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WorksheetsT3 Assessment Review
Total questions: 30
Worksheet time: 15mins
Which of the following characteristics does a succesful entrepreneur have? Tick all answers that apply...
Creative / innovative
Willing to take calculated risks
Determined & resilient
Risk averse
Confident & good at communication
Why is it useful to create a business plan when starting a new business? Tick all that apply...
It guarantees the business will succeed
It can help obtain finance from a bank / investors
It helps to identify the resources needed to operate
Undertanding the needs of customers helps the business to make better marketing decisions, thus reduces the risk of failure
Which of the following is a benefit of being a Sole Trader?
The owner has limited liability
Finance can be raised by selling shares to friends and family
The owner has complete control over business decisions
Workload can be shared between the owners
Which of the following is a benefit of being a Partnership?
The partners have limited liability
Finance can be raised by selling shares to friends and family
One person has complete control over business decisions
Each partner can contribute finance and skills to the business
Which of the following is a benefit of setting a business up as a Private Limited Company (Ltd)?
The owners have limited liability
It's the quickest and cheapest type of business to set up
The finances of the business can be kept private
Dividends must be paid to the shareholders
Which of the following is a benefit of setting a business up as a Public Limited Company (plc)?
The owners have unlimited liability
Large sums of finance can be raised by selling shares on the stock exchange
The business can be taken over if someone buys 51% or more of the shares
Members of the public can buy products and services from the business
What does the term unlimited liability mean?
The owners of the business are personally responsible for the debts of the business, and might have to use their own money to pay off debts
The owners are legally seperate from the business
The owners are not personally responsible for paying off the debts of the business with their own money / assets
The owners of the business are entitled to keep all of the profits
Which of the following is an internal stakeholder of a business?
The government
A supplier
A customer
An employee
Why is the government a stakeholder of most businesses?
The government owns all businesses
The government receives dividends from all businesses
The government receives taxes from businesses
The government wants businesses to fail so that unemployment rises
Which of the following are examples of internal (organic) growth? Tick all that apply...
Taking over another business
Developing a wider product range
Attracting more customers through advertising
Opening up new stores in new locations
Which of the following is an example of horizontal growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Which of the following is an example of backward vertical growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Once a job description and person specification has been written, what is the next stage of the of the recruitment process?
The business creates a job description and person specification
The business identifies a human resource need
The business advertises a position
The business shortlists the candidates
Once a human resource need has been identified what is the next stage of the of the recruitment process?
The business creates a job description and person specification
The business identifies a human resource need
The business advertises a position
The business shortlists the candidates
What is the first stage of the recruitment process?
The business creates a job description and person specification
The business identifies a human resource need
The business advertises a position
The business shortlists the candidates
What is external recruitment?
Recruiting from outside the company
Recruiting people who are experienced
Recruiting from current employees
Recruiting from university
Horizontal communication is ...
Communication between two people on the same level within an organisation structure
When communication occurs between staff and customers
Communication between two people on different levels within an organisation structure
The use of digital communication devices to send a message
Select all the advantages of a flat organisational structure.
Decisions can be made more quickly.
Suited to long-term growth and expansion.
Improves speed of communication between employees.
Improves coordination between employees.
Employees tend to become specialized.
Select all the advantages of a tall organisational structure.
It is clear who is responsible for which tasks.
Promotion opportunities are available for employees.
Employees tend to become specialized.
Reduced bureaucracy, making the organisation more adaptable to changes.
Increased cooperation and communication between departments.
Select the correct key term for the following definition:
The route by which instructions and communications flow from the top to the bottom of a business, explaining who is answerable to whom.
Span of control
Delayering
Chain of command
Delegation
Subordinates
In a centralised structure, business decisions are made by senior managers, or in a head office, and distributed down the chain of command. They are often used in retail chains.
True
False
In a decentralised structure, business decisions are made by managers and subordinates further down the chain of command. They are often used by fast-food franchises, where each restaurant or take away outlet is responsible for managing its own operations.
True
False
Select all the potential barriers to effective communication.
Poor explanations and lack of understanding.
Poor spelling and grammar
Use of jargon, technical language or slang.
Technology Issues
Poor structuring of information
___________________________ is the degree to which employees are able to make decisions about their day-to-day roles.
Retention
Job enrichment
Productivity
Autonomy
Which of the following is NOT usually considered a personal source of finance.
Savings
Redundancy payments
Crowdfunding
Credit card
Holder of stocks can earn income in the form of ______________.
Dividends
Interest
It specifies the money business current state regarding its assets , liabilities, and owner's equity
equity
ledger
balance sheet
paper sheet
