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WorksheetsBusiness Quiz
Total questions: 52
Worksheet time: 28mins
A business that sells the rights to trade using its name, logo and products...
A partnership
A franchisee
A franchise
An Ltd
Reasons for starting a business are
To keep all the profits
To get money
To be your own boss
To escape a boring job
To be motivated
A factor for choosing a location could be
Nice working environment
Proximity to customers
Close to where you live
High costs of premises
A Sole Trader would experience
Limited Liability
Stress of decision making
Loneliness of having no employees
Decisions taking too long due to discussion
Which of these are Stakeholders
Customers
Employees
Competitors
Shareholders
A benefit of writing a business plan could be
Avoids fines as it is a legal document
Guarantees a profit will be made
A bank is more likely to lend money
Increases the risk of the business failing
Sales Revenue is calculated by...
Price x Total Cost
Profit - Variable Costs
Fixed Costs + Variable Costs
Price x Output
The factors of production are...
Capital, Costs, Risk, Location
Land, Skills, Ideas, Profit
Capital, Enterprise, Land, Labour
Labour, Location, Costs, Enterprise
A farmer is in which industrial sector?
Primary
Secondary
Tertiary
Quarternary
Shareholders are...
Anyone with an interest in a business
Groups of people who can tell the business their ideas
Owners of limited companies who expect a dividend from profits
Local businesses who are in competition with the business
Introduction of the 10p carrier bag charge would be a...
Technological change
Environmental change
Economic change
Political change
Introducing new employment regulations protecting disabled workers would be a...
Political change
Environmental change
Legal change
Economic change
The Government increase the national minimum wage, how will this affect businesses?
Negative effect due to employment cost increases
Positive effect as staff will be more motivated
Neutral effect, it won't make any difference
Customers become more environmentally conscious, what effect will this have on a business that sells compostable coffee pods?
Negative effect as customers will stop buying their product
Positive effect as more customers will choose this business over their competitors
Neutral effect, sales will not be changed either way
New technology is released that allows a person to move rapidly from one location to another, how will this affect the airline industry?
Negative effect as customers will choose this new faster method of travel
Positive effect as airlines will be able to replace their old planes with these new devices
Neutral effect, airlines will not be effected by the technology change
Which of these is a correct definition of Interest Rates
The cost of using a bank
The cost of borrowing
The reward for saving
The fee charged for arranging a loan
Which of these is a correct definition of Interest Rates
The cost of using a bank
The cost of borrowing
The reward for saving
The fee charged for arranging a loan
What happens to the cost of imports as the pound gets stronger?
They get more expensive for foreign customers
Nothing happens
They get cheaper for UK customers
More people buy exports
Which are a possible impact for a business due to changing technology?
More sales
Wider market to sell to
Less competition
Faster pace of change to keep up with
Customers less likely to buy as they get fed up with updates
Why is it important for businesses to be compliant with Equality laws?
So they don't upset someone
So they don't get sued
So they can maintain a good reputation
So they can avoid recruiting the wrong person
What does 'ethical behaviour' mean in relation to business
Using fair trade suppliers
Being compliant with Health & Safety laws
Paying a fair (living) wage
Only selling their products to financially stable nations
Which of these apply to a business trying to operate in an environmentally friendly way?
Reducing the amount of traffic to and from stores
Sending waste to landfill sites
Publishing 'green' reports on their website
Cutting noise pollution
How would a business that is environmentally responsible benefit in comparison to competitors?
They are putting out less pollution and plastics
Attracting customers that prefer 'greener' businesses
Higher costs due to recyclable packaging being more expensive
Less demand for their products because they are more expensive
Which of these factors relates to the 'external environment'?
Being 'green' in the way a business operates
The economy e.g. interest rates & inflation
Actions of competitors
The budget a business has to spend
Select all the qualities of entrepreneurs below?
Hardworking
Risk Taking
Stubborn
Over confident
Organised
What sector of the economy?
Primary
Secondary
Tertiary
A hospital would be part of which sector of the economy?
Primary
Secondary
Tertiary
What are the four factors of production?
Land, Labour, People, Resources
Resources, Enterprise, People, Land
Land, Labour, Capital, Enterprise
Enterprise, Capital, People, Resources
Unlimited liability is a disadvantage of which ownership?
Sole Trader
Partnership
Sole Trader & Partnership
Private Limited Company (Ltd)
How many people can be in a partnership?
2
2-10
2-20
2-100
Select all of the statements that are true about PLC's
Anyone can buy shares
They have limited liability
They are owned by shareholders
The accounts are private
What does the benefit of limited liability give a business?
Increased sales
Reduced competition
Protection of personal assets
Access to a larger market
Businesses with primarily social objectives whose surplus profits are reinvested for that purpose in the business or community are known as...
Not-for-profit
Social Enterprise
Charity
Which of these is not a typical aim of a business?
Survival
Growth
Increase Market Share
Lower Prices
Social & Ethical
Stakeholders are...
Anyone who is affected by a business
Anyone who invests in a business
Revenue =
Sales x Price
Price / Sales
Costs x Sales
Profit - Costs
Which is an example of a fixed cost?
Raw Materials
Rent
Labour
Running Machinery
A business sells 20,000 items in a month at £2.50 each. In the same month the total costs are £35,000. How much profit does the business make?
£65,000
£15,000
£50,000
£25,000
Average cost per unit falls as a business expands is called...
Economies of Scale
Diseconomies of Scale
When a business pays another firm to carry out some of its tasks is known as...
E-Commerce
Outsourcing
Franchising
Takeover
Which of these is not an advantage of buying a franchise?
Potential to make more profit
Access to an established business idea
Have total control of decisions
Less than half of all takeovers and mergers are successful.
True - It is hard to make two different businesses work as one.
False - It allows businesses to grow quickly and reduce costs.
What would be a reason why a business would create a business plan?
It is a legal requirement
It costs time and money
Banks are more likely to provide loans
It will guarantee profit
Select the two laws that businesses must follow?
Low Pay Act
Equality Act
Health & Safety at Work Act
Employee Act
Which of the following is not a disadvantage of advancing technology for businesses?
Can be expensive
Need to train staff
Out of date quickly
Make processes faster
A business has decided to take more environmental responsibility when making decisions. What is the benefit to the business of doing this?
Increased costs
Employees may leave
It will prevent global warming
Create competitive advantage
Low interest rates means that...
Firms and consumers borrow more money and save less
Firms and consumers borrow less money and save more
Firms and consumers borrow more & save more
Firms and consumers borrow less & save less
How might a fine dining restaurant be affected by consumer incomes falling?
Increased sales
Decreased sales
Which market has the most competition?
Supermarkets
Petrol Stations
Car Manufacturers
Restaurants
Globalisation means the world is more...
Interconnected
Expensive
Risky
Profitable
A strong pound means...
Imports are more expensive and exports are cheaper
Imports are cheaper and exports are more expensive
