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Revision Business and IT quiz for T level

Total questions: 118

Worksheet time: 1hrs 19mins

Name
Class
Date
1.

What is a form of business ownership in which 2 or more people jointly own a business?

a)

Sole Proprietorship

b)

Company

c)

Partnerships

2.

Which of the following is an advantage of a partnership?

a)

Unlimited liability

b)

Arguments

c)

Shared responsibility

3.

Advantage of this business is that owner keeps all the profit and is his own boss

a)

Partnership

b)

Sole proprietorship

c)

Corporation

d)

Franchise

4.

A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...

a)

Profit

b)

Revenue

c)

Liability

d)

Lateral Alignment

5.
"A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...
a)
Profit
b)
Revenue
c)
Liability
d)
Lateral Alignment
6.

If the owner of a sole proprietorship retires or dies, the owner's heirs may take over the business and either sell it or continue to operate it.

a)

True

b)

False

7.

Corporations account for about 17 percent of all sales revenues.

a)

True

b)

False

8.

Which can be considered disadvantages of sole proprietorships and partnerships?

a)

Partnerships require many people to write a charter, while sole proprietorships require one person to write a charter

b)

Sole proprietorships require one person to know complicated tax laws, while partnerships can have many people who know the rules.

c)

Partnerships require one person to do many things, while sole proprietorships have other people to weigh in on decisions

d)

Sole proprietorships require one person to do many things, while partnerships have other people to weigh in on decisions.

9.

What protection does a limited liability offer?

a)

Protects the company but also allows personal assets to be attached

b)

Protects you from being personally responsible for business debts or legal judgements against the company

c)

Provides the same protection as a Corporation

d)

Protection as long as the business is a partnership

10.

What is the main goal of financial management?

a)

To minimise losses

b)

To maximise profits

c)

To ensure the sustainability of the business

d)

To create a budget

11.

What is the purpose of financial planning?

a)

To forecast future cash flows

b)

To ensure the sustainability of the business

c)

To create a budget

d)

To maximise profits

12.

What is the goal of risk management?

a)

To minimise losses

b)

To maximise profits

c)

To reduce uncertainty

d)

To increase efficiency

13.
What is the purpose of financial analysis?
a)
To evaluate the performance of a business
b)
To forecast future cash flows
c)
To allocate resources
d)
To reduce uncertainty
14.

What is the difference between direct and indirect financing?

a)

Direct financing is a loan from a bank, while indirect financing is a loan from an individual

b)

Direct financing is a loan from an individual, while indirect financing is a loan from a bank

c)

Direct financing is a loan from a bank, while indirect financing is a loan from the government

d)

Direct financing is a loan from the government, while indirect financing is a loan from a bank

15.
What is the purpose of a cost-benefit analysis?
a)
To identify trends in financial performance
b)
To assess the risk of potential investments
c)
To evaluate the potential costs and benefits of a project
d)
To predict future economic trends
16.
What is the purpose of venture capital?
a)
To identify trends in financial performance
b)
To assess the risk of potential investments
c)
To provide capital for start-up companies
d)
To predict future economic trends
17.

What is the definition of a fixed cost?

a)

Price never changes

b)

Regularly occurring payments

c)

A constant cost to a business

d)

Money left over after outgoings

18.

Revenue =

a)

selling price - quantity sold

b)

selling price + quantity sold

c)

selling price x quantity sold

d)

selling price / quantity sold

19.

Long term loans are :

a)

current liabilities

b)

non-current liabilities

c)

non-current assets

d)

current assets

20.

What does the Receivable Days ratio assess ?

a)

How long it takes the business to pay suppliers

b)

How long it takes the business to pay customers

c)

How long it takes the customers to pay the business

d)

How quickly stock is delivered to the business

21.

How do you calculate net cash flow?

a)

Balance brought forward + Cash Inflows

b)

Inflows - Outflows

c)

Total cash available - cash outflows

d)

None of the above

22.
If inflows are 450, outflows are 120, and opening balance is 300, what will the closing balance be?
a)
330
b)
570
c)
630
d)
-30
23.

Net Cashflow =

a)

Income - Expense

b)

Asset - Liability

c)

Expense - Income

d)

Liability - Asset

24.

If a business is expanding quickly but does not have the cash to do so, this is known as what?

a)

Credit terms have not been thought out.

b)

Too much stock

c)

Seasonality

d)

Overtrading

25.
If a cashflow forecast suggests that a firm will run out of cash, which would help the problem?
a)
purchase more fixed assets
b)
repay a bank loan
c)
pay suppliers immediately
d)
delay paying suppliers
26.

What is the formula for calculating the return on capital employed (ROCE) ratio?

a)

(Net Profit / Total Assets) x 100%

b)

(Gross Profit / Total Liabilities) x 100%

c)

(Net Operating Profit / Capital Employed) x 100%

d)

(Operating Expenses / Equity) x 100%

27.

Calculate the gross profit margin if the company's gross profit is £50,000 and the revenue is £100,000.

a)

50%

b)

100%

c)

25%

d)

75%

28.

What is another name for a business' sales revenue?

a)

Sales

b)

Costs

c)

Sales turnover, turnover or revenue

d)

Profit and Loss

29.

The profit and loss account is used by people who may want to become?

a)

customers

b)

suppliers

c)

consumers

d)

investors

30.

In the UK the financial year runs between?

a)

6 January to 5 January

b)

6 February to 5 February

c)

6 March to 5 March

d)

6 April to 5 April

31.

Businesses are legally required to produce Profit and Loss Accounts for?

a)

the police

b)

the council

c)

the Queen

d)

the Inland Revenue

32.

How do we calculate Total Assets?

a)

Fixed Assets - Current Liabilities

b)

Current Assets / Current Liabilities

c)

Fixed Assets + Current Assets

d)

Fixed Assets - Current Assets

33.

What are net assets?

a)

Total assets - total liabilities

b)

Current assets - current liabilities

c)

Money left over after your bills are paid

34.

What are liabilities?

a)

Money that the business has in stock

b)

Money owed by the business to banks

c)

The amount of money owed to shareholders

35.

What is the acid test ratio?

a)

Current assets/liabilities

b)

Money owed by the business that should be paid within a year

c)

Similar to the current ratio but excludes stocks from current assets

36.

Which of the following is a type of tax in the UK?

a)

Income Tax

b)

Sales Tax

c)

Property Tax

d)

Inheritance Tax

37.

What is the purpose of National Insurance Contributions (NICs)?

a)

To fund the NHS and state pensions

b)

To pay for road maintenance

c)

To support local councils

d)

To finance the military

38.

Which organisation is responsible for collecting taxes in the UK?

a)

HM Treasury

b)

HMRC

c)

The Bank of England

d)

The Department for Work and Pensions

39.

Which of the following is NOT a responsibility of HMRC?

a)

Collecting taxes

b)

Issuing driving licences

c)

Administering National Insurance

d)

Enforcing the minimum wage

40.

What is the standard rate of VAT in the UK?

a)

15%

b)

17.5%

c)

20%

d)

22.5%

41.

Which of the following is an example of a tax allowance?

a)

Personal Allowance

b)

VAT

c)

Excise Duty

d)

Stamp Duty

42.

What is the main difference between direct and indirect taxes?

a)

Direct taxes are paid by businesses, indirect taxes by individuals

b)

Direct taxes are paid directly to the government, indirect taxes are collected by intermediaries

c)

Direct taxes are only for high earners, indirect taxes are for everyone

d)

Direct taxes are voluntary, indirect taxes are mandatory

43.
Which document outlines the fundamental conditions of a company’s existence?
a)
Articles of Association
b)
Directors’ Report
c)
Memorandum of Association
d)
Balance Sheet
44.
What must directors consider under the duty to promote the success of the company?
a)
Short-term profits only
b)
Long-term considerations and impact on stakeholders
c)
Personal financial gain
d)
Competitor strategies
45.
What type of penalties can directors face for breaching their duties under the Companies Act 2006?
a)
Civil penalties only
b)
Criminal penalties only
c)
Both civil and criminal penalties
d)
Reputational damage only
46.
What is the purpose of the Company Directors’ duties under the Companies Act 2006?
a)
To ensure directors act in the best interests of the company and its shareholders
b)
To minimise tax liabilities
c)
To ensure directors only focus on their own interests
d)
To regulate the salaries of directors
47.
What is the consequence of non-compliance with the Companies Act 2006 in terms of reputation?
a)
Loss of business
b)
Increase in market share
c)
Improved investor confidence
d)
Higher employee morale
48.
In what case might a director face imprisonment under the Companies Act 2006?
a)
For failing to attend board meetings
b)
For making false statements
c)
For hiring unqualified employees
d)
For not promoting the company on social media
49.
What must directors ensure under the duty to exercise reasonable care, skill, and diligence?
a)
They stay informed about the company’s affairs
b)
They attend all social events
c)
They focus on personal investments
d)
They avoid all conflicts of interest
50.

Which of the following is not a trait of great business leaders?

a)

Vision

b)

Friendliness

c)

Integrity

d)

Confidence

51.

A charismatic leader is:

a)

one who focuses on the team and getting the job done.

b)

one who does not place much emphasis on their leadership.

c)

one who is other centred and generous with their time.

d)

one who inspires and motivates.

52.

Authentic leaders are:

a)

honest, kind and generous

b)

honest, genuine and caring

c)

honest, genuine and self-aware

d)

kind, caring and real

53.

A problem with the persuasive style of management is:

a)

it values the opinions of employees.

b)

it doesn't value the opinions of employees.

c)

the decision making is too quick.

d)

the employees know how the decisions were made.

54.
A small-business manager who considers how a one-person reduction in office staff could impact the rest of his/her company is demonstrating
a)
technical skills.
b)
interpersonal skills.
c)
conceptual skills.
d)
job-knowledge skills.
55.
A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating
a)
Natural talent
b)
Technical Skills
c)
Creativity
d)
Aggressive behavior
56.
Which of the following is an important function of mid-level management:
a)
To prepare workers’ daily schedules
b)
To serve as a link between top-level and first-line management
c)
To make sure projects meet deadlines
d)
To establish long-term objectives for the company
57.

The companies in the image are Disney's __________.

a)

headquarters

b)

outlets

c)

subsidiaries

d)

warehouses

58.

The picture shows Apple's _____________.

a)

warehouse

b)

factory

c)

call center

d)

distribution center

59.
a)

service center

b)

call center

c)

distribution center

d)

headquarters

60.
a)

outlet

b)

headquarters

c)

factory

d)

distribution center

61.

Enterprise is?

a)

the name of the spaceship in star track

b)

The skill involved in wanting to start and run a business

c)

The first share to be traded on stock exchange

62.

Is the picture showing an organization?

a)

YES

b)

NO

63.

This is a...

a)

Flat organizational structure

b)

Functional organizational structure

c)

Matrix organizational structure

64.

This is a...

a)

Flat organizational structure

b)

Functional organizational structure

c)

Matrix organizational structure

65.

This is a...

a)

Flat organizational structure

b)

Functional organizational structure

c)

Matrix organizational structure

66.

Flat organizational structure is very common in big companies and multi-nationals.

a)

TRUE

b)

FALSE

67.

The organizational structure refers to the way that an enterprise is organized

a)

TRUE

b)

FALSE

68.

What is a PESTLE analysis?

a)

To check external factors (outside of a business) that can influence your marketing activity

b)

To check internal factors (inside of a business) that can influence your marketing activity

69.

When is PESTLE analysis useful?

a)

When closing a business

b)

When hiring new staff

c)

When starting a new business

70.

What do we check in 'Political Analysis' in PESTLE?

a)

Evaluating trends in society and culture that can affect the business

b)

Checking government. decisions which can effect your business

c)

Analysing the strength of an economy

d)

Analysing changes in technology that can impact your business

e)

Examining the law to understand how it can influence the business

71.

What do we check in 'Legal Analysis' in PESTLE?

a)

Evaluating trends in society and culture that can affect the business

b)

Checking government. decisions which can effect your business

c)

Analysing the strength of an economy

d)

Analysing changes in technology that can impact your business

e)

Examining the law to understand how it can influence the business

72.

Parents cannot afford after school clubs due to cost of living increasing

a)

Political

b)

Economic

c)

Social

d)

Technological

e)

Environmental/Ethics

73.

Political Factors can include:

a)

Government Policy

b)

Government debt

c)

The trade union

d)

Economic Growth

74.

'S' is for social, which of these social factors do you think could affect your business, tick all that apply:

a)

Population growth

b)

Age distribution of the population

c)

Cultural barriers

d)

Trends

75.

Technological is the 'T' in PESTLE, updates in technology could affect your business how: tick all that apply

a)

Artificial intelligence

b)

Cyber crime

c)

Consumer views

d)

Robotics

76.

What is NOT a characteristic of big data?

a)

Volume

b)

Variety

c)

Vision

d)

Velocity

77.

What are the 3 V's?

a)

Volume, Velocity, Variety

b)

Variety, Various, Volume

c)

Volume, Verification, Vigorous

d)

Verification, Valuable, Volatile

78.

What does the term Big Data mean?

a)

Structured data

b)

Large amounts of data stored in a relational database

c)

Data that is collected by Facebook

d)

Data that is generally too large to store on a single server

79.

What would Amazon use Big Data for?

a)

To store customer details

b)

To analyse buying trends and recommend future purchases

c)

To store payment details

d)

To predict future company earnings

80.

type of malicious software program (malware) that, when executed, replicates by reproducing itself (copying its own source code) or infecting other computer programs by modifying them.

a)

Computer Virus

b)

Computer Worm

c)

MyDoom

d)

Malicious Code

81.
By combining the words 'malicious' and 'software' we get the word 'malware'. What does malicious mean?
a)
Malicious means delicious.
b)
Malicious means Mali Juice.
c)
Malicious means harmful.
d)
None of these
82.

Which are common types of malware?

a)

Adware

b)

Ransomware

c)

Key Logger

d)

Mouse Hacker

e)

Windows Breaker

83.
Which is NOT a type of malware?
a)

Virus

b)

Worm

c)

Trojan horse

d)

Phishing

84.

What are benefits of a firewall?

a)

Blocks access to a network from unauthorised sources

b)

Helps to prevent CPU overheating

c)

Helps to protect confidential information on your computer

d)

Avoids all viruses entering a system

e)

Can give you reports on any threats to the system

85.

Is this a legitimate email?

a)

True

b)

False

86.

Who should know your passwords?

a)

Only you!

b)

Your best friends

c)

Anyone

87.

What should a strong password include?

a)

At least one upper case letter

b)

Short, easy to guess words

c)

Date of birth

d)

At least one number

e)

At least 8 characters

88.

What is the primary function of Gantt charts in project and programme management?

a)

To track financial expenses

b)

To manage team communication

c)

To schedule and track project timelines

d)

To design project logos

89.

What type of chart is a Gantt chart?

a)

Vertical bar chart

b)

Pie chart

c)

Horizontal bar chart

d)

Line chart

90.

How does a Gantt chart help in project management?

a)

By showing the project's financial reports

b)

By displaying how tasks relate to each other

c)

By providing a list of project stakeholders

d)

By outlining the project's legal requirements

91.

What is an important principle of planning tools such as Gantt charts?

a)

To make them colorful

b)

To keep them up to date

c)

To use them only once

d)

To avoid saving different versions

92.

What is the primary aim of a business?

a)

To increase government taxes

b)

To reduce environmental impact

c)

To maximize employee benefits

d)

To satisfy customers' needs and wants

93.

What are goods in the context of business?

a)

Products that you cannot hold or touch

b)

Services provided by the government

c)

Products that you can see and touch

d)

Experiences like a visit to the cinema

94.

Which of the following is an example of a service?

a)

Laptops

b)

Clothes

c)

Public transport

d)

Food

95.

True or false: A CUSTOMER is an individual who purchases a product even though they might not consume or use it.

a)

True

b)

False

96.

Organize these options into the right categories

Categorize the following

Primary

Secondary

Tertiary

Public

Private

Third

Sector of Industry
Sector of Economy
97.

Match the following

a)

A Dairy Farm

1.

Primary sector

b)

A car factory

2.

Secondary sector

c)

A bank

3.

Tertiary sector

d)

A large oil company

4.

All of these

98.

Organize these options into the right categories

Categorize the following

Phone

Jumper

Mars bar

Toilet paper

Antiseptic wipe

Haircut

Hair clippers

Hotel stay

Laptop

Bicycle

Spa treatment

Car rental

House cleaning service

Durable good
Non durable good
Service
99.

What is the role of financial plans in a business plan?

a)

To manage employee relations

b)

To outline marketing strategies

c)

To inform financial planning and budgeting

d)

To develop new products

100.

A website business that carries out regular staff training on the data protection principles .

Its risk management strategy is to:

a)

Transfer

b)

Accept

c)

Reduce

d)

Avoid

101.
When should a risk be avoided?
a)
a.  When the risk event has a low probability of occurrence and low impact
b)
b.    When the risk event is unacceptable -- generally one with a very high probability of occurrence and high impact
c)
c.     When it can be transferred by purchasing insurance
d)
d.    A risk event can never be avoided
102.

Increased concern from consumers over the environment has led to new business start-ups developing products from recycled materials. These business ideas have come about due to:

a)

Services that have become obsolete

b)

Products that have become obsolete

c)

Changes in consumer demand

d)

Changes in the interest rate

103.

Lack of overall planning and poor decision-making can lead to business failure. This is known as:

a)

Poor management

b)

Poor quality

c)

Poor understanding of the economy

d)

Poor sales levels

104.

Which of the following statements is true in relation to goods and services?

a)

Services can be touched and held, whilst goods are usually invisible

b)

Goods can be touched and held, whilst services are intangible

c)

Services are visible, whilst goods are usually invisible

d)

Both goods and services are intangible

105.

______________is the failure to exercise reasonable care.

a)

Omission

b)

Oversight

c)

Laziness

d)

Negligence

106.

The Nike check is protected by what type of law?

a)

Trademark

b)

Copyright

c)

Patent

d)

License

107.

The law which protects original works of authors, such as books, movies and musical compositions is called what?

a)

Trademark

b)

Patent

c)

Copyright

d)

Consumer

108.

Oceans contain how much of the Earth's water?

a)

80%

b)

87%

c)

90%

d)

97%

109.

Which one of the following lowers your carbon footprint?

a)

Driving your car to work after 9am

b)

Keeping to the speed limit whilst driving your car.

c)

Turning your car engine off at traffic lights

d)

Riding a bike to work instead of driving

110.

Large companies trading in many countries leads to similar products being available all over the world. This is called:

a)

Free range

b)

Fair Trade

c)

Globalisation

d)

Widely available

111.

The 3 pillars of sustainability are:

a)

Environment, climate change and technology

b)

economic, environment and society

c)

economic, climate change and society

d)

environmental, social and financial

112.

Sustainability is defined as

a)

meeting our needs now by reducing, reusing and recycling.

b)

Doing the right thing so that the environment is not damaged

c)

A series of goals created by the United Nations, known as the SDGs, to help make the planet more sustainable

d)

meeting our needs without harming the environment, people and the economy, now and in the future.

113.

Another set of words to describe the 3 pillars of sustainability include

a)

people, profit and planet

b)

Profit, people and purpose

c)

planet, profit and potential

d)

People, planet and pollution

114.

Which of the following is an example of an "Opportunity" for a business?

a)

New government regulations

b)

Growing consumer interest in green products

c)

High employee turnover rate

d)

Strong internal team

115.

Which of the following is considered an internal factor in a SWOT analysis?

a)

Competitors' activities

b)

Company culture

c)

Changing consumer preferences

d)

New industry regulations

116.

What is the main goal of performing a SWOT analysis?

a)

To determine pricing strategies

b)

To assess both internal and external factors impacting a business

c)

To forecast sales

117.

The opportunities and threats in a SWOT analysis can include

a)

technology

b)

law

c)

marketing

d)

finance

e)

economy

118.

Strengths and weaknesses within a SWOT analysis can include

a)

organisation

b)

law

c)

products

d)

marketing

e)

competitors

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