WorksheetsRevision Quiz
Total questions: 60
Worksheet time: 30mins
Name
Class
Date
1.
Which of the following best defines a need?
a)
Something that is essential for survival
b)
Something that it would be nice to have
c)
Something that makes life easier
2.
Which of the following is a want?
a)
Food
b)
Warmth
c)
Games console
3.
What are the roles an entrepreneur has in business activity?
a)
Showing initiative, being innovative, identifying opportunities, being a good employee
b)
Showing initiative, being innovative, identifying opportunities, organising resources
4.
A drinks manufacturer sells water in different sized bottles. Which method of adding value is this an example of?
a)
Unique selling point
b)
Convenience
c)
Quality
5.
A sandwich shop charges £1.95 for a sandwich that cost £0.75 to make. How much value is added by the sandwich shop?
a)
£1.95
b)
£0.75
c)
£1.20
6.
A business uses packaging to give a product a premium image. Which method of adding value is it using?
a)
Design
b)
Quality
c)
Branding
7.
What is the difference between goods and services?
a)
Goods are intangible products that you experience, services are tangible goods
b)
Goods are tangible products that you can touch, services are intangible experiences
c)
Goods and services are both tangible products
8.
What best describes a public sector business?
a)
A business that is owned and run by individuals or shareholders
b)
A business that provides a mixture of goods and services
c)
A business that is owned and run by the government
9.
Which is an example of a private sector business?
a)
A school
b)
A consumer electronics business
c)
The emergency services
10.
What is the difference between an aim and an objective?
a)
An aim is the overall goal and objectives are the steps to achieve it
b)
An objective is the overall goal and aims are the steps to achieve it
c)
A aim is where the business wants to be in 10 years and the objectives are where the business wants to be in five years
11.
What are the two main types of objective?
a)
Short term and long term objectives
b)
Big objectives and small objectives
c)
Financial and non-financial objectives
12.
What does the SMART acronym stand for?
a)
Specific, measurable, agreed/Achievable, realistic, time bound
b)
Specific, marketable, agreed/Achievable, realistic, time bound
c)
Sales based, measurable, agreed, realistic, time bound
13.
Which of these objectives for a small/meibum sized business (SME) follows the SMART acronym?
a)
To earn £100,000 in 2019
b)
To earn £1,000 profit each month for the next year
c)
To earn £150,000 profit each week for the next month
14.
Which of these best defines a stakeholder?
a)
Anyone who works for a business
b)
Anyone with an interest in a business
c)
Anyone who buys from a business
15.
Which of these stakeholders usually has the most influence on business decisions?
a)
Suppliers
b)
Pressure groups
c)
Owner
16.
Which of these is most likely to be a stakeholder objective of the government?
a)
Job creation
b)
Higher unemployment
c)
Career progression
17.
The owners of a business want to cut costs by using cheaper raw materials. Who could this cause a conflict with?
a)
Pressure groups
b)
Suppliers
c)
The local community
18.
A business is found to be polluting a local river. Which two stakeholders will this cause conflict between?
a)
Pressure groups and government
b)
Local community and pressure groups
c)
Shareholders/owners and pressure groups
19.
What do economies of scale result in?
a)
Lower unit costs
b)
Unchanged unit costs
c)
Higher unit costs
20.
Which economy of scale is achieved through bulk buying?
a)
Purchasing
b)
Financial
c)
Administration
21.
What does the term ‘business location’ refer to?
a)
Whether a business sells a product or a service
b)
What type of shop a business chooses to own
c)
A place where a business decides to operate from
22.
What is a business' ‘market’?
a)
The people a business aims to sell its products or services to
b)
The people employed by a business
c)
The people who own a business
23.
Which of these businesses is most likely to want to be located far away from its competitors?
a)
Car dealership
b)
Clothes shop
c)
Corner shop
24.
What is one benefit of a clothes shop being located in a busy, expensive town centre?
a)
It will be able to hire more highly skilled workers
b)
It will cost the shop more money
c)
The shop will be likely to get more customers
25.
Where would a law firm be best located?
a)
Close to highly skilled workers
b)
Closer to low-skilled workers
c)
close to raw materials
26.
What is the marketing mix?
a)
The four Ps – product, people, place and promotion
b)
The four Ps – product, price, production and promotion
c)
The four Ps – product, price, place and promotion
27.
What does place mean in the marketing mix?
a)
The distribution, location and methods of getting the product to the customer
b)
Where customers see the promotion methods used
c)
The location where a customer stores their product
28.
Which of the four Ps would help a business to build customer awareness of its products or services?
a)
Price
b)
Promotion
c)
Product
29.
During which stage of the product life cycle is the business making no sales?
a)
Growth
b)
Maturity
c)
Development
30.
Why would a business use an extension strategy?
a)
To launch a new product
b)
To reduce costs
c)
To prevent a product from going into decline
31.
What is a USP?
a)
Undercut selling price
b)
Unique selling point
c)
Universal selling process
32.
Which of these is a key characteristic of quantitative data?
a)
it is expressed as words and opinions
b)
It takes a long time to gather and is difficult to analyse
c)
It can be displayed in charts and graphs
33.
What does a business using direct selling NOT make use of?
a)
Manufacturer and retailer
b)
Wholesaler and retailer
c)
Wholesaler and consumer
34.
What is the product portfolio of a business?
a)
A marketing strategy for products
b)
A range of products
c)
A record of a product's profitability
35.
How do sales perform during the growth stage of the product life cycle?
a)
Sales are at their peak
b)
Sales rise
c)
Sales begin to fall
36.
At which stage of the product life cycle does the testing of prototypes occur?
a)
Introduction
b)
Development
c)
Decline
37.
Which characteristic describes the introduction stage of the product life cycle?
a)
When sales are at their peak
b)
When the product is not available on the market yet
c)
When the product is launched on the market
38.
Which characteristic describes the maturity stage of the product life cycle?
a)
When sales begin to fall
b)
When sales begin to rise
c)
When sales are at their peak
39.
Which of these is an advantage of branding?
a)
Low price
b)
Competitive pricing
c)
Premium pricing
40.
Which extension strategy would result in a version 2.0 of an existing product?
a)
Change price
b)
Change product
c)
Change packaging
41.
Which of the following is a short-term source of finance?
a)
Bank loan
b)
Overdraft
c)
Venture capital
42.
Which of these is the correct definition of trade credit?
a)
Trade credit is where a business can spend more money than it has in its bank account
b)
Trade credit is money the business owners have invested through their own savings
c)
Trade credit is an agreement with a supplier to pay bills at a later date
43.
Which of these is a long-term source of finance?
a)
Share capital
b)
Trade credit
c)
Overdraft
44.
What is the meaning of retained profit?
a)
Profit paid to shareholders
b)
Profit made by the business
c)
Profit reinvested in the business
45.
When would a business usually use a long-term source of finance?
a)
To cover expansion costs
b)
To cover running costs
c)
To improve cash flow
46.
Which of the following is a disadvantage of an overdraft?
a)
Offers flexibility
b)
Usually has a high interest rate
c)
Interest is only paid on the amount used
47.
Which source of finance leads to a dilution of ownership?
a)
Share capital
b)
Retained profit
c)
Bank loan
48.
What is an organisational structure?
a)
How a business organises its staff into layers of management
b)
The number of managers in a business
c)
A model that demonstrates the number of employees in a business
49.
What is the chain of command?
a)
The number of employees that a manager is in charge of
b)
The way in which managers communicate with staff immediately below them
c)
The route instructions take from the top to the bottom of a business, including who is answerable to whom
50.
What does the term ‘delayering’ mean?
a)
The process of adding layers of management, making an organisational structure taller
b)
The process of removing layers of management, making an organisational structure flatter
c)
The process of reducing the span of control for a manager
51.
What type of organisational structure is a small business most likely to have?
a)
Flexible structure
b)
Flat structure
c)
Hierarchical structure
52.
How could excessive communication impact a business?
a)
Make employees feel overloaded and reduce productivity
b)
Make employees more efficient
c)
Lead to more sales
53.
What does ‘customer engagement’ mean?
a)
Being able to explain what products and services a business offers (eg what warranties are available)
b)
The interactions that take place between a business and its customers during the sales process
c)
Continuing to give good customer service after a product has been sold
54.
What is product knowledge?
a)
The interactions that take place between a business and its customers during the sales process
b)
Continuing to give good customer service after a product has been sold
c)
Being able to explain what products and services a business offers (eg what warranties are available)
55.
What is post-sales service?
a)
The interactions that take place between a business and its customers during the sales process
b)
Continuing to give good customer service after a product has been bought
c)
Being able to explain what products and services a business offers (eg what warranties are available)
56.
What is quality control?
a)
Building a high-quality business culture
b)
The process of inspecting products and services to ensure that what customers receive is of a high standard.
c)
Checking customers are happy
57.
At what point in the production process do quality checks occur when quality control is used?
a)
At the beginning of production
b)
Throughout production
c)
At the end of production
58.
What is TQM the abbreviation for?
a)
Time quality management
b)
Total quality management
c)
Total quality maintenance
59.
What does TQM aim to achieve?
a)
A complete ‘culture of quality’ in a business
b)
A smooth quality control process
c)
A consistent quality throughout just the manufacturing process
60.
Which of the following would not be an outcome of a business implementing quality assurance?
a)
Lower wage bills
b)
Higher waste levels
c)
Lower waste levels
100 %
