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WorksheetsIGCSE Business 1, 2, 4 review
Total questions: 35
Worksheet time: 17mins
Which of the following is likely to be the main factor influencing the location of a small barber shop? Proximity to:
Customers
Labour
Raw materials
Competitors
Which business sector deals with raw material and natural resources?
primary
secondary
tertiary
all of the above
the .....is a legal documents between the employee and the employer
letter of appointment
letter of acceptance
employment contract
appoint contract
The Board of Directors control daily business operations for this type of business.
Sole proprietorship
Partnership
Public Company
Franchise
A form of business where the owners of the company are referred to as shareholders.
Sole Proprietorship
Partnership
Public Company
Cooperative
Scarcity is the main economic problem. What is scarcity?
It is a situation that exists when there are unlimited wants and limited resources to produce the goods and services to satisfy those wants
the next best alternative forgone by choosing another item
is the physical and mental efforts put in by the workers in the production process
is the finance, machinery and equipment needed for the production of goods and services
Division of labor can be defined as
Workers specialize on just one task and become better at it
Workers become specialist in all jobs
All firms only have one worker
No workers are employed as machines always do all the work
The next best alternative given up by choosing another item is the definition of?
Scarcity
Opportunity cost
Purchase
Business activity
Which of the following is a non financial business objective?
Increase market share
Independence and control
Profit maximixation
Survival
DEFINE infastructure
the fancy name for a uniform
food, water,and shelter that's needed for employees
money that is required to start a business
building, roads,and electricity that's needed for an operation
What is 'added value'?
is the next best alternative given up by choosing another item.
is the difference between the selling price of a product and the cost of bought-in materials and components.
It's a good or service essential for living.
is the lack of sufficient products to fulfil the total wants of the population.
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Continuous production of identical products, therefore giving scope for high levels of automation
Job production
Productivity
Flow production
Batch production
Producing a limited number of identical products
Flow production
Batch production
Productivity
Job production
A measure of efficiency, measured as output per person in a particular time period
Productivity
Automation
Product quality
Competitive advantage
An increase in morale and motivation can lead to what?
Reduction of costs
Improvements in quality
Increased productivity
Decreased productivity
A business makes 28,000 items a week and employs 35 staff.
Calculate the productivity per worker.
1500 units/week
35 units/week
800 units/week
900 units/week
Management salaries are an example of what?
Quality control
Fixed Costs
Variable costs
Material costs
The labour productivity of a business is 475 units a month. The business employs 52 staff. Calculate its total output.
24,600 units
26,800 units
24,700 units
27,600 units
What does automation mean?
Using machines that can operate without people
The development of production into batch production
Handcrafted production
Leading to a fall in quality
The ability to switch quickly and easily from one task to another
Flexibility
Quality
Flow production
Batch production
Employing a specialist cost accountant in a growing business is an example of which type of economy?
Technical economy
risk-bearing economy
Managerial economy
Marketing economy
What impact will internal economics of scale have on costs?
Total costs will fall
Average costs will rise
variable costs will rise
Average costs will fall
___________ raising average costs when a firm becomes too big
economics of scale
Dis-economics of scale
managment
business decision
Total costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
A break even chart does not show what?
the margin of safety
how much output a business has to produce to break even
how much money a business will make at the break even point
costs, revenue and profit at different levels of output
Which describes "chain of command"?
it allows instructions to be passed down
it is the number of subordinates
refers to the levels of management and division of responsibilities
It is the enjoyment derived frin that feeling you have done a good job
When products are checked at the end of the production process this is called
Quality Assurance
Quality Circles
Quality Control
