b)
government
c)
Ethical businesses
d)
Government laws
19.
what is Ethical businesses?
a)
careful to minimise the impact of their behaviour on
b)
To protect against unfair dismissal
c)
To protect and enforce workers legal right
20.
Definition of flexible budgets
a)
Budgets set based on how much the business can afford and allocated amongst departments
b)
Help to monitor cashflow
c)
Environmental concerns
d)
Motivating for budget holders
21.
Multi-skilling
a)
The process of training employees to do a number of different tasks
b)
When workers pick up skills whilst working along side experienced workers at their place of work
c)
This occurs when workers are taken away from their place of work to be trained
d)
Cheaper to carry out
22.
Induction Training
a)
Enables a new recruit to become productive as quickly as possible .
b)
is a form of introduction for new employees in order to enable them to do their work in a new profession or job role in a organization
c)
Involves appointing existing staff. A known person brought in.
d)
Make and give job satisfaction
23.
Ethical businesses
a)
careful to minimise the impact of their behaviour on
b)
used to protect the environment
c)
run down areas in need of regeneration
d)
business activities that have a beneficial or favourable impact on people or places
24.
Self-esteem
a)
A sense of judgements you give on the others based on their achievements, doings, goals, etc.
b)
A sense of belittling the others and highly recognise one's self ego
c)
A personality which always lower one's self ego than the others
d)
the feeling of working for a company.
25.
What is NOT an advantage of budgeting?
a)
Helps to recruit staff
b)
Helps to create a focus and discipline for managers responsible for money in the business.
c)
Helps to monitor cash flow.
d)
Helps to make sure that all resources are used efficiently.
e)
Helps to make sure that all resources are used efficiently.
26.
Redundancy
a)
when a business can no longer employ you because your job no longer exists this might be through
b)
receive compensation according to the number of years with the firm.
c)
may be able to obtain qualifications or certificates
d)
helps motivate staff and so improves staff retention.
27.
Solvency
a)
The ability of a business to pay their debts.
b)
Cash flow in and out of the business
c)
year end profit
d)
losing money
28.
Insolvency
a)
When a business runs out of cash and cannot pay debts.
b)
The ability of a business to pay their debts.
c)
Always having money to pay.
d)
Paying employees their wages
29.
Time rate
a)
Staff are paid for the number of hours worked
b)
Staff are paid extra for working beyond normal hours
c)
Staff are paid for the number of items they sell
d)
Staff are paid for the number of items produced.
30.
Motivators
a)
Factors that give job satisfaction.
b)
Factors that can add to workers being dissatisfied.
c)
One-way communication
d)
Leader encourages others to participate in decision-making
31.
.................. will want to check that the business can pay them back if they are offering trade credit
a)
Suppliers
b)
Owner
c)
Managers
d)
Employees
32.
automatic
a)
Leader makes decisions alone. Others are informed and carry out decisions.
b)
Consuming time.
c)
This is helpful to the employers as the workforce becomes increasingly multi-skilled.<br /><br />
d)
Involves extending the job vertically to include more of the decision-making tasks.
33.
Which profitability ratio has an ability to control overheads?
a)
Next profit margin
b)
Gross profit margin
c)
Liquidity ratio
d)
Current ratio
34.
Democratic
a)
Leader encourages others to participate in decision-<br />making or consultative.
b)
One-way communication.
c)
Tends to be a lack of structure and feedback.
d)
Empowering.
35.
Economic factors affecting non-international locations
a)
Power supply
b)
financial incentives from abroad
c)
foreign currencies e.g. the Euro.
d)
preference for hiring international staff / working abroad
36.
Self-actualization
a)
Is the realization or fulfilment of one's talents and potentialities, especially considered as a drive or need present in everyone
b)
Feeling in control and be able to make decisions. Being allowed to be creative and do things your way
c)
Being able to give orders to the others
d)
Finding one's self in restraints
37.
Economic factors affecting non-international locations 2
a)
Availability of local labour
b)
protectionism
c)
overseas labour forces
d)
globalisation
38.
What is the advantages of internal recruitment?
a)
Employee already knows procedures, staff and how things work.
b)
Brings new ideas and new skills into the firm
c)
Avoids existing staff getting upset at a colleague getting a job they wanted.
d)
Can be expensive and time consuming.
39.
Economic factors affecting international locations 1
a)
legalisation and bureaucracy
b)
social influences in home country
c)
local legal constraints
d)
availability of local land
40.
Economic factors affecting international locations 2
a)
Market opportunities and transport costs overseas.
b)
nearby parking
c)
availability of raw materials
d)
availability of transport
41.
….………… will check to see what new direction the business might be going into or compare market share
a)
Competitors
b)
Bankers lenders
c)
Future Investors
42.
Advertise a job vacancy
a)
Places like news paper, internet or a job centre
b)
Existing staff do not bring new ideas into the firm
c)
Feeling happy with the people you work with.
d)
Staff are paid for the number of hours worked.
e)
staff are paid for the number of hours worked.
43.
A Balance Sheet ...
a)
shows the assets and liabilities of a business
b)
are those items of value which are owned by a business.
c)
is items of value which a business buys to stay in business
d)
are amounts of money which a business owes.
44.
Assets ...
a)
are those items of value which are owned by a business
b)
are amounts of money which a business owes
c)
are things a business wants to buy
d)
shows the liquidity of a business.
45.
The most important element of a balance sheet is...
a)
Working Capital
b)
Long Term Liabilities
c)
Current Liabilities
d)
Fixed Assets
e)
Fixed Assets
46.
Physiological / Basic Needs
a)
Basic acceptable salary for the job, good-working conditions
b)
Demanding requests made by employees in order to increase individual's motivation
c)
Extremely unsatisfactory working conditions and income
d)
Being exploited on forced labours
47.
Trade Unions
a)
.are organisations representing workers who join together to further their own interests
b)
To offer legal advice in employment areas
c)
where workers will read rule books before working and not do anything that is not in their job description
d)
is a primary piece of legislation covering occupational health and safety in many countries
48.
Hygiene Factors
a)
Factors that can add to workers being dissatisfied.
b)
Factors that give job satisfaction
c)
have no impact on morale
49.
Laissez Faire
a)
Leader delegates nearly all authority and decision making power
b)
Power supply
c)
Unused skills are thereby developed
d)
where leader consults others before making a decision.
50.
Profit sharing
a)
Staff are paid for the number of items they sell
b)
Staff get a bonus for meeting a target set by their manager
c)
Staff receive a part of any profits made by the business
d)
Staff are paid monthly no matter how many hours they work
51.
Which thing that Current Assets include?
a)
Bank balance
b)
Taxation payable
c)
Trade creditors
d)
Dividends payable
52.
Which thing that Current Liabilities include?
a)
All of them are correct
b)
Trade creditors
c)
Taxation payable
d)
Dividends payable
53.
what is Social benefits ?
a)
business activities that have a beneficial or favourable impact on people or places
b)
A proposed project often generates both costs and benefits
c)
The business cycle consists of a sequence in which a recession is followed by recovery, which leads into a boom
d)
Some business activity
54.
What is the main objective for any business?
a)
Profit
b)
Trading
c)
Sales
d)
Cost
55.
What does a Trading profit & Loss Account show?
a)
Gross profit and Net profit
b)
Only net profit and Trade
c)
Sales minus Cost of Goods Sold
d)
Only outgoing costs
56.
Which of these does not belong to Recession?
a)
Businesses complaining of falling demand
b)
Cuts in output.
c)
government management
d)
Many businesses making losses
57.
Safety / Security Needs
a)
Feeling safe in the work place and feeling secured in the job that you will not be fired or made redundant and that you have a permanent job
b)
Always feeling that you might be fired at anytime.
c)
Work places filled with security holes and there are chances there could be a riot.
d)
Locking every workers inside one room for maximum protection
58.
What is an advantage of Internal recruitment?
a)
Employee already knows procedures,staff and how things work.
b)
Is a motivator as staff can't be promoted up the ladder.
c)
Brings new ideas and new skills into the firm
d)
Receive application forms, curriculum vitae & letters of application.
59.
Non-rivalry
a)
where the consumption of a good or service by one person will not prevent others from enjoying it
b)
known as gross misconduct
c)
Health services
d)
Employment law
60.
What is a disadvantage of external recruitment ?
a)
Can be expensive and time consuming, might be a poor recruitment.
b)
Avoids existing staff getting upset at a colleague getting a job they wanted.
c)
Staff have to be recruited to replace the promoted member of staff.
61.
Benefits of Health and Safety at Work Act
a)
Happier staff knowing they can be<br />rewarded for their hard work and<br />the best person for the job is<br />appointed.<br />
b)
Consumers are more satisfied as<br />quality improved.<br />
c)
Less accidents, sickness and happier<br />staff as hygiene factors are met<br />(Herzberg)<br />
d)
Local environment<br />community rights protected<br />businesses opening up on Greenfield<br />sites or polluting businesses opening<br />up nearby<br />
62.
Love & Belonging
a)
Feeling happy with the people you work with
b)
Being unsatisfied with other workmates
c)
Keeping good stuff in a workplace all alone
d)
Doesn't need help from everyone else because they are incompetent
63.
Job Production
a)
The manufacture of single units usually to customer requirement
b)
Groups of similar items are produced at the same time
c)
Avoids existing staff getting upset<br />at a colleague getting a job they<br />wanted.<br />
d)
Receive application forms, curriculum vitae & letters of application.
64.
Batch Production
a)
Groups of similar items are produced at the same time.
b)
A product moves through a number of operations continuously and in very large numbers.
c)
The manufacture of single units usually to customer requirements. Examples include handmade suits.
d)
The total amount made by a business in a given time period.
65.
A product moves through a number of operations continuously and in very large number
a)
flow production
b)
batch production
c)
application production
d)
lease production
66.
A type of budget which estimates the inflows and outflows of a business’s money is called...
a)
A cash flow forecast
b)
very large numbers.
c)
a flash cow forecast
d)
A weather forecast
67.
What is recovery?<br />
a)
A period of growth after a difficult time, that may lead to a boom.
b)
a period of slower growth or stagnation.
c)
a recession.
d)
used to protect the environment.
68.
What are Merit Goods?
a)
goods and services that the government feels that people left to themselves will under-consume and which therefore ought to be subsidised or provided free at the point of use.
b)
distortions created by market failure.
c)
Someone who an employer cannot keep.<br />
d)
Goods that have been left in a warehouse and cannot be sold.
69.
Items of value which a business buys to use up in production – e.g. stock, debtors, bank and cash are called...
a)
Current Assets
b)
Fixed Assets
c)
Current Liabilities
d)
Long-Term Liabilities
70.
Non-excludability
a)
where it is not possible to provide a good or service to one person without it thereby being available for others to enjoy
b)
where the consumption of a good or service by one person will not prevent others from enjoying it
c)
is unlikely to be willing and able to provide public goods
d)
exists when a business controls at least 25%
71.
What are technical economies?
a)
large plants run more efficiently
b)
large firms
c)
rise cost
72.
The ability to turn an asset into cash with the least loss of time, capital or interest.
a)
Liquidity
b)
Liabilities
c)
Assets
d)
Staff
73.
Dismissal
a)
when a worked is asked to leave a firm due to unsatisfactory work or action.
b)
can occur if the worker does something very bad
c)
will intervene in a mixed economy
d)
not provided by the free market
74.
What happen if the cost increases per unit when the company is too big
a)
communication and disharmony
b)
technical economies
c)
JIT
d)
communication
75.
Job descriptions
a)
is the work to be done and typically set out the job title, location of work and main tasks of the employee
b)
list individual qualities of the person required,
c)
e.g. qualifications, experience and skills.
d)
avoids unqualified candidates or wrong types of people from applying for a job.
76.
What is JIT ?
a)
production method that involves reducing virtually eliminating
b)
CAD
c)
EFTPOS
d)
planning
77.
cell production lines have...
a)
The flow production line split into a number of self-contained units.
b)
production lines used to produce cell phones.
c)
no need for job rotation
d)
only one unit that operates by itself.
78.
Teamwork
a)
Involves teams deciding for themselves how work should be distributed and how to solve problems as they arise.
b)
Involves extending the job vertically to include more of the decision-making tasks.
c)
helpful to the employers as the workforce becomes increasingly multi-skilled.
d)
Unused skills are thereby developed <br /><br />
79.
What are the costs that change directly in proportion with output?
a)
Variable costs
b)
Fixed costs
c)
Direct Costs
d)
Indirect costs
80.
What is Break-even analysis?
a)
A technique widely used by production management accountants
b)
Where finished products are checked by inspectors to see if they meet the set standard
c)
Is meeting or exceeding customer expectations
d)
Is the movement of many in and out of the business
81.
Which of these is one of the main principles of total quality management?
a)
Prevention
b)
Cash flow
c)
Insolvency
d)
Profit
82.
What does quality assurance require?
a)
Total quality management(TQM)
b)
Employee involvement
c)
Quality control
d)
Liabilities
83.
What is NOT an advantage of mergers and acquisitions?
a)
Clashes of culture
b)
Economies of scale
c)
Greater market share
d)
Spreading risks
e)
Reducing competition
84.
What is NOT a disadvantage of mergers and acquisitions?
a)
Bringing in new skills and specialist departments
b)
conflict of objectives
c)
Making some workers redundant
d)
Diseconomies of scale
e)
Conflicts of objectives
85.
A thing you give up choosing instead of doing it
a)
Opportunity cost
b)
Untrusted brand
c)
Low quality item
d)
Unnecessary product
86.
what is the amount of wants do we need?
a)
there are an unlimited amount of wants
b)
there are limited amount of wants
c)
there are free amount of wants
d)
there are 100 amount of wants
87.
What is scarcity?
a)
unlimited want + limited resources
b)
human resources
c)
computer + human
d)
phone + goods
88.
How is the number of resources to produce the goods and services wanted?
a)
limited number
b)
free number
c)
unlimited number
d)
too much number
89.
______ is when the cost is higher than the revenue – The business loses money<br />
a)
loss
b)
costs
c)
revenue
d)
profit
90.
________ when the revenue is higher than the cost – The business makes money<br />
a)
profit
b)
loss
c)
revenue
d)
costs
91.
________ is the money a business receives from selling its products/services
a)
Revenue
b)
costs
c)
profit
d)
loss
92.
________ are the amount of money a business must pay in order to make the product or give the service<br />
a)
costs
b)
revenue
c)
loss
d)
profit
93.
Definition of brand?
a)
It's a unique name that distinguishes a product from its competitor
b)
A brand is a brand, easy
c)
Make your rate level up
d)
It is your full name
94.
Messages sent between staff on the same level of the organisation hierarchy...
a)
Horizontal communications
b)
Formal communications
c)
Informal communications
d)
External communications
95.
What can NOT be used for market research?
a)
branding
b)
government statistics
c)
primary Research
d)
quantitative data
96.
the people who are paid for their services and also people who offer their services for free
a)
Labour
b)
guard
c)
overseer
d)
employer
97.
What is primary market research?
a)
This is when the business gets the data directly from the customers
b)
This is when the business gets the data which has been collected by other people
c)
This is when you get the data of your customers from your mom
d)
This is when the business gets the information directly from another business
98.
What is secondary market research?
a)
This is when the business gets the data which has been collected by someone else
b)
I don't know but I'm sure it's not primary market research
c)
This is when the business gets the data which has been collected by themselves
d)
This is when you get the information directly from your parents
99.
Definition of market research?
a)
The process of gathering, analysing and interpreting information about a market
b)
The process of playing, chatting and being toxic about a game
c)
The process of gathering, analysing and interpreting information about your crush
d)
The process of gathering, analysing and interpreting information about your teacher<br />
100.
how many businesses objectives in business?
a)
6 common objectives: Business survival, profit, return to shareholders, business growth, market share, service to the community.
b)
maybe the students are missing 1-2 targets.
c)
or only thinking about profit
d)
others
101.
what is primary market research?
a)
this is when you get the information directly from the customers to do something else .
b)
you do something and that market research need more and more information about the customers
c)
when you get the some reports from yours customers .
102.
Ways to collect secondary research in external resources?
a)
Market research agencies, the Internet
b)
Cat, dog, snake
c)
Finance department, customer service department
d)
I don't know
103.
what is added value?
a)
The Internet
b)
revenue
c)
total cost of production
104.
which have the same meaning with added value?
a)
selling price
b)
profit
c)
revenue
d)
loss
105.
Which factors includes the gift of nature, or natural resources, not created by human effort?
a)
Land
b)
Capital
c)
Labour
d)
Enterprise
106.
What is the USP stand for?
a)
Unexpected Selling Point
b)
Unique Selling Process
c)
Unexpected Selling Process
d)
Unique Selling Point
107.
Which is the best definition of USP?
a)
A USP is a special feature of a product that makes it different from other product
b)
A USP is a special feature of a product that makes it the same with other product
c)
A USP is a special feature of a product that makes it approximately with other product
d)
A USP is a special feature of a product that makes it better than other product
108.
_______ are individuals who start a new business or bring a product to a market.
a)
entrepreneurs
b)
labour
c)
capital
d)
Land
109.
What is not a factor of production?
a)
Research & Development
b)
Labour
c)
Capital
d)
Entrepreneurial Skills
e)
Land
110.
An acquisition is when one firm ____ another firm
a)
buys
b)
borrows
c)
bankrupts
d)
steals talent from
111.
What do you need to do for calculating cashflow?
a)
Add all of the outflows together, add the opening balance to the net cashflow=closing balance,...
b)
At all of the invisible together, find net casting,...
c)
The opening balance for one year will become the closing balance for next year.
d)
Find colour cashflow
112.
What can you do to calculate cashflow?
a)
Add all of the inflows together, find net cashflow..
b)
Find newspaper, add dooring balance to the casting=closing..
c)
Add all of the outdoors together
d)
Add all of games together
113.
What "competitive pricing mean ?
a)
When the business choose a price that is the same, a little lower, or a little higher than other businesses selling the same kind of product
b)
choose the price that different
c)
the price big upper
d)
selling the difference kind of products
114.
What is the definition of promotion ?
a)
Promotion is when a business tries to tell customers about their business ,get higher sales and create brand loyalty
b)
. Promotion is business want to give free produce
c)
Promotion is discount
d)
all correct
115.
In manufacturing, how is the opportunity cost important ?
a)
number of produces that need to be sacrificed to get one more unit
b)
it is not necessary
c)
it does not exist in manufacturing
d)
it still exist but it is not important
116.
what is the definition of opportunity cost ?
a)
what you give up when you choose to do one thing instead of another
b)
things that are easy to achieve without giving up another
c)
the easy homework and daily exercise
d)
a funny game
117.
what is the opportunity cost based on ?
a)
scarce resources, costs, the changes of choices
b)
production structure
c)
management
d)
all are correct
118.
What are tips to make customers keep buying your products?
a)
Give vouchers, discounts or make them to create membership card
b)
Forcing them to buy products with violence
c)
Sell every product for FREE
d)
I don't know
119.
Trying to bring your product to the attention of buyers
a)
Marketing
b)
production
c)
Purchasing
d)
Finance
120.
Financial limitations, the size of the market, government controls and human resources can all be...
a)
constraints on the market.
b)
good market research
c)
survival options
d)
employees or customers
121.
Having a limit to how much we can have.
a)
Scarcity
b)
Choice
c)
Resources
d)
finance
122.
what is consider bankrupt
a)
Have a large amount of debts
b)
Being rich
c)
Sell every product for FREE
d)
Can't pay employees
123.
A ______is where two or more businesses AGREE to join together to become one larger firm.
a)
merger
b)
acquisition
c)
manager
d)
asset
124.
Owners - one advantage
a)
Self satisfaction – being your own boss
b)
To be paid on time and so be able to meet their own debts
c)
To get the best possible wage / salary possible
d)
To be able to buy the products or services being sold
125.
Shareholders
a)
Expect to receive high profits / dividends
b)
Expect to have their own reputation well known
c)
Expect to have job security
d)
Their jobs and any bonus related pay
126.
Managers
a)
To have their own reputation well known
b)
To have job security
c)
Their jobs and any bonus-related pay
d)
To be able to buy the products or services being sold
127.
Employees
a)
To be paid on time and so be able to meet their<br />own debts
b)
To have good working conditions
c)
To make decisions and to set and control the<br />overall direction of the firm
d)
Self satisfaction – being your own boss
128.
Customers
a)
To be paid on time and so be able to meet their<br />own debts
b)
To be able to buy the products or services<br />being sold
c)
To have good working conditions
d)
To get the best possible wage / salary possible
129.
goods that are provided for the general public
a)
Consumer goods
b)
good stuff
c)
Essential good
d)
The products
130.
Organic growth is...
a)
Growth by expanding sales and being funded through profit itself.
b)
When the business joins or buys other businesses
c)
Surviving a very competitive market.
d)
The size of a companies' market share.
131.
Financiers
a)
To buy products and services at the best<br />possible price
b)
To have job security
c)
To be paid on time and so be able to meet their<br />own debts
d)
Their jobs and any bonus related pay
132.
What is tertiary production?
a)
Work that provides services rather than goods
b)
Work that provides goods rather than services
c)
Work that is service
d)
Produce goods
133.
What is primary production?
a)
Work that gets natural resources from the land or sea
b)
Work that gets natural resources from the mountain or valley
c)
Work that gets un natural resources
d)
Work that done by human
134.
What is secondary production?
a)
Work that turns natural resources into finished goods
b)
Work that is finished already
c)
Work that turns natural resources into unfinished goods
d)
Services
135.
What is the meaning of sole trader ( sole proprietor)?
a)
A person who owns his or her own business
b)
A customer
c)
A producer
d)
A person who give his or her advises about business
136.
What is industrialisation?
a)
When a country experiences an increase in secondary production
b)
When a country experiences an increase in primary production
c)
When a country experiences an increase in tertiary production
d)
When a country experiences a decline in secondary production
137.
What is the advantage of sole trader?
a)
All profit go to the owner
b)
Unlimited liability
c)
Additional capital
d)
Sharing ideas
138.
What is de-industrialisation?
a)
When a country experiences a decline in secondary production
b)
When a country experiences an increase in secondary production
c)
When a country experiences a decline in primary production
d)
When a country experiences an increase in tertiary production
139.
In a private limited company....
a)
Shares can only be sold to family and friends
b)
Shares can be sold on the stock exchange
c)
Media can be highly influential in the business operations
d)
vast amounts of capital can be raised
140.
Which one is the correct answer?
a)
Business owned by between 2-20 people who set up a business together
b)
Business owned by between 1-10 people who set up a business together
c)
Business owned by between 1-20 people who set up a business together
d)
None of above correct
141.
The private sector is...
a)
Includes goods and services provided by businesses that are aimed mainly at making a profit
b)
Includes goods and services provided by businesses that are aimed mainly at not making a profit
c)
Includes services provided by businesses that are aimed mainly at not making a profit
d)
Includes goods provided by non businesses that are aimed mainly at making a nothing
142.
The public sector is...
a)
Includes goods and services provided by government. These goods and services may be supplied either for a profit or not for a profit
b)
Includes goods and services provided by businesses that are aimed mainly at making a profit
c)
Includes goods and services provided by government that are aimed mainly at making a profit
d)
Includes goods and services provided by businesses that are aimed mainly at making a profit
143.
Choose one pro of secondary research?
a)
Often obtained without cost.
b)
Can aim questions directly at your research objectives.
c)
Can access psychology of the customer.
d)
Risk of questionnaire and interview bias.
144.
What is a market segmentation?
a)
Breaking a market down into groups of consumers with similar characteristics
b)
Producing products and services which satisfy the wants and needs of the market.
c)
Aiming the product or service at consumers in a particular market segment.
d)
Is the mixture of factors through which the firm hopes to sell its products to its chosen market.
145.
What is a niche marketing?
a)
Is a business strategy of devising and selling products specifically for a small, unexploited part of a market.
b)
Establishing a strong brand image (personality) for a good or service
c)
Offering a better location, features, functions, design, appearance or selling price than rival products.
d)
Making clear the unique selling point (USP) of a good or service, for example, by using the tag line quality items for less than a pound for a chain of discount shops.
146.
What is a mass marketing?
a)
devising product with mass appeal and promoting them to all types of customer.
b)
Packaging will help a firm target a specific market such as children’s (cartoon), adults, families (good for you), colour (cheap or expensive).
c)
a business strategy of devising and selling products specifically for a small, unexploited part of a market.
d)
Is data that is used even though it has been collected for another purpose – e.g. government statistics.
147.
What does product mean?
a)
A good or a service that is sold to customers or other businesses.
b)
Producing products and services based on innovation which consumers are then persuaded to buy.
c)
Producing products and services which satisfy the wants and needs of the market.
d)
Offering a better location, features, functions, design, appearance or selling price than rival products.
148.
What is does product differentiation mean?
a)
A business needs to choose the function, appearance and cost most likely to make a product appeal to the target market and stand out from the competition.
b)
Is used where there is brand loyalty in the market and is used to persuade consumers to switch from a competitor.
c)
s the route taken by a product as it passes from the producer to the consumer.
d)
Is a good or a service that is sold to customers or other businesses.
149.
1.Factors affecting financial factors
a)
size of the business, risk, capital needed, length of time money needed for
b)
Plan, risk, size of the business
c)
Risk, capital needed, accounting
d)
capital needed, risk, size of business
150.
What is the a private limited company ( LTD)?
a)
which can only sell share to friend and family (T)
b)
Which can only sell for neighbour
c)
Which can only sell for strange people
151.
What is the a public limited company ( PLC)?
a)
which sells shares on the Stock Exchange. Formal documents must be produced before a limited company can begin trading (T)
b)
Which can only sell for family
c)
Which can only sell for friend
152.
What does Administration mean ?
a)
This means looking after the day-to-day needs of the business and making sure everything runs smoothly.
b)
This means moving around inputs and outputs from where they are made to where they are needed.
c)
This means making the product you are selling.
d)
This means buying all the different inputs the business needs in order to do its work.
153.
What is the reward for lending money
a)
Interest
b)
Products
c)
Loan
d)
Gifts
154.
What is credit ?
a)
Cash that borrowed form the bank
b)
Cash that earn by government
c)
Cash that lend from other companies
155.
Mainly an influence for a small to medium sized business. As less staff are employed the business may not wish to locate to a country with a different first language.
a)
Language barriers
b)
Rules
c)
Convenience
d)
Suitable
156.
some countries close shops on a Saturday, others a Sunday. Some types of advertising are acceptable in one country compared to another.
a)
Cultural barriers
b)
Country
c)
Social
d)
Application
157.
The owner of the business has the same legal identify to the business and is therefore can lose his/her personal possessions to cover the debts of the business if it goes into liquidation.
a)
Unlimited liability
b)
Possible
c)
Random
d)
Unfortunately
158.
Advantages of Franchising
a)
Cost to buy franchise – can be very<br />expensive (McDonalds on Oxford<br />Street In London cost £1.2 million!<br />But some such as a car wash<br />franchise can be very cheap
b)
Less investment is required at the<br />start-up stage since the franchise<br />business idea has already been developed
c)
Have to pay a percentage of your<br />revenue as a royalty payment to the<br />business you have bought the<br />franchiser from
d)
If one outlet of the franchise gains a<br />poor reputation (say through bad<br />service) then this affects attitudes<br />towards all other outlets.
159.
Disadvantage of franchising
a)
Have to follow the franchise model,<br />so less flexible. You would probably<br />be told what prices to set, what<br />advertising to use and what type of<br />staff to employ.
b)
A franchise allows people to start<br />and run their own business with less<br />risk. The chance of failure among<br />new franchises is lower as their<br />product is a proven success and has a<br />secure place in the market
c)
Less investment is required at the<br />start-up stage since the franchise<br />business idea has already been<br />developed
d)
The franchisee may benefit from<br />national advertising and being part of<br />a well-known organisation with an<br />established name, format and product.
160.
What is a joint venture?
a)
Something that occurs when two or more businesses agree to run a separate business or project together.
b)
Ability to create jobs leads to<br />increased GNP & improved standard<br />of living in the host country
c)
Multi-nationals may introduce new<br />technology, production processes and<br />management styles.
d)
Some multi-nationals bring trained<br />staff with them and do not train<br />staff in the host country and only<br />using local staff for low paid,<br />unskilled jobs.
161.
Drawback of MNCs
a)
Often a multi-national will not keep If the host country has lower levels profits in the host national.
b)
Some multi-nationals take their<br />social responsibly seriously and help<br />finance projects such as build new<br />roads.
c)
Often the joint venture will be a new company in which the joint venture partners invest.
d)
Ability to create jobs leads to<br />increased GNP & improved standard<br />of living in the host country.
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