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Business Concepts Quiz

Total questions: 84

Worksheet time: 42mins

Name
Class
Date
1.

What is a disadvantage of adapting products?

a)

It could be too similar to the previous product

b)

It requires a lot of research and development

c)

It can be expensive to implement

d)

It may not meet the needs of the target market

2.

What is an advantage of creating a new idea?

a)

It will create a unique selling point

b)

It is always profitable

c)

It is easy to implement

d)

It requires minimal investment

3.

Which of the following is a risk of starting a new business?

a)

Lack of job security

b)

High profits

c)

Low competition

d)

Limited liability

4.

Which of the following is a risk of starting a new business?

a)

Business failure

b)

High customer satisfaction

c)

Strong brand recognition

d)

Successful product launch

5.

What is the definition of lack of job security?

a)

There is no-one to cover if you are ill

b)

You have a guaranteed job for life

c)

Your job is always challenging

d)

You have a high salary

6.

Which of the following is a reward of starting a new business?

a)

Profit

b)

Long hours

c)

High stress levels

d)

Limited control

7.

Which of the following is a reward of starting a new business?

a)

Independence

b)

Low risk

c)

Guaranteed success

d)

Limited responsibility

8.

Which of the following is a way a business adds value?

a)

Branding

b)

Lowering prices

c)

Reducing quality

d)

Ignoring customer feedback

9.

What is the definition of adding value?

a)

Increasing the price of your products/services

b)

Decreasing the quality of your products/services

c)

Providing poor customer service

d)

Offering limited product choices

10.

Which of the following is a way businesses meet customer needs?

a)

Convenience

b)

High prices

c)

Limited product range

d)

Poor customer service

11.

What is a unique selling point?

a)

Something only your business offers

b)

A common feature shared by many businesses

c)

A low price

d)

A poor quality product

12.

What is branding?

a)

The way your business presents itself

b)

The price of your products

c)

The quality of your products

d)

The location of your business

13.

Define entrepreneur

a)

Someone who starts a business

b)

Someone who works for a large corporation

c)

Someone who invests in stocks and bonds

d)

Someone who manages a government agency

14.

Which of the following is a quality of an entrepreneur?

a)

someone who takes risks

b)

someone who avoids challenges

c)

someone who is afraid of failure

d)

someone who is risk-averse

15.

Which of the following one of the roles of an entrepreneur?

a)

Organising resources

b)

Following orders

c)

Avoiding responsibility

d)

Shirking duties

16.

What will a business do to find out the needs of customers?

a)

Market research

b)

Guessing

c)

Ignoring customer feedback

d)

Assuming customer needs

17.

What could happen if a business doesn't understand customer needs?

a)

They might lose sales

b)

They might increase profits

c)

They might improve customer satisfaction

d)

They might become more successful

18.

Which of the following is an example of primary research?

a)

Focus groups

b)

Internet search

c)

Government statistics

d)

Industry reports

19.

Why is social media a good area to focus market research?

a)

Billions of people use it

b)

It is expensive to use

c)

It is difficult to analyze

d)

It is not relevant to most businesses

20.

Which of the following is an example of secondary research?

a)

Internet search

b)

Surveys

c)

Interviews

d)

Observations

21.

Define market segmentation

a)

Breaking the market up into groups

b)

Targeting everyone in the market

c)

Ignoring market trends

d)

Avoiding competition

22.

Which of the following is a valid market segment?

a)

Income

b)

Gender

c)

Age

d)

All of the above

23.

What is a market map?

a)

Comparing business against two factors e.g. price & quality

b)

A map of the physical location of businesses

c)

A chart showing sales trends

d)

A diagram of the organizational structure of a business

24.

Why does a business complete a market map?

a)

To see all its competitors

b)

To avoid competition

c)

To ignore market trends

d)

To reduce costs

25.

What is a disadvantage of relying on a market map?

a)

It is based on opinion

b)

It is always accurate

c)

It is easy to create

d)

It is cost-effective

26.

What is the main advantage of making a market map?

a)

To find a gap in the market

b)

To avoid competition

c)

To ignore market trends

d)

To reduce costs

27.

What is a direct competitor?

a)

A business that competes against you and sells similar products

b)

A business that operates in a completely different industry

c)

A business that is located far away

d)

A business that is a supplier

28.

What is an indirect competitor?

a)

A business that competes against you but sells different products

b)

A business that is located nearby

c)

A business that is a supplier

d)

A business that is a customer

29.

Who would be a direct competitor of IPhone?

a)

Google Pixel

b)

Microsoft Word

c)

Coca-Cola

d)

Ford Motor Company

30.

Who would be an indirect competitor of IPhone?

a)

Microsoft Surface

b)

Samsung Galaxy

c)

Sony PlayStation

d)

Nike

31.

What does the S stand for in SWOT?

a)

Strengths

b)

Strategies

c)

Systems

d)

Scenarios

32.

What does the W stand for in SWOT?

a)

Weaknesses

b)

Wants

c)

Wishes

d)

Wealth

33.

What does the O stand for in SWOT?

a)

Opportunities

b)

Objectives

c)

Outcomes

d)

Operations

34.

What does the T stand for in SWOT?

a)

Threats

b)

Targets

c)

Tactics

d)

Tasks

35.

Define aim for a business

a)

What a business wants to achieve

b)

The daily tasks of employees

c)

The location of the business

d)

The financial performance of the business

36.

Define objective for a business

a)

How a business achieves its aims

b)

The mission statement of the business

c)

The values of the business

d)

The financial goals of the business

37.

Which of the following is an example of a financial aim?

a)

Market share

b)

Environmental sustainability

c)

Ethical practices

d)

Community involvement

38.

Which of the following is an example of a non-financial aim?

a)

Social objectives

b)

Profit maximization

c)

Increased revenue

d)

Higher market share

39.

A business sells 500 units for £10 each. What is their revenue?

a)

£5000

b)

£500

c)

£100

d)

£50

40.

A company sells 300 gadgets at a price of £15 each. What is their total revenue?

a)

£4500

b)

£3000

c)

£1500

d)

£500

41.

A business sells 500 units. The variable cost per unit is £5 and their fixed costs are £1000. What is their total costs?

a)

£3500

b)

£2500

c)

£1500

d)

£500

42.

A manufacturer produces 400 widgets. The variable cost per widget is £6 and their fixed costs are £1200. What is their total cost?

a)

£3600

b)

£2400

c)

£3600

d)

£3600

43.

A business has fixed costs of £1000. Their selling price is £10. Their variable cost per unit is £5. What is their break-even point in units?

a)

200

b)

100

c)

300

d)

400

44.

A firm has fixed costs of £1200. They charge £12 per unit sold, and the variable cost per unit is £6. What is their break-even point in units?

a)

150

b)

200

c)

250

d)

300

45.

A business has a break-even point of 200 units. Their selling price is £10. What is their break-even point in currency?

a)

£2000

b)

£1000

c)

£3000

d)

£4000

46.

A company has a break-even point of 150 units. Their selling price is £15. What is their break-even point in currency?

a)

£2250

b)

£1500

c)

£3000

d)

£1000

47.

A business has sold 500 units. Their break-even point is 200 units. What is their margin of safety?

a)

300 units

b)

200 units

c)

100 units

d)

400 units

48.

A retailer has a break-even point of 250 units and has sold 600 units. What is their margin of safety?

a)

350 units

b)

250 units

c)

150 units

d)

400 units

49.

Define cash flow

a)

The money coming in/going out a business

b)

The profit of the business

c)

The revenue of the business

d)

The expenses of the business

50.

What is the definition of supplier?

a)

A business that provides raw materials/products to other business

b)

A person who works for a business

c)

A competitor of a business

d)

A customer of a business

51.

What is the definition of shareholder?

a)

Someone that owns part of a business

b)

Someone who works for a business

c)

Someone who is a customer of a business

d)

Someone who is a supplier of a business

52.

What is the definition of pressure group?

a)

People that try to make positive change in business

b)

A group of people who work for a business

c)

A group of people who are customers of a business

d)

A group of people who are suppliers of a business

53.

What is the definition of stakeholder?

a)

Someone interested in a business

b)

Someone who works for a business

c)

Someone who is a customer of a business

d)

Someone who is a supplier of a business

54.

What is a disadvantage of using an overdraft?

a)

It has high interest

b)

It is easy to access

c)

It is a flexible form of finance

d)

It can be used for emergencies

55.

What is an advantage of using an overdraft?

a)

It can be accessed in an emergency

b)

It has low interest rates

c)

It is a long-term form of finance

d)

It is a secured form of finance

56.

Why do suppliers offer trade credit?

a)

To keep customers loyal

b)

To encourage customers to pay late

c)

To charge customers a higher price

d)

To discourage customers from buying on credit

57.

What is the disadvantage to a supplier of offering trade credit?

a)

Businesses might pay them late

b)

Businesses might buy less from them

c)

Businesses might demand a discount

d)

Businesses might go out of business

58.
What is the definition of a sole trader?
a)
When one person owns a business
b)
A business owned by a group of people
c)
A business that is publicly traded
d)
A business that is owned by a corporation
59.
What is an advantage of being a sole trader?
a)
You keep all the profits
b)
You have many people to share the workload with
c)
You have to share the profits with others
d)
You have less control over the business
60.
What is a disadvantage of being a sole trader?
a)
Lack of job security
b)
You have many people to share the workload with
c)
You have to share the profits with others
d)
You have more control over the business
61.
What is the definition of a partnership?
a)
2-20 people own a business
b)
A business owned by one person
c)
A business that is publicly traded
d)
A business that is owned by a corporation
62.
What is an advantage of being in a partnership?
a)
Share ideas
b)
Less control over the business
c)
More risk involved
d)
Less profit potential
63.
What is a disadvantage of being in a partnership?
a)
Sharing profits
b)
More control over the business
c)
Less risk involved
d)
More profit potential
64.
Which business ownership types have unlimited liability?
a)
sole trader and partnership
b)
PLC and LTD
c)
Cooperatives and franchises
d)
Social enterprises and charities
65.
What is the definition of unlimited liability?
a)
if a business goes into debt, the owners personal assets can be used to pay it off
b)
The business is responsible for its own debts
c)
The owners are not personally liable for the business's debts
d)
The business is protected from personal liability
66.
Which business ownership types have shareholders?
a)
PLC and LTD
b)
Sole trader and partnership
c)
Cooperatives and franchises
d)
Social enterprises and charities
67.
Who owns a public limited company?
a)
shareholders
b)
The government
c)
A single individual
d)
A small group of investors
68.
What does proximity to labour mean?
a)
Being close to employees
b)
Being close to customers
c)
Being close to suppliers
d)
Being close to transportation
69.
What does proximity to materials mean?
a)
Being close to suppliers
b)
Being close to customers
c)
Being close to employees
d)
Being close to transportation
70.
What does proximity to market mean?
a)
Being close to customers
b)
Being close to suppliers
c)
Being close to employees
d)
Being close to transportation
71.
What is a franchise?
a)
A business that lets entrepreneurs sell under their name
b)
A business that is owned by one person
c)
A business that is publicly traded
d)
A business that is owned by a corporation
72.
What is a franchisor?
a)
The business that lets entrepreneurs sell under their name
b)
The entrepreneur who buys the rights to use the brand name
c)
The customer who buys products from the franchise
d)
The government agency that regulates franchises
73.
What is a franchisee?
a)
The entrepreneur that purchases the rights to sell under another business name
b)
The business that grants the franchise
c)
The customer who buys products from the franchise
d)
The government agency that regulates franchises
74.
What is a benefit of being a franchisor?
a)
You can grow the business without running multiple shops
b)
You have to share the profits with franchisees
c)
You have less control over the brand
d)
You have to pay royalties to the franchisor
75.
What is a disadvantage of being a franchisor?
a)
A poorly run store can ruin the reputation of the brand
b)
You have more control over the brand
c)
You don't have to share the profits with franchisees
d)
You don't have to pay royalties to the franchisor
76.
What is an advantage of being a franchisee?
a)
The business is already established
b)
You have complete control over the business
c)
You don't have to pay any fees to the franchisor
d)
You don't have to follow any guidelines or rules
77.
What is a disadvantage of being a franchisee?
a)
The franchisee cannot make any decisions
b)
You have complete control over the business
c)
You don't have to pay any fees to the franchisor
d)
You don't have to follow any guidelines or rules
78.
What is a shopping good?
a)
A product/service a customer will take a long time to think about before a purchase
b)
A product that is purchased frequently
c)
A product that is inexpensive and easily accessible
d)
A product that is essential for daily living
79.
Why do shopping goods situate themselves near competitors?
a)
To show customers why your products are better than competitors
b)
To avoid competition
c)
To reduce costs
d)
To increase brand awareness
80.
What is a convenience good?
a)
A product a customer buys often
b)
A product that is expensive and difficult to find
c)
A product that is only purchased occasionally
d)
A product that is not essential for daily living
81.
Which of these business sells mainly convenience goods?
a)
Sainsburys
b)
A luxury car dealership
c)
A furniture store
d)
An electronics store
82.
What does the government expect from businesses?
a)
To pay taxes
b)
To provide free goods and services
c)
To create jobs for everyone
d)
To donate to charity
83.
What do employees expect from businesses?
a)
To be rewarded for their work
b)
To be treated unfairly
c)
To be overworked and underpaid
d)
To have no job security
84.
What is a dividend?
a)
A return on investment for shareholders
b)
A payment to employees
c)
A tax paid to the government
d)
A fee paid to suppliers

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