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Big Year 9 Business Quiz!!!

Total questions: 52

Worksheet time: 30mins

Name
Class
Date
1.
Someone who creates their own business is called a(n)...
a)
Entrepreneur
b)
Billionaire
c)
Investor
d)
Stock Holder
2.
Someone who creates their own business is called a(n)...
a)
Entrepreneur
b)
Billionaire
c)
Investor
d)
Stock Holder
3.
allows products to be mass produced generally allowing the price to decrease
a)
assembly line
b)
push factor
c)
pull factor
d)
sharecropping
4.
A monopoly is the total or complete control of an industry. Unfortunately for consumers, this prevents ___________. 
a)
Unions
b)
Capitalism
c)
Competition
d)
regulation
5.
What is an example of secondary research?
a)
Focus Group
b)
Observation
c)
Newspaper
d)
Questionnaire
6.
What is the better definition of secondary research?
a)
Stealing someone else's information
b)
Using information that already exists
c)
Collecting new information
d)
Finding old research
7.
What is an example of primary research?
a)
Magazine
b)
Observation
c)
Newspaper
d)
Government statistics
8.
What is the difference between qualitative and quantitative
a)
They both mean more or less the same
b)
Qualitative is about numbers
c)
Quantitative means looking at opinions
d)
Quantitative is about numbers and figures
9.

What is not an advantage of a questionnaire?

a)

They are reliable

b)

They are always up to date

c)

They are accurate

d)

They are published (normally for free)

10.
What is the difference between qualitative and quantitative
a)
They both mean more or less the same
b)
Qualitative is about numbers
c)
Quantitative means looking at opinions
d)
Quantitative is about numbers and figures
11.

Primary or secondary data:


A personal interview response to a new cereal packaging design?

a)

Primary Data

b)

Secondary Data

12.

Primary or secondary data:


A UK Government demographic report?

a)

Primary Data

b)

Secondary Data

13.

Which data is less expensive to obtain?

a)

Primary Data

b)

Secondary Data

14.

What type of research seeks to find in-depth, open-ended responses?

a)

quantitative

b)

marketing

c)

chi square

d)

experimental

e)

qualitative

15.
This is a small number of people who are brought together to discuss elements of a specific issue or problem.
a)
Focus Group
b)
Observation
c)
Survey
d)
Test Market
16.
What is qualitative data?
a)
Data involving numbers
b)
Data involving information with no numbers
c)
Data with information that involves business' marketing strategies 
d)
data involving colors
17.
A price war occurs when competing sellers________ their prices _____________________.
a)
drop, below the competition
b)
drop, above the competition
c)
raise, below the competition
d)
raise, below the competition
18.
Companies develop product recognition for their brands by:
a)
creating catchy logos
b)
great customer service
c)
offering warranties for their brand
d)
all of the above
19.
An opportunity for success exists when a customer need is not being met by a competitor. 
a)
True
b)
False
20.
To convince customers to buy from you instead of your competition, you need information about your competitors. 
a)
True
b)
False
21.
Secondary data resources and observation can help you learn about your direct competitors.
a)
True 
b)
False
22.
Analyzing the strengths and weaknesses of your competition is a waste of resources.
a)
True
b)
False
23.
Superior service, easy return policies, and frequent-buyer programs are some of the strategies you can use to maintain customer loyalty.
a)
True
b)
False
24.
Small businesses may have difficulty competing with large retailers because large retailers 
a)
develop more complete customer profiles
b)
can keep larger quantities of products in stock
c)
have a larger target market
d)
offer superior service
25.
The most important way to maintain customer loyalty is
a)
listen to customers' concerns
b)
disregard customers choices
c)
not care about customers
d)
get as many customers as possible
26.

Which of the following is a want?

a)

Food

b)

Water

c)

Shelter

d)

Car

27.

Which of the following is NOT an example of a good?

a)

Car

b)

Mobile Phone

c)

Internet

d)

T-Shirt

28.

Which of the following is a service? (select all that apply)

a)

Hair Cut

b)

Computer

c)

Health Care

d)

Lollies

29.

Select the definition that matches "Need"

a)

Something that you must have, in order to live.

b)

Something that you wish to have, so as to add comforts in your life.

30.

Which of the following is a service? (select all that apply)

a)

Hair Cut

b)

Computer

c)

Health Care

d)

Lollies

31.

Which of the following is a service? (select all that apply)

a)

Hair Cut

b)

Computer

c)

Health Care

d)

Lollies

32.

Which of the following are roles of the government sector? (Select all that apply).

a)

Build roads

b)

Open a new supermarket

c)

Provide welfare payments

d)

Collect taxes

e)

Lend money to businesses wishing to expand

33.

The economic problem describes how there are:

a)

limited resources but unlimited needs and wants

b)

limited goods but unlimited services

c)

unlimited resources but limited needs and wants

d)

too many ex-boyfriends of Ariana Grande

34.

(a)   is seeing where your target market comes from

35.

A shareholder gets paid a (a)   as a return on shares

36.

Someone who organises and manages their own business is called...

(a)  

37.

A business having enough cash to pay its bills means it is...

a)

Solvent

b)

Insolvent

38.

Which of these is NOT a consequence for not having enough cash?

a)

A business will become insolvent

b)

A business will increase its profits

c)

A business may be shut down

d)

A business will enter liquidation

39.

Is this cash or profit... a customer buys a sofa for £4,000 on credit for 3 years

a)

Cash

b)

Profit

40.

You buy £400 worth of cakes in cash and sell them for £800 is the £400 made Cash Profit or Both

a)

Cash

b)

Profit

c)

Both

41.

Rent, Utilities, Wages are examples of

a)

Cash Inflows

b)

Cash Outflows

42.

Rent is a

a)

Fixed Cost

b)

Variable Cost

43.

You are accepted for a loan of £40,000 from the bank, is this cash, profit or both

a)

Cash

b)

Profit

c)

Both

44.

which of these is not a disadvantage of a cash flow forecast?

a)

Based on estimates so may be inaccurate

b)

They can help a business get a loan from the bank

c)

They can take a long time to put together

45.

Which of these is not an advantage of cash flow forecasting?

a)

They help businesses get funding from the bank in the form of a loan

b)

They help a businesses identify where they may be a problem with cash flow in the future

c)

They can help businesses find ways to save costs

d)

They take a long time to produce

46.

Exports are...

a)

goods and services that are purchased from overseas businesses

b)

goods and services that are exported to overseas governments

c)

goods and services that are sold domestically to the household sector

d)

goods and services sold by local businesses to overseas consumers

47.

A supply chain is...

a)

The transport of goods by sea or some other means

b)

The sequence of processes involved in the production and distribution of a product or service

c)

The commercial activity of transporting goods to customers

d)

The amount of a commodity, product, or service available and the desire of buyers for it

48.

What is two key responsibility for employers?

a)

Obeying the rules and regulations of the workplace and society.

b)

Recording and paying correct wages and entitlement

c)

Improving the working conditions of members

d)

Enforce the workplace health and safety regulations

49.

A salary is paid annually.

a)

True

b)

False

50.

Interest is defined as...

a)

Money received as earning from investments held.

b)

A percentage of money earned as an income through the sale of something

51.

You can earn money from tenants who pay to hire (use) something of yours.

a)

False

b)

True

52.

Wages are paid annually

a)

True

b)

False

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