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WorksheetsBusiness Studies Term 1 CP
Total questions: 66
Worksheet time: 38mins
the human resources ( HR) is responsible for..
planning for a business future need for labour
the right workers in the right numbers, in the right places and the right time
A & B
the salary of the fabric foreman
The reward for capital resources in a company is:
Rent
Salaries and wages
Interest
Profit
The value of our currency in terms of foreign currency, is known as a..
exchange rate
interest rate
inflation rate
tax rate
The insurance industry forms part of the..... sector
Primary
Secondary
Tertiary
Informal
The minimum number of directors in this type of company is one;
personal liability company
non-profit company
public company
state-owned company
Browns architects Inc, is an example of a...
partnership
close corporation
personal-liability company
private company
The........ sector includes the production industry/ services that is offered by the business and consumers
quality control
primary
Government
secondary
what factors need to be considered when establishing a business?
population on the community
number of people working
geographical factor
crime
all of the above
What is a sole trader?
A person who is the exclusive owner of a business.
Two people who own a business.
A group of people who own a business
Start up 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
What is an operating cost?
Something a business pays before the company starts
Something the company receives
Something the company pays for their day to day running
Something the company cant afford
Which 3 of these are costs?
Fixed
Variable
Operating
Revenue
If a business's costs exceeds it sales revenue, it will experience a ........?
loan
profit
loss
debt
Expenses can be referred to as 'Overheads'.
True
False
Which 3 of the following costs would be considered as expenses?
Rent
Utility bills
Materials
Tax
Expenses are...
The cost of producing a product, otherwise called direct costs
Other costs that are not related to producing the product, otherwise known as indirect costs
Cost that do not change with output
Running costs
Items that can be seen and touched are known as...
Goods
Services
People who are part owners of a company are known as...
Stakeholders
Shareholders
Customers
People
A business with less than 20 employees can be classified as a...
Small business
Medium business
Large business
extra small business
A business that is owned and operated by a single person is known as a...
Partnership
Sole trader
Private company
Public company
The owner of a business being responsible for all debts is known as....
Limited liability
Unlimited liability
Environmental factors over which businesses have very little control over are known as...
internal
existing
external
international
(a) is an initiative in business or a project or undertaking that requires boldness or effort.
They are the business owners who by taking risks and making decisions, enable production to be carried out in anticipation of demand. This is called (a)
(a) is the exchange of goods or services without the use of money.
(a) is the excess of revenues over expenses in a business enterprise.
If the income of the business is less than the expenses then it makes a (a) .
(a) is the act of selling goods or services.
(a) is a business or administrative concern which is set up for a particular purpose.
The complex of activities concerned with the production, distribution and consumption of goods and services is called an (a)
(a) is a person who engages in or takes overall administrative responsibility for the making of a product.
(a) is a person who purchases goods and services for his own personal needs.
(a) is the handing over goods for another item of equivalent value in kind.
Commodities that are tangible and are generally not consumed at the same time that they are produced are called (a) .
(a) can be defined as intangible commodities or work that are performed for remuneration.
(a) is any situation which brings buyers and sellers into contact to transact business.
(a) is an article of commerce.
(a) applies to the money and all other assets which are used in the process of production e.g. buildings machines etc.
(a) is the factor of production which is people’s physical and mental contribution to the creation of goods and services.
(a) can be defined as workers confine themselves to one task and by doing so become experts at these particular tasks.
How many economic sectors are there?
0
4
3
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
Which sector does an amusement park belong in?
Primary
Secondary
Tertiary
Quaternary
Quinary
What is the production chain for the diagram?
Cars
Fuel
Lorries
Motorbikes
Which is a feature of a partnership?
Shares can be sold to family and friends
Income tax must be paid on profit.
The owners have limited liability.
Financial information is sent to Companies House.
An owner of a sole Proprietorship is personality liable for all assets
True
False
A sole proprietorship has to share their profits with a partner
True
False
Unlimited liability means?
The owner is personally liable to cover business debts and any costs the business can not cover
The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt
A corporation is not responsible for taking care of lawsuits
A sole Proprietorship will have enough money and coverage to pay any and all debts
