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WorksheetsEdexcel Business Theme 1
Total questions: 30
Worksheet time: 18mins
Which one of the following is an example of a consumer ‘want’?
Warmth
Shelter
Makeup
Food
Which two of the following are examples of the rewards of business
Risk of financial loss
Lack of security
Personal Wealth
Independence
Personal Debt
Which two of the following are examples of the roles of an entrepreneur?
Organising resources
Producing goods or services
Meeting customer needs
Making business decisions
Offering customer convenience
Which one of the following is an example of a product
Spotify
Drake Concert
Apple Air pods
Business Lesson
Which two of the following are examples of reasons for business failure
Lack of security
Failing to respond to market conditions
Taking a calculated risk
Selling online
Lack of demand for the product or service
Which one of the following is an example of market segmentation?
Interview
Questionnaire
Income
Observation
Which two of the following are examples of primary market research?
Market Report
Interview
Internet
Focus Group
Government Statistics
Which two of the following are disadvantages of secondary market research?
Time consuming to collect and analyse
Requires a lot of money
Data may be unreliable
Data might not be up to date
Needs specialist training and skills
Which one of the following is an example of a fixed cost?
Rent
Package Costs
Raw Materials
Wages
Which two of the following are examples of non-financial business objectives?
Market Share
Survival
Personal Satisfaction
Profit
Social Objectives
Which two of the following are examples of cash inflows?
Loan Repayments
Sales Receipts
Interest on savings in the bank
Interest on a bank loan
Wages
Which one of the following is an example of a variable cost for a Dog Groomer?
Set of scissors for nail trimming
Shampoo
Vehicle
Which two of the following are examples of short-term sources of business finance?
Crowd Funding
Trade Credit
Bank Loan
Personal Savings
Overdraft
Which one of the following is not an element of the marketing mix?
Product
Price
Production
Place
Which one of the following has limited liability?
Private Limited Company
Partnership
Sole Trader
Shareholder
Which one of the following is not a factor that influences business location?
Speed of the business website
Proximity to market
Proximity to suppliers
Ability to sell online
Which two of the following are advantages of starting up as a partnership?
Limited Liability
Shared ideas
Shared Profit
Shared responsibility
Possible disputes
Which one of the following is the most likely implication for a business of rising unemployment?
Falling sales
Falling Costs
Falling Productivity
Small number of job applications
Which one of the following is the most likely implication for a business of rising levels of consumer income?
Increase in import prices
Increase in demand
Increase in customers defaulting on their payments
Increased tax rates
Which one of the following is not a typical example of a stakeholder?
Local Community
Government
Customers
Overseas Bank
Employees
Which two of the following are examples of external influences on a business?
Skill level of employees
Company's Equipment
Employment Law
Sales Revenue
Exchange Rate
Asset
changing an existing product or process
any item of value that a business owns, such as machinery or premises.
the proportion of sales in a market that are taken by one business
the flow of goods and services out of a country
Brand loyalty
This is how you market your business
A customers willingness to buy a product from a particular business rather than from competitors
The logo that you use to advertise your business
A customers willingness to buy a product from competitors
Competitive advantage
Who your competitors are
An advantage a business has over its rivals that is unique and sustainable
A document showing you whats wrong with your business
A financial statement showing you your advantages over your competitors
Differentiate
The strength and number of competitors operating in a market
Show that a product is different from similar products
Giving a product or service 'personality' with a name
Features of a product
Increased concern from consumers over the environment has led to new business start-ups developing products from recycled materials. These business ideas have come about due to:
Services that have become obsolete
Products that have become obsolete
Changes in consumer demand
Changes in the interest rate
Which of the following statements is true in relation to goods and services?
Services can be touched and held, whilst goods are usually invisible
Goods can be touched and held, whilst services are intangible
Services are visible, whilst goods are usually invisible
Both goods and services are intangible
What is the formula for break even
Fixed costs / contribution
Fixed costs / selling price
Variable costs / selling price
Fixed costs / margin of safety
What is the break even point
Where sales revenue is the same as fixed costs
Where sales revenue is the same as variable costs
Where sales revenue is the same as total costs
Where fixed costs is the same as variable costs
Which of these is not a method of adding value
Branding
Convenience
Design
Price
