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Mock revision quiz

Total questions: 136

Worksheet time: 1hrs 26mins

Name
Class
Date
1.
Which of the following is NOT a use of cash-flow forecasts?
a)
They indicate how much cash is available for paying bills
b)
They show how much the bank needs to lend to stop insolvency
c)
They indicate whether the business is holding too much cash
d)
They indicate how much profit the business will make
2.
A firm is forecast to have a negative closing bank balance. Which would reduce the problem?
a)
sell more goods on 4 months credit
b)
produce more goods
c)
ask customers to pay in cash and not sell goods on credit
d)
ask suppliers if the firm can pay for goods in cash
3.
The monthly net cash flow for a business is calculated by:
a)
sales revenue - cost of goods sold
b)
total cash in - total cash out
c)
total cash out - total cash in
d)
total cash in - cost of goods sold
4.
The closing bank balance is calculated by:
a)
opening bank balance + cash out-flow
b)
opening bank balance + cash in-flow
c)
opening bank balance + net cash flow
d)
net cash flow + gross profit
5.
Which of the following is true about cash flow?
a)
It is the same as profit
b)
It is different from profit
c)
It is the same as revenue
6.
How can cash outflows be improved?
a)
Buy extra equipment
b)
Lease out equipment
c)
Use a factoring service
7.
What is a long term way to improve cash inflow?
a)
Take out a loan
b)
Take out an overdraft
c)
Use a factoring service
8.

Which of these is NOT a monetary method of motivation?

a)

Comission

b)

Pay Rise

c)

Recognition

d)

Bonuses

9.

what are TWO benefits of a motivated workforce?

a)

This can result in better productivity

b)

customer service will most likely improve

c)

you can pay them less because they're enjoying work

d)

they only work when they feel like working

10.

Which of these is NOT a category in Maslow's hierarchy of needs?

a)

Social

b)

Travel

c)

Esteem

d)

Safety

11.

Motivating staff by giving them additional responsibility is known as ...

a)

Delegation

b)

Delayering

c)

Job Enrichment

d)

Job Rotation

12.

Whose theory was X & Y?

a)

Taylor

b)

Maslow

c)

McGregor

d)

Herzberg

13.

According to Abraham Maslow, human needs can be divided into how many types?

a)

Three types

b)

Four types

c)

Five types

d)

Six types

14.

Isaac feels like his hard work is never recognised. Which level of needs (Maslow) is not being satisfied?

a)

Self-Esteem

b)

Social

c)

Self-Actualisation

d)

Physiological

15.
Whose theory was “Two factor Theory” satisfaction and dissatisfaction 
a)
Herzberg 
b)
Taylor 
c)
Mayo
16.
Which of the following is NOT a need as identified by Maslow?
a)
Hygiene
b)
Esteem
c)
Self-actualisation
d)
Social
17.

Which one is NOT a disadvantage of Herzberg theory?

a)

Motivators work when hygiene factors are satisfied

b)

Workers motivated to work harder by motivators

c)

Some employees may become stressed due to job enrichment

d)

Does not apply to many jobs

18.

Which of the following is a motivator?

a)

Relationship with subordinates

b)

Salary

c)

Personal growth

d)

Working Conditions

19.

" I will give Honda Civic to my workers who can hit 1 million sales by this year!" These statements is best refer to

a)

self determination theory

b)

equity theory

c)

expectancy theory

d)

reinforcement theory

20.

Which motivation theory states people are influences most strongly by one of three specific needs?

a)

Maslow's

b)

Mcclelland's

c)

Herzberg's

d)

All of the above

21.

The theory which asserts that motivation depends upon the strength of a tendency to act in a certain way, which in turn depends on the strength of an expectation that the act will be followed by a given outcome and on the attractiveness of that outcome to the individual, is called:

a)

Expectancy Theory

b)

Equity Theory

c)

Behavior Modification Theory

d)

Goal Theory

22.

McClelland's Three Needs Theory states that:

a)

We strive for achievement, power, and affiliation

b)

We strive for pleasure, power, and affiliation

c)

We strive for achievement, happiness, and affiliation

d)

We strive for achievement, power, and security

23.

Vroom's Expectancy Theory says people are motivated when:

a)

they only pay attention to their observable behavior

b)

they have faith in their ability to achieve it

c)

when they are challenged by a belief that they may NOT achieve it

d)

they believe OTHERS think they can achieve it

24.
Leaders who do not listen to others and make all the decisions themselves.
a)
democratic
b)
autocratic
c)
open
d)
situational
25.
This leadership style can be effective in situations where group members are highly qualified in an area of expertise.
a)
Autocratic
b)
Democratic
c)
Open
 Laissez-Faire
d)
Situational
26.
This leader encourages group members to participate, but retains the final say over the decision-making process.
a)
Autocratic
b)
Democratic
c)
Open/Laissez-Faire
d)
Situational
27.
Provides clear expectations for what needs to be done and how it should be done.
a)
Autocratic
b)
Democratic
c)
Open/Laissez-Faire
d)
Situational
28.
This leader offers guidance to the group, but also participates in the group and allows input from others.
a)
Autocratic
b)
Democratic
c)
Open/Laissez-Faire
d)
Situaltional
29.

This leader offers little or no guidance and leaves decision- making up to the group.

a)

Autocratic

b)

Democratic

c)

Open/Laissez-Faire

30.
The best type of leadership.
a)
autocratic
b)
democratic
c)
open
d)
situational 
31.

Define Leadership:

a)

Coercing individuals to perform as a team.

b)

Inspiring fear among team members in order to accomplish goals.

c)

Influencing individuals into doing things they don't want to do.

d)

Projecting control over others in order to get the job done.

32.

Identify the four qualities and skills that make great leaders.

a)

Outgoing, humor, emotional, and egotistical.

b)

Impulsive, trustworthy, selfish, and doubtful.

c)

Knowledgeable, temperamental, judging, and pessimist.

d)

Communication, confidence, integrity, and attitude.

33.
A ________analysis is based on a customers changes in attitudes, lifestyles, and opinions.
a)
Demographic
b)
Social-Cultural(Psychographics)
c)
Geographic
d)
Behavioral
34.
__________are used to identify customers with similar wants and needs.
a)
Geographic Data
b)
Customer Survey
c)
Behavioral Research
d)
Market Segmentations Methods
35.
Knowing the income of a potential customer can help you determine products' __________.
a)
Pricing
b)
Place
c)
Promotion
d)
Label
36.
Africa-American, Asian, Hispanic, Caucasian are fall into the __________ category which helps determine how to market a product in a region.
a)
Gender
b)
Income
c)
Marital Status
d)
Ethnic Background
37.
_____________involves using a single marketing strategy to reach all customers.
a)
A Market Plan
b)
Keeping up with the trends
c)
Mass Marketing
d)
None of the above
38.
___________ is a method used to identify customers with similar wants and needs.
a)
Selling
b)
Planning
c)
Market Segmentation
d)
Sales pitch
39.

This is the cash that is generated by the business when it operates successfully

a)

Retained profits

b)

Share capital

c)

Angel investor

d)

Owner savings

40.

Which of the statements about retained profits is false?

a)

You have unlimited amounts of money available

b)

Shareholders and employees could be frustrated because there is less profit to be 'shared out'

c)

You do not have to pay interest

d)

You are free to use it for any purpose

41.

Which of the following is NOT usually considered a personal source of finance.

a)

Savings

b)

Redundancy payments

c)

Crowdfunding

d)

Credit card

42.

An amount of money that is paid back within an agreed amount of time, with interest

a)

Bank loan

b)

Angel investment

c)

Overdraft

d)

Retained profit

43.

Which of the following statements about bank loans is not true?

a)

Usually used for large amounts of money that need to be paid back over a longer time-frame

b)

Interest rates make the loan more expensive

c)

Easy to get

d)

Usually cheaper than consistently using a bank overdraft

44.

A short-term source of finance from a bank that usually is only used in an emergency/when needed

a)

Overdraft

b)

Loan

c)

Share capital

d)

Credit card

45.

Which of the following statements about overdrafts is not true?

a)

Short term source of finance

b)

It's really a small, short term loan

c)

It's flexible, in that it can be used whenever it is needed

d)

Cheap - the interest rate is usually lower than that of a long-term bank loan

46.

True or false - crowdfunding is usually only used for new business start-ups/concepts and is therefore inappropriate for existing large, profitable businesses

a)

True

b)

False

47.

What is an advantage of a business using owner's capital as a source of finance?

a)

Very low rate of interest

b)

It will bring new skills to the business

c)

It doesn't need repaying

d)

Repayment is always spread over a period time

48.
What is an advantage of an overdraft?
a)
There is never interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
49.

Which of these sources of finance is likely to charge the most interest?

a)

Trade credit

b)

Retained profit

c)

Bank loan

d)

Overdraft

50.

What source of finance is not available to unlimited companies?

a)

Taking on a new partner

b)

Trade Credit

c)

Share Issue

d)

Retained Profit

51.

Which of the these sources of finance is least useful for dealing with cash-flow issues?

a)

Trade Credit

b)

Crowdfunding

c)

Overdraft

d)

Owner's Capital

52.

Those items on which all manufacturing operations, including final test, have been completed.

a)

Finished goods

b)

Safety Stock

c)

Physical Inventory

d)

Reorder Point

53.

The branch of business management concerned with planning and controlling inventories.

a)

Inventory Management

b)

Inventory Planning

c)

Inventory Order System

d)

Physical Inventory

54.

A span of time required to perform a process ( or series of operations.

The time between the recognition of the need for an order and the receipt of goods.

a)

Lead Time

b)

Inventory Planning

c)

Usage

d)

Work In Process

55.

A set inventory level where, if the total stock on hand plus on order falls to, or below that point, action is taken to replenish the stock.

a)

Safety Stock

b)

Reorder Quantity

c)

Reorder Point

d)

Stock Keeping Unit

56.

The amount ordered from time period to time period.

a)

Inventory Order System

b)

Reorder Quantity

c)

Safety Stock

d)

Inventory Management

57.

Goods in various stages of completion throughout the plant.

a)

Work In Process

b)

Inventory

c)

Physical Inventory

d)

Finished Goods

58.
Economies of scale:
a)
Reducing costs per unit by increasing
production
b)
Cutting costs by reducing output
59.
Buffer stock:
a)
Goods kept in store to cover seasonal
demand e.g. Christmas sale
b)
b Goods kept in store to cover unforeseen
shortages or fluctuations in demand
60.

A factor involved in the cost of inventory that is outdated is considered:

a)

Obsolence

b)

Back order

c)

Seasonability

d)

Finished Good

61.

The total time it takes from placing an order to receiving the order is known as:

a)

Lead time

b)

Stock time

c)

Re-order time

d)

Order time

62.

JIT could also means

a)

Buy in bulk

b)

Just enough stock

c)

High inventory

d)

Zero inventory

63.

What are the conditions of JIT?

a)

Supply is near

b)

Many suppliers

c)

Reliable supplier

d)

Flexible workers and equipments

64.

What are the costs of holding inventory?

a)

Storing cost

b)

Expired stock

c)

Lead time will be short

d)

Customer will have to wait

65.

What are the disadvantages of holding low inventory?

a)

Low cost

b)

Opportunity cost

c)

Lost of sales

d)

Economies of scale

66.

When should a business order more stocks?

a)

Lead time

b)

Maximum level

c)

Minimum level

d)

Reorder point

67.

What are the cost of storing?

a)

Stock

b)

Security

c)

Facilities

d)

Packaging

68.

What are the types of inventory?

a)

Finished product

b)

Work in progress product

c)

Expired product

d)

High quality product

69.
Where does JIT originate from?
a)
U.S
b)
UK
c)
Croatia
d)
Japan
70.
An individual who undertakes the risk associated with creating, organizing, and owning a business.
a)
Entrepreneurship
b)
Entrepreneur
c)
Venture
71.
Many small businesses have an advantage over larger businesses because they are better able to _____
a)
Provide unique services to customers
b)
Market their products
c)
Raise large amounts of financial capital
d)
Mass produce products
72.

Which is a key trait of an entrepreneur?

a)

Flexibility

b)

Risk Taking

c)

Creative Thinking

d)

All of the above

73.

One of the first things someone needs to do before starting a business is to write which of the following?

a)

A business plan

b)

A loan application

c)

A partnership statement

d)

A franchise agreement

74.
a venture capitalist is...
a)
someone will to risk money on another person's business.
b)
a type of marketing strategy.
c)
someone currently going bankrupt.
d)
A person who starts a business of their own.
75.

Small businesses...

a)

are generally local.

b)

always only have a small shop.

c)

have multiple small shops.

d)

have a small amount of staff in every shop across the country.

76.

Which of the following answers are business objectives?

a)

Survival

b)

Profit

c)

Specific

d)

Market share

77.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Employment

78.

An Individual or group which has interest in business because they are affected by its activities and decisions.

a)

Shareholders

b)

Travellers

c)

Stakeholders

d)

Students

79.

What is the first and most important objective of any business organisation?

a)

Profit Maximisation

b)

Growth

c)

Survival

d)

Social Responsibility

80.
What is a business objective?
a)
A statement of what the company has achieved.
b)
A statement of what the company is trying to achieve.
c)
A statement of what the company is currently achieving.
81.

The owner is rewarded for conducting business and bearing the risk. What is the form of reward the owner receives?

a)

Remuneration

b)

Commission

c)

Bonus

d)

Profit

82.

Which of the following is not a business activity?

a)

Production of goods

b)

Work in a factory for wages

c)

Exchange of goods

d)

Transportation

83.

Why should a business earn profit

a)

To provide return to investors.

b)

To provide funds for future growth .

c)

To increase the reputation of business.

d)

All the above

84.
One of the claimed benefits of having clear objectives is that
a)
all customers know what the business is trying to achieve
b)
the managers have a sense of direction when taking decisions
c)
the business will always make a profit
d)
there will be no arguments between managers and workers 
85.
A business might have growth as one of its objectives because
a)
they will be able to benefit from diseconomies of scale
b)
they would be more likely to increase market share
c)
the shareholders always prefer growth to increased profits
d)
all businesses have to grow in order to survive
86.
Most businesses are likely to put survival as their main objective when
a)
the competition is  becoming weaker
b)
the economy is becoming weaker
c)
the government plans to increase grants to firms
d)
consumers are increasing their demand for products
87.
Which one of the following statements about stakeholder groups is accurate?
a)
Stakeholders are people who are not interested in business
b)
Stakeholder groups have direct interest in firms  decisions
c)
Shareholders of a ltd company are not a stakeholder group
88.
Social enterprises are likely to have which combination of objectives?
a)
Maximum returns for owners and increased market share
b)
Community service, profits and protection of the environment
c)
Survival and an increased share price
d)
Increased profits for owners and protection of the community
89.
What is the most likely objective of a newly formed business enterprise?
a)
Survival
b)
Maximum profit
c)
 Rapid growth
d)
Providing a service to the community.
90.

_____________ is part of the recruitment process that involves investigating the components of a job

a)

outsourcing

b)

head-hunting

c)

job analysis

d)

motivation

91.

___________ measures the number of employees that leave a firm within a year

a)

performance management

b)

redundancies

c)

labour turnover

d)

redeployment

92.

_____________ refers to training carried out off-site an organization which often requires specialist instructors

a)

job training

b)

off-the-job training

c)

re-shoring training

d)

behavioral training

93.

______________ is a document that outlines the roles, tasks and responsibilities of an employee

a)

job analysis

b)

employment contract

c)

job description

d)

appraisal

94.

______________ measures the number of employees that leave the firm with a year

a)

labour assessment

b)

labour redundancies

c)

labour turnover

d)

workforce planning

95.

Human resource management is best defined as:

a)

the recruitment, selection and disciplining of employees

b)

the strategic management of a firm’s resources

c)

the management of human resources.

96.

Workforce planning is best defined as:

a)

a review of the skills and qualifications of all workers

b)

analysing and forecasting the numbers and skills of those workers that will be required by the organisation to achieve its objectives

c)

the measurement of the rate of labour turnover

d)

an audit of the firm’s workforce.

97.

Which of the following is not generally considered to be an advantage of internal recruitment?

a)

no need for induction training

b)

gives a career structure for staff at the firm

c)

usually quicker than external recruitment

d)

gives a wider choice of potential applicants

98.

......... is the factors that influence the behavior of workers towards achieving set business goals.

a)

Absenteesim

b)

Labour turnover

c)

Motivation

d)

Labour productivity

99.

Which of the followings are the benefits of having a well-motivated workforce? (The answer can be more than one)

a)

Better quality goods and services

b)

Low rate of absenteeism

c)

More competitive

d)

Low rate of labour turnover

100.
Economies of scale are the reduction in costs of production achieved through increased output.
a)
True
b)
False
101.
Internal diseconomies of scale can be caused by
a)
Being unable to purchase stocks at a discounted price
b)
Management control being weakened with a larger workforce
c)
Traffic congestion causing delays to delivery of important stocks
d)
Advertising costs to a global audience
102.
Which of the following is not a cause of internal diseconomies of scale?
a)
Poor communication between different departments
b)
Lack of staff morale and motivation
c)
Less control, direction and coordination of human resources
d)
Late deliveries due to congestion in busy locations
103.
Internal economies of scale are those that
a)
Result from changes in production techniques
b)
Increase due to the growth of the industry as a whole
c)
Generate lower unit costs
d)
Reduce production costs in the short run
104.

Diseconomies of Scale result in a lower per unit production cost over the long run

a)

True

b)

False

105.
If a firm doubles its use of inputs and finds that output increases by 50%, then it has experienced
a)
Growth
b)
Economies of scale
c)
Diseconomies of scale
d)
Evolution
106.

What is an example of economies of scale

a)

Realising

b)

Evaluating

c)

Purchasing

107.

In the economies of scale, which type of cost do we use to determine the efficiency of a business?

a)

fixed cost

b)

variable cost

c)

average cost

d)

total cost

108.

Employing specialist cost accountant in a growing business is an example of which type of internal economies of scale?

a)

technical economies of scale

b)

risk bearing economies of scale

c)

Managerial economies of scale

d)

marketing economies of scale

109.

Variable costs are...

a)

the amount of money spent setting up a business

b)

money spent on a regular basis to keep a business running

c)

Fixed Costs + Variable Costs

d)

costs which change with output

110.

Of the four factors of production, which of these are not a factor of production?

a)

Land

b)

Capital

c)

Development

d)

Labour

111.
Total Costs / Quantity = _____
a)
Marginal Cost
b)
Average Total Cost
c)
Implicit Cost
d)
Explicit Cost
112.
 Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
113.
Suppose that elasticity of demand of socks is 0.7.  If the price of socks is reduced by 10%, how will sales be effected?
a)
sales will grow by more than 10%
b)
Sales will grow by 10%
c)
Sales will grow by less than 10%
d)
Sales will decrease by 10%
114.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
115.
The elasticity of demand for tissues is 0.66. This means the demand for tissues is
a)
elastic
b)
unit elastic
c)
inelastic
d)
really expensive
116.

Which of these best describes the law of demand?

a)

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

b)

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

c)

there is no law of demand, each situation is unique and demand and prices cannot be predicted

d)

prices will go up for certain goods when quantity demanded goes up and vice versa

117.

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

a)

the demand curve

b)

change in quantity demanded

c)

change in demand

d)

elasticity

118.

Elasticity refers to

a)

how producers of goods and services react to price changes

b)

how consumers of goods and services react to price changes

c)

how far a supply of scarce goods can be stretched

d)

how often the price of a good or service changes when quantity demanded changes

119.

Water has seen an increase in demand 8% this summer, while the price has decreased 12%

a)

1.5 inelastic

b)

1.5 elastic

c)

.67 inelastic

d)

.67 elastic

120.

Wheat has seen a decrease in demand of 5%, while the price has increased 7%

a)

1.4 inelastic

b)

1.4 elastic

c)

.71 inelastic

d)

.71 elastic

121.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
122.

What legal structure will franchisees have?

a)

only sole proprietorships

b)

only partnerships

c)

only limited liability companies

d)

any of these

123.

Franchisee does not have the right to use the brand

a)

True

b)

False

124.

Which of the following is the disadvantage of the franchisor?

a)

May loose local variety and choice

b)

Regular payments to franchisor

c)

looses Independence in running the business

d)

if badly run, the brand will suffer

125.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
126.
Fee paid from franchisee to franchisor based on percentage of sales
a)
royalty fee
b)
franchise fee
c)
advertising fee
d)
license fee
127.
True or False:  A Franchisee has total control of their business
a)
TRUE
b)
FALSE
128.

Private Limited Companies are owned by

a)

Sole Traders

b)

Partners

c)

Shareholders

d)

The Government

129.

Sole Traders have

a)

Unlimited Liability

b)

Limited Liability

130.

Private Limited Companies have

a)

Limited Liability

b)

Unlimited Liability

131.

A sole trader gets to keep any profits made for themselves

a)

True

b)

False

132.

Shareholders recieve a share of the profits a LTD makes called a

a)

Dividend

b)

Bonus

c)

Commission

d)

Cash Prize

133.

The public sector is owned and controlled by the Government?

a)

True

b)

False

134.

________ is the total funds provided by the shareholders of the company.

a)

Equity

b)

Dividend

c)

Debenture

135.

___________ means that the risk or liability that each shareholder bears is limited to the value of the shares they hold.

a)

Limited liability

b)

Unlimited liability

c)

Equity

d)

Limited company

136.

A long-term loan which has a fixed rate of interest, payable irrespective of the profit of the company. It is also known as Loan Notes.

a)

Equity

b)

Debenture

c)

Bank overdraft

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