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First Day Review Quiz

Total questions: 100

Worksheet time: 53mins

Name
Class
Date
1.

which of the following is a feature of a public corporation

a)

It is owned by the board of directors

b)

It is funded by the government

c)

it aims to maximise profits

d)

it is not accountable to anyone

2.

The transfer of public sector resources to the private sector is called what?

a)

Nationalisation

b)

Rationalisation

c)

Segmentation

d)

Privatisation

3.

What is an appropriate form of business for a self employed taxi driver

a)

Multinational

b)

Public Limited Company

c)

Sole Trader

d)

Cooperative

4.

'Place' is the same as location

a)

True

b)

False

5.

The primary function of the wholesaler is to break bulk for the retailer.

a)

True

b)

False

6.

A negative effect of globalization is _________.

a)

a.better jobs

b)

b. the ability to communicate with people all over the world

c)

c. technology

d)

d. loss of jobs

7.
Globalisation is good because of an ________________ in standard of living , but is bad because there is a _____________ in local cultures and traditions
a)
increase / decrease
b)
decrease / increase
c)
increase / increase
d)
decrease / decrease
8.

An economic term that describes people who do one job using the resources they have.

a)

Fair trade

b)

commodity

c)

specialization

d)

infrastructure

9.

Which might be one of the opportunities to businesses arising from globalization?

a)

Protection from international takeovers

b)

Lower level of inflation

c)

an improvement in product quality

d)

Lower cost due to economies of scale

10.

A fast method of growth is a key advantage for which business structure?

a)

Franchisor

b)

Partnership

c)

Franchisee

d)

Social Enterprise

11.

Which of the following is a disadvantage of a private limited company?

a)

Shareholders have limited liability

b)

Owners have to share the profit with outsiders

c)

It can take time to transfer shares to a new owner

d)

Control could be list to outsiders

12.
An objective of a sole trader is
a)
to sell more shares on the stock market
b)
to increase the dividend given to investors
c)
to survive in tough economic times
d)
to maximise the amount of loans they can receive
13.
It is easier to raise finance in a partnership because
a)
the partners have more personal wealth than a sole trader
b)
all the partners will invest a certain amount in the business
c)
the bank will give a partnership lower interest rates for all loans
d)
partnerships are the only type of business that can receive grants
14.
A mortgage is a source of finance needed if the firm is buying
a)
equipment
b)
premises
c)
shares
d)
stock
15.

which of the following might cause business objectives to change over time?

a)

Technological Development

b)

A rise in price of shares

c)

Following the introduction of a new accounting system

d)

A change in weather patterns

16.

Which of the following is likely to be an objective of a public sector organisation?

a)

Increase profit by 5% in next financial year?

b)

Survival

c)

Increase revenue by 20% over a three-year period.

d)

Improve the quality of customer service.

17.
In which scenarios is location nearest to reliable suppliers likely to be most important?
a)
a manufacturing firm using Just-in-Time stock policies
b)
a bank with many personal and business customers
c)
a farmer raising sheep for meat production
d)
a specialist clothes designer who uses job production
18.
If a business is located in the wrong area then it is likely to experience:
a)
low costs of production
b)
low inefficiency
c)
low break-even point
d)
low profits.
19.
In a deprived area, what would attract a business? 
a)
Government Grants 
b)
Availability of labour 
c)
Advice and Support 
d)
Cost of stock 
20.

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

a)

Store

b)

Workplace

c)

Restaurant

d)

Market

21.

Diseconomies of scale might arise because

a)

firms spend money on new technology which leads to lower average costs.

b)

decision-making by management becomes more difficult in larger firms.

c)

workers are more likely to be productively efficient in larger firms.

d)

larger firms can buy in bulk.

22.

Total costs are...

a)

the amount of money spent setting up a business

b)

money spent on a regular basis to keep a business running

c)

Fixed Costs + Variable Costs

d)

costs which change with output

23.

Revenue is

a)

price x output (sales)

b)

price x costs

c)

Fixed costs x variable costs

d)

Price x breakeven

24.

The table below gives information about Business A. Based on this information, Business A’s total fixed costs are:

a)

£10,000

b)

£30,000

c)

£40,000

d)

£70,000

25.

Price skimming is often used for products with high research and development costs.

a)

True

b)

False

26.

Promotional pricing is most often used when

a)

introducing a new product to the market

b)

building an image of high quality

c)

marketing innovative products

d)

clearing unwanted stock

27.

Which of the following is NOT a limitation of cost-plus pricing?

a)

Each product earns a profit for the business

b)

The business could lose customers if the selling price is higher than competitors' prices

c)

There is no incentive for the business to become more efficient

d)

An overall profit will only be made if enough units are sold

28.

Psychological pricing is

a)

a price set just above a whole number

b)

a price set just below a whole number

c)

a price set to give the perception of the product being much more expensive that it really is

d)

a price set to get customers to buy the product as a status symbol

29.

Knowledge of price elasticity of demand (PED) is important to businesses because it allows them to make informed (and possibly better) choices about the prices of their products.

a)

True

b)

False

30.
What is an advantage of a bank loan?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
31.
An unsecured loan issued by a company backed by general credit rather than specified assets.
a)
Debentures
b)
Bonds
c)
Loan Capital
d)
Grants
32.
The credit extended to you by suppliers who let you buy now and pay later.
a)
Trade Credit
b)
Loan Capital
c)
Visa
d)
Retained Profit
33.
A fund tied to a bank account that can be used to cover a deficit in the account.
a)
Mommy
b)
Overdrafts
c)
Daddy
d)
Coverdrafts
34.
This is the finance that is used to buy fixed assets like Machinery, equipment and buildings.
a)
Revenue Expenditure
b)
Capital Expenditure
c)
Fixed Costs
d)
Semi- Variable Costs
e)
Indirect Costs
35.
This involves a contract with a finance company to acquire, but not necessarily to purchase, assets over the medium term.
a)
Leasing
b)
Overdrafts
c)
Micro-Finance
d)
Debt Factoring
e)
Loan Capital
36.
This is the amount of money available for the day-to-day running of a business.
a)
Venture Capital
b)
Working Capital
c)
Share Capital
d)
Loan Capital
e)
Microfinance
37.

A break even chart does not show what?

a)

the margin of safety

b)

how much output a business has to produce to break even

c)

how much money a business will make at the break even point

d)

costs, revenue and profit at different levels of output

38.

Which of the following has the highest position in the company?

a)

Regional Manager

b)

Directors

c)

CEO

d)

workers

39.

Which does NOT tell about the advantage of having a short chain of command?

a)

Communication is quicker

b)

Top managers are less remote from the lower level of the hierarchy

c)

Span of control will be wider

d)

If people will have more people to manage it will encourage managers to delegate more.

40.

Which describes "chain of command"?

a)

it allows instructions to be passed down

b)

it is the number of subordinates

c)

refers to the levels of management and division of responsibilities

d)

It is the enjoyment derived frin that feeling you have done a good job

41.

It is the enjoyment derived from feeling that you have done a good job.

a)

job satisfaction

b)

job enlargement

c)

job enrichment

d)

job rotation

42.

It is another word which means non-financial motivators

a)

salary

b)

profit sharing

c)

fringe benefits

d)

appraisal

43.

Which of the following does NOT belong to the "hygiene" factors of Herzberg's theory?

a)

recognition

b)

salary

c)

work condition

d)

relationship and supervisors

44.
a business plan 
a)
is useful once your business is operational but not much help during the startup phase
b)
is not usually needed to secure financing in your business
c)
can serve as a tool for managing your business once it is up and running
d)
All of the above
45.

People who are part owners of a company are known as...

a)

Stakeholders

b)

Shareholders

c)

Customers

d)

People

46.

A custom guitar shop will almost definitely need to use which method of production?

a)

Job production

b)

Batch production

c)

Flow production

d)

Process production

47.

Which of these would most likely result in a *decrease* in average labor productivity?

a)

Motivating employees

b)

Hiring more employees

c)

Training employees

d)

Purchasing more machinery

48.

What's ethics all about?

a)

An ethnic minority

b)

A person who's a bit daft

c)

Morally correct behavior

d)

Making lots of money out of customers, bleeding them dry!

49.
Which of the following best describes quality?
a)
The service provided to a customer before, during and after purchasing.
b)
Products being made to a high standard to meet customer needs.
c)
A high level of productivity.
50.
What is customer service?
a)
The service provided to customers before, during and after purchasing a product
b)
When a business meets customer needs
c)
A method of production
51.

When products are checked at each stage of production, what is this an example of?

a)

Quality Control

b)

Quality Circles

c)

Quality Assurance

52.

When products are checked at the end of the production process this is called

a)

Quality Assurance

b)

Quality Circles

c)

Quality Control

53.
What is the best methods of improving quality
a)
Expansion
b)
Lowering costs
c)
Staff and Management Training
54.
what is unlimited liability?
a)
Personal possessions CAN be taken to repay a debt
b)
Personal possessions CANNOT be taken to repay a debt
55.

Which of the following is not an indication fo the maturity stage of the produce life cycle?

a)

Large continual growth

b)

The threat of future business stagnation

c)

The need to maintain focus and direction

d)

Levelling off of growth to a more steady level

56.

Which of the following are not internal stakeholders?

a)

Owners

b)

Employees

c)

Management

d)

The environment

57.
In business there are 2 main types of costs. F__________ and V_________ Costs. 
a)
Fixed, Variable
b)
First, Varied
c)
Fine, Varied
d)
Fixed, Varied
58.
Name the four elements of the Marketing Mix? 
a)
Product, price, promotion, place
b)
Product, price, promotion, people
c)
Product, price, promotion, packaging
d)
Product, price, postage, people
59.
What is unemployment?
a)
The figure the government uses to compare people out of work
b)
When a person is available to work, is looking for work, but has no work
c)
When someone doesn't have a job
d)
Students
60.
What is Primary Research?
a)
Primary Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
c)
Primary Research involves gathering existing data that has already been produced. For example, researching the internet
d)
Primary Research involves gathering existing data that has already been produced. For example, researching company reports.
61.
What is Secondary Research?
a)
involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
62.

A brand is

a)

A sign or symbol

b)

An image

c)

A named product that is seen as different to other products

d)

A combination of letters and images

63.

A benefit to a business of introducing lean production methods is that:

a)

Unit costs should be minimised in the long term

b)

New processes will be easily implemented

c)

Training costs will be low

d)

All staff will be happy to take on additional responsibilities

64.

Which of the following stock control methods would involve frequent deliveries?

a)

Flow production

b)

Just in case

c)

Job production

d)

Just in time

65.

Total quality management aims to:

a)

Give production line staff minimal say in the level of quality standards

b)

Check quality standards at the end of the production line

c)

Ensure that quality is the responsibility of everyone in an organisation

d)

Ensure a single person/single team is responsible for quality

66.
"E-Marketing" is the practice of marketing...
a)
online
b)
in person
c)
door to door
67.

Which of the following is a major disadvantage associated with the collection of primary data in the course of marketing research?

a)

it provides the most recent data possible

b)

it is typically expensive

c)

it allows for secrecy from competitors

d)

it fits the firm's marketing needs well

e)

data collection is rapid

68.

Which data is less expensive to obtain?

a)

Primary Data

b)

Secondary Data

69.

I feel very secure in my role. I think there is little chance I would lose my job

a)

Esteem

b)

Love and belongingness

c)

Safety and security

d)

Physiological

70.

My salary is just enough for me to live on

a)

Esteem

b)

Physiological

c)

Self-actualization

d)

safety and security

71.

Which is the third step of the pyramid?

a)

Esteem

b)

Love and belongingness

c)

Self-actualization

72.
The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the: 
a)
Balance Sheet
b)
Statement of Retained Earnings
c)
Statement of Cash Flows
d)
Income Statement
73.
If total expenses exceed total revenue, a net loss is reported
a)
True
b)
False
74.
Examples may include salaries, utilities, rent, insurance, and office supplies.
a)
Revenue
b)
Expense
c)
Net Income
d)
Net Loss
75.
The sources of money generated by the sale of products or services.
a)
Revenue
b)
Expenses
c)
Net Income
d)
Net Loss
76.
Assets = Liabilities + Equity
a)
Balance Sheet
b)
Income Statement
77.

What a company owes to creditors:

a)

Assets

b)

Liabilitites

c)

Equity

78.
You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at:
a)
Income Statement
b)
Assets
c)
Revenues
d)
Balance Sheet
79.

The gross profit margin ratio is calculated by dividing:

a)

Profit by sales

b)

Profit by shareholders’ equity

c)

Gross profit by sales

d)

Sales by cost of sales

80.
Financial ratios that tell how well a company can pay off its short-term debts and meet unexpected needs for cash.
a)
liquidity ratios
b)
efficiency ratios
c)
leverage ratios
d)
profitability ratios
81.
Financial ratios that tell how much of each dollar of sales, assets, and owner's investments resulted in net profit.
a)
liquidity ratios
b)
efficiency ratios
c)
profitability ratios
d)
leverage ratios
82.
The difference between current assets and current liabilities at a point in time. The amount of money that would be left over if all the current liabilities were paid off by current assets. 
a)
current ratio
b)
working capital
c)
acid test/ quick ratio
d)
asset turnover ratio
83.

What is the formula for Gross Profit Margin

a)

Profit / Net sales revenue X 100

b)

Gross profit / Net sales revenue X 100

c)

Gross profit / Sales revenue X 100

d)

Profit / Cost of sales X 100

84.

Standard Current Ratio

a)

1:1

b)

2:1

c)

1:2

d)

2:2

85.
How can a business improve the Gross Profit Margin?
a)
Finding a cheaper supplier
b)
Lowering wages
c)
Lowering the cost of electricity
d)
All of the above are correct
86.
What is a current liability?
a)
Something a firm owns that can be turned into cash <1 year.
b)
Something a firm owns that can be turned into cash >1 year.
c)
Something a firm owes that must be paid <1 year.
d)
Something a firm owes that must be paid >1 year.
87.
What is removed from the current ratio to make it an acid test ratio?
a)
Stock
b)
Debtors
c)
Creditors
d)
Bank
88.

Division of labor can be defined as

a)

Workers specialize on just one task and become better at it

b)

Workers become specialist in all jobs

c)

All firms only have one worker

d)

No workers are employed as machines always do all the work

89.

The next best alternative given up by choosing another item is the definition of?

a)

Scarcity

b)

Opportunity cost

c)

Purchase

d)

Business activity

90.

The perfect way of comparing the size of business is ________.

a)

value of sales

b)

Value of output

c)

value of capital employed

d)

None

91.

What is the main disadvantage of setting up as a Sole Trader?

a)

Costly

b)

Takes a long time

c)

Unlimited liability

d)

Need to sign a contract

92.

'Place' is the same as location

a)

True

b)

False

93.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

94.

Which of the following statements about business plans is TRUE?

a)

Business plans eliminate risk to lenders

b)

Business plans reduce risk to lenders

c)

Business plans increase risk to lenders

d)

Business plans have no impact on risk to lenders

95.

what is the most appropriate form of business for a multinational operator

a)

Partnership

b)

Public Corporation

c)

Public Limited Company

d)

Social Enterprise

96.

which of the following businesses operate in secondary sector

a)

Santander Bank

b)

Qatar Airways

c)

Ford Motor Company

d)

McDonalds

97.

Which situation will result in greater efficiency?

a)

The same output is achieved with fewer inputs.

b)

The same input is needed for fewer outputs.

c)

Fewer inputs are needed to produce fewer outputs.

d)

More inputs are needed to achieve the same output.

98.

Price skimming is often used for products with high research and development costs.

a)

True

b)

False

99.

Which of the following is NOT a benefit of using price skimming?

a)

It helps to portray a premium image

b)

it helps to get back money spent on research and development

c)

It might not suit customers who make value-for-money decisions

d)

It allows the business to make profits before other businesses enter the market

100.

All of the following are external people who would be interested in knowing the financial position of a business except..

a)

creditors

b)

banks

c)

employees

d)

competitors

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