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WorksheetsN5 Business Management - Understanding Business
Total questions: 53
Worksheet time: 18mins
Which sector of the economy is owned and controlled by the government?
Public
Private
Third
Which sector of the economy would a supermarket business operate?
Public
Private
Third
Which business is an example of a public sector organisation?
Supermarket
Charity shop
NHS Scotland
Which of the following items is NOT a need?
Mobile phone
Water
Shelter
In which sector of the economy would a social enterprise operate?
Public
Private
Third
Which sector of industry is concerned with extracting raw materials from the land?
Primary
Secondary
Tertiary
Which sector of industry manufactures finished products?
Primary
Secondary
Tertiary
Which sector of the economy has the main aim of maximising profits?
Private
Public
Third
In which sector of industry would a hairdresser operate?
Primary
Secondary
Tertiary
Which of the following is NOT a good?
Car
Haircut
Mobile phone
What is customer service?
The service a customer receives before, during and after a sale
The service a customer receives during a sale
The service a customer receives after a sale
What is the purpose of a customer care strategy?
To find out the needs and wants of a customer
To let the customer know the level of service to expect
To ensure no faulty or low quality products reach customers
Which of the following is a direct consequence of bad customer service?
Increased competition
Lower quality of product or service
Low staff morale
What is meant by customer loyalty?
If customers receive a good quality service they are more likely to return
If a customer receives a good quality service they are more likely to recommend the company to family and friends
If a customer receives a good quality service they are less likely to complain
Why are satisfied customers important to a business?
They cause an increase in sales of goods and services
They cause a reduction in a business’s competition
They improve a company's market research
Which sector of economy is run by the government?
Private
Public
Third
Private Limited Companies (LTD) are found in which sector of economy?
Private
Public
Third
How do public sector organisations raise finance?
Bank loans
Retained profit(s)
Tax revenues
Which of the following is a disadvantage of being a sole trader?
They possess unlimited liability
They possess limited liability
They receive annual dividends
What is a sleeping partner?
A partner who does not invest equity into the business
A partner not involved in day to day running of the business
A partner who does not have a vote
What are the minimum and maximum number of partners allowed in a partnership?
1-50
2-25
2-20
What does limited liability mean?
A shareholder only receives a limited share of the profits
A shareholder is liable for all debts
A shareholder is only liable for their equity invested
Which sector of economy is a social enterprise organisation found in?
Private
Public
Third
Who is appointed to run a charity?
Board of trustees
Board of shareholders
A collection of volunteers
What is the most basic objective for all businesses?
To maximise profits
To survive
To provide a service
What does profit mean?
Total income ÷ by total costs
Total costs - total income
Total income minus total costs
Which of the following organisations is most focused on offering a high-quality service?
NHS Scotland
Computer shop
Supermarket
If an organisation has environmental issues as a focus, which objective will they prioritise?
Provision of a high-quality service
Ensuring maximum social responsibility
Maximising customer satisfaction
What does being the market leader mean?
Being the best in the market
Being the most well known in the market
Being number one in sales in the market
Which of the following is a political factor?
Unemployment
Laws
Interest rates
Which of the following is an environmental factor?
Lifestyles
Automation
Recycling
Which of the following is a social factor?
Imitators
Demographics
Unemployment
Which of the following is an economic factor?
Tax
Exchange rates
Demographics
Which of the following is an economic factor?
Inflation
Automation
Demographics
Which of the following is a social factor?
E-commerce
Consumer tastes and trends
Recycling
Which of the following is an economic factor?
Product differentiation
Exchange rates
Tax
Which of the following is a technological factor?
Imitators
Demographics
E-commerce
Which of the following is a competitive factor?
Rivals relocating stores
Automation
Inflation
Employees often influence a business through which of the following?
Creating policies
Conducting appraisals
Industrial action
Which of these sources of finance do not have to be paid back?
Bank loan
Government grant
Commercial mortgage
Employees can influence a business through which of the following?
Setting budgets
Productivity
Hiring and firing
Managers can influence a business through which of the following?
Hiring and firing
Industrial action
Mobile applications
Employees can influence a business through which of the following?
Buying new machinery
Satisfying customers through the purchasing process
Creating effective policy
Which of the following is an internal stakeholder?
Government
Employees
Bank
Which of the following is an external stakeholder?
Owners or Shareholders
Managers
Customers
Which of the following stakeholders have an interest in receiving a dividend?
Governemnt
Owner or Shareholder
Employee
Which of the following stakeholders has an interest in ensuring loans are paid back?
Government
Suppliers
Banks
Which of the following stakeholders has an interest in firms paying corporation tax?
Government
Local community
Suppliers
Which of the following stakeholders can vote at an Annual General Meeting (AGM)?
Manager
Employee
Owner or Shareholders
Which of the following stakeholders is most concerned with the effects of the business on infrastructure?
Local community
Suppliers
Customers
Which of the following stakeholders can hold industrial action?
Owners or Shareholders
Employees
Local community
Which of the following stakeholders can hire and fire employees?
Managers
Government
Suppliers
Which of the following stakeholders provide raw materials to the business?
Customers
Suppliers
Employees
