WorksheetsAQA Unit 1 revision Quiz
Total questions: 69
Worksheet time: 35mins
What is the primary purpose of a business?
To provide entertainment
To provide goods and services on a commercial basis to customers
To provide education
To provide healthcare
What is a product?
A general term that includes goods and services
A term that only includes goods
A term that only includes services
A term that includes only physical items
Which of the following is an example of a good?
Consumer electronics
Insurance
Dental services
Cleaning
Which of the following is an example of a service?
Insurance
Consumer electronics
Industrial components
Cars
What type of products are goods?
Physical products
Intangible products
Digital products
Virtual products
What type of products are services?
Intangible products
Physical products
Digital products
Virtual products
Which of the following is a benefit of business to society?
Create Employment & Develop Human Capital
Increase Pollution
Decrease Innovation
Reduce Wealth
How do businesses contribute to innovation in society?
By reducing research and development
By driving innovation through R&D and new products
By avoiding new product development
By focusing only on existing products
What is one way businesses support government functions?
By avoiding taxes
By paying taxes on profits earned and collecting taxes for the government
By reducing government revenue
By hiding profits
How do businesses create wealth in society?
By reducing investments
By providing returns on investment
By avoiding financial growth
By decreasing shareholder value
What does B2C stand for in business terminology?
Business to Consumer
Business to Company
Business to Corporation
Business to Commerce
Which of the following is an example of a B2C business?
Wholesaling
Business travel
Retailing
Commercial property
What does B2B stand for in business terminology?
Business to Buyer
Business to Business
Business to Broker
Business to Bank
Which of the following is NOT an example of a B2B business?
Wholesaling
Business banking
Family tourism
Commercial property
Which type of business typically has a large number of buyers?
B2B
B2C
Both B2B and B2C
Neither B2B nor B2C
In which type of business is the size of orders generally small?
B2B
B2C
Both B2B and B2C
Neither B2B nor B2C
Which type of business has a high value of orders?
B2B
B2C
Both B2B and B2C
Neither B2B nor B2C
What are business objectives?
Short-term goals set by a business
Specific, intended outcomes of business strategy and activity
Unplanned results of business operations
Random targets set by employees
What type of goals are business objectives typically considered?
Short-term goals
Immediate goals
Medium to long term goals
Daily targets
What do business objectives help a business achieve?
Its daily tasks
Its overall long term aim
Its short-term profits
Its employee satisfaction
What is one of the main functions of business objectives?
To state what needs to be achieved
To increase the number of employees
To reduce the cost of production
To expand the business globally
Business objectives provide targets for which of the following?
Individual and group achievement
Marketing campaigns
Financial investments
Customer satisfaction
How do business objectives help in achieving goals?
They provide a way to measure performance
They increase the number of customers
They reduce operational costs
They improve employee morale
What is at the top of the hierarchy of business objectives?
Mission
Corporate Objectives
Aim
Functional Objectives
Which level of the hierarchy of business objectives is described as increasingly strategic?
Business Unit / Individual Targets
Functional Objectives
Corporate Objectives
Aim
Which level of the hierarchy of business objectives is described as increasingly detailed?
Aim
Mission
Corporate Objectives
Business Unit / Individual Targets
Which of the following is a common objective for new businesses?
Profit maximization
Growth
Survival
CSR/Ethics
Why do many businesses pursue growth?
To reduce costs
To exploit market position and earn higher profits
To minimize risks
To avoid competition
When are profits maximized for a business?
When sales revenue is equal to total costs
When sales revenue is less than total costs
When the difference between sales revenue and total costs is at its greatest
When total costs are minimized
Why is cash flow considered vital for most businesses?
It helps in increasing sales
It is essential to be able to pay debts on time
It reduces operational costs
It attracts more customers
What do social objectives in CSR/Ethics include?
Reducing production costs
Providing employment for people or improving facilities for local people
Increasing market share
Enhancing product quality
What does the 'S' in SMART objectives stand for?
Specific
Simple
Strategic
Sustainable
Which of the following best describes a 'Measurable' objective in the SMART framework?
The objective should be realistic given the circumstances.
The objective should state exactly what is to be achieved.
The objective should be capable of measurement.
The objective should be relevant to the people responsible for achieving them.
In the SMART objectives framework, what does 'Achievable' mean?
The objective should be set with a time-frame in mind.
The objective should be realistic given the circumstances.
The objective should be capable of measurement.
The objective should state exactly what is to be achieved.
What does the 'R' in SMART objectives stand for?
Realistic
Relevant
Reliable
Resourceful
Which of the following best describes a 'Time Bound' objective in the SMART framework?
The objective should be realistic given the circumstances.
The objective should be set with a time-frame in mind.
The objective should be capable of measurement.
The objective should state exactly what is to be achieved.
What are corporate objectives?
Objectives that relate to individual departments
Objectives that relate to the business as a whole
Objectives set by middle management
Objectives that focus on short-term goals
Who usually sets corporate objectives?
Middle management
Employees
Top management
Customers
What do corporate objectives provide for the business?
A focus for setting more detailed objectives for the main functional activities
A focus for setting individual employee goals
A focus for setting short-term financial targets
A focus for setting customer satisfaction goals
Which functional objective is associated with successfully launching five new products in the next two years?
Increase sales
Reduce costs
Increase cash flow
Improve customer satisfaction
What is the example given for the functional objective of reducing costs?
Successfully launch five new products in the next two years
Reduce waste by 10%
Reduce the average time taken by customers to pay invoices from 75 to 60 days
Achieve a 95% level of high customer service
Which department is responsible for the objective of reducing the average time taken by customers to pay invoices from 75 to 60 days?
Marketing
Operations
Finance
People
Achieving a 95% level of high customer service is an example of which functional objective?
Increase sales
Reduce costs
Increase cash flow
Improve customer satisfaction
Which of the following is an internal influence on business objectives and decisions?
Technological
Competitors
Age of the business
Society
Which of the following is an external influence on business objectives and decisions?
Employees Attitudes
Size and Legal Structure
Attitude to risk
Political and Legal factors
Which of the following is NOT an internal influence on business objectives and decisions?
Attitude to risk
Employees Attitudes
Technological
Size and Legal Structure
Which of the following is NOT an external influence on business objectives and decisions?
Short Termism
Society
Competitors
Age of the business
What is a mission statement?
A detailed report of a company's financial status
A short sentence used by a company to explain its purpose(s) for being
A list of a company's products and services
A company's annual revenue statement
Which of the following is a characteristic of a good mission?
A clear sense of business purpose
A focus on short-term profits
A complex and detailed plan
A focus on individual achievements
A good mission should do which of the following?
Excite, inspire, motivate, and guide
Focus solely on financial goals
Be difficult to understand
Exclude certain stakeholders
What is an important quality of a good mission in terms of comprehension?
Easy to understand and remember
Filled with technical jargon
Lengthy and detailed
Ambiguous and open to interpretation
How should a good mission differentiate a business?
From competitors
From its own employees
From its customers
From its suppliers
Who should a good mission consider?
All stakeholders, not just shareholders and managers
Only shareholders
Only managers
Only customers
Which of the following is a common criticism of mission statements?
They are always supported by actions of the business.
They are often too vague and general.
They are always specific and detailed.
They are never regarded cynically by staff.
What is a criticism of mission statements regarding their content?
They are often merely statements of the obvious.
They are always innovative and unique.
They are never questioned by staff.
They are always clear and concise.
How are mission statements sometimes regarded by staff?
As essential and motivating.
As irrelevant and unnecessary.
Cynically.
As always effective.
What must happen for mission statements to be effective?
They must be ignored by everyone in the business.
Everyone in the business has to "buy-in".
They must be kept secret from staff.
They must be vague and general.
Which of the following is a characteristic of strategic objectives?
Focused on short-term
Set by line management
Involve higher risk & uncertainty
Relatively low-risk
Who typically sets strategic objectives in an organization?
Line management
The Board
Employees
Customers
Which of the following is true about tactical objectives?
Focused on long-term
Set by the Board
Relatively low-risk
Involve significant investment
Tactical objectives are generally:
Difficult to change in the short-term
Stretching & challenging
Realistic & achievable
Involve higher risk & uncertainty
Strategic objectives are likely to involve:
Limited resources invested
Significant investment / business resources
Easy changes at minor financial cost
Short-term focus
Which of the following is a characteristic of tactical objectives?
Focused on long-term
Set by the Board
Difficult to change in the short-term
Relatively easy to change at a minor financial cost
What is the economic term that describes the inputs used in the production of goods or services to make an economic profit?
Factors of production
Economic resources
Capital goods
Consumer goods
Which of the following is NOT one of the key inputs in the factors of production?
Land
Labour
Capital
Technology
Which factor of production concerns employment of workers?
Land
Labour
Capital
Enterprise
Which factor of production is represented by the phrase 'no risk, no reward'?
Land
Labour
Capital
Enterprise
Which factor of production would you get from investors?
Land
Labour
Capital
Enterprise
Which factor of production would be represented by Trump Tower?
Land
Labour
Capital
Enterprise
