Font size
WorksheetsMr Frayne IGCSE Revision Mixed Bag
Total questions: 65
Worksheet time: 36mins
What are the disadvantages of a partnership?
Differences between partners can lead to conflict
They learn from one another
They get to make a lot of money
All decisions must be agreed upon by all partners
What are 2 advantages of a sole trader?
The owner has to share with his children
It is easy to set up
Owner is entitled to all the profits
There is continuity
Keeping all profits of the business can be an advantage of which form of business?
Closed corporation
Private company
Partnership
Sole trader
A business has experienced a significant fall in sales due to a slowdown in the economy. In this situation, the business is likely to focus upon:
Growing the workforce
Domestic expansion
Increasing its product range
Survival
A business changes it aims and objectives following the appointment of a new managing director. The change was in response to:
Technology
Market conditions
Internal reasons
Legislation
The introduction of the National Living Wage meant some businesses had to change their aims and objectives. This was in response to a change in:
Technology
Business performance
Internal factors
Legislation
MARKET SHARE =
the amount of profit a business makes in a market.
the amount of employees a business has.
the percentage of businesses sales as a percentage of a market.
the amount of money invested into a business.
The income a business generates from selling goods or services.
Expenditure
Capital employed
Revenue (sales)
Salary
The best definition of a sole trader form of business organisation is:
the business only employs one person
the business is owned by one person
the firm has a single customer
there is a single firm in the industry
A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?
Inability to break even
Lack of security
Business failure
Lack of independence
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
A Private Limited Company has PLC after its name.
True
False
A Private Limited Company does NOT need to register the company with The Companies House.
True
False
Shareholders recieve a share of the profits a LTD makes called a
Dividend
Bonus
Commission
Cash Prize
What are the owners of private and public limited companies called?
Stakeholders
Managers
Board of directors
Shareholders
Which two of the following are advantages of starting up and running as a franchise operation?
Select two answers:
The franchisee:
Has to provide all equipment such as IT systems
Gets advice and training from the franchisor
Has to pay royalties to the franchisor
May have to buy goods from the franchisor at a mark-up
Is part of a well-known firm with established brand name and product
Private Limited Companies have to make Financial Information Public
True
False
A company with limited liability
Sole Trader
Partnership
Public limited company
Private limited company
If you have full responsibility for your business debts this is known as ...
Unlimited Liability
Limited Liability
Personal Liability
Identify the natural resources that are being exploited in the primary sector? (REM)
Agriculture
Fishing
Forestry
All the above
The secondary sector is primarily concerned with:
Raw material extraction
Providing services
Manufacturing and construction
Research and development
In which sector does a teacher work?
Primary
Secondary
Tertiary
Quaternary
Social enterprises re-invest their profits for what purpose?
to support their social mission
to make bigger profits
to line the pockets of the owners
to pay taxes
Rewrite the sentence using a synonym for the underlined word.
Mark Zuckerberg, a successful businessman, started Facebook from his college dorm room.
(a)
A (a) limited company is a business owned by shareholders but it can sell shares to the public and its shares are tradable on the Stock Exchange.
A (a) limited company is a business owned by shareholders but it cannot sell shares to the public.
What are the main types of stakeholders in a business?
Internal stakeholders and external stakeholders
Primary stakeholders and secondary stakeholders
Profit-oriented stakeholders and non-profit oriented stakeholders
Financial stakeholders and non-financial stakeholders
Which of the following is a stakeholder in a business?
a) Government
b) Shareholders
c) Suppliers
d) All of the above
A high street coffee shop uses recyclable cups.
Select two answers:
The two most likely effects this decision will have is to:
Minimise the time it takes to pay its suppliers
Maximise profits for its owners
Minimise the environmental impact on the local community
Maximise pay for its employees
Minimise possible pressure group activity
What does cash flow refer to in a business?
Finance provided by the owners of the company
The flow of money in and out of a business
Money left over after all costs have been subtracted from revenue
Resources that are repeatedly used by a business
Write the decimal as a percent: 0.37
37%
3.7%
0.37%
370%
9.35% as a decimal is ???
(a)
You need a loan for £500 for 2 years. you shop around for the best interest rates, and find suitable loans at 4.5%, 6.7% and 12.9% APR. Which loan rate should you choose?
The loan at 12.9% because it is the best value
The loan at 4.5% because it is the cheapest
The loan at 6.7% because it is in the middle
It doesn't matter because I will pay the same amount overall
What is the interest rate on a mortgage?
The amount you initially borrow
The percentage charged on top of the amount you owe
The monthly payments towards the principal
The cost of borrowing from the Bank of England
What is 0.09 as a percentage
0.9%
9%
90%
Express 3.5% as a decimal.
0.035
0.35%
0.0035
0.35
Express 0.125 as a percentage.
1.25%
0.0125%
0.125%
12.5%
Convert 0.75 to a percentage.
0.0075%
7.5%
750%
75%
Change 1.4 to a percent.
14
14%
140%
40
In 2010, Mexico placed a limit on the amount of potatoes it will import.
Tariff
Quota
Embargo
The United States prohibited all imports and exports to and from Cuba in the 1960s.
Tariff
Quota
Embargo
China placed a 25% tax on imported American chicken.
Tariff
Quota
Embargo
Canada limited the amount of corn that it will import to 100,000 tons this year.
Tariff
Quota
Embargo
The United States does not trade with North Korea because of their nuclear weapons.
Tariff
Quota
Embargo
Argentina has placed a tax on foreign milk imports to protect their dairy farmers.
Tariff
Quota
Embargo
What does the P in PESTLE stand for?
(a)
PESTLE is a situational analysis tool which helps a business to analyse the external factors that affect their business.
True
False
How does the workplace regulations legislation impact on the start up business and decision making to employ staff?
Political
Legal
Economic
Social Cultural
What impact could natural disasters, weather patterns and season have on the business?
Polital
Technological
Environmental
Legal
What impact will the start up business's infrastructure have on the evironment?
Techonological
Economic
Political
Environmental
