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Lock Down Quiz

Total questions: 40

Worksheet time: 26mins

Name
Class
Date
1.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
2.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
3.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
4.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
5.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
6.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
7.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
8.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
9.
What liability is a franchise?
a)
Limited
b)
Unlimited
c)
It depends (could be either)
10.
Fee paid from franchisee to franchisor based on percentage of sales
a)
royalty fee
b)
franchise fee
c)
advertising fee
d)
license fee
11.
TRUE or FALSE - The Franchisee can benefit from using the brand name of the Franchise, as well as advertising and marketing
a)
TRUE
b)
FALSE
12.
True or False - There is no set up fee involved in setting up a Franchise
a)
TRUE
b)
FALSE
13.
Opening a branch of a successful business as a Franchise, is a guaranteed way of making money
a)
TRUE
b)
FALSE
14.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
15.
Which is a franchisee?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
16.

A franchisor offers lots of training to the new franchisee

a)

True

b)

False

17.

A franchisor pays for advertising and marketing materials

a)

True

b)

False

18.
What liability is a franchise (normally)?
a)
Limited
b)
Unlimited
19.
Which ownership has full control?
a)
Sole Trader
b)
Partnership
c)
Public Limited Company
d)
Private Limited Company
20.
Buying an existing business is:  
a)
about as risky as starting a new business from scratch.
b)
often less risky than starting a new business from scratch. 
21.
What kind of liability does a sole trader have?
a)
Limited Liability
b)
Unlimited Liability
22.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
23.
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 
24.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
25.

The opportunity cost of a good is

a)

its price in dollars and cents.

b)

the alternative goods forgone.

c)

the price of alternative goods foregone.

d)

none of the other options

26.
Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.
a)
True
b)
False
27.

What is an entrepreneur?

a)

Someone who is employed

b)

Someone who doesn't work

c)

Someone who has set up their own business

d)

Someone who works from home

28.

What does Gross Domestic Product mean?

a)

The total value of all goods and services a country imports.

b)

The total value of all goods and services a country exports.

c)

The total value of all goods and services produced within a country in one year.

d)

The net loss in profits within a country due to imports.

29.

The___________ a country’s GDP, the better the country’s standard of living.

a)

lower

b)

greater

c)

smaller

d)

answers a and c are correct

30.

GDP per capita is

a)

The population divided by total GDP.

b)

Investment as a percentage of GDP.

c)

Total GDP divided by total population.

d)

The same as GDP per worker.

31.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
32.

GDP stands for ______________________________

a)

gross domestic product

b)

gross domestic problems

c)

great domestic problems

d)

great domino product

33.

Asset

a)

changing an existing product or process

b)

any item of value that a business owns, such as machinery or premises.

c)

the proportion of sales in a market that are taken by one business

d)

the flow of goods and services out of a country

34.

Brand loyalty

a)

This is how you market your business

b)

A customers willingness to buy a product from a particular business rather than from competitors

c)

The logo that you use to advertise your business

d)

A customers willingness to buy a product from competitors

35.

Business plan

a)

A document that tells you who owns it

b)

A document that outlines how a business will advertise their products

c)

A document that outlines how a business will fund a new business only

d)

A document that outlines how an entrepreneur is going to set up a new business

36.

Competitive advantage

a)

Who your competitors are

b)

An advantage a business has over its rivals that is unique and sustainable

c)

A document showing you whats wrong with your business

d)

A financial statement showing you your advantages over your competitors

37.

Consumer

a)

The person who invents the product/service

b)

The person who buys the product/service

c)

The person who buys and uses the products/service

d)

The person who sells the product/service

38.

Demographics

a)

The laws that a business must comply with

b)

The place where customers live and buy their products

c)

Statistical differences that exist within a population, now and in the future

d)

Out of date products

39.

Differentiate

a)

The strength and number of competitors operating in a market

b)

Show that a product is different from similar products

c)

Giving a product or service 'personality' with a name

d)

Features of a product

40.

E-Commerce

a)

Paying your bills online

b)

A telephone company

c)

Using the internet to carry out business transactions

d)

Changing an existing product with technology

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