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Component 1 Eduqas Revision

Total questions: 100

Worksheet time: 1hrs 11mins

Name
Class
Date
1.

What is an entrepreneur

a)

Someone who starts a new business

b)

someone who designs buildings

c)

Someone who manufactures things

d)

Someone who has new ideas

2.

Which platforms could be used for virtual marketing?

a)

Facebook

b)

Instagram

c)

Twitter

d)

UCAS

e)

Microsoft

3.
Which of following are the characteristics of an entrepreneur (as stated by the exam board)
a)
Determination, Academic, Literate, Management
b)

Hard working, Good finance knowledge, Resilient, Creativity

c)
Accounting, Management, Sales technique, Determination
d)
Creativity, Risk taking, Determination, Confidence
4.
True or false: A good entrepreneur will take calculated risks
a)
True
b)
False
5.
Business exist to:
a)
Provide quality goods to people who can afford them
b)
Sell goods to a particular target audience
c)
Meet the needs of all of their customers
d)
Research ways to make products better
e)
Increase the amount of tax collected by the Government
6.

Identify the natural resources that are being exploited in the primary sector?

a)

Agriculture

b)

Fishing

c)

Forestry

d)

All the above

7.

Explain the difference between primary, secondary and tertiary.

a)

The Primary Sector is that part of the economy where raw materials are made, grown or extracted.

b)

Secondary sector is the sector where the raw materials are manufactured.

c)

Tertiary sector is when services are provided.

d)

All the above

8.
this is the manufacturing and assembly process
a)
Primary Sector
b)
Secondary Sector
c)
Tertiary Sector
9.
Hairdressers are which sector?
a)
Primary Sector
b)
Secondary Sector
c)
Tertiary Sector
10.
this is the manufacturing and assembly process
a)
Primary Sector
b)
Secondary Sector
c)
Tertiary Sector
11.
Food manufacturing is which sector?
a)
Primary Sector
b)
Secondary Sector
c)
Tertiary Sector
12.
What is a social enterprise
a)
A business whose goal is  to maximise profit
b)
To meet society needs
c)
To maximise sales
d)
To maximise profit margins
13.
The profits and losses are shared between a few owners in this type of business.
a)
Company
b)
Social Enterprise
c)
Partnership
d)
Sole Proprietorship
14.
This type of business is considered a separate legal entity in the eyes of the law.  It is owned by shareholders.
a)
Cooperative
b)
Company
c)
Partnership
d)
Sole Proprietorship
15.
Which of the following is not an advantage of a sole proprietorship?
a)
Easy to start
b)
Owner is their own boss
c)
Owner has unlimited liability
d)
Owner receives all the profits
16.
One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.
a)
True
b)
False
17.
Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a 
a)
partnership
b)
corporation
c)
sole proprietorship
d)
monopoly
18.

Which of the following is a disadvantage of setting up a business as a partnership?

a)

Shared losses

b)

Shared workload

c)

Shared profit

d)

More ideas generated

19.

How many partners are there in a typical partnership?

a)

2

b)

2-4

c)

2-20

d)

1

20.

_______________is a legal term for being held accountable

a)

Liability

b)

Assets

c)

Bankruptcy

d)

Claim

21.

The major policy and financial decision makers of a business are called ...

a)

CEO/GM/President

b)

Chairman of the board

c)

Shareholders

d)

Board of Directors

22.

Name the entity that has a separate legal person from its members, and these members are only liable for the cost of the shares they have purchased

a)

Partnership

b)

Sole Trader

c)

Limited Liability Company

d)

Franchise

23.

What is the name of a person who owns part of an LTD or PLC business?

a)

Stakeholder

b)

Shareholder

c)

Trust Agent

d)

Chairman

24.

Which business can only sell shares to family and friends?

a)

Sole trader

b)

Partnership

c)

Private Limited Company

d)

Public Limited Company

25.

Why do businesses use market research?

a)

To identify customer needs

b)

To sell goods and services

c)

To advertise

26.

What does desk research involve?

a)

Gathering new data

b)

Gathering existing data

c)

Conducting surveys

27.

What is information collected about opinions and views called?

a)

Quantitative data

b)

Qualitative data

c)

Segmentation

28.

How does accurate market research help a business?

a)

By avoiding risk

b)

By reducing risk

c)

By eliminating risk

29.

What does a market segment identify?

a)

All products in the market

b)

Competitors

c)

Groups of people with similar buying habits

30.

What are the total number of people selected to answer market research questions called?

a)

A supplier

b)

A sample

c)

A respondent

31.

Which of the following is an example of primary research?

a)

Internet research

b)

A focus group

c)

Company reports

32.

What type of data below is Quantitative data?

a)

I feel annoyed

b)

2 out of 5 students had red pens

c)

students used red pens

d)

red pens are used by students

33.

What type of market research is primary?

a)

Questionnaires

b)

Reports

c)

Research papers

d)

News articles

34.

What is an advantage to using focus groups?

a)

Provides quality responses

b)

Random people engaged with

c)

Incorrect answers

35.

What type of data can I get from a Questionnaire?

a)

Qualitative

b)

Quantitive

36.

What is an advantage to observations?

a)

People may not be aware so natural behaviour happens

b)

Takes time to complete

c)

Observer may miss information

d)

results can be hard to analyse

37.

What is an advantage to primary research?

a)

Results are specific to the business.

b)

Time consuming

c)

Costs the business money

d)

Poor design produces poor results

38.

What is a drawback to primary research?

a)

Information needs to be analysed

b)

Information can be used to improve the business

c)

Information could help increase customer

39.

What does internal source of finance mean?

a)

A source from within the business

b)

A source from outside the business

40.
Which is an example of an internal source of finance?
a)
Owners' Funds
b)
Hire Purchase
c)
Leasing
d)
Trade credit
41.
Which is an example of an external source of finance?
a)
Owners' Funds
b)
Sale of assets
c)
Retained profits
d)
Bank loan
42.

What is the best advantage of owners' funds?

a)

There will be little or no interest

b)

You can pay in smaller installments

c)

They take a long time to arrange

d)

You don't have to pay it back

43.

What is an advantage of a bank loan?

a)

There will be little or no interest

b)

You can pay in pre-planned instalments

c)

They are quick and easy to arrange

d)

You don't have to pay it back

44.

What is the most likely of a friends & family loan?

a)

There will be little or no interest

b)

You can pay in smaller installments

c)

They take a long time to arrange

d)

You don't have to pay it back

45.
What is a disadvantage of a friends and family loan?
a)
It means you have no savings
b)
It can lead to personal conflicts
c)
It can take a long time to arrange
d)
They can be recalled immediately
46.

What is the most likely / straightforward source of finance for a small firm?

a)

A debenture

b)

Issuing shares

c)

A bank loan

47.

What is the most likely source of finance for buying property?

a)

Mortgage

b)

Factoring

c)

A bank loan

48.

What of the following is a source of internal finance?

a)

Selling assets

b)

Trade credit

c)

A bank loan

49.
This type of finance does not need to be repaid.
a)
Bank Loan
b)
Overdraft
c)
Mortgage
d)
Government Grant
50.
The source of finance that is provided by the Owners is called 
a)
Capital
b)
Overdraft
51.

Which of the statements about retained profits is false?

a)

You have unlimited amounts of money available

b)

Shareholders and employees could be frustrated because there is less profit to be 'shared out'

c)

You do not have to pay interest

d)

You are free to use it for any purpose

52.

A short-term source of finance from a bank that usually is only used in an emergency/when needed

a)

Overdraft

b)

Loan

c)

Share capital

d)

Credit card

53.

Select the growth and decline section of the product life cycle

A
B
54.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
55.
Another name for the 4 P's of Marketing
a)
Target Market
b)
Marketing Concept
c)
Marketing Mix
d)
Marketing
56.

Place

a)

An element of the marketing mix related to how to get the product from the producer to the customer

b)

Where the business might locate

c)

Which geographical area the business will relate in

d)

The development of online sales

57.

An electronic retailer, either by e-commerce or mobile commerce

a)

A retailer

b)

An e-tailer

c)

A high-street retailer

d)

An m-commerce retailer

58.

ASOS is an example of

a)

Trade Unions

b)

Retailers

c)

E-tailers

d)

Wholesalers

59.

A discount supermarket, such as Aldi, is most likely to place an emphasis upon which of the following elements of the marketing mix?

a)

Product

b)

Price

c)

Place

d)

Promotion

60.
Offering an incentive to customers in order to increase sales--contests, free samples, coupons etc...
a)
promotional mix
b)
telemarketing
c)
personal selling
d)
sales promotion
61.

Marketing to specific customers based on their location

a)

Pyschographic

b)

Behavioral

c)

Geographic

d)

Demographic

62.

What does "branding" mean in digital marketing?

a)

Your target market

b)

Market Segmentation

c)

Personal identity/image

d)

All of them

63.
Define the term 'public relations'
a)
Relationship between a business and its customers.  Businesses want a favourable image of themselves so use the media is used to help convey a positive image.
b)
Relationship between a business and its commercial partners.  This relationship is really important.
64.
Why do businesses offer three goods for the price of 2?  
a)
Used by businesses to shift old stock or where stock has not been selling as well as expected.
b)
Customers stockpile and won’t need to buy those products for a while.
65.

What does USP stand for?

a)

Unique Sales Proposition

b)

Unique Selling Point

c)

Unbelievable Sales Promotion

d)

Unique Selling Price

66.

Which THREE of these are examples of extension strategies?

a)

Change the price

b)

Reduce production costs

c)

Add new features

d)

Advertising

67.

Which TWO of these are methods of Promotion?

a)

Sponsorship

b)

Packaging

c)

Range of Products

d)

Special Offers

68.

Which of these are stages in the Product Life Cycle? (more than one is correct)

a)

Growth

b)

Differentiation

c)

Decline

d)

Introduction

69.

True or False?

Marketing involves encouraging people to buy a product or service.

a)

True

b)

False

70.

What is Loss Leader pricing?

a)

A product is sold at production cost price

b)

A product is sold at less than cost price

c)

A product is sold to make a small profit

71.

What is price skimming?

a)

An initially high price charged to customer which will reduce over time

b)

An initially low price charged to customer which will increase over time

c)

A steady price charged to customer regardless of product age

72.

What is Promotional pricing?

a)

When a business offers different prices to different customers

b)

When a business reduces price to below production cost to clear stock

c)

When a business offers a short term special offer such as buy one get one free to gain interest and increase sales

73.

What is the selling price of an item which costs £5 to make and has a 50% mark up (profit added)?

a)

£7.50

b)

£5.00

c)

£10.00

74.

What is meant by Psychological pricing strategy?

a)

Items are offered at an uneven number to appear cheaper encouraging sales (eg £9.99)

b)

Items are sold using a special promotional offer which is brightly coloured and attracts attention

c)

Items are sold at production cost price to attract customers into the store and increase purchases

75.

What is the aim of Loss Leader pricing strategy?

a)

To increase profit

b)

To make customers aware of entire product range

c)

To attract new and existing customers and increase sales of other items

76.

Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price?

a)

Cost-plus pricing

b)

Low pricing

c)

Promotional Pricing

d)

High pricing

77.
Budgeting is crucial to your financial success.
a)
True
b)
False
78.

What is a Budget

a)

The amount of money you can spend

b)

A plan that helps you manage your income and expenses

c)

A method that adults use to earn money

d)

A place where you store your money

79.

Which of the following is an example of internal recruitment? Advertising a job vacancy:

a)

In a job centre

b)

On a firm’s intranet

c)

In a shop window

d)

In a local newspaper

80.

Which of the following pieces of information would be included in a person specification?

a)

Main roles and responsibilities of the job

b)

Hours of work

c)

Place of work

d)

Skills and qualifications required to complete the job successfully

81.

Job analysis is conducted when:

a)

A vacant position first becomes available

b)

Applicants have sent in their CVs for review

c)

References have been received by the organisation

d)

The applicant has accepted the post

82.

Which of the following documents would contain information about holiday entitlement, hours of work, place of work, remuneration package and duties at work?

a)

Job description

b)

Job analysis

c)

Application form

d)

Contract of employment

83.

Which of the following is an advantage to a business of having a consistently high labour turnover?

a)

Recruitment and selection costs will be low

b)

Labour productivity rate will be high

c)

It will gain a positive reputation as a good employer

d)

New ideas may be introduced into the workplace

84.

Which of the following would be the most suitable place for a large public limited company to advertise for a senior director?

a)

National newspaper

b)

Job centre

c)

Staff noticeboard

d)

Company intranet

85.

Which of the following best describes the term staff retention?

a)

The number of people that leave a firm in a set period of time

b)

The number of staff that remain working in a firm in a set period of time

c)

The number of staff that are promoted in a firm in a set period of time

d)

The number of staff that are made redundant in a firm in a set period of time

86.

Which of the following is an example of a fringe benefit?

a)

Holiday pay

b)

Overtime payment

c)

Praise at work

d)

Free lunches

87.

what are TWO benefits of a motivated workforce?

a)

This can result in better productivity

b)

customer service will most likely improve

c)

you can pay them less because they're enjoying work

d)

they only work when they feel like working

88.

Which of these is NOT a monetary method of motivation?

a)

Comission

b)

Pay Rise

c)

Recognition

d)

Bonuses

89.

Which of these is NOT a category in Maslow's hierarchy of needs?

a)

Social

b)

Travel

c)

Esteem

d)

Safety

90.

Motivating staff by giving them additional responsibility is known as ...

a)

Delegation

b)

Delayering

c)

Job Enrichment

d)

Job Rotation

91.

Whose theory was X & Y?

a)

Taylor

b)

Maslow

c)

McGregor

d)

Herzberg

92.

Isaac feels like his hard work is never recognised. Which level of needs (Maslow) is not being satisfied?

a)

Self-Esteem

b)

Social

c)

Self-Actualisation

d)

Physiological

93.
Whose theory was “Two factor Theory” satisfaction and dissatisfaction 
a)
Herzberg 
b)
Taylor 
c)
Mayo
94.
Which of the following is NOT a need as identified by Maslow?
a)
Hygiene
b)
Esteem
c)
Self-actualisation
d)
Social
95.
Which of the following is a motivator according to Herzberg?
a)
Working condition: Safe working environment
b)
Responsibility
c)
Good wage or salary
d)
Good relationship with co-workers and boss
96.

Making a large quantity of identical products

a)

Job

b)

Batch

c)

Flow

97.

Making individual products that are bespoke (fit each customer's needs)

a)

Job

b)

Batch

c)

Flow

98.

Making different varieties of identical products. The production process is broken into stages

a)

Job

b)

Batch

c)

Flow

99.
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.
100.

A business checks products after they are made. What is this an example of?

a)

Quality Control

b)

Quality Circles

c)

Quality Assurance

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