Worksheets89 questions Exam prep 26 Nov
Total questions: 86
Worksheet time: 1hrs 5mins
Choose the 4 factors of production
Enterprise / Enterpreneurial Skills
Government
Capital
Labour
Land / Natural Resources
The reward for enterprise is (a) ?
The reward for owners of land is (a) ?
The reward for labour is (a) ?
The reward for capital is (a) ?
Any productive resource that is provided naturally, such as coal and Iron ore deposits, oil and gas, and fisn in the sea.
The factor of production known as Capital
True
False
All man-made assets used in the prodvclion process. It Includes bolh financial / money and physical machinery,. equipment and buildings. This form of production is known as Enterprise
True
False
(a) refers to the process of using resources to make goods or services
A
B
C
D
(a) industries are industries that extrac1 natural resources
How to Increase labour productivity of the existing labour supply ? (multiple answers)
Human resources development (Improved training, education )
Punishing workers
Postive Work Ethic
Use of Capital
An increase in population and population density can lead to a decline ln the (a) of land. For example, It can lead to sea 1isheries being overfished, coral being destroyed, fresh water becoming scarce, and in1rastructure being overused (leading to electricity outages and more potholes in the roads caused by heavy traffic).
(a) capital is durable equipment that can be used repeatedly in the production process. For example, on a farm this would Include tractors and combine harvesters.
(a) capital Is the capital needed to pay tor the day-to-day operation of a business
A
B
C
D
A (a) is any situation where buyers and sellers come into contact. Examples include a street market, a supermarket, a fish market and the main street of any town or city
Select the marketing activites (multpile answers)
Advertising
Pricing
Packaging
Branding
Market research
Which of the following are the components of the marketing mix (multiple answers)
Place
Promotion
Product
Price
Property
(a) enterprise is a very small business employing only a few people.
A (a) market is a small but distinct segment of a larger market made up of people with similar tastes. habits and buying patterns.
What is the name of the marketing activity to determine Consumer behaviour, Consumer Taste, Competition
Branding
Packaging
Pricing
Market Research
Which marketing activity is the movemenl of goods from a source (such as a manufacturer) 1hrougn distribution channels to lhe final cuslomer
Advertising
Distribution
Packaging
None of the above
Which Marketing ac!ivities and techniques designed to increase the sales of a product (for example by offering free samples or a buy-one-get one-free promotion). They usually only last for a short period of time.
Sales Promotion
Advertising
Pricing
Branding
Which Marketing activiy makes a product look more attractive, enables easy stacking and transport. protects the product and keeps tt fresh, and provides details about how to use the product.
Market Research
Advertising
Pricing
Packaging
Select all of the Marketing Activities from below (multiple answers)
Promotion
Pricing
Market Research
Branding
Distribution
Which pricing strategy is known as : A very low price is set in order to drive competitors out of the market
Cost-plus pricing
Premium pricing
Skimming pricing
Predatory / destroyer pricing
Which Pricing strategy is know as :The price is set high when the product is first launched and Is then reduced progressively In order to win new groups of customers
Cost-plus pricing
Skimming pricing
Premium pricing
Penetration pricing
(a) are the details of a product. For example, a car might be that it Is blue, it has four doors, it has power steering and it runs on unleaded petrol.
(a) are what a product does for its customers how, it satisfies their needs. For example, a car might be safe, it has enough room for the whole family and it is cheap to run.
A well-chosen (a) mix Is required to attract customers to make purchases
Which of the following affects consumer behaviour ? (multiple answers)
Price
Taste
Tradition
Brand Loyality
Quality
Research into spending patterns enables marketers to identify what products people like to buy, what products they buy together, how often purchases are made and when they are most likely to be made.
True
False
Quality refers to the products and services that customers deliberately choose over others, such as salads rather than burgers or diesel cars ra:her than unleaded petrol cars. It is important to understand how these change over time.
TRUE
FALSE
Are consumers comparing the prices of similar products? Will sales be hit badly if your product is more expensive or cheaper than an alternative? This factor influencing consumer behaviour is known as?
Price
Taste
Price of substitutes
Quality
A brand is a word, name or symbol, especially one which has been registered as a (a) .
What type of promotion describes the following ?
Products are sold by a company at a loss to encourage buyers to purchase other products made by the company, or to encourage them to make future purchases of the good when it is sold at an increased price
Coupons
Bundling
Loyalty Points
Loss Leader
Vouchers enabling a cuslomer to claim a discount on goods purchased. This type of promotion is known as ?
(a)
(a) is defined as: to be held legally responsible by law.
"To insure" means to provide cover against risk. This Involves businesses and individuals paying a sum of money called a (a) Into an Insurance pool managed by an Insurance company.
Select the methods of discharge from the list below (multiple answers)
Performance
Breach
Impossibility
Breach
Damages
A
B
C
D
A legal agreement between 2 or more parties where exchanges occur and is enforcable by law is knwon as a (a)
(mutliple answers)
In order for a simple contract to be enforceable in the court of law, it must satisfy the following requirements/elements:
offer and acceptance
competence of the parties (capacity)
intention to create legal relations
consideration.
under seal
Hire purchases agremeents and insurance contracts are examples of (a) contracts
In contracts when there is a promise to do something in return for a valuable benefit, it is known as (a)
a (a) study can be carried out to find out whether a business plan and proposed buslness Idea will work in practice.
Sources of information for conducting research into the establishment of a business.
(a) research uses existing published research, such as books about setting up a business, market research that has already been produced by market research companies, government publications about opportunities and grants for new businesses, and so on
A
B
C
D
A
B
C
D
The business plan should begin with a brief summary of the details Included in the rest of the plan, enabling the reader to get a snapshot view of the business its owners, the market, proposed financing, proposed products and any plans tor future growth. This is known as the _________
introduction
business oppurtunity
executive summary.
discussion
From the list below select the roles of a small business in the economy (multiple answers)
Collaborating
Providing goods and services to citizens
Creating Jobs
Contribute to nation building
Building public hospitals
(multiple answers)
There are a number of reasons why people set up a business, they are :
self actualization
self fullfillment
increased control
financial independence
increased income
A
B
C
D
One of the roles of an entreperneur is risk bearing: how much risk to take and which risks are acceptable.
True
False
One of the roles of an entrepeneur is: Accessing funds.
For example, how to raise finance, from whom to borrow. and how finance much finance needs to be raised.
True
False
(multiple answers)
The characteristics of a typical entrepreneur are :
Creative
Innovative
Democratic
Propensity to take risks
Flexible
An (a) is someone who shows vision and creativity, and who takes risks by creating a business venture. He / she can identify business opportunities, niches and gaps in the market.
In communication (a) is referred to any obstacle that prevent a message from being received clearly in the way that it was lntended
The emotional state is when the sender or receiver may be upset or angry, and set out a message poorly or fail to listen carefully to a message. Receivers may read or hear what they want to hear rather than what was actually said in the message.
True
False
Non financial methods of motivating employees in a business is known as:
Appreciation
Awards
Bonus
Fringe Benefits
What is the name given for non - financial methods to motivate employees
Fringe Benefits
Bonus
Commissons
all of the above
Which of the following is best represented by the ?
Employers
Trade Union goals
Government
Human Resources
An assisted negotiation process where a professional third party is brought in to work with the two parties. The third party will meet with each party independently in the first instance, to find out each party's position and their case. The 3rd party will then try to bring the two parties together in order to arrive at a mutually acceptable agreement. The recommendations of this third party are not binding on either party; they are simply there to provide independence and to help in the resolution of conflict.
This is known as a
(a)
A 3rd party is given the power (by the two conflicting parties) to recommend a solution to a problem, which is binding for both parties. In selecting this 3rd party , the two parties need to be confident that this person will arrive at a fair decision.
This is known as
(a)
Which of these are strategies used by employers to gain an upper hand
(multiple answers)
Go slow:
Lock out:
Strike
Use of scab labour
What are some source of conflict in the work place ? (multiple answers)
Unfair wages
Hiring incompetent workers externally when competent employees exists internally
Poor Working conditions
Good leadership
A(n) (a) leader make decisions by oneself. This leader make decisions on their own, and then tell staff what to do and how to do it. This tightly controlled approach is sometimes called 'tell and do'. They will often provide clear instructions, but staff may be demotivated because there is little opportunity to share their own ideas.
Managers create guidelines and objectives, but then leave staff to carry out the tasks themselves. This can be successful if the employees are motivated and are good decision-makers. However, it can lead to chaos if staff need strong direction from the manager and are unable, for various reasons, to make decisions themselves.
This type of leader is known as a:
Democratic
Charismatic
Transformational
Laissez-faire
Select the characteristics of a good leader ( multiple answers)
Flexibility
Ability to make intelligent decisions
Trustworthiness
Honesty
Good-looking
A line organisational chart shows the (a) of different roles, and who reports to whom. Senior roles are shown at the top of the chart, and lines connect these to the more junior roles below .
The managers are responsible for Employees , Society and
Attorneys and auditors
Customers, Owners and Shareholders
Competitors and Customers
Trade union and Competitors
Planning , Organising, Directing, Controlling, Coordinating, Delegating, Motivating are known as:
Characteristics of Enterperneurs
Management functions
Functions of stakeholders
Functions of Emplyees
A
B
C
D
A
B
C
D
The " ? " shows the
Managers of a hotel
Owners of a hotel
Stakeholders of a hotel
none of the above
A (a) is a person or group who has an interest in business activities
Which of these are functional areas of a business
Public Relations
Production
Marketing
Human Resources
A
B
C
D
Which of the following entites are motivated by profits (multiple answers)
Private Sector
Public Sector
Sole Trader
Publicily listed Companies
Owners of a company have legal protection known as (a) liability. This limits the debts owed by individual owners of a company to the sum of money they have put in to the business.
Sole traders' (a) liability . If sole traders find themselves in debt, they may have to sell their house, car and other possessions in order to pay what is owed.
Referring to the cheque "A" is the
Bank
drawee
drawer
payee
Referring to the cheque "B" is the
Drawer
Payee
Drawee
None of the above
What are the different types of capital in production? (multiple answers)
Fixed
City
Working
Venture
Location
(a) capital refers to the capital needed to pay for the day-to-day operation of a business.
(a) capital refers to durable capital equipment that can be used repeatedly in the production process. For example, on a farm this capital would include tractors, combine harvesters, storage sheds.
