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AQA A level Business Revision for L6 Mocks

Total questions: 73

Worksheet time: 54mins

Name
Class
Date
1.
A business aim...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
2.
A business objectives are...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
3.
A mission statement...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
4.
Which of the following is the best definition of REVENUE?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has LEFT over after paying for their costs.
c)
The total amount of money a business spends.
d)
The amount of money a business loses every month.
5.
Which of the following is the best definition of PROFIT?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for their costs.
c)
The total amount of money a business spends.
6.
Which of the following is the best definition of COSTS?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for materials.
c)
The total amount of money a business spends.
7.
Which of the following is the equation for figuring out PROFIT?
a)
Profit = Revenue - Cost
b)
Profit = Cost - Revenue
c)
Revenue = Profit - Cost
d)
Costs = Profit - Revenue
8.
Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total REVENUE?
a)
$25
b)
$225
c)
$375
d)
$750
9.
Your business rents a building on Main Street in Cedar Falls.  Every month you pay exactly $750 to rent the building.  This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
10.
If you own a home, you must pay for electricity you use.  The amount you pay changes every month depending on how much you use. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
11.
You have a straight-talk cell phone plan.  This means that your cell phone bill is always changing depending on how many texts you send, how much internet you use, and how many calls you make.  This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
12.
Eric wants to start being an Uber driver in the Waterloo/Cedar Falls area.  Eric knows that he can make $30 per Uber ride he gives. Eric owns his own car, so his only expense is to pay $5 in gas for every ride he gives.  Eric gives 15 rides this week, his PROFIT for the week will be...
a)
$30
b)
$75
c)
$375
d)
$450
13.

In partnership, partners liabilities are

a)

Limited

b)

Unlimited

c)

Limited to the capital invested

d)

Limited to the amount mentioned

14.

Private Limited Companies have

a)

Limited Liability

b)

Unlimited Liability

15.

Sole Traders, Partnerships and Private Limited Companies are in which sector of the Economy?

a)

Private Sector

b)

Public Sector

c)

Third Sector

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 of the following is an advantage of operating a large established business as a corporation?

a)

Shares can be sold to the public to raise additional finance

b)

Financial accounts are published

c)

Shares can only be sold to invited investors to raise finance

d)

Owners have unlimited liability

18.

A ____ is a person, group or organisation who can affect by an organisations actions.

a)

shareholder

b)

stakeholder

c)

employee

d)

conglomerate

19.

Groups outside a business that have an interest in its activities = ???

a)

External stakeholders

b)

Internal shareholders

c)

Internal stakeholders

d)

External shareholders

20.

The majority of shareholders are only interested in maximising _____

a)

employment

b)

stakeholder value

c)

shareholder value

d)

inflation

21.

Shareholders own ___ in a company through the purchase of shares.

a)

resources

b)

assets

c)

equity

d)

profit

22.

A shareholder’s perspective differs from that of a stakeholder in that their interests are mostly related to

a)

environmental issues

b)

profitability

c)

the threat of new entrants

d)

product quality

23.

Benefit directly from increases in the value of the business = ???

a)

Shareholders

b)

Lenders

c)

Stakeholders

d)

Pressure groups

24.

____ argues that businesses should take account of its responsibilities to stakeholders rather than just focus on shareholders.

a)

The profit concept

b)

The consumer concept

c)

The shareholder concept

d)

The stakeholder concept

25.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

26.

The business cycle is made up of how many phases?

a)

5

b)

4

c)

3

d)

2

27.

increase in the key measurements of aggregate economic activities such as employment, sales and income resulting in a rise in productivity; also known as expansion or recovery

a)

Peak

b)

Recession

c)

Growth

d)

Business Cycle

28.

period in which business activity has reached a maximum

a)

Peak

b)

Recession

c)

Growth

d)

Business Cycle

29.

two consecutive quarterly declines in gross domestic product; also known as contraction

a)

Trough

b)

Recession

c)

Growth

d)

Business Cycle

30.

lowest levels experienced during a recession; accounts for the least amount of output and employment

a)

Trough

b)

Recession

c)

Growth

d)

Business Cycle

31.
Deciding how much to charge for goods and services.
a)
Marketing
b)
Goods
c)
Pricing
d)
Selling
32.
Deciding on how goods get into customers’ hands.
a)
Selling
b)
Distribution
c)
Pricing
d)
Product service management
33.

What type of correlation does the graph show?

a)

Positive Correlation

b)

Negative Correlation

c)

No Correlation

34.

What type of correlation does the graph show?

a)

Positive Correlation

b)

Negative Correlation

c)

No Correlation

35.

What type of correlation does the graph show?

a)

Positive Correlation

b)

Negative Correlation

c)

No Correlation

36.

Would you have to interpolate or extrapolate information in order to answer the following question: What would temperature be at 6 minutes?

a)

extrapolate

b)

interpolate

37.
This means to predict a value outside the known values on a graph.
a)
trend line
b)
interpolation
c)
extrapolation
d)
causation
38.

For normal goods, YED will typically be......

a)

Positive

b)

Negative

c)

None of the above

d)

Both of the above

39.

For inferior goods, YED will typically be......

a)

Positive

b)

Negative

c)

None of the above

d)

Both of the above

40.

For luxury goods, YED will typically be......

a)

Positive

b)

Negative

c)

None of the above

d)

Both of the above

41.
What is the definition for income elasticity of demand?
a)
The resposiveness of demand to a change in price.
b)
The responsiveness of demand to a change in income.
c)
The un-resposiveness of demand to a change in price.
d)
The un-responsiveness of demand to a change in income.
42.

Negatively inelastic goods are usually inferior

a)

True

b)

False

43.

Select the correct YED

a)

0

b)

0.5

c)

1

d)

-0.3

44.

What type of good is this shoe?

a)

Necessity

b)

Inferior

c)

Sticky

d)

Luxury

45.
___________ is a method used to identify customers with similar wants and needs.
a)
Selling
b)
Planning
c)
Market Segmentation
d)
Sales pitch
46.
Which market segmentation method is selected when classifications of age, gender, income, or family size is utilized.
a)
Behaviorial
b)
Psychographic
c)
Demographic
d)
Geographic
47.

Type of promotion that encourages a consumer to be a repeat buyer of a product, service or brand.

a)

trending concept

b)

a name brand or logo

c)

A reader board

d)

loyalty program

48.

The process of dividing a market of potential customers into groups based on different characteristics is called

a)

Market Segmentation

b)

Market Analysis

c)

Demographics

d)

Consumer identification

49.

What is a niche market?

a)

A market in which businesses sell to a large customer group with similar needs.

b)

A market in which businesses sell to a variety of customers.

c)

A market in which businesses sell to a small customer group with specific needs.

d)

A market in which businesses sell one product to many consumers.

50.

What is a mass market?

a)

When a business sells different products to all consumers and markets them in the same way.

b)

When a business sells the same products to all consumers and markets them in a different way.

c)

When a business sells different products to all consumers and markets them in a different way.

d)

When a business sells the same products to all consumers and markets them in the same way.

51.

Which one of the following is a disadvantage of a mass market?

a)

Higher revenues can be spent on R+D

b)

Homogenous products need to be differentiated through marketing which can be expensive.

c)

Mass marketing is straightforward as everyone is equally targeted.

d)

Large scale productions means economies of scale and lower average unit costs.

52.

A _____ is a particular group of consumers at which a product or service is aimed.

a)

target market

b)

differentiated offering

c)

pro forma

d)

patent

53.

Members of a target market have similar _______.

a)

wants

b)

needs

c)

interest

d)

wants, needs, & interest

54.
The product life cycle shows the different stages that a product passes through and sales that can be expected at each stage
a)
True
b)
False
55.
What is happening at point F on the Product Life Cycle?
a)
Introduction
b)
Decline
c)
Maturity
d)
Growth
56.
Which of these are extension strategies of a product?
a)
Cut price
b)
Modify the product
c)
All of these
d)
Special Offers
57.
Which of these comments is most suitable for Growth?
a)
Heavy investment but no sales
b)
Sales are likely to be low as the product is new to the market
c)
Revenue is increasing as the product gains popularity
d)
Likely to be characterised as a dog in the Boston Matrix
58.
Costs are incurred e.g. building new production lines, promotion and distribution costs. Likely the product will still not be profitable. The length of this stage will vary.
a)
Maturity
b)
Growth
c)
Introduction
d)
Decline
59.

One limitation of the Bostrix Mix is ... ?

a)

A Cash Cow will not be profitable

b)

It is easy to measure market share

c)

Firms cannot invest in Dogs

d)

High market share might not mean high profits

60.

One limitation of the Bostrix Mix is ... ?

a)

A Cash Cow will not be profitable

b)

It is easy to measure market share

c)

Firms cannot invest in Dogs

d)

High market share might not mean high profits

61.

Which category in the Boston Matrix is for the least successful product?

a)

Cash Cows

b)

Stars

c)

Decliners

d)

Dogs

62.

Products in which two categories of the Boston Matrix are most likely to generate positive cash flows?

a)

Stars and Cash Cows

b)

Cash Cows and Dogs

c)

Dogs and Stars

d)

Problem Children and Stars

63.

The Boston Matrix is used to help a firm manage its ... ?

a)

Cash Flow

b)

Product Portfolio

c)

Organisational structure

d)

Share Price

64.

What are the two dimensions that are used to determine the position of a product or brand in the Boston Matrix?

a)

Share price & market share

b)

Selling price & market demand

c)

Market share & Market growth

d)

Sales & Profits

65.

A product with a high share of a mature market would be classified as a ... ?

a)

Problem Children

b)

Cash Cow

c)

Star

d)

Dog

66.

A benefit of using the Boston Matrix to make decisions is that it may help a business ... ?

a)

Get rid of employees who are not needed

b)

Launch products before they are ready

c)

Save money on budgeting

d)

Focus on products with the most potential

67.

Examples of e-markets include:

a)

Hair dressing

b)

Retailing

c)

Dental services

d)

Banking

68.

Common features of e-commerce include:

a)

Global reach

b)

Product development

c)

24/7 accessibility

d)

Economies of scale

69.

Advantages of e-commerce include:

a)

There is no guarantee of product quality

b)

More reach to customers, there is no theoretical geographic limitations

c)

Mechanical failures can cause unpredictable effects on the total processes.

d)

Easy to start and manage a business

70.

Disadvantages of e-commerce include:

a)

No need of physical company set-ups

b)

Customers can easily select products from different providers without moving around physically

c)

Any one, good or bad, can easily start a business. And there are many bad sites which eat up customers’ money

d)

There are many hackers who look for opportunities, and thus an ecommerce site, service, payment gateways, all are always prone to attack

71.

Which products may not be suitable for e-commerce?

a)

Automobiles

b)

Diamonds

c)

Toys

d)

Clothes

72.

e-commerce business conducted directly for the end-user

a)

B2B

b)

B2C

c)

C2C

73.

e-commerce conducted directly for business customers

a)

B2B

b)

B2C

c)

C2C

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