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Unit CTEC Revision Quizzes

Total questions: 88

Worksheet time: 44mins

Name
Class
Date
1.
What are stakeholders?
a)
Anybody who knows the name of the business
b)
Anybody who takes an interest in a business
c)
Anybody who works for the business
d)
Anybody who buys from the business
2.
True or False: stakeholders can be internal and external.
a)
True
b)
False
3.
Which of the following is NOT an example of a stakeholder?
a)
Customers
b)
Shareholders
c)
Local Community 
d)
Children
4.
As a stakeholder, what interest would the shareholders have in a business?
a)
Increasing Profits
b)
Business Relationships
c)
Business Profitability
d)
Staff Pay
5.
What influence would the local community have on the business?
a)
They may refuse trade credit.
b)
They may increase their prices.
c)
They may petition the business.
d)
They may refuse to loan any money to the business.
6.
What influence would the local community have on the business?
a)
They may refuse trade credit.
b)
They may increase their prices.
c)
They may petition the business.
d)
They may refuse to loan any money to the business.
7.
A manager is an external stakeholder
a)
True
b)
False
8.
An employee is an internal stakeholder?
a)
True
b)
False
9.
A customer is an internal stakeholder?
a)
True
b)
False
10.
A Bank is an external stakeholder?
a)
True
b)
False
11.
An internal stakeholder is:
a)
Supplier
b)
Bank
c)
Employee
d)
Local Community
12.
The Government is interested in a business because:
a)
They will want to buy the products
b)
They want the business to comply with the law and pay taxes
c)
They want good quality products
d)
They want to be paid the money they are owed
13.
Customers are interested in a business because:
a)
They want to be oaid they money they are due
b)
They want the employees to be paid a good salary
c)
They want the business to make the products they want at good prices
d)
They want to be paid a bonus
14.
Owners will be interested in:
a)
Wanting good bonuses and promotion
b)
Wanting good pay and job security
c)
Wanting the business to grow and make profits
15.
What influence does a manager have on the business?
a)
They may alter their workrate and take industrial action
b)
They may withdraw their investment
c)
They may make decisions which affect the business
16.
What influence may Suppliers have on the business?
a)
They may change taxes
b)
They may protest about the business
c)
They may increase their prices
d)
They may choose not to buy the product or recommend it
17.
What influence would customers have on a business?
a)
They may withhold their support and work.
b)
They may stop purchasing and make poor reviews.
c)
They may increase their prices and refuse trade credit.
d)
They may refuse to lend money to the business.
18.
What influence would the local community have on the business?
a)
They may refuse trade credit.
b)
They may increase their prices.
c)
They may petition the business.
d)
They may refuse to loan any money to the business.
19.
Jacobs decide to build a new factory in the local area what stakeholders would have an influence on this?
a)
Customers, employees and the local community
b)
Local community, banks and the government
c)
Suppliers, banks and the local community
d)
Customers, banks and the government
20.
Jacobs decide to increase their prices, what stakeholders have an influence on this decision?
a)
Customers, managers
b)
Local community and government
c)
Banks and suppliers
d)
Customers and banks
21.
Jacobs decide to employ a new manager who would be interested in this decision?
a)
Employees, managers and owner
b)
Customers, government and banks
c)
Suppliers, banks and local community
d)
Banks, government and suppliers
22.

This is the term given to how many products/services a business produces.

a)

Output

b)

Cost

c)

Fixed Cost

d)

Variable cost

23.

The things a business has to pay for in order to start-up and operate on a daily basis.

a)

Output

b)

Costs

c)

Profit

d)

Revenue

24.

Costs that do not change depending on output

a)

Variable costs

b)

Fixed costs

c)

Total costs

d)

Output

25.

These are the costs that change based on output.

a)

Fixed costs

b)

Variable costs

c)

Output

26.

Rent is...

a)

variable cost

b)

fixed cost

c)

total cost

27.

Advertising is...

a)

output

b)

fixed cost

c)

variable cost

28.

Raw materials are...

a)

fixed cost

b)

variable cost

29.

Insurance is...

a)

fixed cost

b)

variable cost

30.

Salaries are...

a)

fixed cost

b)

variable cost

31.

Loan repayment is...

a)

fixed cost

b)

variable cost

32.

Packaging is...

a)

fixed cost

b)

variable cost

33.

Wages are...

a)

fixed cost

b)

variable cost

34.

Utilities are...

a)

fixed cost

b)

variable cost

35.

All the fixed costs added together with all the variable costs.

a)

output

b)

fixed costs

c)

variable costs

d)

total costs

36.

The formula for total costs is:

a)

fixed costs+variable costs= total costs

b)

output+fixed costs=total costs

c)

output+variable costs=total costs

37.

Revenue is...

a)

Sales revenue – total costs

b)

Selling price x number of units sold

c)

Fixed costs + variable costs

d)

cost that is independent of output

38.

Profit/Loss...

a)

Sales revenue – total costs

b)

Selling price x number of units sold

39.
When a business has made enough money to pay its costs and begin to make a profit, it has reached its
a)
break-even point
b)
variable-cost margin
c)
fixed cost
d)
selling price
40.
Some business costs are classified as fixed costs because they
a)
must be paid within a set time
b)
don't change when sales go up or down
c)
are unpredictable and must be estimated
d)
cost all businesses the same amount
41.
If a business's sales double, its variable costs will also likely
a)
remain the same
b)
decrease
c)
increase
d)
double
42.
It may be difficult for a new business to predict its variable costs because new businesses
a)
are sometimes short of working capital
b)
don't have access to industry figures
c)
may have inexperienced employees
d)
don't have past sales records
43.
Most businesses receive the bulk of their income from
a)
dividends
b)
sales revenue
c)
return on investment
d)
capital
44.
A business that does not reach break-even will
a)
go bankrupt
b)
have profit and loss
c)
lose money
d)
need to relocate
45.
One of the main purposes for calculating break-even is to help the business to
a)
determine stock value
b)
prepare an income statement
c)
forecast sales
d)
set selling prices
46.
Businesses calculate break-even in dollars so they know the
a)
amount of the business's after tax-earnings
b)
total dollar value of the stock on hand
c)
total dollar sales needed to reach break-even
d)
amount the business can spend on new purchases
47.
Businesses calculate break-even in units so they know
a)
how much profit they will earn after they break even
b)
which products they should purchase for resale
c)
which costs are variable and which are fixed
d)
how many products they must sell to break even
48.
What is the break-even point in units for a company whose total fixed costs are $275,450; selling price per unit is $16; and variable cost per unit is $14.75?
a)
220,360
b)
150,300
c)
183,633
d)
225,120
49.

What registration and licensing requriments exist for the buisness at federal, state and local levels?

a)

Economic

b)

Political

c)

Social Cultural

d)

Legal

50.

What cultural trends and societial attitudes that should be considered by the business at Start Up?

a)

Ecomomic

b)

Social Cultural

c)

Legal

d)

Environment

51.

What impact will the start up business's infrastructure have on the evironment?

a)

Techonological

b)

Economic

c)

Political

d)

Environmental

52.

What employment patterns, job market trends, and attitudes towards start up businesses exist in the market?

a)

Social Cultural

b)

Economic

c)

Technogical

d)

Economic

53.

Are there any key exchange rates or interest rates that impact on the business?

a)

Political

b)

Legal

c)

Economic

d)

Technological

54.

How can the business use advanced, yet affordable online platforms?

a)

Technological

b)

Social Cultural

c)

Legal

d)

Economic

55.

How does the government approach and monitor ethical practices in the industry?

a)

Legal

b)

Political

c)

Environmental

d)

Legal

56.

What impact could zoning or building regulations have on the business?

a)

Social Cultural

b)

Legal

c)

Economic

d)

Political

57.

Will religious beliefs and lifestyle choices affect the market that the start up has entered?

a)

Environmental

b)

Economic

c)

Political

d)

Social Cultural

58.

Is the business using chemicals that need to be carefully monitored in the environment?

a)

Environmental

b)

Political

c)

Legal

d)

Economic

59.

How is globalisation affecting the industry and what impact might this have on the business eg tariffs?

a)

Social Cultural

b)

Economic

c)

Political

d)

Legal

60.

In what ways can the start up business minimise waste and make use of lean production?

a)

Political

b)

Social Cultural

c)

Legal

d)

Environmental

61.

What strategic networks can provide support and guidance in the market?

a)

Economic

b)

Social Culutural

c)

Environmental

d)

Legal

62.

Is there a trend towards regulation or deregulations in the industry and what impact might this have?

a)

Political

b)

Legal

c)

Economic

d)

Technological

63.

What impact could natural disasters, weather patterns and season have on the business?

a)

Polital

b)

Technological

c)

Environmental

d)

Legal

64.

What is the potential for automation within the business?

a)

Social Cultural

b)

Legal

c)

Economic

d)

Technological

65.

What advice does the start up business require from solicitors, financial advisors and accountants?

a)

Political

b)

Economic

c)

Legal

d)

Technlogical

66.

Where are the opportunties for innovation in the business?

a)

Social Cultural

b)

Environmental

c)

Social Cultural

d)

Technological

67.

What are the current consumer buying patterns in the industry?

a)

Social Cultural

b)

Environmental

c)

Economic

d)

Legal

68.

How does the workplace regulations legislation impact on the start up business and decision making to employ staff?

a)

Political

b)

Legal

c)

Economic

d)

Social Cultural

69.
What is the first stage of business activity?
a)
Primary
b)
Secondary
c)
Tertiary
70.
What is the second stage of business activity?
a)
Primary
b)
Secondary
c)
Tertiary
71.
What is the third stage of business activity?
a)
Primary
b)
Secondary
c)
Tertiary
72.
Which of the following is an example of PRIMARY business activity?
a)
Factories
b)
Shops
c)
Schools
d)
Farmers
73.
Which of the following is an example of SECONDARY business activity?
a)
School
b)
Factories
c)
Shops
d)
Farmers
74.
Which of the following is an example of TERTIARY business activity?
a)
Schools
b)
Farmers
c)
Fishermen
d)
Factories
75.
At which stage of business activity are trees chopped down?
a)
Primary
b)
Secondary
c)
Tertiary
76.
At which stage of business activity is wood made into tables?
a)
Primary
b)
Secondary
c)
Tertiary
77.
At which stage of business activity are the tables sold?
a)
Primary
b)
Secondary
c)
Tertiary
78.
True or False: services a tertiary business activity.
a)
True
b)
False
79.

What is an organisational structure?

a)

A formal document for employees to discuss with colleagues

b)

A structured method of understanding who completes projects

c)

A way that organisational activities are divided, organised and communicated

d)

A communication strategy issued by the company

80.

Which organisational structure is typically "boss-less"?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

81.

Which organisational structure is complex and brings teams of employees together?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

82.

Which organisational structure has less bureaucracy and appears to have lots of employees reporting into one manager?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

83.

Which is an advantage which flat organisational structures?

a)

no single decision maker

b)

all employees make the final decision

c)

gives employees more responsibility

d)

communication is controlled

84.

What is a disadvantage of hierarchical organisational structures?

a)

demotivates staff

b)

it is not clear who employees report to

c)

does not define authority levels

d)

can slow down decision making

85.

Which organisational structure has the advantage of giving a more dynamic view of the organisation?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

86.

Which organisational structure do micro businesses typically have?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

87.

Which organisational structure has the disadvantage of slowing down important changes or decisions?

a)

Hierarchical

b)

Flat

c)

Matrix

d)

Holocratic

88.

Which of the following is not an organisational structure?

a)

Holocratic

b)

Objective

c)

Flat

d)

Matrix

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