WorksheetsBusiness Studies quiz 23-24 Naser Ali
Total questions: 40
Worksheet time: 28mins
Question from 1- 6 (Half Mark Each) 3 pt.
Fill in the blanks.
(a) is the most likely reason for owners wishing to expand their businesses?
Fill in the blanks.
If one worker is absent from the production line and no one else can do their job, this is a disadvantage of (a)
Fill in the blanks.
The Economic problem means (a)
Fill in the blanks.
A business that makes ice cream buys ingredients at a cost of $1 per ice-cream. It spends $1000 on expenses and $200 per day on wages. The ice creams sell for $4 each and the business makes 1000 ice creams per day. (a) is the added value of each ice cream.
Fill in the blanks.
A developed country usually has a small percentage of the population working in the
(a)
Fill in the blanks.
Governments support business start-ups to (a)
Land, labor, capital, and enterprise are collectively known as .........................
Goods and services
Business cycle
Factors of production
Output
Which of the following is not an effective way of measuring the size of a business?
Value of capital employed
Profit level
Number of employees
Value of sales
All of the following are likely to be included in a business plan for a new business, except:
market research data
details of the business owners
financial forecasts
accounts from previous years
In a mixed economy, which of the following groups of industries is most likely to be controlled or owned by the government?
Hotels and restaurants
Health and public transport
Building and taxi services
Food shops and farming
In many developed economies, there has been a shift in employment from the primary and secondary sectors to the tertiary sector. This shift is known as:
Industrialization
Deindustrialization
Mechanization
Outsourcing
In many developing countries, the primary sector plays a significant role in the economy due to:
A focus on agriculture and extraction industries
Advanced service industries
Government regulations
High-tech manufacturing
Which of the following activities belongs to the primary sector of the economy?
Providing healthcare services
Retailing clothing
Growing wheat
Manufacturing automobiles
Which one of the following businesses would you classify as being in the secondary sector of industry?
Oil exploration company
Family run farm business
Taxi operating business
Shoe manufacturer
The tertiary sector of the industry tends to be the most important sector in high-income (most
developed countries because:
agricultural output is more important than services
as consumers have little money to spend they use most of their income to buy manufactured goods
most workers are employed in manufacturing products in these countries
as consumers’ incomes are high they spend more on services such as hotels and leisure
The primary stage of production is concerned with:
transporting goods to the final consumer
converting natural resources into finished goods
providing services to consumers and industry
growing crops and extracting the earth’s natural resources
What is an 'entrepreneur'?
A person in charge of the business strategy.
person who lends the funds to set up a new business venture.
A person who organizes, operates, and takes the risk of a new business venture.
A group of people in charge of creating the business plan of a new venture.
What is 'added value'?
is the difference between the selling price of a product and the cost of bought-in materials and components.
is the next best alternative given up by choosing another item.
is the lack of sufficient products to fulfill the total wants of the population.
It's a good or service essential for living.
The division of labor can be defined as:
No workers are employed as machines always do all the work.
Workers specialize in just one task and become better at it.
All firms only have one worker
Workers become specialists in all jobs.
Which of the following is not a factor of production?
a play station
factory buildings
oil reserves
skilled labour
Which of these is the best definition of the ‘economic problem’?
People do not have enough money.
There are not enough resources to satisfy people’s wants.
There are too many factors of production.
The amount of something produced by a person, machine, or industry.
When "wants are greater than the resources available to satisfy them," it is called.
Scarcity
Needs
Opportunity Cost
None of these answers
The opportunity cost is the value of the _______ that had to be given up f the alternative that was chosen.
everything except the item that was chosen.
the least important alternative
the next best alternative
all the items
Privatization leads to......
Lower productivity and lower profit
Higher productivity and lower profit
Higher productivity and higher profit
Lower productivity and higher profit t through increase in efficiency
What is the definition of Revenue?
Income from the sales of goods and services
Income from the cost of goods and services
The money made on products.
Cash coming into the business from suppliers and customers.
What is the formula for Profit?
Revenue - Sales
Revenue - Costs
Revenue - Fixed Costs
Revenue - Gross Profit
A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made?
A £50 profit is made
A £20 profit is made.
A £20 loss is made.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
The number of people employed and the value of...............................are two ways of measuring the size of a business.
expenses
shares
output
profit
Ophelia opens new shops around the country - what kind of growth is this?
Internal
External
Expansion of a business by means of opening new branches, shops or factories.
External
Internal
HORIZONTAL integration occurs when...
firms in the same industry and at the same stage of the production process combine to form a larger business.
when a firm expands by combining with an existing business in the same industry but at a different stage of the production process
Involves takeover or merger with another firm in an unrelated industry.
Vertical integration occurs when...
firms in the same industry and at the same stage of the production process combine to form a larger business.
when a firm expands by combining with an existing business in the same industry but at a different stage of the production
Involves take over or merger with another firm in an unrelated industry.
The advantage of a person becoming an entrepreneur is:
more money'll always be earned than working for an employer
there is more independence than when working for an employer
Less risk of business failure
no oppotunity cost involved in becoming anentepeneur
employees might measure the success of a business by looking at
dividend growth
turnover
job security
net profit margin
Iron, minerals, coal and plants are examples of which productive resource?
land
labor
entrepreneurship
capital
Difference between wants and needs and available resources
Economy
Factors of Production
Resources
Scarcity
In a mixed economy who is in charge?
Government
Individuals
Government and Individuals
2 Mark.
How might added value be increased?
Case Study: 5 marks.
Your government is considering the privatization of your country’s postal service. You decide to write to the government minister in charge, explaining your views on this matter and stating your opinion.
Your letter should contain:
* an explanation of the difference between private-sector businesses and public-sector businesses
* the possible benefits of the postal service being in the private sector
* the possible disadvantages of the postal service being in the private sector
= your recommendation to the minister on whether to keep the postal service in the public sector or not.
