Worksheets104.5 Business Concepts Quiz
Total questions: 55
Worksheet time: 28mins
What is the difference between profit and loss related to?
Income, expenditure, and overheads
Colors and shapes
Animals and plants
Weather and seasons
What is one benefit of networking?
Business growth
Growing plants
Painting pictures
Baking cakes
What is important for maintaining quality?
The link between productivity and reputation
The color of the sky
The size of a book
The taste of food
What is necessary for a company to survive and grow?
Profits
Employees
Buildings
Products
What happens to a company without profits?
It will grow
It will cease to exist
It will hire more people
It will pay more taxes
What cannot exist without government taxes?
Unemployment benefits
New movies
Summer camps
Birthday parties
Who is dependent on company profits?
Only employees
Only self-employed people
Everyone
Only managers
What is unlikely if you are not in the financial department or self-employed?
Being directly involved in day-to-day management of finances
Working with customers
Managing a team
Designing products
What do you need to understand to appreciate your involvement in a company's profitability?
How to make friends
How a company's finances work
How to cook
How to play sports
What do companies do to produce goods?
Hire labor
Sell to clients
Make profits
Purchase materials
Who pays for the goods, adding to the profits of the company?
The manager
The client
The employee
The supplier
What is a great deal of a company's finance invested in before it can be turned into profit?
Materials, equipment, and manpower
Food and drinks
Toys and games
Books and pencils
Who has to be very careful when calculating the cost of a building?
Estimators in the estimating department
Teachers in a school
Doctors in a hospital
Chefs in a restaurant
What must estimators have knowledge of to quantify materials and time for a job?
Construction work
Cooking recipes
Animal care
Painting pictures
What can happen if a company miscalculates a building contract?
Lower profits
Higher profits
More employees
Better management
What is a consequence of poor cash flow management?
Loss of assets
Increase in assets
More customers
Better reputation
What can delay company growth?
Poor management of income
Good management of income
Hiring more staff
Opening new branches
What might happen to staff if a company is poorly managed?
Lose their positions
Get promoted
Receive bonuses
Gain more vacation days
What are employers generally judged on in a project?
The number of employees
The outcomes
The location of the business
The color of the office
What is considered a successful project?
A project with many delays
A project with additional costs
A project completed on time with zero delays
A project with no planning
When should important business considerations be made?
At the end of the project
At an early stage
After the project is completed
Only if there are problems
What is the first contact with the client and main contractor called?
Quoting
Initial engagement
Scheduling
Transparency
What does "Quoting" mean in business terms?
Providing a client with an estimated price for a job
The sequence of operations
Being clear and easy to understand
Writing penalties into a contract
What is "Scheduling" in business terms?
First contact with the client
The sequence of operations that will be followed when carrying out the work
The actual binding action of an employer
Being clear and easy to understand
What does "Fulfilment of contract" mean?
First contact with the client
Providing a client with an estimated price
The actual binding action of an employer when completing the project
Being clear and easy to understand
What does "Transparency" mean in business terms?
Being clear and easy to understand, with nothing hidden
The sequence of operations
Writing penalties into a contract
First contact with the client
What are "Penalties" in a contract used for?
To provide an estimated price
To prevent delays
To sequence operations
To make first contact with the client
What can a poor credit score make difficult for an employer?
Getting more work
Hiring more employees
Traveling abroad
Buying a new car
What might happen if an employer cannot fulfill financial arrangements?
Bankruptcy
Promotion
Vacation
New office
What is one benefit of good business management?
Decreased quality
Improvements in quality
Less customer satisfaction
Poor staff loyalty
What happens to staff loyalty with good business management?
Staff become less loyal
Staff loyalty stays the same
Retention/loyalty of staff increases
Staff leave the company
What are overhead expenses?
Costs directly applied to income
Direct labor costs
Material costs
Direct expenses
Which of the following is NOT an overhead expense?
Accounting fees
Direct labor
Advertising
Insurance
What can income be used for in a business?
To pay bills and overheads
To buy new buildings
To hire more employees
To purchase raw materials
What are Profit and Loss used for?
To evaluate a company's financial soundness
To make a cake
To build a house
To paint a picture
Who uses profit and loss analysis?
Employers
Chefs
Artists
Teachers
What is bookkeeping also known as?
Business accounting
Business management
Financial planning
Contract management
Why must financial transactions be recorded systematically?
To make more money
To give an accurate picture of the financial health of the business
To hire more employees
To reduce taxes
Who might be involved in financial issues in large companies?
Estimators, buyers, and contract managers
Only the CEO
Just the accountants
The marketing team
What must the person responsible for bookkeeping accurately record?
Only profits
All income, expenditure, and overheads
Just expenses
Only sales
Why do managers need information about the work being done?
To monitor costs
To make friends
To buy supplies
To decorate the office
What should you do if a job takes longer or shorter than expected?
Notify your supervisor
Ignore it
Tell a friend
Do nothing
Who benefits from the information about job duration?
Estimator or contractor
The janitor
The chef
The gardener
Why do records need to be kept of all materials used?
For stock control and costing
For fun
For decoration
For a game
How many copies should order forms have?
At least two copies
One copy
Three copies
Four copies
What should you do if a delivery is incorrect or damaged?
Ignore it
Report it to have it rectified
Keep it as it is
Throw it away
What needs to be done if extra work requires more materials?
Do nothing
Place an order
Cancel the work
Use less materials
Why is it important to complete a timesheet?
To claim your own wages
To monitor the labour cost
Both A and B
To waste time
What is one benefit of business networking?
Strengthening business connections
Losing contacts
Ignoring opportunities
Avoiding new ideas
How can networking help you in your role?
By gaining new ideas and perspectives
By keeping ideas to yourself
By avoiding challenges
By not sharing information
What is a benefit of networking mentioned in the text?
Getting free food
Being visible and getting noticed
Traveling to new places
Learning a new language
What can regularly attending professional and social events help you with?
Building a house
Getting your face known
Learning to cook
Writing a book
What can expanding your contacts help you access?
New opportunities
Free concerts
More vacation time
Free books
What is a benefit of having interconnected business contacts?
Less knowledge
More knowledge
No knowledge
Less opportunities
What can you gain from networking with experienced peers?
Career advice and support
Less opportunities
No guidance
Fewer challenges
