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WorksheetsIGCSE Business Studies Revision Quiz - 1.1-1.3
Total questions: 33
Worksheet time: 16mins
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
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.
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.
Organisations run by central or local government are often referred to as
Private sector
Voluntary sector
Public sector
Mixed economy
Which of these methods are NOT used to compare the size of a business?
Capital employed
Value of output
Workers employed
Added value
One business merges with or takes over another business in the same industry but at a different stage of production.
Horizontal integration
Conglomerate
Vertical integration
Scarcity
Which of these are NOT included in a business plan?
A description of the market the business is targeting.
Financial information including income statements, sources of capital etc.
Which firms they plan to merge with.
Organisation structure & management.
When one business mergers with or takes over a business in a completely different industry.
Internal growth
Horizontal integration
Vertical backwards integration
Conglomerate integration
What is an 'entrepreneur'?
A person in charge of the business strategy.
A person who lends the funds to set up a new business venture.
A person who organises, operates and takes the risk of a new business venture.
A group of people in charge of creating the business plan of a new venture.
A clothing manufacturer buys a textile firm.
What type of business growth is it?
Backwards vertical acquisition
Forward vertical merger
Horizontal integration
Conglomerate
The process of transferring ownership of a business from the public sector (government) to the private sector.
Planned/Command economy
Nationalisation
Privatisation
De-industrialisation
When a business 'creates or adds value' it increases:
the difference between the cost of purchasing raw materials and the price the finished goods are sold for
the number of products it sells
the difference between the cost of producing a product and the price for which it is sold
the difference between the price of a product and the variable cost of its production
The machinery that is used by a business is an example of which factor of production?
land
labor
capital
enterprise
The most likely difficulty for new business start-ups is:
obtaining finance
identifying a market
marketing
finding suitable employees
What is opportunity cost?
the value of the next best option that is not selected when a choice is made.
there is not enough of it.
things people make to earn money.
actions people do to earn money.
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
An individual who has an idea for a business and takes the financial risk of starting and managing a new business.
managers
entrepreneurship
entrepreneur
leaders
Why do you need to make a business plan as a business owner? (two answers)
It is an annual procedure for every business to do.
It gives sense of purpose and direction
It could help you to gain financial support for your business from lenders, e.g. banks.
It gives your competitors sense of competition to provide better products for consumers in the same industry.
Business start-up! What is it?
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
A business that is formed and registered under any of the previous companies' laws.
A newly formed business. It usually starts small, but some might grow to become much bigger
a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses; a sole proprietor.
Here are the reasons why the government support business start-ups, except.....
Job creation
Support the economy for the region
Provide a variety of goods and/or services
Reduce the competition in the same industry
How does a government support business start-ups? (2 answers)
no tax paid for the first several years
grants and interests free or low-interest loans
rent-free premises for workers
help to provide information, advice, and support from specialist agencies (consultant)
One way to measure a business is by seeing the percentage earned of that business against the total revenue of all businesses in the same industry.
capital employed
value of output
market share
number of employees
The command term “Define” is worth 2 marks in your exam. This question is looking for the skill of...
Analysis
Application
Knowledge
Evaluation
The command term “Identify” is worth 2 marks in your exam. This question is looking for the skill of...
Analysis
Application
Knowledge
Evaluation
The command term “Outline” is worth 4 marks in your exam. This question is looking for the skills of...
Knowledge and Analysis
Knowledge only
Knowledge and Evaluation
Knowledge and Application
The command term “Explain” is worth 6 marks in your exam. This question is looking for the skills of...
Knowledge, Analysis and Evaluation
Knowledge, Application and Analysis
Knowledge, Application and Evaluation
Knowledge, Application, Analysis and Evaluation
You will be asked to "Justify" your responses in your exam. This question is looking for the skills of..
Knowledge, Application, Analysis and Evaluation
Knowledge, Application and Evaluation
Knowledge, Analysis and Evaluation
Application, Analysis and Evaluation
The most important thing to remember when asked to "justify" a response in Business Studies is to (a) the response
