Worksheets2Business Summer Revision
Total questions: 35
Worksheet time: 22mins
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.
To help reduce the risk of business failure.
All of the above.
.........................emphasises on full disclosure of material facts related to the subject matter by both insurer and insured.
Principle of the Utmost faith
Principle of Subrogation
Principle of Proximate cause
NONE of the above.
Identify the Principle which says that,'The insured should have pecuniary interest in the subject matter'.
Principle of the Utmost faith
Principle of Contribution
Principle of Indemnity
Principle of Insurable Interest
Jeevan has insured his property with 2 insurance company Oman Insurance company and Continental Financial services for AED 2 million and AED 6 million respectively for fire. Due to fire he suffers a loss of AED 1 million and he files a claim for AED 1 million from each company. Will he get his claims? If not, why?
Yes he will receive his claims.
No. because he has violated Principle of Insurable Interest.
No. because he has violated Principle of Contribution.
No. because he has violated Principle of Indemnity.
After the claim, the right of the property is transferred to the Insurance Company. Under no circumstances, the insured is allowed to make any profit by sale of scrap. Identify the Principle.
Principle of indemnity
Principle of mitigation
Principle of Subrogation
Principle of proximate cause.
Global Travel Ltd. gets all the buses insured for AED 20,000 each under comprehensive insurance policy. One of its bus met with an accident. The insurance company appointed its surveyor who assed that the loss was AED 5000 and the claim was paid. Identify the principle of insurance that is applicable in the case mentioned.
Principle of indemnity
Principle of mitigation.
Principle of proximate cause.
Principle of subrogation.
Government reports would be which kind of market research?
Field Research
Quantitative Research
Desk Research
Target research
Which of the following are the correct terms for the cash that a business has at the start of the month?
Balance carried forward
Balance brought forward
Opening Balance
Total Cash Available
Which of the following are the correct terms for the cash a business has at the end of the month?
Closing balance
Cash outflows
Net cash flow
Balance carried forward
How do you calculate net cash flow?
Balance brought forward + Cash Inflows
Inflows - Outflows
Total cash available - cash outflows
None of the above
Which of the following are uses of cash flow forecasting?
The opportunity cost of spending time doing the forecast
It can help a business to get a bank loan
Inaccuracies caused by unexpected events
Being able to plan spending so you a can meet your debt obligations
Oil, natural gas, and coal
human resources
natural resources
entrepreneurship
capital resources
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
The process of creating a new or significantly improved good, service or process is called
invention
innovation
inventing
invented
Invention refers to the development of
an existing idea/product/process
an existing product/process/idea
a totally new idea/product/process
the alteration of out of date ideas/products/processes
If you are willing to take a risk of starting and operating a business you show.......
risk taking characteristics
entrepreneusim
enterpreneurship
enthusiasm
R & D stands for
researched and developed
researching and developing
researching and development
research and development
A business with one owner is known as a:
Company
Sole trader
Partnership
A business run by 2-20 people and has unlimited liability is known as a:
Company
Sole trader
Partnership
Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which of the following phase involve selecting the best idea and dropping poor ideas?
Idea generation
Business Analysis
Market strategy development
Idea screening
Which of the following phases are in the product life cycle?
Product development
Introduction
Growth
Product replacement
Maturity is the period where
Profits are nonexistent in this stage because of the heavy expenses of product introduction.
rapid market acceptance and increasing profits.
Profits level off or decline because of increased marketing outlays to defend the product against competition.
sales fall off and profits drop.
Which of the following stages involve transforming a product concept into a physical product to offer workable market offering?
Business analysis
Product development
Marketing strategy development
Concept development and testing
