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WorksheetsBusiness Studies Quiz Friday
Total questions: 40
Worksheet time: 20mins
What type of business is McDonald's
Sole Trader
Franchise
Partnership
Non Profit
PLC stands for...
Public Limited Company
Partnership Licensed Corp.
Profit Linked Company
Private Limited Chain
What type of liability does a sole trader have?
Limited
Unlimited
Private
Public
Which of these is an advantage of secondary research?
It is not specific to the business
It could be out of date
It is quick and easy to gather
It is exclusive to your business
A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?
Inability to break even
Lack of security
Business failure
Lack of independence
Sara decided to start-up a business as a personal trainer, due to her passion for fitness. Which of the following is the main reason behind Sara’s business idea?
Earn more money
Pursue an interest
Be her own boss
Work more flexible hours
Increased concern from consumers over the environment has led to new business start-ups developing products from recycled materials. These business ideas have come about due to:
Services that have become obsolete
Products that have become obsolete
Changes in consumer demand
Changes in the interest rate
Which of the following statements best describes the term, reward?
The probability that something will go wrong
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
Which of the following is a financial reason why an entrepreneur might start-up a new business
To make a profit
To pursue a skill or interest
To have more freedom in decision-making
To achieve a work-life balance
Which of the following best describes the term, obsolete? When consumers:
Demand more of a particular product or service
Want, and can afford, to buy more products and services
Can no longer afford to buy a particular product or service
No longer want to buy a product or service
Which of the following statements is true in relation to goods and services?
Services can be touched and held, whilst goods are usually invisible
Goods can be touched and held, whilst services are intangible
Services are visible, whilst goods are usually invisible
Both goods and services are intangible
Which one of the following is an example of a consumer ‘want’?
Warmth
Shelter
Makeup
Food
Which one of the following is an example of a product
Spotify
Drake Concert
Apple Air pods
Business Lesson
Which one of the following is an example of a fixed cost?
Rent
Package Costs
Raw Materials
Wages
Which one of the following is not an element of the marketing mix?
Product
Price
Production
Place
Which one of the following has limited liability?
Private Limited Company
Partnership
Sole Trader
Shareholder
Differentiate
The strength and number of competitors operating in a market
Show that a product is different from similar products
Giving a product or service 'personality' with a name
Features of a product
What is the formula for break even
Fixed costs / contribution
Fixed costs / selling price
Variable costs / selling price
Fixed costs / margin of safety
The amount of product sold is known as
profit
sales revenue
sales volume
variable costs
What is the formula for Total Cost
actual or budgeted sales - break even sales
total fixed costs + total variable costs
opening balance + net cash-flow
price x quantity
What is the formula for revenue
total fixed costs + total variable costs
(gross profit/sales revenue) x 100
price x quantity
fixed cost/(sales price - variable cost)
Which one of the following is an internal source of finance?
Loan Capital
Share Capital
Sale of Assets
Crowd Funding
Which one of the following is a limitation of financial data?
The data is available for the whole industry
The data is expensive to buy
The data may be out of date
The data may be in another currency
What is an advantage of an overdraft?
There is never interest
You can pay in smaller installments
Useful for relatively small sums and short term finance
You don't have to pay it back
An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate any pain when shaving. This is an example of a business idea that:
Was developed and delivered to the market quickly
Solved a customer problem
Offered a cheaper way of doing something
Is aimed at a fast growing market
What does USP stands for?
Universal Standard Pilot
Unique Selling Point
United Service Providers
Ultimate Secondary Procedures
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
What is a good reason for having up to date market research?
Markets are dynamic and change all the time
It's harder to make decisions with up to date information
So you can let your manager know what's happening easily
It's someones job to produce it so it'll be up to date
Which one of these is NOT a primary research method?
Questionnaires
Observation
Survey
Government reports
Which would you use to promote customers getting together to talk about a product or service
Survey
Observation
Focus Group
Free meal at the local KFC
