WorksheetsN4 Business in Action Quiz
Total questions: 43
Worksheet time: 25mins
What is a sole trader?
A business owned by two or more people
A business owned by one person
A business owned by shareholders
A business owned by the government
Which of the following is a method of market research?
Financial auditing
Product development
Surveys
Stakeholder meetings
What is the main purpose of financial planning in a business?
To increase the number of employees
To manage the business's money effectively
To create new products
To expand the business internationally
Who are considered stakeholders in a business?
Only the owners
Only the customers
Anyone affected by the business
Only the employees
Which type of business is owned by shareholders?
Partnership
Sole trader
Limited Company
Charity
What is a focus group?
A group of employees discussing their roles
A group of customers providing feedback on a product
A group of managers planning a strategy
A group of stakeholders investing in the business
What is the role of a stakeholder in a business?
To manage the daily operations
To provide financial support
To influence or be affected by the business
To create marketing strategies
Which of the following is a characteristic of a partnership?
Limited liability
Owned by one person
Shared profits and losses
No legal formalities
What is the main goal of market research?
To increase production
To understand customer needs and wants
To reduce costs
To hire more employees
What is a stakeholder's interest in a business?
To ensure the business fails
To see the business succeed
To take over the business
To ignore the business's activities
Which type of business is typically run by a group of people for their mutual benefit?
Social Enterprise
Sole trader
Partnership
Franchise
Organise these options into the right categories
Cars
Mobile Phones
PS5
Sweets & Food
Magazines
Shoes
Furniture
Books
Hairdressing
Education
Insurance
Banking
Cinema
Internet
Public Transport
Match the following Factors of Production
Land - the natural resources
Labour - the workforce of a business
Capital - tools, machinery & equipment
Enterprise - the business ideas
In a Partnership, ownership and control of the business is shared between how many partners?
2 to 2,000
2 to 20
2 to 200
How many Sectors of Industry are there?
3
7
4
5
The Sectors of Industry are…..
Secondary
Third
Primary
Tertiary
What does CSR stand for?
Company social research
Companies are socially responsible
Civil service rebate
Corporate Social Responsibility
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
True or False - Intangible means something that cannot be seen or physically touched?
True
False
True or False - Tangible means something that can be seen and physically touched?
True
False
Which external factor is unemployment concerned with ?
Political
Economic
Social
Technological
Environmental
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
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 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
Identify an internal factor of an organisation.
Political
Environmental
Technology
Competition
Identify an internal stakeholder.
Customer
Banks and lenders
Supplier
Employee
Changing Laws and Legislation: Increasing national minimum wage
Positive impact
Negative impact
Changing VAT rates: The government increase VAT to 25%
Positive impact
Negative impact
Businesses have some control over Internal Factors
True
False
Survival is often the aim of many businesses. What does this mean?
To cut down expenses.
To become larger and increase the number of shops.
To protect the environment and not pollute it.
To make sure the business continues and doesn’t fail.
Sugar tax is an example of which PESTEC factor?
Economical
Competitor
Political
Social
An increase in Minimum wage may impact a business because…
It will increase profits
It will increase total costs of the business
It will increase consumer products
It will increase customers
