wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Business Week 2021-2022

Total questions: 96

Worksheet time: 57mins

Name
Class
Date
1.

What performance objective results in products that are more reliable?

a)

Flexibility

b)

Customisation

c)

Efficiency

d)

Innovation

2.

What goal will be achieved by a business with ethical practices?

a)

Sustainability

b)

Profit

c)

Corporate Social Responsibility

d)

Strategic

3.

What is a human resources function ?

a)

Responsible for communicating with clients

b)

Responsible for recruiting the right people with required skills

c)

Deals with giving out papers to CEO, managers etc

d)

Deals with the budgeting of the company

4.

Which business function is responsible for the collecting of data ?

a)

Financial function

b)

General management function

c)

Human resources function

d)

Administration management

5.

What are the expectations of an administrator and manager ?

a)

They record all the financial report of a company

b)

They handle the business planning, decision-making and financial reviews

c)

Handle the post of the company, which includes hiring and firing staff

6.

Explain the role of operation function :

a)

The duty is to ensure that all employees are paid at the end of the month

b)

To monitor the level of manufacturing of the business

c)

They are responsible for overseeing, designing and controlling the process of production

7.

What would happen to the business if the owner of the business wanted to misuse then funds ?

a)

The business will soon glow and production will increase

b)

The investors will increase their funds

c)

The company will not make profits and will go bankrupt

8.

Solve the following by choosing the correct answer :


sales are R10 000 and cost of sales are R5000

The gross profit will be...?

a)

R6000

b)

R15000

c)

R5000

d)

2000

9.

Choose the correct order of the business functions :

a)

Financial, human resources, marketing, purchasing, public reations, administration

b)

Marketing, purchasing, financial, human resources, general management

c)

General management, purchasing, marketing, production, financial, human resources, public resources, public relation, administration

10.
Technical skills don't include which of the following
a)
preparing invoices
b)
accounting software
c)
solving problems
d)
employee relations
11.
Conceptual skills are most important for
a)
Top level management
b)
Mid-level management
c)
Supervisory management
d)
Front line employees
12.

Which of the following is NOT a function of management?

a)

Control

b)

Finance

c)

Organize

d)

Plan

13.

Which of the following describes small businesses?

a)

Are usually national or global

b)

Can be divided into many different departments

c)

Usually have LESS than 100 employees

d)

Usually have MORE than 100 employees

14.

Which of the following is the traditional management structure?

a)

Expansive

b)

Horizontal

c)

Pyramid

d)

Vertical

15.

One way business can be categorized is by:

a)

demographic

b)

product

c)

salary

d)

width

16.
A job specification is an explanation of 
a)
the skills, knowledge, and characteristics required for a job.
b)
the responsibilities and tasks associated with a job.
c)
where a job is located within the company's facility.
d)
who manages the department where a job position is open.
17.
A commision or bonus is an example of a form of
a)
assistance program
b)
benefit
c)
compensation
d)
employee contract
18.
Making sure a company follows laws and regulations describes the HR mngt activity of
a)
staffing
b)
compliance
c)
compensation and benefits
d)
training and development
19.
Safety and Health fall under which function of HR?
a)
Training and developement
b)
Compensation and Benefits
c)
Compliance
d)
Staffing
20.

Presented at the time of purchase to get money

taken off the purchase price is?

a)

Intermittent Production

b)

Sales

c)

Rebates

d)

Discount Coupons

21.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
22.

When customers and business owners exchange products and money, because it will help them both in some way.

a)

voluntary exchange

b)

volunteering to help someone for free

c)

opportunity cost

d)

reading quizzes

23.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

24.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

a)

subsistence

b)

specialization

c)

scarcity

d)

bartering

25.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

26.

Buyers choose what items are produced based on their spending habits

a)

Consumer Sovereignty

b)

Factors of Production

c)

Efficiency

d)

Cost / Benefit Analysis

27.
The driving force behind people going into business is
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
28.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
29.

The total value of goods and services produced within the a country during one year.

a)

Gross Domestic Product (GDP)

b)

Gross National Income (GNI)

c)

Gross Food Cafeteria (GFC)

d)

Human Consumption Chart (HCC)

30.
All of the following are possible costs of your decision to go away to college except
a)
You will spend lots of time studying
b)
There may be a lot of social distractions
c)
You will become more educated
d)
You will be paying a lot of money
31.
What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
a)
Work
b)
Money
c)
Sleep
d)
Time
32.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
33.

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

a)

Comparative Advantage

b)

Equilibrium Point

c)

Income Effect

d)

Opportunity Cost

34.
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 
35.
Which one of the following isn't likely to be a common business objective?
a)
To make profit
b)
To provide a service to the community
c)
To pay as much tax as possible
d)
To increase market share
36.
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
37.
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
38.
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
39.
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.
40.

Costs that must be paid regardless of how much of a good or service is produced. They do not change in the short term, regardless of output are called

a)

Variable costs

b)

Fixed costs

c)

Total costs

d)

The costs

41.

The stage at which sales revenue equals the total cost of producing a good or service and the business is making neither a profit nor a loss is the

a)

Taking a break

b)

Breaking point

c)

Point of sale

d)

Breakeven point

42.

Fixed Cost + Variable Cost =

a)

Breakeven point

b)

Total costs

c)

Fixed costs

d)

Variable costs

43.

A negative difference between the revenues taken in by a business and the costs of operating a business (when a business spends more than it makes) :(

a)

Profit

b)

Breakeven

c)

Loss

d)

Closed

44.

Costs that change based on the amount of goods and services produced.

a)

Total costs

b)

Fixed costs

c)

Variable costs

d)

Costs

45.

Rent, administrative costs, advertising, employee salary are examples of ...

a)

Variable costs

b)

Fixed costs

c)

Costs

d)

Prices

46.

The income (amount of money) a business receives for in exchange for a product or service

a)

Costs

b)

Profit

c)

Loss

d)

Sales revenue

47.

Cost-effective

a)

High Quality medicines

b)

Patient savings

c)

Access to every Juan

d)

Limiting risk of systemic adverse events

48.

Dara makes bracelets and sells them in her shop. Which is a fixed expense for Dara’s business?

a)

the cost of the beads

b)

the cost of the string

c)

the cost of advertising

d)

rent for her shop

49.

How are operating costs broken down?

a)

Fixed & Total

b)

Total & Variable

c)

Total & Indirect

d)

Fixed & Variable

50.

If Sam's Sandwiches use 25p of material for each sandwich, what will be their variable costs for 10 sandwiches

a)

10 x 0.25 = £2.50

b)

2.5 x 10 = £25

c)

25 x 10 = £250

d)

0.25/10 = 2.5p

51.

If fixed costs are £300 and Variable costs for making one sandwich are 50p, how would you work out total costs for 200 sandwiches?

a)

200 x 300 x 0.50 = Total Sales

b)

300 + 0.5 X 200 = Total Sales

c)

200 + 0.5 x 300 = Total Sales

d)

300 x 50 + 200 = Total Sales

52.

What is the formula for Revenue?

a)

Total Sales + Costs = Revenue

b)

Number of Sales x Price per unit = Revenue

c)

Price per unit x Total Costs = Revenue

d)

Number of Sales - Total Costs = Revenue

53.

If Wendy sells 50 hot dogs at £2 each. What is her revenue?

a)

£250

b)

£100

c)

£120

d)

£52

54.

Revenue = £100,000

Cost of sales = £50,000

Other expenses = £25,000

What is the gross profit?

a)

£25,000

b)

£50,000

c)

£100,000

d)

£75,000

55.

Revenue = £80,000

Cost of sales = £30,000

Other expenses = £10,000

What is the total net profit?

a)

£70,000

b)

£65,000

c)

£50,000

d)

£40,000

56.

Raw materials: £100

Rent: £200

Interest on a bank loan £50

Cost of packaging £30


Total operational expenses: ?

a)

£380

b)

£250

c)

£130

d)

£280

57.

Ali has worked at a fashion magazine for the last 5 years. Her current annual salary is $64,000. When she was hired, she was told that she had four days of paid vacation time. For each year that she worked at the magazine, she would gain another three days of paid vacation time to a maximum of 26 days. How many paid vacation days does she now get at the end of five years of employment?

a)

26 days

b)

19 days

c)

2 weeks

d)

15 days

58.

Martha’s employee benefits include family health care coverage. She contributes 18% of the cost. Martha gets paid biweekly. It cost $15,600 total a year for family health care coverage. How much does Martha pay per paycheck for the family coverage?

a)

$92.50

b)

$65

c)

$108

d)

$156.72

59.

Which of the following define E business?

a)

Easy set up

b)

Less government support

c)

Not Cost Effective

d)

Keeps you updated

60.

Which of the following is not a limitation of E business?

a)

People resistance

b)

Need for technology capability and competence

c)

Paperless society

d)

Low personal touch

61.

The main goal of an Incentive is to..

a)

Offer a benefit to encourage people to act in certain ways

b)

Offer a cost to stop people from acting in certain ways

c)

You scratch my back, I'll scratch yours

d)

Get people to act in a way you don't want them to

62.

Making decisions based on the best combination of low costs and high benefits is called

a)

Cost cutting

b)

Improvement

c)

Economize

d)

Getting a Good Deal

63.

Making decisions based on the best combination of low costs and high benefits is called

a)

Cost cutting

b)

Improvement

c)

Economize

d)

Getting a Good Deal

64.

Which of the following is an Opportunity Cost of working 8 hours a day at a job?

a)

More Money

b)

Less Free Time Outside of Work

c)

More Hours Working

d)

Less Time With Your Family

65.

Double entry in accounting means there must be________ entries for every transaction?

a)

two

b)

Three

c)

six

d)

one

66.

A general Leger/T) has a ______ and _______ side.

a)

cash receipt and debtors

b)

debit and payments

c)

debit and credit

d)

creditors and debtors

67.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

68.

trading stock is an/a ________?

a)

equity

b)

liabilities

c)

assets

d)

owners equity

69.

when the owner takes money out of the business's account it is called _________?

a)

credit

b)

drawings

c)

debt

d)

borrowing

70.

Assets=Liabilities-Owner's Equity is the accounting equation

a)

TRUE

b)

FALSE

71.

__________________ is the language of business.

a)

Finance

b)

Business Essentials

c)

Accounting

d)

English

72.

Something of value OWED by a company is called a(n)

a)

Asset

b)

Liability

c)

Owner's Equity

73.

According to the concept of conservation, the stock-in-trade is valued at:

a)

Cost Price

b)

Market Price

c)

Cost or Market which ever is higher

d)

Cost or Market which ever is lower

74.

Establishment expenses of a new machine will be debited in ............. account

a)

Expenses

b)

Machine

c)

Profit & Loss

d)

None of the above

75.

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

a)

Debited by Rs. 1425

b)

Credited by Rs. 1425

c)

Credited by Rs. 1500

d)

Debited by Rs. 1575

76.

Which account of the following will be credited on giving of goods in donation-

a)

Sales A/c

b)

Purchases A/c

c)

Donation A/c

d)

Cash A/c

77.

If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

a)

Trading A/c

b)

Profit & Loss A/c

c)

Assets

d)

Liabilities

78.

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-

a)

Rs. 4,40,000

b)

Rs. 4,70,000

c)

Rs. 4,00,000

d)

Rs. 5,00,000

79.

Which of the following are Assets?

a)

Bank Account

b)

Bank Loan

c)

Vehicles

d)

Bank overdraft

e)

Furniture and fittings

80.

If I buy equipment for $1000 ....which 2 of the following columns will I write in

a)

This is a - $1000 in bank column

b)

This is a - $1000 in equipment column

c)

This is a + $1000 in equipment column

d)

This is a + $1000 in bank column

81.

If I take home $500 for personal use from my business which transactions will I carry out

a)

Decrease bank Column by - $500

b)

Increase bank Column by + $500

c)

Decrease Equity by - $500

d)

Increase Equity by + $500

82.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
83.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
84.
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
a)
Cash is Received
b)
Service or Goods Have Been Delivered
c)
End of the Month Has Arrived
d)
Customer Pays
85.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
86.
The listing of all of the accounts available for use in a company's accounting system is known as the __________.
a)
Chart of Accounts
b)
Journal
c)
Ledger
d)
Credit Ledger
87.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
88.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
89.

The first part of the accounting process is

a)

communicating.

b)

identifying.

c)

processing.

d)

recording.

90.

Which of the following is not part of the accounting process?

a)

Recording

b)

Identifying

c)

Financial decision making

d)

Communicating

91.

Keeping a systematic, chronological diary of events that are measured in monetary and units is called

a)

communicating.

b)

identifying.

c)

processing.

d)

recording.

92.

The usual sequence of steps in the transaction recording process is

a)

journal --> analyze --> ledger.

b)

analyze --> journal --> ledger.

c)

journal --> ledger --> analyze.

d)

ledger --> journal --> analyze.

93.

The recording process occurs

a)

once a year.

b)

once a month.

c)

repeatedly during the accounting period.

d)

infrequently in a manual accounting system.

94.

A list of accounts and their balances at a given time is called a(n)

a)

journal.

b)

posting.

c)

trial balance.

d)

income statement.

95.

A trial balance is prepared

a)

at the end of each day.

b)

after each journal entry is posted.

c)

at the end of an accounting period.

d)

only at the inception of the business.

96.

A debit is not the normal balance for which of the following?

a)

Asset account

b)

Drawings account

c)

Expense account

d)

Capital account

Similar Resources on Wayground

Spending and Budgeting

92 questions

Spending and Budgeting

quiz

Worksheet

•

9th - 12th Grade

E-Commerce PCU

95 questions

E-Commerce PCU

quiz

Worksheet

•

3rd Grade - University

Young Entrepreneurs Quiz 2025

100 questions

Young Entrepreneurs Quiz 2025

quiz

Worksheet

•

9th Grade - University

CHRISTMAS PAPER 1 REVISION

100 questions

CHRISTMAS PAPER 1 REVISION

quiz

Worksheet

•

10th Grade

ECONOMICS - ULTIMATE REVISION

100 questions

ECONOMICS - ULTIMATE REVISION

quiz

Worksheet

•

9th - 12th Grade

3rd Quarter ReviewQuestions

100 questions

3rd Quarter ReviewQuestions

quiz

Worksheet

•

12th Grade

1st Semester Introduction to Business Final Chapters 1-5

100 questions

1st Semester Introduction to Business Final Chapters 1-5

quiz

Worksheet

•

10th Grade

Business Studies More Paper 1 100 Q

100 questions

Business Studies More Paper 1 100 Q

quiz

Worksheet

•

10th Grade