wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

POB 2021 End of Term 2 Test

Total questions: 78

Worksheet time: 40mins

Name
Class
Date
1.

A creative ________, he was continually dreaming up new projects.

a)

trader

b)

merchant

c)

entreprenuer

d)

seller

2.

What can a business sell?

a)

goods

b)

services

c)

goods and services

3.

Who is an entrepreneur?

a)

someone who works for a large company

b)

someone who studies business in University

c)

someone who starts their own business

4.

Items that can be seen and touched are known as...

a)

Goods

b)

Services

5.

People who are part owners of a company are known as...

a)

Stakeholders

b)

Shareholders

c)

Customers

d)

People

6.

A business with less than 20 employees can be classified as a...

a)

Small business

b)

Medium business

c)

Large business

d)

extra small business

7.

A business that is owned and operated by a single person is known as a...

a)

Partnership

b)

Sole trader

c)

Private company

d)

Public company

8.

The owner of a business being responsible for all debts is known as....

a)

Limited liability

b)

Unlimited liability

9.

Environmental factors over which businesses have very little control over are known as...

a)

internal

b)

existing

c)

external

d)

international

10.

Periods of growth in the economic cycle are known as...

a)

Recession

b)

troughs

c)

busts

d)

booms

11.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
12.
a business plan 
a)
is useful once your business is operational but not much help during the startup phase
b)
is not usually needed to secure financing in your business
c)
can serve as a tool for managing your business once it is up and running
d)
All of the above
13.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

14.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business

d)

All of the above

15.

All partnerships must be 50 - 50?

a)

True

b)

False

16.

True or False: Business plans are used by new, rather than established, firms

a)

TRUE

b)

FALSE

17.

Which of the following statements about business plans is TRUE?

a)

Business plans eliminate risk to lenders

b)

Business plans reduce risk to lenders

c)

Business plans increase risk to lenders

d)

Business plans have no impact on risk to lenders

18.

Which of these pieces of information would NOT be in a business plan put together by a new business?

a)

Target market

b)

Market research

c)

Profit

d)

Estimated cashflow

19.
This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition
a)
Executive Summary
b)
Company Description
c)
Strategy
d)
Market Analysis
20.

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

21.

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

22.

Which of the following is an advantage of operating a large established business as a public limited company?

a)

Shares can be sold to the public to raise additional finance

b)

Financial accounts are published

c)

Shares can only be sold to invited investors to raise finance

d)

Owners have unlimited liability

23.

A private limited company may change into a public limited company because it wants:

a)

Limited liability

b)

To raise additional finance

c)

Unlimited liability

d)

To avoid takeover

24.

Which of the following statements is always true of a public limited company?

a)

Shareholders have day to day control of the company

b)

Liability is limited

c)

The ability to expand is limited

d)

Board of directors own the business

25.

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

a)

Sole trader

b)

Partnership

c)

LTD

d)

PLC

26.

Which of the following is a disadvantage of being a public limited company?

a)

The business is at risk of takeover

b)

Large sums of money can be raised

c)

Unlimited liability

d)

Limited liability

27.

Which of the following is a disadvantage of setting up a business as a partnership?

a)

Shared losses

b)

Shared workload

c)

Shared profit

d)

More ideas generated

28.

_______ protects the name and identifying symbol of a product or company.

a)

Trade secret

b)

Patent

c)

Trademark

d)

Copyright

29.

The exclusive right granted to an inventor to manufacture, use, or sell an invention is a(n) ____________.

a)

Patent

b)

Trademark

c)

Trade secret

d)

Copyright

30.

Laws passed by legislatures are called ____________.

a)

Statutory laws

b)

Common laws

c)

Ordinances

d)

Precedent laws

31.

A business organization that has members is a(n) ________.

a)

Corporation

b)

Partnership

c)

Sole proprietorship

d)

LLC

32.
What are the benefits of a company being known as ethical?
a)
Impact on competitiveness
b)
Enhances reputation
c)
Value added
d)
All of these
33.
What is a stakeholder?
a)
Someone who has an interest in the company
b)
Someone who eats lots of meat
c)
Someone who stabs people with sticks
d)
A vampire slayer
34.
What does CSR mean?
a)
Company Social Reputation
b)
Computer Security Regulations
c)
Canine Secure Reality
d)
Corporate Social Responsibility
35.
What question (s) should you ask yourself whenever you are faced with an ethical dilemma?
a)
Is it legal
b)
Is it balanced/fair
c)
Is it right
d)
All of these
36.
What's ethics all about?
a)
An ethnic minority
b)
A person who's a bit daft
c)
Morally correct behaviour
d)
Making lots of money out of customers, bleeding them dry!
37.
Which of the following best describes quality?
a)
The service provided to a customer before, during and after purchasing.
b)
Products being made to a high standard to meet customer needs.
c)
A high level of productivity.
38.
Who needs to be satisfied with the quality of products?
a)
Rivals
b)
Suppliers
c)
Customers
39.
What happens when a business produces faulty goods?
a)
It increases costs
b)
It increases costs and damages the reputation of the firm
c)
It is an example of Total Quality Management
40.

A business checks products after they are made. What is this an example of?

a)

Quality Control

b)

Quality Circles

c)

Quality Assurance

41.
What is customer service?
a)
The service provided to customers before, during and after purchasing a product
b)
When a business meets customer needs
c)
A method of production
42.

When products are checked at each stage of production, what is this an example of?

a)

Quality Control

b)

Quality Circles

c)

Quality Assurance

43.
What group of people sit and discuss production methods in Quality Circles?
a)
Customers and Suppliers
b)
Managers and Suppliers
c)
Employees and Managers
44.
Rules based on moral principles about how businesses and employees ought to conduct themselves. 
a)
Guidelines
b)
Employee Handbook
c)
Laws
d)
Business Ethics
45.
A set of guidelines for maintaining ethics in the workplace. 
a)
Code of Ethics
b)
Code of Conduct
c)
Integrity
d)
Code of Honor
46.

property (as an idea, invention or process) that derives from the work of mind or intellect

a)

Defamation

b)

Fair Use

c)

Intellectual Property Agreement

d)

Intellectual Property

47.
What is copyright? 
a)
a form of protection
b)
an image
c)
a form of protection for kids
d)
copies of work
48.

What is Copyright Infringement?

a)

using someone work without permission

b)

copying of someone work

c)

liking someone's work

d)

a picture of someones work

49.

Which form of communication enables people at the same level within departments of the organisation to communicate with each other?

a)

Vertical communication

b)

Horizontal communication

c)

Internal communication

d)

External communication

50.
Purchasing the right to use a company name or business process in a specific way   ex.  McDonald’s, Burger King, KFC and Pizza Hut • •
a)
Licensing
b)
Joint venture
c)
Franchising
d)
Infrastructure
51.
Finance departments record all transactions such as what?
a)
Payments and revenue.
b)
Transport and Infrastructure.
52.
What is capital expenditure?
a)
Money spent for fixed assets which last about 6 months.
b)
Money spent for fixed assets which last about for more than a year.
c)
Money spent on a day-to-day basis.
d)
Money spent per hour rate.
53.
What is NOT a source of Internal finance?
a)
Retained profit
b)
Sale of existing assets
c)
Issue of shares
d)
All are sources of Internal finance
54.
What is Primary Research?
a)
Primary 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.
b)
Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
c)
Primary Research involves gathering existing data that has already been produced. For example, researching the internet
d)
Primary Research involves gathering existing data that has already been produced. For example, researching company reports.
55.
What is Secondary Research?
a)
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.
b)
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
56.
How can a business reduce the risk of failure?
a)
By selling less products
b)
By keeping the cost of their products low
c)
By carrying out market research
d)
By staying open late.
57.
In order to be successful a business needs to?
a)
Identify its customers needs and wants
b)
Have a big shop
c)
Sell products really cheap
d)
Have lots of sales
58.
What is Quantitative data?
a)
Data that is normally numerical
b)
Based on opinions, attitudes and beliefs.
59.
what is Qualitative Data
a)
Data that is normally numerical
b)
Based on opinions, attitudes and beliefs.
60.
What are the 4 p's of marketing?
a)
price, product, promotion, place
b)
price, person, promotion, place
c)
place, perspective, promotion, place
61.

The possible benefits of growing the business are

a)

Keeping control over decision making

b)

Larger potential profits

c)

Benefit from bulk buying discounts

d)

Security for the future of the business

62.

A merger is

a)

Two business agreeing to becoming one new business

b)

One business buying shares in another business

c)

One business taking over control of another business

d)

Two businesses co operating with each other.

63.

Which option best describes the term takeover?

a)

When two firms agree to join together to make one new business

b)

When a business finds a new market in another country

c)

When one business purchases another business

d)

When a business brings something new to the market

64.

The reward for capital resources in a company is:

a)

Rent

b)

Salaries and wages

c)

Interest

d)

Profit

65.

The value of our currency in terms of foreign currency, is known as a..

a)

exchange rate

b)

interest rate

c)

inflation rate

d)

tax rate

66.

The insurance industry forms part of the..... sector

a)

Primary

b)

Secondary

c)

Tertiary

d)

Informal

67.

The........ sector includes the production industry/ services that is offered by the business and consumers

a)

quality control

b)

primary

c)

Government

d)

secondary

68.

what factors need to be considered when establishing a business?

a)

population on the community

b)

number of people working

c)

geographical factor

d)

crime

e)

all of the above

69.
 A business that takes natural resources and converts them into a consumer good.
a)
 Extrator
b)
 Manufacturer
c)
 Marketer
d)
 Wholesaler
70.
 A group that is in charge of making business decisions for a corporation.
a)
Staff
b)
Board of Directors
c)
Management
d)
Proprietors
71.
A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller 
to buyer.
a)
patent
b)
regulation
c)
copyright
d)
contract
72.

It accepts deposits from individuals and organizations that have excess funds and provide loans to those who are in need. This financial institution is called _______.

a)

investment banks

b)

commercial banks

c)

credit unions

d)

insurance companies

73.

One of the financial institutions that operates by collecting premiums from clients is called ____________ .

a)

brokerage

b)

credit union

c)

investment banks

d)

insurance companies

74.

This is are markets where transactions involving long-term debt or those maturing in more than a year is called _________.

a)

capital markets

b)

money markets

c)

public market

d)

product marketing

75.

It is a document which the borrower gives to the lending institution in exchange for the money he borrowed is called _______.

a)

gift certificate

b)

check

c)

collateral

d)

promissory note

76.

He is one of the people involved in financial management wherein he is tasked to show how the hiring of additional manpower will help with productivity is called ________.

a)

Personnel officer

b)

human resource manager

c)

general manager

d)

accounting supervisor

77.

The department that is responsible in requesting acquisitions and delivery of assets needed by the company is called __________ .

a)

Cashier

b)

finance officer

c)

logistics

d)

budget officer

78.
Which of the following is not a rule for communicating verbally and in writing during GOOD BUSINESS COMMUNICATION?
a)
Listen
b)
Be clear (Clarity)
Be clear (Clarity and Coherence)
c)
Accuracy (Correct information)
d)
Promptness

Similar Resources on Wayground

RM Y CIENCIAS N°2 REGULAR

80 questions

RM Y CIENCIAS N°2 REGULAR

quiz

Worksheet

•

12th Grade

Baking

75 questions

Baking

quiz

Worksheet

•

9th - 12th Grade

Food Protection Review

80 questions

Food Protection Review

quiz

Worksheet

•

9th - 12th Grade

Digestive System Review

75 questions

Digestive System Review

quiz

Worksheet

•

10th - 12th Grade

PEMAKANAN MAKRONUTRIEN DAN MIKRONUTRIEN T1

75 questions

PEMAKANAN MAKRONUTRIEN DAN MIKRONUTRIEN T1

quiz

Worksheet

•

12th Grade

Ch. 1 Intro to Forensics Test

75 questions

Ch. 1 Intro to Forensics Test

quiz

Worksheet

•

10th - 12th Grade

M1. Tema 5: Toma de muestras

80 questions

M1. Tema 5: Toma de muestras

quiz

Worksheet

•

2nd Grade - University

Examen Español 2do trimestre

80 questions

Examen Español 2do trimestre

quiz

Worksheet

•

12th Grade