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WorksheetsBusiness Studies Summer Assessment 2nd Year
Total questions: 39
Worksheet time: 44mins
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
Companies, Business
Companies, Research
Customers, Business
Business, Customers
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business
All of the above
An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)
Grant
Retained profit
Owners' savings
Bank loan
A creative ________, he was continually dreaming up new projects.
trader
merchant
entreprenuer
seller
Which of the following is a disadvantage of being a "Sole Trader?"
it is easy to start
the owner is personally and fully responsible for all losses and debts of the business. If the business fails, the owner’s personal possessions may be taken away to satisfy business debts.
requires a partner
it is easy to raise the financial capital to start
What is the name of a person who owns part of a business?
Stakeholder
Shareholder
Trust Agent
Chairman
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Trader
Corporation
Franchise
What is Field Research?
Field Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
Field Research involves gathering existing data that has already been produced. For example, researching newspapers
Field Research involves gathering existing data that has already been produced. For example, researching the internet
Field Research involves gathering existing data that has already been produced. For example, researching company reports.
What is Desk Research?
involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
What can a business sell?
goods
services
goods and services
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 only loses the amount invested in the business
What are the owners of private and public limited companies called?
Stakeholders
Managers
Board of directors
Shareholders
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which of the following is an advantage of operating a large established business as a public limited company?
Shares can be sold to the public to raise additional finance
Financial accounts are published
What does the Finance Department not do?
Forecasting cash flow.
Producing accounting information for managers.
Hold Annual General Meetings.
Take important decisions on finance.
Which of the following is NOT usually considered a personal source of finance.
Savings
Overdraft
Crowdfunding
An amount of money that is paid back within an agreed amount of time, with interest
Bank loan
Retained profit
Overdraft
Which of the following statements about bank loans is not true?
Usually used for large amounts of money that need to be paid back over a longer time-frame
Interest rates make the loan more expensive
Easy to get
Usually cheaper than consistently using a bank overdraft
A short-term source of finance from a bank that usually is only used in an emergency/when needed
Overdraft
Loan
Share capital
Credit card
Case study: Apple plans to develop a prototype for an iPhones with a flexible display. Which of the following sources of finance would be most appropriate?
Retained profits
Selling shares
Crowdfunding
Bank loan
What is an advantage of an overdraft?
There is never interest
You can pay in smaller installments
Useful for relatively small sums and short term finance
You don't have to pay it back
What type of finance involves less profit going to the owners?
Retained profit
Sale of assets
Overdraft
Bank loan
Short Term sources of finance usually require money to be repaid within.....
1 week
1 month
1 year
Which of the following would be the most appropriate source of funds for a new business (which is just launching) that makes mobile phone accessories?
Retained Profit
Sale of Assets
Share Capital
Trade Credit
