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WorksheetsWBU Quiz
Total questions: 65
Worksheet time: 33mins
Which of the following best defines an entrepreneur?
A person who works for a business and follows instructions from management.
A person who invests in the stock market to make a profit.
A person who starts and runs a business, taking on financial risks in the hope of making a profit.
A person who manages the day-to-day operations of a government department.
What is the best definition of innovation in a business context?
Creating advertisements to attract new customers.
Improving or creating new ideas, products, or processes to add value or solve problems.
Copying successful business strategies from other companies.
Hiring more employees to increase productivity.
Which of the following are motivations for starting a business:
Personal independence
Financial independence
Making a profit
Fulfilling a market need
All four responses are motivations
Which of the following lists the three main types of industries that businesses commonly operate in?
Agriculture, Mining, Construction
Importing, Exporting, Wholesaling
Marketing, Finance, Human Resources
Service, Manufacturing, Retail
A business that provides intangible products (products with no physical form) is what kind of business?
Service
Manufacturing
Retail
Import
A business that either uses raw materials or assembles components to make a finished product is what kind of business?
Service
Manufacturing
Retail
Import
A business that buys products from an importer at wholesale prices and sells the same product at retail prices (wholesale price + markup) to the customer is what kind of business?
Service
Manufacturing
Retail
Import
Examples of service businesses are
food processing plants, breweries, textile mills, vehicle factories
supermarkets, boutiques, pop-up shops, online stores
accountants, financial advisors, hairdressers, mechanic
mining, export, construction, wholesale
Examples of retail businesses are
food processing plants, breweries, textile mills, vehicle factories
supermarkets, boutiques, pop-up shops, online stores
accountants, financial advisors, hairdressers, mechanic
mining, export, construction, wholesale
Examples of manufacturing businesses are
food processing plants, breweries, textile mills, vehicle factories
supermarkets, boutiques, pop-up shops, online stores
accountants, financial advisors, hairdressers, mechanic
mining, export, construction, wholesale
A business owned and operated by one person is known as a
partnership
company
trust
sole trader
A business owned by 2 to 20 people who share profits and responsibilities is known as a
partnership
company
trust
sole trader
A business that is a separate legal entity from its owners (called shareholders) is known as a
partnership
company
trust
sole trader
A Private Company has "Proprietary Limited" (Pty Ltd) in its name.
Can have up to 50 shareholders.
Shares are not available to the public.
TRUE
FALSE
A Public Company has "Limited" (Ltd) in its name.
Is listed on the stock exchange
Can raise money from the public by selling shares.
TRUE
FALSE
Which of the following is the best example of a business that would be ideal to start as a sole trader?
A large supermarket chain with multiple locations across the country
A freelance graphic design business working with local clients
A car manufacturing company employing hundreds of workers
A multinational technology company developing software and hardware products
Which of the following is the best example of a business that would be ideal to start as a partnership?
A national airline company with thousands of employees
A home-based online store run by one person
A bakery run by two friends who share the workload and profits
A government-owned postal service
Which of the following is the best example of a business that would be ideal to set up as a private company?
A small tech startup wanting to grow steadily and limit personal liability, with shares held by a few investors
A freelance writer working independently
A market stall selling handmade crafts on weekends
A publicly listed mining corporation trading on the stock exchange
Which of the following is the best example of a business that would be ideal to set up as a public company?
A local hairdressing salon operated by one person
A national telecommunications provider that raises capital by selling shares on the stock exchange
A small cleaning business owned by two partners
A family-run bakery serving one suburb
What type of business is a social enterprise?
A business that exists purely to make profit for its owners and shareholders
A government department providing public services to citizens
A business that trades so it can:
tackle social problems,
improve communities,
give people access to employment and training,
help the environment
A not-for-profit organisation that relies entirely on donations and does not trade goods or services
Some businesses succeed because they
offer products or services that people need or want
ignore trends or technological advancements
set clear goals, make smart decisions, and adapt to changes
overspend or mismanage debt
Some businesses fail because they
budget well, manage cash flow, and reinvest profits
Fail to research customer demand before launching
provide great customer service, quality products, and strong marketing
have poor customer service or negative reviews
factors inside the business that the owners and managers can control directly is the
operating environment
macro environment
micro environment
Factors outside of the business which it has some control over is the
operating environment
macro environment
micro environment
Factors outside of the business which it has no control over is the
operating environment
macro environment
micro environment
An example of the micro environment is
employees
customers
laws
An example of the operating environment is
managers
suppliers
tariffs
An example of the macro environment is
business structure
competitors
interest rates
Product innovation is
updating or completely changing a product’s features
making production more efficient or cost-effective
Process innovation is
making the product more appealing, useful, or competitive
when the product stays the same, but it’s made faster, cheaper, or more sustainably.
When we buy products based on how we see them rather than their actual qualities, this is an example of:
Motives
Perception
Personality
Attitude
A person buying organic food mainly because they want to be healthier is showing which influence?
Perception
Personality
Motives
Attitude
If a consumer avoids a store because they dislike its customer service, this reflects their:
Perception
Personality
Motives
Attitude
Someone who is adventurous and outgoing might prefer bold clothing brands. This is an example of:
Perception
Personality
Motives
Attitude
Parents buying a family car instead of a sports car because of their responsibilities shows the influence of:
Peer Groups
Family & Roles
Culture
Social Class
A teenager choosing a brand of sneakers because their friends wear them is influenced by:
Peer Groups
Family & Roles
Culture
Social Class
Someone who earns a high income and chooses to buy luxury goods is being influenced by:
Peer Groups
Family & Roles
Culture
Social Class
Celebrating a cultural festival by purchasing traditional food and clothing is an example of:
Peer Groups
Family & Roles
Culture
Social Class
During an economic boom, people are more likely to:
Spend less because they feel uncertain
Spend more because they feel secure
Save their money instead of shopping
Avoid making big purchases
When unemployment rises and people feel insecure about their jobs, consumer spending usually:
Stays the same
Increases
Decreases
Doubles
Laws that stop businesses from using misleading advertising are an example of government influence through:
Economic policy
Consumer protection regulations
Social class rules
Peer pressure
When the government changes interest rates to control spending and borrowing, this is an example of:
Peer group influence
Cultural influence
Economic policy
Personality
Which of the following best describes a competitive market?
A market where one large business controls the price of goods and services.
A market where many businesses compete to meet the needs of many consumers.
A market where the government sets all prices and controls competition.
A market where businesses do not need to compete fairly to attract customers.
Outsourcing or offshoring jobs is a way businesses can:
Increase delivery speed
Improve customer loyalty
Reduce production costs
Differentiate their product
Productivity compares:
Output and input
Price and profit
Costs and sales
Quality and delivery
Differentiation means:
Lowering production costs
Reducing the number of employees
Copying successful products
Making a product unique compared to competitors
Which of the following is NOT a method of differentiation?
Better packaging
Faster delivery
Lower wages
Higher quality
Amazon gained a competitive edge through:
Lowering wages
Faster delivery
Reducing advertising costs
Reducing Research & Development
Which of the following would help improve quality and delivery?
Using outdated machinery
Cutting staff training
Overstocking materials
Minimising defects
The main purpose of Research & Development in business is to:
Create new products or improve existing ones
Reduce customer service costs
Minimise staff numbers
Avoid competition
Which of the following would best show a business using Research & Development?
A supermarket lowering prices on bread
A car company developing electric vehicles
A clothing store hiring extra staff
A restaurant cutting portion sizes
Marketing is best described as:
The process of making goods as cheaply as possible
Providing goods and services to satisfy consumer needs and wants at the right place and time, using the right promotions
Selling products through social media only
Finding ways to reduce production costs
A company hosts a launch party for its new clothing line. This is an example of:
Advertising
Evaluation
Promotions
Research
In the 6 Ps of marketing, Product refers to:
How the business communicates with customers
What the business is selling to meet customer needs
How much the customer pays
Where the product is sold
Price in the marketing mix should reflect:
Value, cost, and what the market will accept
Only the cost of production
The cheapest possible option
The wages of employees
Which of the following is an example of Promotion?
A staff member helping a customer
A café changing its store layout
An online shop charging delivery fees
A supermarket advertising weekly specials on social media
Place in the marketing mix refers to:
Where and how the product is made
Where the product is sold and how it reaches the customer
How customers feel about the brand
How much the customer pays
Which element of the marketing mix (the 6 Ps) focuses on staff and customer interaction?
Product
Promotion
Presentation
People
Store layout, branding, packaging, and website design are part of which “P”?
Price
People
Presentation
Place
What does Corporate Social Responsibility mean?
When businesses meet only their legal obligations
When businesses go beyond legal obligations to benefit society and the environment
When businesses focus only on making profits
When businesses reduce staff to cut costs
Which of the following is an example of environmental sustainability as part of CSR?
Recycling waste and reducing carbon emissions
Paying staff fair wages
Donating money to charity
Advertising honestly
Sponsorship of local sporting clubs and volunteering in the community are examples of which area of CSR:
Ethical labour practices
Community engagement
Responsible products
Environmental sustainability
One benefit of CSR for a business is that it can:
Reduce customer loyalty
Damage brand reputation
Build customer trust and loyalty
Reduce employee satisfaction
What is a potential long-term benefit of CSR, despite its short-term costs?
Increased sales and profits
Reduced profits
Decreased productivity
Weaker brand reputation
What is the benefit to society of CSR practices?
They help businesses avoid paying taxes.
They allow businesses to charge higher prices.
They ensure businesses always make larger profits.
They reduce waste, improve working conditions, and support communities.
