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Worksheets2022 Business Quiz
Total questions: 93
Worksheet time: 28mins
What does the P in PESTEC stand for?
Political
Party
Profit
Partial
What does the first E in PESTEC stand for?
Economic
Environment
Education
Exchange
What does the S in PESTEC stand for?
Social
Sales
Support
Supplier
What does the T in PESTEC stand for?
Technological
Time
Training
Teaching
What does the last E in PESTEC stand for?
Economic
Employees
Environment
Ethos
What does the C in PESTEC stand for?
Company
Competitive
CEO
Capital
Who has the power over political factors?
Businesses
The Government
Boris Johnson
The Tax Payer
External factors can have both a positive and negative affect on a business.
True
False
External influences on a business refer to
Factors that are good for the business
Factors that are bad for a business
Factors that are outside the control of the business
Illegal actions by a business
The introduction of legislation for the minimum alcohol pricing in Scotland is an example of a ......
social factor
political factor
social factor
technological factor
Which of the following is a political factor?
Unemployment
Laws
Interest Rates
Which of the following is a political factor
Tax
Exchange rates
Demographics
Who is the Prime Minister of the UK?
Boris Johnston
Nicola Sturgeon
Keir Starmer
Liz Truss
Governments can raise or lower corporation tax, which will impact on profits.
True
False
The current rate of VAT is....
17.5%
22%
20%
16%
The main objective of the public sector is
to make a profit.
to provide a service.
to provide advice.
to pay dividends.
Public Sector organisations are owned by ?
Government
Citizens
Businesses
None of these
Glasgow City Council is an example of.....
a local authority
a national government
a panel
Public sector organisation are owned by.....
the people
the government
private sector organisations
no one
Public sector organisations are funded by taxes such as (more than 1 answer)......
Road Tax
Income Tax
Welfare Tax
Council Tax
Public sector organisations in Scotland get funding from.....
The Private sector
The Scottish Government
Charities
Some examples of activities of local government organisations are (more than 1 answer).....
Emptying Bins
Providing Leisure Activities
Running Schools
Providing Flights
A percentage of money taken from individuals or businesses is referred to as
property tax
excise tax
income tax
sales tax
Select TWO true statements that relate to a sole trader.
Sole traders have limited liability
Sole traders get to make all their own decisions about the business
Sole traders may find it harder to raise funds for the business
Sole traders usually get more holidays than partners or directors
Unlimited Liability is
The owner has to pay off all the debts of the business. To the extent that their private assets may be sold to cover the businesses debts.
When a company's shareholders have to pay only their share value to meet debts incurred by the company.
Sole traders have unlimited liability. True or False?
False
True
What are 3 of the benefits of being a sole trader?
Easy to establish
Keep all the profit
Get to make all the decisions
Unlimited liability
How many factors of production do we have?
1
4
2
3
Which of the following industries is an example of a primary industry?
Coal Mining
House Building
Hotels
School
Identify the correct factor of production.
Skilled people working in a lawyers firm will be seen as?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Individuals with great ideas and willing to take risks.
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Machinery and factories are?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Water, wood and fish are?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Any person working will be seen as?
Natural resources
Labour
Capital
Entrepreneurship
When we look at tools and money invested in a business, it can be classified as which factor of production?
Natural resources
Labour
Capital
Entrepreneurship
Businesses that operate in the tertiary sector provide:
Social services
Natural resources
Manufactured products
Services
Which of these is in the primary sector:
Legal services
Vehicle assembly
Crop production
Pharmaceutical research
Businesses that convert natural resources into products are classified as:
Service providers
Social enterprises
Manufacturers
Primary producers
Which one of these is not in the tertiary sector?
Cement production
Law & accountancy
Online publishing
Banking & insurance
What are the three sectors of industry?
First, Second and Third
Private, Public and Third
Primary, Secondary and Tertiary
Land, Labour and Enterprise
Gold and oil can be seen as:
Natural resources
Labour
Capital
Entrepreneurship
Which of these statements describes the tertiary sector?
The sector that deals with energy companies such as oil and gas.
The sector that deals with private, public and third sector companies.
The sector that involves the provision of services.
The sector that manufactures products for sale.
Agriculture is in which sector?
Primary
Secondary
Tertiary
Quarternary
Ahmed's fishing company who takes fish who have been caught and manufactures them into meals is in what sector?
Primary
Secondary
Tertiary
Public
Lisa's fishing company who catches mussels and clams is in which industry?
Primary
Secondary
Tertiary
Third
What sector?
Primary
Secondary
Tertiary
Agriculture
This word means "a picture, short film, song, etc. that tries to persuade people to buy a product or service"
modification
advertisement
liaison
inventory
If a company is _________, it means that it's known to be honest and do good work.
distributor
wholesaler
profitably
reputable
Out of the following which are NOT goods?
Hammers
Autos
Dry cleaning
Financial services
Clothing
Out of the following which are NOT services?
insurance
Dry cleaning
Ironing
Automobiles
Clothing
What is the idea of a marketing concept? (1 answer)
knowing the needs and wants of shareholders and reaching the main sales targets
knowing the needs and wants of the government and compliance with the regulation
knowing the needs and wants of target markets and delivering the desired satisfactions more effectively than competitors.
What do 4 P’s of the marketing mix stand for?
Product
Price
Promotion
Place
Planning
Market segmentation is … (one answer)
division of a market of consumers into people with similar needs and wants
division of a supermarket into main sales areas
division of the marketers into groups according to their experience
Product
The cost to the buyer of goods or services
Informing customers about products and persuading them to buy them
Where goods or services are available
Goods or services that are sold
Price
Informing customers about products and persuading them to buy them
The cost to the buyer of goods or services
Where goods or services are available
Goods or services that are sold
Promotion
The cost to the buyer of goods or services
Where goods or services are available
Informing customers about products and persuading them to buy them
Goods or services that are sold
Place
Informing customers about products and persuading them to buy them
The cost to the buyer of goods or services
Goods or services that are sold
Where goods or services are available
Is this ...
Price?
Place?
Promotion?
Product?
Is this ....
Place?
Product?
Promotion?
Price?
Is this...
Place?
Product?
Promotion?
Price?
True or False?
Marketing includes advertising, selling, and delivering products to consumers.
True
False
True or False?
Marketing involves encouraging people to buy a product or service.
True
False
True or False?
Sponsoring sports events is an example of marketing.
True
False
Where manufacturing of products relies mainly on human effort
Labour Intensive Production
Capital Intensive Production
The best techniques and practices used by another organisation which is considered to be “the leader/best” in the market are copied in order to make improvements to current practices and so improve quality.
Quality Assurance
Quality Circles
Quality Management
Benchmarking
Where groups of workers from all levels meet to discuss problems related to quality in order to identify solutions so that quality can be improved.
Quality Assurance
Quality Circles
Quality Control
Benchmarking
Inspecting products at the end of the production process against agreed quality standards. Any unacceptable products are either discarded or sent back for correction.
Quality Assurance
Quality Control
Quality Circles
Benchmarking
Inspecting products at the end of the production process against agreed quality standards. Any unacceptable products are either discarded or sent back for correction.
Quality Assurance
Quality Control
Quality Circles
Benchmarking
Where manufacturing of products relies mainly on technology
Capital Intensive Production
Labour Intensive Production
Where a single product is made to a customer’s specific requirements
Job Production
Batch Production
Flow Production
Where similar products are produced in groups at the same time before another group is started
Batch Production
Job Production
Flow Production
Large-scale production where items move continuously from one stage of the production line to the next and each stage adds to it
Batch Production
Flow Production
Job Production
Stock should not go above this level as it means overstocking occurs
Maximum Level
Minimum Level
Re-order Level
Re-order Quantity
The level at which stock should be re-ordered taking into account usage and lead time
Maximum Level
Minimum Level
Re-order Level
Re-order Quantity
The level stock should not fall below this as shortages could result and production could be halted. Stock should not go below this level as it means understocking occurs.
Maximum Level
Minimum Level
Re-order Level
Re-order Quantity
Over-stocking can lead to...
High storage costs
Products left unsold that may be spoiled/stolen
Capital is tied up –opportunity cost of what else you could be using this money for
The business has nothing to sell (or may have to stop production)
