WorksheetsBusiness revision
Total questions: 100
Worksheet time: 54mins
What happens to the cost of imports as the pound(£) gets stronger?
they get more expensive for UK customers
no change
they get cheaper for uk customers
more people buy exports
Which are a possible impact for a business due to changing technology?
more sales
wider market to sell to
less competition
faster pace of change to keep up with
customers less likely to buy as they get fed up with updates
Why is it important for businesses to be compliant with equality laws?
so they don't upset someone
so they don't get sued
so they can maintain a good reputation
so they can avoid recruiting the wrong person
What does ethical behaviour mean?
using fair trade suppliers
being compliant with Employment laws
paying a fair (living wage)
Paying Minimum Wage
Which of these apply to a business trying to operate in an environmentally friendly way?
reducing the amount of traffic to and from stores
sending waste to landfill sites
publishing 'green' reports on their website
reducing their packaging
How would a business that is environmentally responsible benefit in comparison to competitors?
They are putting out less pollution and plastics
Attracting customers that prefer 'greener' businesses
Higher costs due to recyclable packaging being more expensive
Less demand for their products because they are more expensive
Which of these factors relates to the 'external environment'?
Changes to how much the business pays staff
Changes in inflation
A new Competitor entering the market
An increase in the business's advertising budget
What is inflation?
The relationship between costs and revenues
How many more sales a business has made that year
A general rise in prices over time
The cost of borrowing and the reward for saving
Which of these is the definition of a monopoly?
here are a small number of large businesses in a market
There are many small businesses in a market
There are a few large and a few small business in a market
There is one large and dominant business in a market
Keeping inaccurate accounting records is
ethical and legal
a good business practice
unethical and illegal
unethical but not illegal
The act of buying or selling a product using an electronic system like the internet
e-commerce
m-commerce
webchat
Social Media
An approach to managing businesses in which the interest of all groups in society are taken into account when making decisions
social responsibility
Legal responsibility
environmental responsibility
ethica responsibility
Describes the state of key factors within a country such as the level of goods and services produced and the number of jobs available
consumer spending
economic climate
environment
competitive environment
The total value of goods and services bought by consumers in an economy over a time period
interest rates
inflation
economic climate
GDP
The cost of borrowing money or the reward for saving money expressed as a percentage
exchange rates
interest rates
inflation
GDP
Selling goods to other countries
international trade
imports
exports
multinational company
a group of employees acting together to improve their pay/working conditionss
Employment law
Staff Committee
Trade Union
Workers Rights Union
Equality Act 2010 is a legal framework for
preventing discrimination
health and safety in the workplace
Consumer rights
promoting discrimination
Equality Act - which is not true?
All staff should be made aware of the requirements of the Act
All staff should actively discriminate
Appropriate training may be offered to workers
Affects recruitment and selection
Data Protection Act 1998 - GDPR - which is false?
Data must be processed lawfully
Data must be processed fairly
Data must be accurate and kept up to date
All employees can gain access to other employees personal data
Health and Safety at Work Act 1974 - which is true?
Employers are not responsible for eye tests for employees who use computer screens
Your employer is not responsible for your health and safety
All workers have the right to work in places where risks to their health and safety are controlled
Risk assessments are not a legal requirement
Copyright - which is false?
Permission should be sought to use an image
You can reproduce images as long as it is for personal use
Includes music
Includes books
Which of the following is a feature of a weak economic climate?
High levels of consumer spending
Low levels of consumer spending
High levels of employment
Low levels of unemployment
Which of the following laws prevents employees being discriminated against on the basis of characteristics such as gender and race?
Equality Act (2010)
Health and Safety at Work Act (1974)
Consumer Rights Act (2015)
Trades Description Act (1968)
Which of the following is true in relation to the Health and Safety at Work Act (1974)?
Visitors to a business are not covered by the act
Employees must follow health and safety procedures set by the firm
Employees are the only people covered by the act
Customers visiting business premises are not covered by the act
Which of the following is a possible impact facing a hotel chain if facilities and accommodation are falsely described?
Sales may increase
The business is breaking the law
reputation may decrease
profits may increase
Which of the following is a drawback to a business of behaving in an environmentally responsible way?
sales increase due to positive public image
brand reputation is improved
costs increase
easier to motivate and recruit employees
The national living wage is an hourly pay rate set by the Government which must be paid to:
all employees
employees over 18
employees over 21
employees over 25
Which of the following is an example of a business minimising risk by selling products in different markets?
British fashion house, Burberry, selling its products in China
UK grocer, Sainsbury’s, aims to open more UK Sainsbury’s Local stores
British retailer, Argos, opens outlets in UK Sainsbury stores
UK retailer, Marks & Spencer, to close stores in 10 overseas markets
Which law would be broken if an employee refused to wear safety equipment provided by the business?
Equality Act (2010)
Health and Safety at Work Act (1974)
Trades Description Act (1968)
Employee Rights Act (2015)
A business reduces the level of chemical emissions from its factory. Which of the following is the business aiming to reduce?
noise pollution
traffic congestion
recycling
air pollution
Which of the following demonstrates the impact of a weak pound on a UK business that imports raw materials and exports finished goods?
imported raw materials = more expensive. Exported goods = cheaper
imported raw materials = cheaper. Exported goods = cheaper
imported raw materials = more expensive. Exported goods = more expensive
imported raw materials = cheaper. Exported goods = more expensive
Which of the following statements is true in relation to UK legislation?
Product descriptions must be true, accurate and not misleading
Employers do not have to pay the national minimum or living wage
Customers can reject a end a contract up to 14 days after signing and committing to one
Veganism is considered a religious belief and therefore protected by the Equality Act (2010)
Which of following is most likely to occur as interest rates fall?
Sales of luxury products increase
Sales of essential products increase
Sales of luxury products decrease
Sales of essential products decrease
A business that uses renewable energy, such as solar and wind power, aims to reduce:
Recycling
Global warming
Traffic congestion
Waste disposal
A UK recession would...
Increase sales for retailers of luxury goods
Increase sales for budget retailers
Increase sales for travel agents
A shareholder is...
Someone with an interest in what the business does
Someone who owns part of the business
Someone who works on the stock market
Which type of business is LEAST likely to benefit from e-commerce?
A clothing brand
A producer of home entertainment technology
A producer of custom-designed private jets
The dominance of Amazon in e-commerce is a good thing for UK businesses
true
false
E-commerce can reduce business costs because...
Advertising can be more targetted
Variable costs are lower
Fixed costs are lower
They can buy in poor quality goods and get away with selling them on.
. Legislation...
Protects consumers from being mislead
Protects workers from discrimination
Protects workers and consumers from being injured
Guarantees that all workers will be paid the same
If interest rates go up (select 2)
People with mortgages will have less disposable income
People are less likely to buy on credit cards
People with mortgages have to pay less to the bank each month
People are more likely to buy on credit cards
If the government increases corporation tax...
All businesses have less profit to reinvest
All businesses have more profit to reinvest
Limited Companies have less profit to reinvest
Limited companies have more profit to reinvest
If the exchange rate is £1=$2 and you buy a coat in New York for $100, how much has this cost in pounds?
$50
£200
£50
£200
If a business is facing increased costs due to landfill tax on rubbish they could...
Increase their recycling
Dump the rubbish in the woods and hope no one notices
Which of the following represents an economic influence on business?
Changing tastes and preferences among consumers
Climate changes across a specific geographical region
Increased company tax rates
Higher prices for inputs and supplies
Which of the following represents a social influence on business?
The increased participation of women in the workforce
The increased number of small businesses operating across the country
The trend towards moving into new global markets
The trend towards ecommerce and online purchases
Ethical behaviour is about...
...doing what is morally right.
..doing the right thing by shareholders.
...recycling wherever possible.
...not breaking the law.
What is the name of the movement that encourages businesses to pay a fair price to suppliers in developing countries?
(a)
A recession is when...
...GDP has fallen for a period of time.
..a business has to make people redundant.
...when unemployment increases by > 5%
.. a business sees a fall in profits.
During a 'boom' unemployment is _______ and consumer spending is ____________
low, low
low, high
high, low
high, high
During a recession demand for luxury items will _________ and demand for basic items will ___________.
fall, fall
fall, rise
rise, fall
rise, rise
People whose last job ended because there was no more work available or no further need for their role have been
fired
cancelled
made redundant
furloughed
Which of the following is NOT a key driver of globalisation?
Improved transportation
Improved technology
Trade liberalisation
Import/Export tariffs
Which two of the following are benefits of globalisation for businesses?
Access to larger markets
Lower cost of production overseas
Lower transportation costs
Less complexity
Choose two reasons why businesses locate operations in another country
..enhance their reputation at home.
...pay less tax.
...improve quality control.
...access highly skilled labour markets
Goods which are made in this country and then sold abroad are known as (a)
Goods which are made abroad but are brought into this country are (a)
A way in which a business can be affected by consumer law is
Having compensation claims because goods are high quality
Losing reputation due to defective goods
Having to refund all customers after any amount of time
Profits being reduced by paying higher wages
By law, a smart phone manufacturer must make phones which are:
high quality
made from sustainable materials
reasonably priced
safe
An example of an unethical business activity is when a firm buys products made using _________ labour
no
adult
child
free
Another unethical practice would be a firm not providing its workers with a _____________ working environment. For example Amazon at its fulfillment centres.
child
luxurious
24 hour
safe
Some businesses are ethical so they can charge ______ for their products
less
more
Unemployment measures
the number of people in work
the number of people looking for work
the number of people who cannot work
the number of people who do not work
hich one of the following is most likely to happen if there is a big rise in unemployment.
Government spending on benefits will decrease
More people will be looking for work
People's living standards will increase
There will be an increase in demand for luxury goods
Describe a disadvantage to a business of being a multinational company
They can be liable for higher taxes to import and export goods into other countries
Their production costs are likely to be higher
Which is the correct definition of interest rates?
the cost of using a bank
the cost of borrowing
the reward for saving
the fee charged for arranging a loan
What source of finance is for short term emergencies
Overdraft
Bank Loan
Venture Capital
Crowdfunding
What is the formula for break even
Fixed costs / contribution
Fixed costs / selling price
Variable costs / selling price
Fixed costs / margin of safety
What is the break even point
Where sales revenue is the same as fixed costs
Where sales revenue is the same as variable costs
Where sales revenue is the same as total costs
Where fixed costs is the same as variable costs
What is trade credit
A short term source of finance from a supplier for stock.
A long term source of finance from a supplier for stock
A short term source of finance from a bank for stock
A long term source of finance from a bank for stock
Businesses that have unlimited liability are
incorporated
unincorporated
Limited companies
Franchises
In limited liability personal assets are protected
True
False
Neither
Both
Which is part of the marketing mix
Product
People
Plans
Advertisinf
What is the term for using mobile phones to sell products/services
E commerce
Apps
M Commerce
Payment platform
How do new business ideas come about
Changes in technology
Adapting an exiting idea
Products being obsolete
Changes in consumer wants
Which of these is not a method of adding value
Branding
Convenience
Design
Price
Which of these is an example of primary research
Focus Group
Internet
Company reports
Government statistics
Which of these is an example of qualitative market research
Government statistics
Questionnaire
Focus group
Trade reports
Which are the correct 6 market segments
Location, demographics, religion, lifestyle, income, age
Gender, demographics, behaviour, lifestyle, income, age
Location, demographics, behaviour, lifestyle, income, age
Location, demographics, gender, religion, income, age
What is the main aim of a small business?
Maximise profit
Minimise costs
Increase market share
Achieve customer satisfaction
