WorksheetsBusiness in Action Summary Quiz
Total questions: 23
Worksheet time: 13mins
Which of the following is not a factor of production?
Enterprise
Land
Labour
Needs
Which of the following is not a need?
Water
Designer Clothing
Food
Shelter
Which of the following is an example of a want?
Shelter
Food
Chocolate
Water
Which of the following is not an example of a service?
Holiday
Haircut
Pot noodle
Banking
Which of the following is not an example of a good?
Nike trainers
Washing machine
Education
iPad
What sector of industry is this in?
Primary
Secondary
Tertiary
An entrepreneur is the person who is willing to take the risk to see whether or not his or her idea will work.
True
False
Sole traders belong to the...
Third sector
Private sector
Public sector
Which of the following are benefits of good customer service? (pick 2)
Keeping loyal customers
Poor competitive edge
Higher staff turnover
Attracting new customers
How can a business ensure they provide good customer care? (pick 2)
Charge customers for calling them
Respond to emails promptly
Provide regular customer care training for employees
Ensure they do not refund their item
Select which business organisation would not be found in the private sector
Sole trader
Private limited company (Ltd)
Public limited company (plc)
Charities
Select the statement which does not describe a sole trader
The owner gets to make all the decisions
There may be limited finance available
Business accounts are kept private
A partnership own and run the business together
Select the correct statement which describes a partnership
Partners are responsible for the debts of the business (Unlimited Liability)
Partners are between 2 and 18 people own and run the business
Profits do not need to be shared
Less money and capital are available
What is not an example of source for help and advice?
Bank
Chambers of Commerce
Word Wide Web
Television
What is the advantage of a bank overdraft?
This can work out expensive if used for a long time as interest is charged daily
The facility may be withdrawn immediately if the limit is exceeded
A customer can overdraw from their bank account, ie, spend more than they have in their bank account up to an agreed limit
It can be only used as a short term loan
What is the disadvantage of a short-term bank loan?
It is a fixed amount to be paid back over a fixed period of time in fixed monthly instalments
The loan can be used to buy an essential piece of equipment or to obtain extra cash to pay bills
It can be difficult to obtain a loan and high interest rates need to be paid
As it is a short-term loan there will be less interest payments.
What is a disadvantage of a grant?
It is a one-off payment and certain conditions or criteria must be met before it can be obtained
The money does not need to be paid back
There is no interest charged on the payment given
It can help kick-start a business
What is not a source of finance?
Mortgage
Leasing
Long-term bank loan
Asking money from competitors
What is not a skill of an entrepreneur?
Have good communication skills
Take risks
Be funny
Have good leadership skills
What is an entrepreneur?
Someone who is employed
Someone who doesn't work
Someone who has set up their own business
Someone who works from home
Can entrepreneurs be high risk takers?
Yes
No
What is ONE quality of an entrepreneur
flexibility
money
honesty
attitude
What is a problem of being an entrepreneur?
Making all the decisions by yourself
Keeping all the profits
