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IGCSE Business - Exam Preparation Mega Quiz

Total questions: 100

Worksheet time: 31mins

Name
Class
Date
1.
Which entrepreneurial quality is being described? "Coming up with new, unique ideas for products or services."
a)
Innovative
b)
Risk Seeking
c)
Hard Working
d)
Strong Leadership
2.
Which entrepreneurial quality is being described? "Having the willingness to take chances and embrace uncertainty in business endeavors."
a)
Good at networking
b)
Multi skilled
c)
Risk Seeking
d)
Results driven
3.
Which entrepreneurial quality is being described? "Dedicating a significant amount of time and effort to achieve business goals."
a)
Initiative
b)
Hard Working
c)
Smart
d)
Strong communicator
4.
Which entrepreneurial quality is being described? "Displaying the ability to guide and influence others effectively."
a)
Self-confident
b)
Determined
c)
Organised
d)
Strong Leadership
5.
What is the primary feature of limited liability in a business organization?
a)
Protection of personal finances
b)
Tax benefits
c)
More famous
d)
Lower costs
6.
Which feature is associated with a private limited company?
a)
Unlimited number of shareholders
b)
Widespread public ownership
c)
Government control
d)
Able to maintain control of the business
7.
What distinguishes a public limited company from other business structures?
a)
Widespread share ownership
b)
Unlimited liability for shareholders
c)
Small number of shareholders
d)
Exclusively local operations
8.
What is a notable advantage of being a private limited company?
a)
Limited liability for shareholders
b)
Easier access to public sector
c)
Greater access to government contracts
d)
Enhanced privacy of financial information
9.
What advantage is typically associated with being a public limited company?
a)
Easier access to public sector
b)
Selling shares publicly to generate capital
c)
Lower operational costs
d)
Total control of the business
10.
What is one of the primary objectives of a public sector corporation?
a)
Maximizing profit for shareholders
b)
Achieving market dominance
c)
Providing essential public services
d)
Generating revenue through IPOs
11.
Which motivation theory emphasizes the importance of job enrichment and the satisfaction of higher-level needs for employee motivation?
a)
Herzberg's Two-Factor Theory
b)
Taylor's Scientific Management
c)
Maslow's Hierarchy of Needs
d)
McGregor's Theory X and Theory Y
12.
What is delegation in a business context?
a)
The process of centralizing decision-making authority
b)
The act of micromanaging employees' tasks
c)
The assignment of tasks and responsibilities to others
d)
A system for tracking employee attendance
13.
What does the term "chain of command" refer to in an organization?
a)
The order in which employees receive their salaries
b)
The flow of communication and authority from top to bottom
c)
A set of office rules and regulations
d)
A method for calculating employee performance ratings
14.
What is one advantage of hiring part-time staff for a business?
a)
Greater availability for extended working hours
b)
Lower cost of benefits and compensation
c)
Higher level of job security
d)
Enhanced team cohesion and collaboration
15.
What is a key benefit of employing full-time staff in an organization?
a)
Reduced labor costs
b)
Flexibility in scheduling and staffing
c)
Long-term commitment and loyalty
d)
Lower recruitment and training expenses
16.
What does on-the-job training involve in a workplace?
a)
External workshops and seminars
b)
Learning through hands-on experience at the actual workplace
c)
Classroom-based instruction away from the job site
d)
Self-paced online courses
17.
How is off-the-job training typically conducted?
a)
Practical training within the workplace
b)
Mentoring and coaching by experienced colleagues
c)
Training programs conducted outside the regular work environment
d)
Continuous learning through daily job tasks
18.
What is one of the key benefits of employee training for a business?
a)
Increased turnover rates
b)
Decreased employee satisfaction
c)
Improved skills and productivity
d)
Higher resistance to organizational change
19.
What communication barrier is this an example of: Difficulty in understanding certain messages due to cultural norms.
a)
Language/jargon
b)
Emotion
c)
Culture
d)
Technical problems
20.
What communication barrier is this an example of: Using very technical terms and difficult language that may not be understood by everyone in the team.
a)
Method
b)
Technical problems
c)
Language/jargon
d)
Lack of feedback
21.
What communication barrier is this an example of: Inability to hear important information due to loud machinery or crowded surroundings?
a)
Lack of feedback
b)
Culture
c)
Noisy environment
d)
Amount
22.
Why is product development considered crucial for a business?
a)
To minimize competition
b)
To reduce customer loyalty
c)
To adapt to changing market demands
d)
To increase advertising expenses
23.
How does cost plus pricing determine the selling price of a product?
a)
Setting prices based on competitors' pricing
b)
Adding a fixed percentage to the production cost
c)
Matching the market demand with variable costs
d)
Reducing prices to increase market share
24.
What is the primary objective of competitive pricing in business?
a)
Maximizing profit margins
b)
Setting prices based on production costs
c)
Matching or beating competitors' prices
d)
Implementing premium pricing strategies
25.

What is a characteristic feature of flow production in manufacturing?

a)

Small-scale production runs

b)

Customization of products

c)

Continuous and standardized production process

d)

High level of skilled labor involvement

26.

What defines job production in manufacturing?

a)

Mass production of identical products

b)

Continuous and standardized production process

c)

Tailoring products to individual customer requirements

d)

Minimal flexibility in production schedules

27.

What distinguishes batch production as a manufacturing process?

a)

Continuous and standardized production process

b)

The ability to produce a wider variety of products

c)

Mass production of identical products

d)

Limited use of machinery and automation

28.

What is the formula for calculating the Break Even Point?

a)

BEP = sales x costs ÷ revenue

b)

BEP = fixed costs - variable costs x sales

c)

BEP = fixed costs ÷ (selling price - variable costs)

d)

BEP = selling price + revenue ÷ variable costs

29.

What is the 'Margin of Safety'?

a)

The profit earned from each unit sold

b)

The difference between actual sales and break-even sales

c)

The total revenue generated by a business

d)

The cost of goods sold (COGS)

30.

Which of the following benefits is true for EXTERNAL RECRUITMENT?

a)

Greater familiarity with organizational culture

b)

Limited diversity of perspectives

c)

Infusion of new skills and fresh ideas

d)

Minimal training requirements

31.
What is business finance?
a)
Profit from sales
b)

All money required to run and operate a business

c)
Government funding
d)
Employee wages
32.
Working capital is used to finance what?
a)
Long-term projects
b)
Day-to-day expenses
c)
Fixed assets
d)
New product development
33.
Which of the following is NOT a long-term source of finance?
a)
Bank loan
b)
Debentures
c)
Overdraft
d)
Venture capital
34.
Which source of finance involves selling unused equipment?
a)
Retained profit
b)
Sale of assets
c)
Owner’s savings
d)
Trade credit
35.
What is a major advantage of retained profits?
a)
Must be repaid
b)
No interest required
c)
Reduces control
d)
Increases debt
36.
Which source of finance requires regular interest payments?
a)
Grants
b)
Bank loan
c)
Retained profit
d)
Owner’s funds
37.
Which of these is an internal source of finance?
a)
Overdraft
b)
Retained profit
c)
Trade credit
d)
Leasing
38.
Which type of finance allows a business to use an asset without buying it?
a)
Leasing
b)
Retained profit
c)
Debentures
d)
Overdraft
39.
Grants are usually given by:
a)
Private banks
b)
Government agencies
c)
Shareholders
d)
Suppliers
40.
Which of these affects a firm’s choice of finance?
a)
Employee skills
b)
Amount required
c)
Product design
d)
Location
41.
What is marketing?
a)
Producing more goods
b)
Identifying and satisfying customer wants profitably
c)
Selling only online
d)
Reducing costs
42.
A customer is someone who:
a)
Designs products
b)
Manufactures goods
c)
Buys goods or services
d)
Works in marketing
43.
What is a consumer?
a)
A business supplier
b)
Someone who sells goods
c)
A person buying for personal use
d)
A wholesaler
44.
Mass market means:
a)
A small product market
b)
Selling in only one city
c)
A product with high sales and many buyers
d)
Buying luxury items
45.
What is customer loyalty?
a)
Changing products regularly
b)
Buying from competitors
c)
Repeatedly buying from the same business
d)
Only using online shops
46.
Market share refers to:
a)
Total profits of a business
b)
Percentage of total market sales held by one business
c)
Number of customers in a city
d)
Cost of marketing
47.
A niche market is:
a)
A broad target market
b)
A very small and specialised market
c)
A type of online shop
d)
A new product
48.
A market segment includes:
a)
All businesses in a sector
b)
Government organisations
c)
A sub-group of customers with similar traits
d)
A list of business investors
49.
Market research is the process of:
a)
Making advertisements
b)
Hiring employees
c)
Gathering and analysing market information
d)
Writing business plans
50.
A market-oriented business:
a)
Produces without checking customer needs
b)
Focuses only on product design
c)
Develops products after researching customer needs
d)
Makes all decisions centrally
51.
A product-oriented business:
a)
Focuses on what customers want
b)
Always conducts market research
c)
Focuses mainly on product features
d)
Has no competitors
52.
Primary research involves:
a)
Reading old reports
b)
Collecting new data directly from people
c)
Using online ads
d)
Copying competitors
53.
Secondary research is:
a)
Talking to people face-to-face
b)
Collecting new information from consumers
c)
Using already existing data
d)
Researching employees
54.
What is a focus group?
a)
A group of company staff
b)
A marketing office
c)
A group of people discussing a product
d)
A packaging team
55.
A random sample means:
a)
Choosing participants based on age
b)
Selecting anyone without a fixed pattern
c)
Interviewing only loyal customers
d)
Sampling all employees
56.
A sample is:
a)
All the people in a city
b)
A small group chosen for research
c)
A training program
d)
A product label
57.
A USP is:
a)
Universal Sales Price
b)
A unique feature of a product
c)
A payment method
d)
A company law
58.
The product life cycle describes:
a)
Employee promotion stages
b)
Product production costs
c)
Stages from product launch to decline
d)
How long a brand lasts
59.

What is the economic problem?

a)

Unlimited resources to meet all needs

b)

Limited resources to meet unlimited wants and needs

c)

Having too much money

d)

Lack of competition in the market

60.

Which of the following is NOT a way businesses ADD VALUE

a)

Improving product features

b)

Enhancing brand reputation.

c)

Lowering the quality of the product.

d)

Providing excellent customer service.

61.

Which of the following is a theory that suggests people are motivated by five levels of needs?

a)

Clark's theory of business

b)

Taylor's scientific management theory

c)

Herzberg's two-factor theory

d)

Maslow's hierarchy of needs

62.
According to Maslow's hierarchy of needs theory, which of the following is a lower-order need?
a)
Self-actualization
b)
Esteem
c)
Safety
d)
Social
63.

Which of the following does Herzberg's two-factor theory of motivation focus on?

a)

Hygiene Factors & Motivators

b)

Needs & Wants

c)

Promotions & Reward

d)

Mo money, mo problems

64.

Which of the following is NOT a characteristic of Taylor's scientific management theory?

a)

It identifies "the best way" to do a job.

b)

It uses money as the main motivator.

c)

It helps people achieve self esteem needs

d)

It is best used in secondary sector/production jobs

65.

Which of the following KEY TERMS would you NOT associate with Organisational Structures

a)

Span of control

b)

Substitute

c)

Hierarchy

d)

Chain of command

66.
Which of the following is NOT one of the main functions of management?
a)
Planning
b)
Organizing
c)
Controlling
d)
Motivating
67.

Which of the following is a benefit of delegation?

a)

Allows the manager to assess the skills of their subordinates

b)

Reduces trust and increases apathy

c)

Allows the manager to avoid making difficult decisions

d)

Reduces the need for the manager to communicate with team members

68.
Which of the following is the process of providing employees with the knowledge and skills needed to perform their job effectively?
a)
Recruitment
b)
Selection
c)
Management
d)
Training
69.
Which of the following is an advantage of internal recruitment?
a)
It brings in fresh perspectives
b)
It saves time and money
c)
It avoids creating internal competition
d)
It increases diversity in the workplace
70.

What is a characteristic of democratic leadership?

a)

Encourages teamwork and collaboration

b)

Makes decisions without input from others

c)

Gives clear instructions and expects strict adherence

d)

Maintains strict control over employees

71.
Which of the following is NOT an example of internal communication?
a)
Employee newsletters
b)
Memos
c)
Press releases
d)
Intranet
72.
Which of the following is an example of external communication?
a)

Employee notice board

b)

Memos

c)

Social media posts on twitter, instagram and facebook

d)

An SMS from a manager to a subordinate

73.

What is a characteristic of laissez-faire leadership?

a)

Provides clear guidance and direction to employees

b)

Provides minimal guidance and allows employees to make decisions

c)

Dictates policies and procedures without input from others

d)

Delegates tasks and responsibilities to team members

74.
Which of the following is an advantage of face-to-face communication?
a)

It can be saved a referred to at a later date

b)

It is easier to document than other forms of communication

c)

It allows for immediate feedback

d)

It allows for communication with people in different time zones

75.
Which of the following is a disadvantage of written communication?
a)

It allows for immediate feedback

b)

It can be hard to understand if it uses technical language

c)

It is more expensive than other forms of communication

d)

It is less formal than other forms of communication

76.

Which of the following is an disadvantage of external recruitment?

a)

No new ideas or perspectives are brought in

b)

The candidate already knows the business

c)

Another vacancy is created elsewhere in the business

d)

It is expensive and time consuming

77.
Which of the following is a disadvantage of using monetary rewards as a motivation tool?
a)

They increase job satisfaction

b)

Not everyone is motivated by money

c)

They are easy to implement

d)

They are always effective

78.
Which of the following is a method of non-monetary motivation?
a)

Salary increase

b)

Sales Commission

c)

Job enrichment

d)

Bonus

79.

What is a characteristic of autocratic leadership?

a)

Encourages employee participation in decision-making

b)

Delegates tasks and responsibilities to team members

c)

Dictates policies and procedures without input from others

d)

Promotes a collaborative and team-oriented environment

80.
Which of these best defines ‘scarcity’?
a)
Having too much money
b)
Not enough people working
c)
Lack of sufficient products to satisfy wants
d)
No businesses in a country
81.
‘Opportunity cost’ refers to:
a)
The money earned by a business
b)
The product you get for free
c)
The next best alternative given up
d)
The interest on a loan
82.
Specialisation means:
a)
Working on everything alone
b)
Hiring unskilled workers
c)
Concentrating on what one does best
d)
Doing different jobs each day
83.
What are the four resources used to produce goods called?
a)
Business tools
b)
Factors of production
c)
Sales techniques
d)
Investment returns
84.
Division of labour means:
a)
One worker doing all the jobs
b)
Breaking the job into tasks for different workers
c)
Sharing profits with employees
d)
Having fewer employees
85.
What is added value?
a)
Profit made after tax
b)
Total costs of production
c)
Difference between selling price and material cost
d)
Price reduction
86.
What is the primary sector?
a)
Manufacturing goods
b)
Providing services
c)
Extracting natural resources
d)
Importing goods
87.
Which industry makes products using raw materials?
a)
Tertiary
b)
Primary
c)
Secondary
d)
Public
88.
What is ‘capital employed’?
a)
Total cost of wages
b)
Total value of capital used in the business
c)
Profit after tax
d)
Government investment
89.

Which of these businesses can sell shares to the public?

a)
Sole trader
b)
Private limited company
c)
Public limited company
d)
Franchise
90.

Which of the following is a benefit of a public limited company?

a)
High status
b)
Fewer legal requirements
c)
Complete control by owners
d)
Limited liability only for employees
91.

How do we calculate PROFIT?

a)

(Gross Profit/Sales Revenue) x 100

b)

Sales Revenue – Total Costs

c)

Cash Inflows/Cash Outflows

d)

Sales Revenue - Cost of Sales

92.

What does the term "Gross Profit" represent in an income statement?

a)

Total variable cost of production

b)

Sales Revenue minus Expenses

c)

Total sales minus total fixed costs

d)

Sales Revenue minus Cost of Sales

93.

How do we calculate Retained Profit for the year?

a)

Profit after Tax – Dividends

b)

Gross Profit - Tax

c)

Profit/Tax - Dividends

d)

Profit before tax - Dividends

94.

Why would a manager use an income statement?

a)

To calculate the tax they are owed

b)

To compare to previous years and set goals/make decisions

c)

To decide if the business is a good investment

d)

To decide if the business should be given a loan

95.

Why would a potential investor use an income statement?

a)

To calculate the tax they are owed

b)

To compare to previous years and set goals/make decisions

c)

To decide if the business is a good investment

d)

To decide if the business should be given a loan

96.

What is the purpose of the balance sheet in a business?

a)

To record the daily income and expenses

b)

To calculate the total revenue over a financial year

c)

To show the value of assets and liabilities at a specific time

d)

To determine the profitability of individual products

97.

How is working capital calculated?

a)

Current Assets - Current Liabilities

b)

Current Assets / Current Liabilities

c)

Current Assets + Current Liabilities

d)

Current Liabilities x Current Assets

98.

'Profit/Capital Employed x 100' is what calculation?

a)

Gross Profit Margin

b)

ROCE

c)

Current Ratio

d)

Acid Test Ratio

99.

'(Current Assets - Inventory) / Current Liabilities = x:1' is what calculation?

a)

Gross Profit Margin

b)

ROCE

c)

Current Ratio

d)

Acid Test Ratio

100.

'Profit/Sales Revenue x 100 ' is what calculation?

a)

Profit Margin

b)

ROCE

c)

Current Ratio

d)

Acid Test Ratio

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