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WorksheetsHigher Business Prelim Revision
Total questions: 72
Worksheet time: 41mins
The four sectors of industry are...
Primary, Secondary, Third, Voluntary
Primary, Tertiary, Third, Secondary
Secondary, Tertiary, Primary, Quaternary
Quaternary, Tertiary, Voluntary, Secondary
The three sectors of the economy are...
Primary, Secondary, Tertiary
Private, Voluntary, Secondary
Public, Secondary, Third
Private, Public, Third
3 businesses within the private sector are...
Sole Traders
Private Limited Companies
Government Organisations
Multinationals
3 businesses within the public sector are...
National Government Organisations
Local Government Organisations
Social Enterprises
Agencies
3 businesses within the third sector are...
Franchises
Social Enterprises
Charities
Clubs
A 'franchiser' is...
A person who invests large amounts of capital into growing a business
A person who sells a business to someone else
A person who pays a percentage of profit each year to own a business under someone else's name
A person who starts a business and provides a good/service supplied by another business
A 'multinational' is...
An organisation that is funded by Government grants
An organisation that operates in more than one country
An organisation that has more than one store in one country
An organisation that expands within the same country
2 advantages of being a multinational organisation are...
Legal restrictions can be avoided in other countries compared to the home country
The culture might vary from one country to another and the organisation will need to consider this
Language barriers may make trading more difficult and expensive
Expanding abroad means the organisation will become bigger, increasing sales
Which of the following 2 statements about the public sector are true?
Public Sector organisations aim to make as much profit as possible
Public Sector organisations are owned by the Government on behalf of the taxpayer
Public Sector organisations are funded by taxes that individuals and businesses have to pay
Public Sector organisations aim to achieve as much sales as possible
CSR stands for...
Caring Socially Responsibly
Company Social Responsibility
Corporate Social Responsibility
Company Set Rules
2 ways an organisation can be socially responsible is by...
Recycling as much as possible
Expanding into new markets
Trying to reduce its carbon footprint as much as possible
Giving employees longer working hours
Choose 2.
Businesses might aim to grow to...
Increase the number of customers which will increase profits and market share
To take advantage of economies of scale, thereby reducing costs
To decrease the return on investment for owners
Which of the following are methods of growth?
Merger
Investment
Diversification
Forward Vertical Integration
Backward vertical integration means...
Taking over a supplier
Taking over a customer
Forward vertical integration means...
Taking over a supplier
Taking over a customer
Diversification means...
When a business splits into 2 or more separate businesses
When 1 business introduces different goods and services different to their original business idea
When 2 businesses that provide different goods and services join together
When a business sells off some of its assets to raise finance
Divestment means...
When a large business takes ownership and control of a smaller one
When 2 businesses approximately the same size join together
When a business sells off some of its assets or smaller parts of the business to raise finance
A merger is when...
2 businesses who trade in the same market join together
2 businesses of approximately the same size join together
2 businesses providing the same service join together
A PLC is controlled by
Shareholders
Board of Directors
Managers
Family and Friends
External Factors are
Political, Economic, Social, Technological, Environmental, Competitive
Political, Ergonomic, Social, Technological, Environmental, Competitive
Police, Economic, Standard, Technological, Expected, Corporate
Public, Expected, Standards, Technical, Electronic, Corporate
The following disadvantage: Profits have to be split with many shareholders by issuing dividends is associated with which type of organisation?
Sole Trader
Charity
Social Enterprise
LTD
‘Specialists from different areas work together to carry out a specific project’ is a feature of what type of structure?
Entrepreneurial Structure
Matrix Structure
Hierarchical Structure
What type of structure is shown above?
Flat Structure
Tall Structure
Matrix Structure
Entrepreneurial Structure
If a business is looking to save money, what could they do with their business structure?
De-merger
Delayering
Deintegration
Maximum profits are made in the Maturity Stage.
True
False
Altering one element of the marketing mix oftens means the remaining elements remain the same
True
False
Which of the Boston Matrix Model categories are being described here: a business unit that has low growth potential and a small market share.
Star
Cash Cow
Problem Child/Question Mark
Dog
Which of the Boston Matrix Model categories are being described here: a business unit that shows rapid growth but poor profit margins.
Star
Cash Cow
Problem Child/Question Mark
Dog
Market Skimming is when a new product will enter the market with a high price and when the novelty has worn off the price will drop. True or False?
True
False
Destroyer pricing is when you break in to an already established market and start with a low price. The price then increases. True or False?
True
False
Factors affecting your choice for channels of distribution are...
The Product
The Price
The Market
Legal Requirements
Finance Available
Direct selling is when the Mnaufacturer sells straight to the wholesaler. True or False?
True
False
What distribution channel would be used if you were buying the new Iphone?
Direct
Via Retailer
Via Wholesaler
What distribution channel would be used if you were buying catering-size bags of rice?
Direct
Via Selected Retailers
Via a Wholesaler
What is the name for having too much stock?
Overstocking
Understocking
Lead Time is how long it takes from an order being placed to when it arrives.
False
True
If you order supplies only when you need them, what is this called?
Re-Order Quantity
Centralised Stock Control
Just in Time
Maximum Stock Level, Minimum Stock Level, Re-Order Level, Re-Order Quantity and Lead time are all features of what?
De-Centralised Stock Control
Just In Time
Inventory (Stock) Management System
Overstocking
Stock stored in only one place is called
De-Centralised Storage
Centralised Storage
Just In Time
Job Production involves making many identical products at one time.
True
False
Mechanisation is . . .
When machinery completes all the work
When humans complete all the work
When machines and humans complete the work
How are cars made?
Job Production
Flow Production
Bath Production
Labour Intensive
A wedding dress would be made via flow production
True
False
What are the benefits of job production?
Machines can produce a number of products quickly
The quality is high so a higher price can be charged
Machinery can work 24/7 to produce more products
Capital Intensive is
When humans do all the work
When machines do most of the work
Quality Control is
Checking the product at each stage of the production process
Total Quality Management
Checking the product at the end of the production process
Quality Assurance is a method of
Inspection
Prevention
A benefit of achieving a quality standard is
It is expensive
Customers will trust your product and you can charge a higher price
It is time consuming
If you wanted to make a group of identical products at one time, which method of production would you choose?
Flow
Job
Batch
CAD stands for
Computer Aided Delivery
Computer Aided Design
Computer Aided Detection
A Mystery Shopper is a Method of
Production
Distribution
Ensuring quality
What is the role of the finance department?
To product the products
To manage cash that goes in and out of the business
To recruit new staff members
To advertise and promote the company's products
Private Limited Companies can be financed by:
Selling shares on the stock market
The owners savings
Bringing in new partners
Selling shares to family and friends
A Government Grant is
Money paid from the Government
Money that doesn't need to be paid back
Very difficult to get
All of the above
An advantage of a VLE is...
People may prefer face-to-face contact rather than virtual learning
It can be accessed at any time of the day in any location
A recognised qualification can be gained
If employees aren't happy with a decision made by the employer, it may result in:
Absenteeism
Turnover
Industrial Action
Redundancy
