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WorksheetsTerm 1 Business
Total questions: 55
Worksheet time: 41mins
The decade of Entrepreneurship was in the
2000's
1990's
1980,s
1970's
Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.
Tertiary Sector
Primary Sector
Secondary Sector
The economic problem
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Organisations run by central or local government are often referred to as
Private sector
Voluntary sector
Public sector
Mixed economy
Which of these is the best definition of the ‘economic problem’?
People do not have enough money.
There are not enough resources to satisfy people’s wants.
There are too many factors of production.
The amount of something produced by a person, machine or industry.
Which is a disadvantage of 'division of labour'?
workers and trained in one task & specialised in this, increasing efficiency.
Quicker & cheaper to train workers as fewer skills need to be taught.
Workers can become bored from doing just one job - efficiency might fall.
Less time is wasted moving from one workbech to another.
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.
Which of these business activities are usually NOT in the public (government) sector?
grocery stores
health
defence
public transport
What is de-industrialisation?
The period of social and economic change that transforms a society from an agrarian one into an industrial one.
Economic resources are owned, planned and controlled by the state.
Important industries are brought under government ownership.
it occurs when there is a decline in the importance of the manufacturing of a country.
-Two or more owners
-Lower taxes
-Unlimited Liability
Partnership
Sole Proprietorship
Corporation
All of the above
What type of paperwork is needed for a Partnership?
Business License
Partnership Agreement
Corporate Charter
Franchise Agreement
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared workload
Shared profit
More ideas generated
list two disadvantages of partnership (REM)
(I) partners might not all contribute equal
(ii) partnership has unlimited liability
(i) cash flow is often a problem
(ii) there could be a lack of capital and cash flow
(i) limited amount of capital available
(ii) ineffective services
Joint ventures are
a small to medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public
a limited company, often a large business, with the legal right to sell shares to the general public - share prices are quoted on the national stock exchange.
two or more businesses agree to work closely together on a particular project and create a separate business division to do so
a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits.
A sole trader is a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits.
TRUE
FALSE
Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.
Sole Proprietorship
Partnership
Corporation
Which of the following is a disadvantage of franchise?
assistance from a parent company
name recognition
shared advertising expenses
must follow parent company business structure
___________ are words, symbols, names or devices used to specify the source of the goods, and are used to differentiate them from others.
copyrights
patents
licenses
trademarks
in a cooperative society the principle followed is ____
one man one vote
multiple votes
one share one vote
no vote
liability of the members in a cooperative society is____________
Limited to the extent of shares the hold
unlimited liability
the capital for the cooperative society raised_____________
invest from members
deposits from members
government grants
A & B
all the above
………….. is a voluntary and democratic association of human beings, based on equality of control, opportunity, distribution and mutuality for the promotion of their common interests as producers or consumers.
partnership
Hindu joint family form of business
Co- Operative
Economic resources are owned, planned and controlled by the state.
Command economy
Mixed economy
Free-market economy
Economic resources are owned and controlled by both private and public sectors.
Command economy
Mixed economy
Free-market economy
Economic resources are owned largely by the private sector with very little state intervention.
Command economy
Mixed economy
Free-market economy
The only liability – or potential loss – a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder.
Private limited company
Limited liability
Public limited company
A limited company, often a large business, with the legal right to sell shares to the general public – share prices are quoted on the national stock exchange.
Public limited company
Private limited company
This states the name of the company, the address of the head of ice through which it can be contacted, the maximum share capital for which the company seeks authorisation and the declared aims of the business.
Articles of Association
Memorandum of Association
This states the name of the company, the address of the head of ice through which it can be contacted, the maximum share capital for which the company seeks authorisation and the declared aims of the business.
Articles of Association
Memorandum of Association
A business organisation that owns and controls a number of separate businesses, but does not unite them into one unified company
Joint venture
Public corporation
Holding company
A business that uses the name, logo and trading systems of an existing successful business.
Franchise
Cooperatives
Revenue definition is........
The total value of all long-term finance invested in the business
Sales of the business as a proportion of total market sales
Total value of sales made by a business in a given time period
The total value of a company's issued shares
Sales of the business as a proportion of total market sales
Market capitalisation
Market share
Revenue
Capital employed
Market capitalisation = current share price X
total number of shares issued
total number of people
inputs
total revenue
Market share =
(total sales of business/ total sales of industry) x 100
(Total sales of industry/ total sales of business) X 100
Total sales X 10
A merger is
Two business agreeing to becoming one new business
One business buying shares in another business
One business taking over control of another business
Two businesses co operating with each other.
Internal or external growth?
A restaurant opens another restaurant in a different city
internal
external
Internal or external growth?
A restaurant merges with a farm.
internal
external
They want to make a profit on the money they have invested in the business.
customers
managers
government
owners / shareholders
Businesses pay them taxes.
local community
customers
employees
government
Which stakeholder would have the following objective?
Objective: Make sure the business is successful and profitable
employees
Suppliers
owners
local government
Which stakeholder would have the following objective?
Objective: Good levels of pay, job satisfaction, job security, and may also be interested in career progression
employees
customers
owners
managers
Which stakeholder would have the following objective?
Objective: Good quality and a range of products at reasonable prices
local community
customers
owners
government
Which of the following are external stakeholder groups?
customers
employees
government
managers
pressure groups
They supply products to a business (For example: coffee beans and milk to make a cup of coffee)
lenders
suppliers
managers
government
Businesses can have a positive effect on them. For example, businesses create jobs or support local charities.
communities
managers
lenders
employees
