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WorksheetsVIRTUAL BUSINESS
Total questions: 95
Worksheet time: 52mins
Online business is any kind of business activity that happens offline (over the internet).
True
False
E-COMMERCE SITES - online portals that (a) online transactions of goods and services through means of the transfer of information and funds over the Internet
Which phrases below are benefits of online business? (choose more than one answer)
Improving client service.
Cost savings
Global access
Saturated Marketplace
The main advantage of having an online business is....when compared to setting up a traditional office-based company.
Cost difference
Wider Range of Products
Supporting Systems
Internet Connectivity
(a) is a retailer selling goods via electronic transactions on the Internet.
What is an example of a Social Media Community?
Facebook
Messenger
Discord
When information is shared electronically between computers it is known as:
E-commerce
E-tailer
M-commerce
Digital communication
A zoo uses Twitter to announce the birth of a baby Giraffe. Which describes this method of digital communication?
Video conferencing
Social media
Text
Which statement best describes the term e-commerce?
Buying & selling products via hand held devices only e.g. smartphones
Communicating and sharing information electronically
Buying and selling a product using electronic systems e.g. the internet
Gathering, storing and processing information electronically
Which statement describes the purpose of eBay?
To provide a social networking service
To provide an internet based photo sharing service
To sell products, often second hand, to other people electronically
To buy products, often second hand, from other people electronically
In addition to its premises, a designer clothes shop has developed a website in an attempt to:
Increase costs
Decrease costs
Increase sales
Decrease sales
In which of the following is an NHS doctor’s surgery most likely to use digital communication?
To provide product information on its website for customers
To text patients to remind them of appointments
To receive payment for goods/services sold at the surgery
To sell products to patients
To book hospital appointments
Which option is a disadvantage to a business of using digital communication?
Is inexpensive to operate and is widely used
Storage costs are saved as data can be stored electronically
Teleconferencing is possible which can produce cost savings
No guarantee that messages will be received or accessed
Compared to other methods of promotion, businesses that promote goods and services on social media have been able to:
Reduce costs as online promotion is often less expensive
Increase costs as online promotion is always more expensive
Reduce costs as online promotion is always more expensive
Increase costs as online promotion is often less expensive
What business is this?
Wedding plannning
Cleaning services
Babysitting
Tutoring
This is the cash that is generated by the business when it operates successfully
Retained profits
Share capital
Angel investor
Owner savings
Which of the statements about retained profits is false?
You have unlimited amounts of money available
Shareholders and employees could be frustrated because there is less profit to be 'shared out'
You do not have to pay interest
You are free to use it for any purpose
Which of the following is NOT usually considered a personal source of finance.
Savings
Redundancy payments
Crowdfunding
Credit card
Which of the following statements about personal sources of finance is false?
Often cheaper in the long-term
Less 'red tape' or delay in getting the cash
Less personal financial risk for the entrepreneur
May be harder to raise large amounts
An amount of money that is paid back within an agreed amount of time, with interest
Bank loan
Angel investment
Overdraft
Retained profit
Which of the following statements about bank loans is not true?
Usually used for large amounts of money that need to be paid back over a longer time-frame
Interest rates make the loan more expensive
Easy to get
Usually cheaper than consistently using a bank overdraft
Business Environment means *
Internal Environment of Business
External Environment
Internal and External Environment
Economic Environment of country
A business that engages in finance, sales, or reselling is a __________ business
commercial
service
industrial
financial
Which from the following is NOT an example of intangible assets?
Buildings
Trademarks
Technical expertise
_________________ includes using television and radio advertising to reach large audiences.
Print media
Electronic media
Broadcast media
Which advertising medium combines sound, images, and motion?
radio
billboards
newspapers
television
Which is NOT a type of online advertising?
pop-up ads
webcasting
banner ads
virus protection
management is an art of getting things done through others
true
false
What is business?
Talking to people about a certain company
Making a product
Exchanging goods or services in order to make money
Which of the following is not a part of the 4 P's of marketing mix?
Product
Principle
Promotion
Price
Place
Items produced by a company that can be seen or touched are known as?
Services
Things
Goods
Elements
Part owners of a company are known as?
Stakeholders
Employees
Shareholders
Bosses
What is the advantage of shopping online as opposed to in store?
Able to touch the products
Open 24/7
No delivery fee
Waiting for the product
At what stage of the product life style are DVD's at?
Growth
Decline
Introduction
When a group of people get together to discuss a product for company research this is called?
Questionnaire
Discussion Time
Focus Group
Pow Wow
What is Market Research?
The process of gaining information about customer, competitors and reading market trends
The process of reviewing cash flow forecasts
The process of researching the markets and methods of improving cash flow
The process of looking at target audiences
What is collecting "Primary Research"?
Information collected for a specific purpose
Information collected second hand
Information collected offline
Information collected through old sales records
What are the benefits to collecting Primary Research?
New and up to date research for a specfic topic
Second hand data
Data used for another purpose that you can certain use elements of
Data found online
What is "Secondary Research"?
Research collected that already exists
Research that is collected through a survey
Research that is new and up to date
Research that hasn't been completed yet
What is Quantitative data
Numbers,
Opinions
What is Qualitative data
Numbers
Opinions
What is a "Sample Group"
A small group selected to to take part in a survey
A group of people used to ask people to complete a survey
A group of people within a target audience
A family
What is a "Product Trial"?
When a customer buys a product for the first time
When a customer buys a product for the tenth time
When a business sells goods abroad
Designing a new product
A business uses online methods to spread a message. This is known as..
Viral Marketing
Data collection
Social media
Newspapers
Cadbury has innovation the Dairy Milk to contain pieces of Banana. To encourage people to buy the product they price it at 45p. This is known as
Price Reduction
Penetrating Price
Exported Price
Promotion
Tom has gone to the same hair dresser for the last 20 years. This is know as..
Repeat Purchase
Success
Innovation
Customer Loyalty
The exact customers you want to serve.
Units
Trade References
Total Costs
Target market
Companies that conduct business with a company, and that can document how well a company pays its bills to its suppliers.
Units
Trade References
Total Costs
Target market
The ability to pursue a task without being told to by someone else. Individuals who are self-motivated can find the strength to start and then finish a task without giving up.
security
self-discipline
self-motivation
selling
semi variable cost
How a business moves a specific customer to buy their service or offering. Example a special event in a store's parking lot featuring discount prices is selling.
security
self-discipline
self-motivation
selling
semi variable cost
________________ a business plan.
create
advertise
_______________ a website
research
set up
___________ the target market and the competition.
Register
Research
____________a product or service online, in print publications, with signs, or on radio or tv.
Plan
Advertise
____________ a business.
Design
Launch
__________ a logo and promotional material.
Design
Launch
______________ a marketing strategy.
Plan
Advertise
____________ a business with the proper authorities.
Register
Set up
'Place' is the same as location
True
False
A distribution channel is the way in which a product is passed from the producer to the customer
True
False
Which of the following is NOT an advantage of selling direct to customers?
Products can be sold online
It is not practical for some products to be sold online
There is often a lower price for customers
The producer can build strong relationships with their customers
Which form of saving doesn't pay interest?
a money box
a savings account
Which form of saving is an investment in the government?
shares
bonds
Step 1: which is not a basic step to creating your own business:
have an idea
create a business plan
market your product
Use a business plan without researching
Step 1: What should you begin with when creating a business?
begin with what you know
start with what someone tells you
find failed businesses online to use
ask your friends for ideas
Step 1: After gathering your ideas you should
use your math skills to create a chart or graph
highlight the strengths and weaknesses of each idea
test your idea with people you trust
all of the answers stated
Step 2: A business plan should include one of these
understanding the market
pictures of your friends
a picture of the front of your office building
Step 2: the business concept is
a written statement explaining your business
pictures and graphs about how much money your business has made
where you got your inspiration to start your business
Step 2: The company description explains what you will be doing it should _____________________________
highlight the company's goals and objectives
highlight the companies expenses
highlight the companies products
Step 2: Prove you have a good idea by using your math skills to create a simple business plan. Take the time to think through ideas and research the facts.
True
False
Step 3: You should create a _________ for your personal expenses
list
website
budget
Step 3: An investor is
someone who will check if you have a good business idea or not
someone who is willing to give you money to start your business
someone who will create your website for your business
Step 3: The best way to get investors is to have
a good looking website
a lot of money before they invest
a good business plan they can read
Step 4: There are two types of marketing they are
introvert and extrovert marketing
inbound and outbound marketing
positive and negative marketing
Step 4: One way to market your product it to do a special promotion like buy one get one free
true
false
Step 4: The best marketing tool for your business is your
finances
reputation
website
boss
Step 5: Always make customers promises you can't keep
true
false
Step 5: The key is time management this means you know
that you need to spend your time playing sports and then doing work
how to balance your time between things you need to do and things you want to do
that each day you should allocate exactly 5 minutes to your business
