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Business Revision - Year 10

Total questions: 40

Worksheet time: 23mins

Name
Class
Date
1.

What is the definition of a business aim?

a)

Small targets set to complete

b)

Overall long term goal of the business

c)

Individual targets to aim for

d)

A SMART objectives

2.
Survival, Profit maximisation, Sales growth, Expansion, and Customer Satisfaction are all examples of...
a)
business aims.
b)
business objectives.
c)
values from a company mission statement.
3.
"We want to achieve sales of £10 million in European markets in 2017" is an example of...
a)
a business aim.
b)
a business objective.
c)
a vision from a company mission statement.
4.

What market is this business in?

a)

Fast food

b)

Sports car

5.

What is high market share?

a)

A business sells MORE products than other businesses

b)

A business sells LESS products than other businesses

6.

What music streaming business has the highest market share?

a)

Apple Music

b)

Spotify

c)

Youtube music

d)

Others

7.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
8.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
9.
What are tariffs?
a)
political boundaries between nations
b)
military blockades of specific countries
c)
disputes between state governments over boundaries
d)
taxes on the import or export of goods from a country
10.
_______ is what happens when good and services are bought and sold.
a)
human resource
b)
capital resource
c)
economy
d)
trade
11.
Which of the following is the best definition of REVENUE?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has LEFT over after paying for their costs.
c)
The total amount of money a business spends.
d)
The amount of money a business loses every month.
12.
Which of the following is the best definition of PROFIT?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for their costs.
c)
The total amount of money a business spends.
13.
Which of the following is the best definition of COSTS?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for materials.
c)
The total amount of money a business spends.
14.
Which of the following is the equation for figuring out PROFIT?
a)
Profit = Revenue - Cost
b)
Profit = Cost - Revenue
c)
Revenue = Profit - Cost
d)
Costs = Profit - Revenue
15.

The price at which goods or services are offered by a business to their customers is called

a)

Selling price

b)

Cost

c)

Variable cost

d)

Currency

16.

A negative difference between the revenues taken in by a business and the costs of operating a business (when a business spends more than it makes) :(

a)

Profit

b)

Breakeven

c)

Loss

d)

Closed

17.

Rent, administrative costs, insurance, employee salary are examples of ...

a)

Variable costs

b)

Fixed costs

c)

Costs

d)

Prices

18.
What does internal mean?
a)
A source from within the business
b)
A source from outside the business
19.
Which is an example of an external source of finance?
a)
Owners' Funds
b)
Sale of assets
c)
Retained profits
d)
Bank loan
20.
What is an advantage of owners' funds?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They take a long time to arrange
d)
You don't have to pay it back
21.
What is an advantage of a bank loan?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
22.
What is the main important factor for a retail business? 
a)
Labour Costs 
b)
Cost of raw materials 
c)
Footfall 
d)
Rent
23.
In a deprived area, what would attract a business? 
a)
Government Grants 
b)
Availability of labour 
c)
Advice and Support 
d)
Cost of stock 
24.

How is a business 'location' best described?

a)

The place where customers buy products

b)

The place where a business sites its operations

c)

The place where suppliers send components

25.

What can location decisions have a big impact on?

a)

Costs

b)

Revenues

c)

Costs and Revenues

26.
What are stakeholders?
a)
Anybody who knows the name of the business
b)
Anybody who takes an interest in a business
c)
Anybody who works for the business
d)
Anybody who buys from the business
27.
As a stakeholder, what interest would customers have in a business?
a)
Working Conditions
b)
Payment Methods
c)
Increase Profits
d)
Paying Taxes
28.
As a stakeholder, what interest would the local community have in a business?
a)
Following Legislations
b)
Expansion
c)
Payment Methods
d)
Staff Pay
29.
As a stakeholder, what interest would the suppliers have in a business?
a)
Following Legislations
b)
Business Relationships
c)
Payment Methods
d)
Staff Pay
30.
What is recruitment?
a)
The process by which a business hires staff
b)
The process by which a business trains staff
c)
The process by which a business inducts staff
31.
Which of the following is NOT usually part of the selection process?
a)
Short listing
b)
Interviewing
c)
  Induction
32.
How is a business most likely to encourage applications for a post?
a)
Job adverts
b)
Staff appraisal
c)
Internal recruitment
33.
Which should NOT be on a job description?
a)
Qualifications
b)
Hours
c)
Duties
d)
Location
34.
Where would you usually find a summary of the work history of a prospective employee?
a)
  CV
b)
Person specification
c)
  Job description
35.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
36.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
37.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
38.

Which of the following best describes the term limited liability? If the business fails:

a)

Personal possessions of the owner can be taken to pay any debts

b)

The owner is personally liable for all the debts of the business

c)

There is no limit on the amount the owner has to pay to settle debts

d)

The owner only loses the amount invested in the business

39.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Managers

c)

Board of directors

d)

Shareholders

40.

Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?

a)

Profit is shared

b)

Financial accounts are kept private

c)

Limited liability

d)

Unlimited liability

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