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Business in Fitness

Total questions: 45

Worksheet time: 29mins

Name
Class
Date
1.

A creative ________, he was continually dreaming up new projects.

a)

trader

b)

merchant

c)

entreprenuer

d)

seller

2.

__________, if the product is poor, the business will fail.

a)

Solely

b)

Generally

c)

Ideally

d)

Ultimately

3.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
4.
a business plan 
a)
is useful once your business is operational but not much help during the startup phase
b)
is not usually needed to secure financing in your business
c)
can serve as a tool for managing your business once it is up and running
d)
All of the above
5.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

6.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business

d)

All of the above

7.

All partnerships must be 50 - 50?

a)

True

b)

False

8.

Your business plan should never list any risks or potential problems.

a)

True

b)

False

9.

True or False: Business plans are used by new, rather than established, firms

a)

TRUE

b)

FALSE

10.

Which of the following statements about business plans is TRUE?

a)

Business plans eliminate risk to lenders

b)

Business plans reduce risk to lenders

c)

Business plans increase risk to lenders

d)

Business plans have no impact on risk to lenders

11.

Which of these pieces of information would NOT be in a business plan put together by a new business?

a)

Target market

b)

Market research

c)

Profit

d)

Estimated cashflow

12.

An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)

a)

Grant

b)

Retained profit

c)

Owner savings

d)

Bank loan

13.
This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition
a)
Executive Summary
b)
Company Description
c)
Strategy
d)
Market Analysis
14.

Which of the following is it OK to leave out of a business plan?

a)

Executive summary

b)

Location

c)

Marketing

d)

Employees needed

e)

None of the above

15.

Which of the following is most likely to be a benefit of business growth?

a)

Increased costs

b)

Increased sales

c)

Increased competition

d)

Increased chance of failure

16.

Which of the following best describes the term limited liability? If the business fails:

a)

Personal possessions of the owner can be taken to pay any debts

b)

The owner is personally liable for all the debts of the business

c)

There is no limit on the amount the owner has to pay to settle debts

d)

The owner only loses the amount invested in the business

17.

Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?

a)

Sole trader

b)

Partnership

c)

LTD

d)

PLC

18.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Managers

c)

Board of directors

d)

Shareholders

19.

Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?

a)

Profit is shared

b)

Financial accounts are kept private

c)

Limited liability

d)

Unlimited liability

20.

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

a)

Sole trader

b)

Partnership

c)

LTD

d)

PLC

21.

Which of the following is a disadvantage of setting up a business as a partnership?

a)

Shared losses

b)

Shared workload

c)

Shared profit

d)

More ideas generated

22.

What does S stand for in SWOT?

a)

small

b)

strong

c)

strengths

d)

slow

23.

What does W in SWOT stand for?

a)

weaknesses

b)

wrong

c)

weather

d)

wide

24.

What does O in SWOT stand for?

a)

open

b)

only

c)

opportunities

d)

open-minded

25.

What does T in SWOT stand for?

a)

true

b)

threats

c)

trade

d)

troubles

26.

Which elements are INTERNAL (inside the business)?

a)

opportunities and threats

b)

strengths and weaknesses

c)

strengths and opportunities

d)

weaknesses and threats

27.

Which elements are EXTEARNAL (outside of the business)?

a)

weaknesses and strengths

b)

opportunities and strengths

c)

opportunities and threats

d)

strengths and weaknesses

28.

Your staff is very well trained.

a)

strengths

b)

weakness

c)

opportunities

d)

threats

29.

A new competitor (a business selling similar products) has opened nearby

a)

strengths

b)

weakness

c)

opportunity

d)

threat

30.

You can advertise your product on Expo 2020

a)

strengths

b)

opportunities

c)

weaknesses

d)

threats

31.

Your staff had bad relations with the manager.

a)

strengths

b)

weaknesses

c)

opportunities

d)

threats

32.
Sorting customers by their physical and social characteristics is called ______ segmentation.
a)
behavioral
b)
statistical
c)
psychographic
d)
demographic
33.
A target market can be described as the 
a)
direction the market is headed
b)
group of customers the business seeks to attract
c)
way a business draws its customers
d)
sample of the market
34.
To buy a product, customers in a market must first
a)
be willing to buy the product
b)
locate the product in a store
c)
learn the product's features
d)
make sure the product is on sale
35.
A small number of consumers expressing opinions about a new product or service in a group discussion is a 
a)
target market
b)
focus group
c)
survey group
d)
experimental group
36.
Which of the following is most likely to provide a business with primary market research?
a)
A television show
b)
A customer survey
c)
A newspaper article
d)
An Australian Bureau of Statistics Publication
37.
Finding solutions to problems through carefully designed studies involving customers.
a)
Product
b)
Services
c)
Marketing research
d)
Marketing
38.
 Can you skip a step in the market research process?
a)
yes; who cares just wing it right?
b)
no; every step is vital for beneficial answers
39.
What is the first step in Marketing Research?
a)
Find your problem 
b)
Surveying people
c)
Applying the results
d)
Write your name on the paper
40.
What is not part of the second step in Marketing Research?
a)
Making a survey 
b)
Having people fill surveys
c)
Analyzing the data 
d)
Filling in a survey
41.
 What is done in the 3rd step of Marketing Research? 
a)
Data is analyzed 
b)
Surveys are made
c)
Surveys are filled
d)
Surveys are burned
42.

Finish the sentence. A business concept describes the

a)

core activities of the business and the features and value of the goods or services it provides

b)

way you got the idea

c)

starting point of a business

43.

Which is NOT a skills that would be beneficial in business?

a)

Strategic thinking and analytical skills

b)

Technical skills

c)

Negotiation skills

d)

Time wasting

44.

Which is NOT a source of business opportunity?

a)

Innovation and entrepreneurship

b)

Changing customer needs

c)

Taxes

d)

Global markets

45.

Would you like to start your own business?

a)

Yes

b)

No

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