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Business Studies Revision

Total questions: 50

Worksheet time: 24mins

Name
Class
Date
1.

Firms whose business activity involves the extraction of natural resources.

a)

Primary

b)

Secondary

c)

Tertiary

2.

Firms that supply a service to consumers and other businesses.

a)

Primary

b)

Secondary

c)

Tertiary

3.

Firms that process and manufacture goods from natural resources

a)

Primary

b)

Secondary

c)

Tertiary

4.

Which business activity below is an example of Tertiary sector?

a)

Refining

b)

Construction

c)

Cinema

d)

Mining

5.

Which business activity below is an example of the Prmary sector?

a)

Refining

b)

Airlines

c)

Banks

d)

Mining

6.
The primary stage of production is concerned with
a)
growing crops and extracting the earth's natural resources
b)
providing services to consumers and industry
c)
converting raw materials into finished goods
d)
transporting goods to the final consumer
7.
The tertiary sector of industry is the most important sector in high income countries because
a)
agricultural output is more important than services
b)
they use most of their income to buy manufactured goods
c)
workers are employed in manufacturing in these countries
d)
consumers' incomes are high so they spend more on services
8.
Which following businesses would you classify as being in the secondary sector of industry?
a)
An oil exploration company
b)
A family run farm business
c)
A taxi operating business
d)
A shoe manufacturer
9.
Which of the following is the best definition of privatisation?
a)
When private limited companies convert into public companies
b)
When a partnership converts into a private limited company
c)
When a state owned industry is sold to the private sector
d)
When a private sector firm is purchased by the government
10.
The advantage of a person becoming an entrepreneur is:
a)
more money'll always be earned than working for an employer
b)
there is more independence than when working for an employer 
c)
Less risk of business failure 
d)
no oppotunity cost involved in becoming anentepeneur
11.
An important characteristic of a successful entrepreneur is that:
a)
they are always rich
b)
they are risk takers
c)
they are usually shy
d)
they want to avoid hard work
12.
A business plan for a new business will include all of the following except
a)
financial forecasts
b)
market research data
c)
details of the business owners
d)
previous years' accounts
13.
What benefit does drawing up a business plan bring for a new entrepreneur?
a)
it shows exactly how much money the firm will make
b)
it makes sure the bank will lend all the capital needed
c)
it means that the business start up has no risk of failure
d)
it helps in organising the resources needed for the new firm
14.
Which of the following is not an effective way of measuring the size of a business?
a)
number of employees
b)
value of sales
c)
value of capital invested
d)
profit level
15.
Which of the following options is most likely to be a reason why a firm may wish to expand?
a)
To keep control of the business
b)
To increase the level of profits the firm will make
c)
To encourage competition
d)
To avoid publicity
16.
Which of the following is an example of horizontal integration between two businesses?
a)
An oil company and an insurance company merge
b)
A shoe shop buys out a shoe factory
c)
A steel firm takes over a coal mine that supplies coal
d)
Coca-Cola takes over a small soft drink business
17.
One of the reasons for vertical integration between two businesses could be to:
a)
diversify into a completely different industry
b)
reduce competitors supplying the same product
c)
control the supply of raw material
d)
obtain higher market share
18.
One of the most common reasons for a new business not surviving is:
a)
too much time spent on developing the business plan
b)
no competitors in the industry
c)
poor cash flow as a result of poor financial planning
d)
consumers like dealing with small firms providing a service
19.
If the risks of starting up a business are so high, why do entrepreneurs create new businesses?
a)
The rewards are always extremely low
b)
The rewards can be very high
c)
The risks of the business failing are very low
20.
One way of overcoming the problems that often result from fast business growth is to
a)
integrate with a much larger business
b)
reduce the amount of capital invested in the business
c)
reduce communication between people to save time 
d)
operate the business in smaller units
21.

These are parts of Business Plan, except..

a)

dream and illusion of the owner

b)

Objective

c)

Financial Plan

d)

Executive Summary

22.

These are examples of advertising plan, except...

a)

Banner or flyer

b)

Youtube ads

c)

cooperate with influencer

d)

executive summary

23.

These are examples of target market, except...

a)

woman, age 20-30

b)

people of South Tangerang City

c)

everyone who loves food

d)

kids, who loves to read webtoon

24.

Reasons why government supports startups

a)

it's cool

b)

provide new jobs

c)

old companies are boring

d)

they don't contribute to the growth of economy

25.

Shared decision-making is an advantage of what type of organization?

a)

Sole trader

b)

Private limited company

c)

Public limited company

d)

Partnership

26.

Which is an advantage of a public limited company?

a)

Risk of takeover due to the availability of the shares on the stock exchange

b)

Legal formalities in formation

c)

Share prices subject to fluctuation

d)

Separate legal identity

27.

Which of the following is not an advantage of operating as a sole trader?

a)

Complete control over decision-making

b)

Greater privacy as owners do not have to disclose their financial information to the public

c)

Paying dividends to shareholders

d)

Easy access to finance to grow the business

28.

Pertains to an individual, a group of people, or an organization engaged in the trading of goods and services to customers in exchange for money or other items of equivalent value.

a)

Logistics

b)

Business

c)

Barter System

d)

Banking

29.

Is Owned by a single individual called proprietor.

a)

PARTNERSHIP

b)

CORPORATION

c)

SOLE PROPRIETORSHIP

d)

FRANCHISE

30.

Is run by two or more individuals who join together.

a)

PARTNERSHIP

b)

CORPORATION

c)

SOLE PROPRIETORSHIP

d)

FRANCHISE

31.

Is owned by shareholders. It is structured as a separate

legal entity under the operation of law.

a)

PARTNERSHIP

b)

CORPORATION

c)

SOLE PROPRIETORSHIP

d)

FRANCHISE

32.

Disadvantages of Sole proprietorship

a)

Limited Capital

b)

Easy to form

c)

Poor expertise

d)

Limited Size

e)

Lack of continuity

33.

Disadvantages of partnership firm.

a)

Unlimited liability

b)

Uncertain life

c)

Single owner

d)

Limited capital

34.

General __________do not require a formal agreement. 

a)

partnerships

b)

person

c)

leaderships

35.

A CORPORATION is a business owned and run by someone for their own benefit.

a)

TRUE

b)

FALSE

36.

Corporations are, for tax purposes, separate entities and are considered a legal ___________.

a)

animal

b)

person

c)

house

37.

SOLE PROPRIETORSHIP'S owners have ____ flexibility when running the nusimess.

a)

nothing

b)

total

c)

kind of

38.

Start a corporate business requires __________ paperwork.

a)

super easy

b)

easy

c)

complex

39.

Meaning of: LLC

a)

Limited Law Company

b)

Limited Liability Company

c)

Limited Liability Comporation

d)

Limitation Liability Company

40.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
41.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
42.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
43.
In which of the following would one person be responsible for all of the risks but also receive all of the profits?
a)
Corporation
b)
Propreitership
c)
Partnership
d)
Dual owner business
44.
Which of the following is an advantage of sole proprietorships:
a)
Limited liability
b)
Unlimited financial power
c)
Dual taxation
d)
Quick decision making
45.
Which of the following is an advantage of the corporation as a form of business ownership:
a)
Less complex requirements
b)
Separate owners and managers
c)
Limited liability
d)
High Taxes
46.
Which business type makes up approximately 75% of all businesses?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
47.
Division of labour can be defined as:
a)
Workers specialise 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.
48.
One of the drawbacks to division of labour is that:
a)
output and efficiency falls
b)
workers spend time on training to do several different jobs
c)
workers can become bored through concentrating on one job
d)
no machinery is used and this slows down production.
49.
All of the following are common business objectives (aims) except:
a)
to grow
b)
to pay taxes
c)
to survive
d)
to make profits
50.
Which of the following is NOT one of the benefits of business growth?
a)
Sales will increase.
b)
Market share will probably rise.
c)
The business will probably become more secure.
d)
Management will have less work to do.

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