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WorksheetsWJEC A-level Business definitions Quiz #GCS
Total questions: 70
Worksheet time: 35mins
What is the maximum number of employees a medium-sized enterprise can have according to the European Union?
250
50
10
500
Which of the following is a component of a business plan?
Employee benefits
Financial forecasts
Office location
Company logo
What happens to the demand for normal goods when consumer income rises?
Demand decreases
Demand remains constant
Demand increases
Demand fluctuates
Which type of goods decreases in demand when consumer income rises?
Normal goods
Inferior goods
Luxury goods
Capital goods
What is qualitative data?
Data that can be counted
Data that is descriptive and not numerical
Data that is always numerical
Data that is always quantitative
What is market research bias?
A systematic error in research where findings deviate from the true result
A method to increase sales through promotions
A strategy to reduce production costs
A tool used for financial analysis
What are semi-variable costs also known as?
Fixed costs
Variable costs
Semi-fixed costs
Overhead costs
What is an example of 'what-if' analysis?
Market research bias
Break-even analysis
Asset-led marketing
Product portfolio
What does asset-led marketing focus on?
Reducing production costs
Using product attributes to market
Increasing advertising budget
Expanding global reach
What is a product portfolio?
A collection of marketing strategies
A range of items sold by a business
A list of promotional methods
A set of financial statements
What does above-the-line promotion include?
Direct mailing
Online media and television
Personal selling
Trade shows
What is below-the-line promotion?
Mass media advertising
Direct consumer targeting
Global marketing strategy
Online sales
What is multi-channel distribution?
A single method of selling products
A strategy offering multiple ways to buy a product
A focus on reducing costs
A method to increase production
What does global marketing involve?
Local advertising
Worldwide selling and promoting
Reducing international trade
Focusing on domestic markets
What does the term "Digital media" include?
Only text and graphics
Only video and audio
Text, graphics, video, and audio
Only podcasts and electronic billboards
What is the primary focus of Social media marketing?
Selling products directly
Gaining traffic or attention through social media sites
Creating physical advertisements
Reducing marketing costs
What does "E-tailing" refer to?
Selling goods in physical stores
Selling goods on the internet
Selling services over the phone
Selling goods through catalogs
What is "M-commerce" short for?
Mobile commerce
Marketing commerce
Media commerce
Modern commerce
What does an Income statement show?
The number of employees in a company
The amount of money a business has made or lost over a specific period
The total number of products sold
The company's marketing strategies
What do Profitability ratios refer to in AS Business?
Gross and net profit margins
Employee satisfaction
Market share
Advertising costs
How is Gross profit margin calculated?
Net profit / Sales revenue x 100
Gross profit / Sales revenue x 100
Sales revenue / Gross profit x 100
Gross profit / Net profit x 100
What does a Flexible workforce allow businesses to do?
Increase product prices
Reduce employee numbers
Meet both individual and business needs
Focus solely on profit margins
What is a zero-hours contract?
A contract with fixed working hours
A contract with no minimum working hours required
A contract with mandatory overtime
A contract with annual leave benefits
What is hot-desking?
A permanent workstation for each employee
A workstation used by multiple workers at different times
A workstation with personal storage space
A workstation with a dedicated phone line
What is an apprenticeship?
A temporary job with no training
A real job with training and a qualification
A volunteer position with no pay
A part-time job with flexible hours
What is 360 degree feedback?
Feedback from only supervisors
Feedback from subordinates, peers, and supervisors
Feedback from customers only
Feedback from external consultants
Who first proposed the Expectancy theory?
Peter Drucker
Victor Vroom
Fiedler
Wright and Taylor
What does Management by Objectives (MBO) involve?
Individual goal setting
Participative goal setting
Random goal setting
No goal setting
What does Fiedler's Contingency Model focus on?
Changing leadership style frequently
Identifying the best potential leaders for a situation
Avoiding leadership roles
Promoting only experienced leaders
What traits are associated with the trait theory of leadership?
Dishonesty and charisma
Honesty, creativity, intelligence, and charisma
Laziness and intelligence
Creativity and dishonesty
What do Wright and Taylor believe about managerial leadership?
It cannot be taught
It is solely based on experience
Managers can be taught leadership skills
It is only about technical skills
What is the definition of "Equal opportunities" in the workplace?
Ensuring all individuals have the same opportunity without discrimination
Providing equal pay for all employees
Offering the same job roles to everyone
Guaranteeing promotions for all staff
How is "Added value" calculated?
Selling price + cost of inputs
Selling price - cost of inputs
Cost of inputs - selling price
Selling price x cost of inputs
What is the most common measure of productivity?
Total output
Labour productivity
Cost efficiency
Time management
What does "Innovation" involve in a business context?
Maintaining current products
Translating an idea into a product that creates value
Reducing production costs
Increasing employee numbers
What is the focus of "Research and development (R&D)" in businesses?
Reducing employee turnover
Identifying and turning new ideas into products
Increasing marketing budgets
Expanding office spaces
What are "Internal economies of scale"?
Reductions in average cost per unit due to increased internal efficiencies
Increases in average cost per unit due to inefficiencies
Benefits that affect the whole industry
Costs associated with expanding business locations
What are "Diseconomies of scale"?
Reductions in average cost per unit
Increases in average cost per unit due to inefficiencies
Benefits of scale for the whole industry
Decreases in production output
What is the formula for calculating Return on Capital Employed (ROCE)?
Operating (net) profit / Capital employed x 100
Long term liabilities / Capital employed x 100
Operating (net) profit / Total assets x 100
Net income / Shareholders' equity x 100
What is the purpose of a vision statement in an organization?
To describe the current operations of the organization
To present a vision of where the business could be in an ideal world
To outline the short-term objectives of the organization
To detail the financial performance of the organization
Which of the following best describes a mission statement?
A long-term aspirational description of the organization
A statement that defines the present purpose and objectives of an organization
A detailed plan for achieving specific objectives
A financial report of the organization's performance
What is the main focus of a corporate strategy?
The overall purpose of the whole business
The specific tactics for each department
The financial goals of the organization
The marketing plan for the next quarter
What are tactics in the context of business strategy?
Long-term plans to achieve the organization's vision
Short-term actions to support the strategy and achieve specific objectives
Financial strategies to maximize profit
Marketing strategies to increase brand awareness
What is the term for the expansion of a business through increasing trade or sales, often into new markets?
External growth
Rationalisation
Organic growth
Outsourcing production
Which term describes the expansion of a business by acquisition, takeover, or mergers?
Organic growth
External growth
Intuitive decision making
Planned change
What involves the reorganisation of a business to increase its efficiency, possibly leading to expansion or reduction in size?
Outsourcing production
Rationalisation
Unplanned change
Internal cause of change
Which term refers to the contracting or subcontracting of the production process to focus on core activities?
Intuitive decision making
External growth
Outsourcing production
Planned change
What type of decision making is based on intuition rather than facts or scientific models?
Rationalisation
Intuitive decision making
External causes of change
John Storey's four different approaches
What is an internal cause of change in a business?
Legislation changes
Management system changes
Advances in technology
Market changes
Which of the following is an external cause of change for a business?
New management
Changing employees' attitudes
Legislation
Chain of command
What occurs when leaders in a business proactively organise a plan to accomplish change?
Unplanned change
Intuitive decision making
Planned change
Rationalisation
What type of change is due to an unexpected event leading to reactive management?
Planned change
Unplanned change
External growth
Organic growth
Which of the following is NOT one of John Storey's four different approaches to managing change?
A total imposed package
Imposed piecemeal initiatives
Negotiated total packages
Intuitive decision making
What is Lewin's three-step process commonly referred to as?
Unfreeze, Change, Freeze
Start, Transition, End
Plan, Do, Check
Initiate, Execute, Close
What type of risks arise from activities within a business such as machine failure and strikes?
Internal risks
External risks
Insurable risks
Uninsurable risks
Which type of risk occurs from the external environment of a business, such as competitor activity or natural disasters?
External risks
Internal risks
Contingency risks
Fiscal risks
What are plans made to combat anticipated risks called?
Contingency plans
Fiscal policies
Monetary policies
Corporate social responsibilities
What is an insurable risk?
Expected and unwanted events that result in payment from a second party
A situation that fails to meet insurance requirements
Risks that arise from business activities
Risks from the external environment
What is a situation called that fails to meet the requirements of an insurable risk?
Uninsurable risk
Insurable risk
Internal risk
External risk
How does the government use fiscal policies?
To influence the economy through taxation and spending
To control the money supply
To regulate international trade
To manage corporate social responsibilities
What do monetary policies control?
Money supply, inflation rates, and interest rates
Taxation and government spending
Corporate social responsibilities
International trade agreements
What is corporate social responsibility (CSR)?
A form of self-regulation where a business takes responsibility for its impact on the environment
A policy to restrict international trade
An agreement between countries to reduce trade barriers
A method to control inflation rates
What is international trade?
The exchange of goods and services between countries
A policy to restrict imports and exports
A form of self-regulation for businesses
A method to control inflation rates
What is free trade?
A policy where governments do not restrict imports or exports
A policy to protect local businesses from foreign competition
An agreement to reduce trade barriers between countries
A method to control the money supply
What is protectionism?
A policy to restrict international trade to protect local businesses
An agreement to reduce trade barriers between countries
A form of self-regulation for businesses
A method to control inflation rates
What is a trading bloc?
An agreement between countries to reduce or eliminate trade barriers
A policy to restrict international trade
A form of self-regulation for businesses
A method to control inflation rates
What is a single market?
A type of trade bloc with common policies and free movement of goods and labor
A market where only one type of product is sold
A local market with no international trade
A market with no regulations
What does globalisation involve?
Isolation of countries from international trade
Worldwide movement towards economic, financial, trade, and communications integration
Limiting trade to local markets only
Reducing international investment
What is glocalisation?
The adaptation of international products to local cultures
The process of global isolation
The removal of all local products from the market
The standardization of products worldwide
Which of the following is true about the Eurozone?
It includes every country in the European Union
It is a group of countries using the euro as their sole currency
The UK is part of the Eurozone
It includes countries not using the euro
