WorksheetsBusiness studies quiz
Total questions: 20
Worksheet time: 10mins
Define scarcity
Shortage of products to fulfill the total wants of the population
Shortage of materials to fulfill the total wants of an individual
People always get enough, that there is never something else that they would like to have
High in supply of product.
Occurs when two businesses join to form a new (but larger) business.
Partnership
Merger
Sponsorship
Licentiateship
Which correct answer leads to a business failure?
Indigent management
Lack of finance
Plan for change
Unlimited trade receivables
What are the two main objectives of a public sector
Profit-making
Offer services
Protect and create employment in certain areas
Reduce cost
Cost advantages that a business can exploit by expanding their scale of production
Economics of scale
Market disequilibrium
Diseconomies of scale
Conglomerate integration
A business owned and controlled by one entity
Lessor
Sole trader
Stakeholder
CEO
Set out the rules according to which a company must be run and administered
Articles of association
Memorandum of association
Separate legal identity
Liabilities
A business whose shares are sellable to the general public
Public limited shares
Public limited company
Franchise
Public sector
A payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset.
Lease liability
Limited liability
Royalty
Separate legal identity
When production is split in different tasks and each worker performs one of these tasks.
Division of labour
Division of capital
Value of outputs
Value of sales
When one company makes a successful bid to assume control of another
Bid
Takeover
Vertical integration
Conglomerate integration
An economy that has a mix of public and private sector
Primary sector
Mixed economy
Economies of scale
Private limited company
Ability of a business to pay back its short term or day to day basis
Liquidity
Technical economics
Vertical integration
Monetary policy
Define legislation
action of making something that previously was illegal permissible by the law
a particular economic activity by reducing tax payments
an amount if money to pay to the government so that it can pay for public services
Monetary charge for the privilege of borrowing money
The act, state or right of possessing something.
Ownership
Debt factoring
Shareholders
Purchasing
The business owners aren't responsible for all the debts of
the business.
Limited liability
Unlimited liability
Organisation whose main/primary
objective is social and any ...
made is reinvested
revenue
profit
expenses
inventories
Not owned and
controlled by the government and do
have to make profit.
Public sector
Private sector
The ... buys the licence to operate this business
from the franchisor.
franchisee
buyer
lessor
sole trader
A product you cannot live without
Air
Wind
Rice
Time
