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WorksheetsRevision National 5 Business 2022
Total questions: 100
Worksheet time: 50mins
The factors to be considered before choosing a supplier is called....
The Supplier Factors
Material Category
Supplier Choice
The Purchasing Mix
Which of the following is a method of internal recruitment?
Company Intranet
National Press
Recruitment Agencies
What is the finance department responsible for?
Looking after employees
Communicating with customers
Manufacturing the products
Managing the business finances
Which one is NOT a stage in the product life cycle?
Maturity
Growth
Decline
Development
What are the MINIMUM number of partners in a partnership?
1
2
10
20
Which method of production is being described here....
'Where a single product is custom made to meet customer's own specification'
Job
Batch
Flow
Automation
What is the name of the document that is used to show future income and expenditure for a business?
Cash Budget
Cash Statement
Income Statement
Income Budget
What external factor may mean that a company has to purchase new health and safety equipment which will lowers profits and increases costs?
Political / Legislation
Social
Economic
Environmental
Each business needs to decide where to locate. Which factor is NOT a main consideration?
Being close to customers
Availability of potential employees with correct skills
Availability of suitable premises
Availability of machinery especially for flow production
A manager is an external stakeholder
True
False
Which is NOT an advantage of training?
Can improve employee productivity
Can create a multi-skilled workforce
Can help prepare staff for a promotion outwith the company
Increases staff morale, motivation and job satisfaction
Which source of finance is NOT available to ALL types of business organisations?
Selling shares
Selling unwanted assets
Grants
Leasing
What is NOT a reason for having to fill a vacancy within a business?
Employee securing employment with another company
Internal promotion within the company
Employee being awarded Employee of the Month
Employee being sacked for being incompetent
Which factor of the Purchasing Mix does this statement represent....
'Must be considered if the company wants to reduce wastage and complaints from customers.'
Price
Quality
Quantity
Reputation
What are the names of the TWO TYPES of Market Research?
Desk and Field
Primary and Tertiary
Secondary and Tertiary
Desk and IT Based
Which type of recruitment would use this method to advertise a vacancy?
Employment Agencies
Internal
External
What is marketing?
A company identifying, anticipating and satisfying the needs and wants of customers
A company advertising their products and services for sale
A company carrying out research on customer needs
When a company promotes itself and tries to beat a competitor
Which of the following is NOT an advantage of a bank loan?
Interest charged
Repaid in instalments
Arranged relatively quickly
Repaid over a period of time
Inventory Control. There are four factors in inventory (stock) control. Which one is being described here?
'This is the amount of inventory that should be ordered once the trigger point has been reached.'
Maximum inventory (stock) level
Minimum inventory (stock) level
Re-order level
Re-order quantity
What is NOT a factor of production?
Advertising
Labour
Land
Enterprise
What is an example of the sector of industry?
Private
Secondary
Public
3rd Sector
Product is one of the 4P's of Marketing. Which is the best description of Product?
The item the customer purchases which includes, packaging, image, guarantee and after sales service
The actual amount charged by the seller and paid for by the customer
Where the customer meets the seller and makes the purchase
The way in which the customer is made aware of the product and is persuaded to buy
Which is NOT a disadvantage of UNDERstocking?
A business might not be able to cope with an unexpected order which will upset customers
Production may have to stop which means staff will be paid for not working
More frequent rush orders will need to be placed which increases admin costs
Greater risk that inventory will deteriorate or be stolen
What is not a benefit of preparing a cash budget?
Helps determine profits for owners and shareholders
Ensures there will be enough cash to pay employees and suppliers
Will help business plan when to invest in new equipment
Helps to plan an overdraft or additional funding in advance of when needed
Which type of recruitment is this statement an advantage of?
New staff appointed will bring into the company additional skills and ideas which will help the business grow
Internal
External
There are two Sectors of Economy
True
False
The main aim of organisations in the Private Sector is to maximise profits for their owners
True
False
The Public Sector includes organisations such as Renfrewshire Council and the NHS
True
False
The names given to owners of Private Sector organsiations are Sole Traders, Partners or Shareholders
True
False
The Private Sector is owned by individuals or groups of individuals
True
False
A company must decided which method of distribution to use to get products to customer/retailer. Which statement is an advantage of using lorries on the road?
It is a quick method for long distances
It is a direct method from door to door
It is not affected by external factors such as breakdowns or traffic jams
Diesel lorries are very environmentally friendly
A company must decided which method of distribution to use to get product to customer/retailer. Which statement is an advantage of using container ships?
It is a cheaper method for long distances
It is a direct method from door to door
Container ships can leave with small loads
It is flexible regarding delivery times
Which below is an example of a current trend in retailing?
Move to open bigger and bigger supermarkets
Shops reducing their opening hours
Increase in small, independent shops
Increase in e-commerce retailers
Which method of distribution would most likely be use to send daily newspapers across the UK?
Aeroplane
Container Ship
Rail
Road
Which is NOT a disadvantage of OVERstocking?
High storage costs e.g. warehouse staff costs and rental of space
Company money is tied up which could be used more effectively elsewhere
A business will not be able to cope with an unexpected rush order
Higher risk of theft and deterioration of stock
The risk of dissatisfied customers who do not get their deliveries on time is a disadvantage of ....
Understocking
Overstocking
Higher costs such as warehousing, security and rental of larger store rooms is a risk of ....
Understocking
Overstocking
What action might a supermarket manager take when his computerised inventory control system spots a slow moving item?
Have a promotion activity (e.g. BOGOF) to increase sales
Order more to take advantage of bulk buying discounts
Increase the maximum inventory level to be held for that item
Discipline staff for understocking
Which source of finance involves getting rid of unwanted items that the company owns?
Sale of liabilities
Sale of assets
Jumble sale
Sale of equity
Which source of finance is only available to organisations in the public sector?
Grants
Selling Shares
Taxes
Hire Purchase
Which is NOT a disadvantages of selling shares to raise finance?
Dividends are paid to shareholders
Ownership is diluted and original shareholders have less control
It is more expensive as interest must be paid
Fees to produce legal share documents can be high
Which source of finance do most sole traders use at the start of the business?
Own savings
Retained profits
Donors
Debentures
There are three main types of training. Which is type below is incorrect?
On the job training
Can create a multi-skilled long life training
Off the job training
Induction training
On the job training which involves a trainee learning new tasks in different departments for short periods of time is called
Work shadowing
Job rotation
Coaching
Job enhancement
Off-the job training involves the employee attending courses away from their workplace e.g. at college or university.
True
False
Identify whether the benefit is of on the job or off the job training. There will be less distractions from day-to-day work demands
On the job training
Off the job training
What external factor may make it more expensive to pay back a bank loan which may mean a company will delay any big plans that a company has to expand
Political / Legislation
Economic
Social
Environmental
What external factor may mean that the company has greater sales due to a 'boom' which means higher dividends for to owners or profits to use to purchase new machinery and become more efficient
Political / Legislation
Economic
Social
Environmental
What external factor may mean that suppliers cannot deliver raw materials due to bad weather and customer orders are delayed as a result
Political / Legislation
Economic
Social
Environmental
What external factor may mean that the company needs to consider using social media to communicate with customers if they wish to attract new clients
Technological
Economic
Social
Environmental
The collapse of the UK steel industry is mainly due to cheap imports from China who have 'over-produced'. This is an example of what external factor?
Political
Social
Environmental
Competition
The strength of £ sterling against the euro in 2015 meant that it was dearer for companies abroad to purchase UK goods. This is an example of which external factor
Political
Social
Economic
Competition
In many towns, fast food outlets such as McDonalds are suffering from falling sales due to a preference for more healthy snacks. This is an example of which external factor?
Political
Social
Competition
Economic
Identify whether the stage below is part of the RECRUITMENT or part of SELECTION process
Prepare a job description.
Recruitment Process
Selection Process
Identify whether the stage below is part of the RECRUITMENT or part of SELECTION process.Identify that the vacancy exists.
Recruitment Process
Selection Process
Identify whether the stage below is part of the RECRUITMENT or part of SELECTION process.
Carry out one-to-one or panel interviews
Recruitment Process
Selection Process
Which stage has rapid sales?
Introduction
Maturity
Decline
Growth
What is a product extension?
Longer production time
Products with extension feature
Strategies to keep the product from declining
Products that keep going through the different stages
Which stage has the least production costs?
Introduction
Maturity
Decline
Growth
What stage has numbers of prototypes?
Introduction
Growth
Maturity
Decline
What stage will have decreases in production?
Introduction
Growth
Maturity
Decline
What name is given to the situation of having excess cash expected at the end of next month?
Cash Surplus
Cash Deficit
Cash Profit
Cash Loss
What name is given to the situation of having a negative cash balance expected at the end of next month?
Cash Surplus
Cash Deficit
Cash Profit
Cash Loss
Identify the action below which would NOT help a cash deficit situation?
Implement tighter inventory control and reduce wastage
Negotiate a temporary overdraft with the bank
Sell unwanted assets
Award bonuses to staff to help motivate them
Which source of finance is only for limited companies?
Bank loan
Share issue
Mortgage
Overdraft
Aimee has just received an unexpected bill, which source of finance would you suggest?
Savings
Retained Profits
Bank loan
Bank overdraft
What are fixed costs?
Costs which vary in line with production
Costs which stay the same regardless of production levels
Costs incurred by the customer
How are total costs calculated?
Fixed Costs + Variable Costs
Fixed Costs - Variable Costs
Sales - Fixed Costs
Sales - Variable Costs
What is an income statement?
Shows the businesses cash flow
Shows how much money the business has borrowed
Shows the value of the business
Shows the profit or loss made by a business
What is the gross profit?
Overall profit made
Profit from selling goods
Money from sales
Which of the following is an example of an expense?
Purchases
Sales
Inventory
Wages
Jacob's decide to build a new factory in the local area what stakeholders would have an influence on this?
Customers, employees and the local community
Local community, banks and the government
Suppliers, banks and the local community
Customers, banks and the government
Jacobs decide to employ a new manager who would be interested in this decision?
Employees, managers and owner
Customers, government and banks
Suppliers, banks and local community
Banks, government and suppliers
What is the missing word in this sentence ...Wealth is created by adding _____________
Layers
Services
Products
Value
Which sector of industry provides a service such as entertainment, beauty, banking etc?
Tertiary
Secondary
Primary
Private
. Select which business organisation would be found in the private sector
Local Government such as Renfrewshire Council
Sole Trader
Social Enterprise companies such as Fresh
Non-profit making organisation such as the BB
Which is NOT a benefit of being a sole trader?
All profits are kept by owners
Easy to set up with no official paperwork such as Memorandum of Association needed
Unlimited liability for sole trader
Owner makes all the decisions without having to consult anyone else
Which is not a benefit of being in a partnership?
Different partners can bring in different skills to help improve the business
Finance can be raised more easily
Workload and responsibility can be shared
Profit is split between the different partners
What does Ltd mean?
Private Limited Company
Public Limited Company
Private Licenced Company
Public Licenced Company
What type of research is being described here? It involves using second hand information already gathered for another purpose
Desk
Field
Primary
Secondary
What type of research is being described here? It involves gathering brand new, first-hand information for a specific purpose
Desk
Field
Primary
Secondary
. What type of research is this an advantage of? Information will be up-to-date and best currently available
Desk
Field
Primary
Secodary
What type of research is this an advantage of? Information will not be available to rivals therefore is very valuable
Desk
Field
Primary
Secondary
Which METHOD of research is being described here?It is conducted face-to-face with customers and a series of questions are asked
Personal Interview
Telephone Survey
Online Survey
Focus Group
Which METHOD of research is being described here? A company gathers a small group of customers together at the same time, led by a chair person who encourages discussion
Personal Interview
Telephone Survey
Online Survey
Focus Group
. Which METHOD of research is being described here? Where products are given to customers (gathered in one location) to try and feedback is obtained e.g. in a supermarket aisle
Postal Survey
Hall Test
Customer Panel
EPOS
Inventory Control. There are four factors in inventory (stock) control. Which one is being described here?
'this is the amount of inventory which should be ordered once the trigger point has been reached.'
Maximum Inventory (Stock) level
Minimum Inventory (Stock Level)
Re-order Level
Re-order Quantity
Inventory Control. There are four factors in inventory (stock) control. Which one is being described here?
'this is the lowest level of inventory which should ensure the company does not run out and avoids expensive production delays and customer dissatisfaction'.
Maximum Inventory (Stock) Level
Minimum Inventory (Stock) Level
Re-order Level
Re-order Quantity
Higher costs such as warehousing, security and rental of larger store rooms is a risk of ...
Understocking
Overstocking
The risk of dissatisfied customers who do not get their deliveries on time is a disadvantage of ..
Understocking
Overstocking
The potential loss of bulk buying discounts and increased cost of rush orders is a disadvantage of ...
Understocking
Overstocking
Which is NOT a disadvantage of OVERstocking?
High storage costs e.g. warehouse staff costs and rental of space
Company money is tied up which could be used more effectively elsewhere
A business will not be able to cope with an unexpected rush order
Higher risk of theft and deterioration of stock
Which is NOT a disadvantage of UNDERstocking?
A business might not be able to cope with an unexpected order which will upset customers
Production may have to stop which means staff paid for not working
Greater risk that inventory will deteriorate or be stolen
More frequent rush orders will need to be placed which increases admin costs
What is a job description?
A form consisting of pre-prepared questions set by the organisation
A document that states the tasks and responsibilities of a job
A document that states the skills and qualifications needed to do the job
What type of training would include a tour of the premises, introduction to colleagues and a basic run through of health and safety information?
On the job
Off the job
Induction
Which type of recruitment is this statement an advantage of?It allows the vacancy to be filled much more quickly than the alternative method.
Internal
External
Identify whether the stage below is part of the RECRUITMENT or part of SELECTION process. Prepare a job description.
Recruitment Process
Selection Process
The private sector is mainly funded through donations and fund raising activities.
True
False
The Public Sector aims to provide a good service to the public and stay within their budget limits.
True
False
I am going to revise well and I know I can ask my teacher for help and support anytime. I will do my absolute best in my exam as I am awesome : )
True
False
