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WorksheetsY10 Business in the Real World Homework
Total questions: 24
Worksheet time: 12mins
What are the main factors that businesses consider when choosing a location?
Proximity to customers, access to suppliers, cost of labor, infrastructure, and government incentives
Proximity to competitors, access to customers, cost of advertising, and government regulations
Proximity to city center, access to public transportation, cost of rent, and government taxes
Quality of products, access to transportation, cost of utilities, and infrastructure
How can the local community influence a business's choice of location?
By expressing their preferences and concerns, lobbying local authorities, and affecting the business's reputation.
By sending gifts to the business owners
By protesting against the business
By ignoring the business completely
Who are the internal stakeholders in a business?
Customers, suppliers, competitors
Government, regulatory bodies, trade unions
Employees, managers, shareholders, and directors
Local community, media, general public
What is the difference between a sole trader and a partnership in terms of business ownership?
Type of products sold
Location of the business
Number of owners
Size of the business
What are the main influences on a business's objectives?
Customer satisfaction and employee morale
Market demand and technological advancements
Internal and external factors
Government regulations and industry standards
How can the government influence a business's objectives?
Social media marketing
Employee training programs
Customer satisfaction surveys
Regulations, taxation, subsidies, and policies
What is the role of shareholders in a business?
Employees who work in the business
Customers who purchase products from the business
Government agencies that regulate the business
Owners of the company and have the right to vote on important decisions and receive dividends.
What is the difference between a business aim and a business objective?
A business aim is short-term, while a business objective is long-term.
A business aim is a general goal, while a business objective is a specific, measurable target that helps achieve the aim.
A business aim is measurable, while a business objective is not.
A business aim is specific, while a business objective is general.
How can a business ensure that its aims and objectives are SMART?
By making sure they are Speedy, Motivating, Ambitious, Resourceful, and Tenacious.
By making sure they are Simple, Meaningful, Accurate, Realistic, and Trustworthy.
By making sure they are Specific, Measurable, Achievable, Relevant, and Time-bound.
By making sure they are Spontaneous, Memorable, Artistic, Resourceful, and Tolerant.
What is the role of a business's mission statement?
To provide a detailed plan of the business's daily operations.
To outline the business's financial goals for the next fiscal year.
To communicate the business's purpose and values to its stakeholders.
To list the business's products and services.
What is the difference between a public limited company and a private limited company?
A public limited company is owned by the government, while a private limited company is owned by private individuals.
A public limited company can sell shares to the public and is listed on a stock exchange, while a private limited company cannot sell shares to the public.
A public limited company sells products, while a private limited company provides services.
A public limited company is larger in size, while a private limited company is smaller.
How can a business's objectives influence its strategies?
Business objectives have no influence on business strategies.
Business objectives, being the goals that a business wants to achieve, guide the formulation and implementation of business strategies.
Business objectives determine the business's location and the products it sells.
Business objectives determine the business's name and logo.
What are the key characteristics of a public limited company?
Ability to sell shares to the public, listed on a stock exchange, and separate legal identity.
Cannot sell shares to the public, not listed on a stock exchange, and no separate legal identity.
Only one owner, simple legal requirements, and unlimited liability for the owner.
Two or more owners, complex legal requirements, and limited liability for the owners.
How can market trends influence a business's objectives?
Market trends have no influence on business objectives.
Market trends, being the changes in customer preferences and competitive landscape, can shape the business's objectives in terms of product development, marketing, and customer service.
Market trends determine the business's location and the products it sells.
Market trends determine the business's name and logo.
A business that sells the rights to trade using its name, logo and products...
A partnership
A franchisee
A franchise
An Ltd
Reasons for starting a business are
To keep all the profits
To get money
To be your own boss
To escape a boring job
To be motivated
A factor for choosing a location could be
Nice working environment
Proximity to customers
Close to where you live
High costs of premises
A Sole Trader would experience
Limited Liability
Stress of decision making
Loneliness of having no employees
Decisions taking too long due to discussion
Which of these are Stakeholders
Customers
Employees
Competitors
Shareholders
A benefit of writing a business plan could be
Avoids fines as it is a legal document
Guarantees a profit will be made
A bank is more likely to lend money
Increases the risk of the business failing
Sales Revenue is calculated by...
Price x Total Cost
Profit - Variable Costs
Fixed Costs + Variable Costs
Price x Output
The factors of production are...
Capital, Costs, Risk, Location
Land, Skills, Ideas, Profit
Capital, Enterprise, Land, Labour
Labour, Location, Costs, Enterprise
A farmer is in which industrial sector?
Primary
Secondary
Tertiary
Quarternary
Shareholders are...
Anyone with an interest in a business
Groups of people who can tell the business their ideas
Owners of limited companies who expect a dividend from profits
Local businesses who are in competition with the business
