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WorksheetsYear 8 term 3 test 2
Total questions: 53
Worksheet time: 27mins
Name 5 Types of Business structures.
franchise, corporation, partnership, sole proprietorship and cooperative
sole proprietorship, club, non-profit, franchise, cooperative
accounting, marketing, advertising, corporation, cooperative
Nike, State Farm, Hobby Lobby, Subway, cooperative
A father who wants to take his son into the business with him should form a......
non-profit
franchise
corporation
partnership
Someone who wants to control all aspects of the business should form this type of business.
non-profit
partnership
sole proprietorship
franchise
A disadvantage of a franchise would be....
having to move
not enough employees
too much control
limited control
What type of business does not exist to earn revenue but to help others or serve a need in a community?
partnership
corporation
non-profit
franchise
All the following are advantages of a sole trader EXCEPT
It is easy to form
The owner gets personal satisfaction of being his or her own boss
The owner relies heavily on his or her good health and energy
The owner makes all decisions having to deal with the business
" Independence" is the chief feature of this type of business. Since little or no consultation must place, plans are speedily put into effect'. To which type of business unit does this statement refer?
Sole Trader
Partnership
Coporate
Jon borrowed 20,00 from his father and started a small Tyre Shop. Johns business would be classified has
Partnership
Coporate
Sole Trader
the monetary value of a good or service or the amount asked for the product
product
pricing
place
promotion
What is a business owned by stockholders but operated by others?
Cooperative
Franchise
If you die the business survives
The owner has full liability
One person can make all of the decisions
Easy to raise money from many different places
The government requires more paperwork
Who am I? My disadvantages include limited life and the potential for conflict between partners.
_____ means different from anything else.
Demographics
Defensible
Differentiated
Target
A _____ is a particular group of consumers at which a product or service is aimed.
target market
differentiated offering
pro forma
patent
Identifying your target market makes it easier and more cost effective to ______.
appeal to everyone
sell your products to the masses
reach your potential customers
push away unnecessary customers
Members of a target market have similar _______.
wants
needs
interest
wants, needs, & interest
Which of the following might result from a company choosing to market their products to a mass audience instead of targeting a specific market?
increased efficiency
increased customer loyalty
increased profits
wasting time & money
Tells you who your customer is by providing statistical information about their age, gender, location, education level, income level, etc.
demographics
psycholgraphics
geographics
target marketing
Tells you why your customer buys by providing information about their habits, hobbies, attitudes, beliefs, values, etc.
demographics
psycholgraphics
geographics
target marketing
Which of the following is an example of demographic information?
married with children
loves to travel
enjoys volunteering
participates in an art club
Which of the following is an example of psychographic information?
lives in a rural area
single, no children
enjoys running
lives in a cold climate area
The mature market, over age 50, is an example of:
demographic
psychographic
Which of the following demographic groups would most likely be the target market for the product in the image?
Male & female age 12-17
Male & female age 25-45
Male & female age 50-60
Male & female age 70-80
Which of the following demographic groups would most likely be the target market for the mustache trimmer in the image?
Male age 15-17
Female age 20-30
Male age 20-30
Male age 40-60
Which of the following demographic/geographic groups would most likely be the target market for the product in the image below?
rural
suburbs
Metropolitan
Urban
Which of the following demographic/geographic groups would most likely be the target market for the product in the image below?
rural
suburbs
country
Urban
Packaging should be unique.
True
False
One of the main social problems of Fast Fashion are the poor working conditions of those who belong to this industry due to
The little interest of companies in providing decent conditions
Workers wishing to live in bad conditions
Government aid that enables workers to educate themselves
Good infrastructure conditions and high-quality machinery
refers to the duty of a business to contribute to the wellbeing of a community
social responsibility
code of ethics
business ethics
conservation
a natural resource that cannot be replaced when used up
renewable resource
non-renerable resource
conservation
pollution
saving scarce natural resources
ethical code
business ethics
pollution
conservation
benefits of socially responsible activities include all of the following except
everyone is treated equally
enhanced company image
expanded justice for groups in society
reduced need for government action
gas, oil and copper are all examples of
renewable resources
conservation
social responsibility
non-renewable resource
occurs when the environment is tainted with the by-products of human actions
pollution
socially responsible
conservation
code of ethics
What term refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment?
Social responsibility
Business ethics
Socialization
Corporatization
When a firm modifies a production process to limit the consumption of valuable resources, and promotes the product produced as environmentally friendly, what business practice are they engaging in?
Consumerism
Recycling
Green marketing
Collusion
In what way can the government use indirect regulation to affect social responsibility?
Enacting laws
Imposing fines to violators
Cooperating with foreign governments
Providing tax incentives
Companies should take the expectations of the broader community into account when making decisions.
True
False
The three areas of social responsibility of a business are:
Political, Economic, Environmental
Environmental, Social, Technological
Economic, Social, Environmental
Economic, Environmental, Ethical
Sustainable business practice means:
Assessing how present business practice affects the future
Involving employees in decision making
Considering the benefits of stakeholder over shareholder practices
Developing foreign policies
Securing that the purchasing product is not from slavery or child labor is what responsibility?
Economic Responsibility
Ethical Responsibility
Philanthropic Responsibility
Environmental Responsibility
Corporate Social Responsibility is...
managing a business in such a way that the broader community including owners, and the environment are taken into account when making business decisions.
managing a business in such a way that the broader community including the employees, competitors, customers and suppliers are taken into account when making business decisions
managing a business in such a way that the broader community including the owners and employees are taken into consideration when making business decisions
managing a business in such a way that the broader community, including employees, customers, suppliers and the environment, is taken into consideration when making business decisions
It is an organization which is formed voluntarily by a group of people to conduct economic activities that are beneficial and respond to the need and aim of it's members.
Market
Cooperatives
Economy
Sufficiency
Cooperatives has certain objectives in managing business which is to help its members.
TRUE
FALSE
