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Combing Unit 1.3 Quiz - Putting business into practice Flashcards | StudBud
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Combing Unit 1.3 Quiz - Putting business into practice
Combing Unit 1.3 Quiz - Putting business into practice
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#gcse #businessstudies combined student #revisionquiz for #Unit1.3 #puttingbusinessideasintopractice
Flashcards
23 cards
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Questions
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Answers
1
The formula for Total Revenue is...
TR = P / Q
TR = P - Q
TR = P + Q
TR = P * Q
2
The formula for Total Costs is...
TC = FC / VC
TC = FC * VC
TC = FC + VC
TC = FC - VC
3
Which of the following is not an entrepreneurial skill?
Initiative
Outspoken
Risk taking
Determination
4
Interest paid is ...
Monetary payment to PayPal for the duration of the loan
Monetary payment by the lender to the bank
Monetary payment to the lender for the risk of lending money
Monetary payment to the lendee for early repayments
5
Which of the following a reasons to make a business plan?
Help monitor actuals against forecasts
Know if you can afford to hire your best mate.
Get support from the bank when cash is low
Have extra work for yourself.
6
Which of the following are INTERNAL sources of finance
Retained profits
Family & friends
Bank loan
Sale of assets
7
SMART targets are
Supernatural, mean, accurate, return, time
Specific, mental, agreeable, rude, true
Specific, measurable, agreed, realistic, time
Specialised, measurable, angry, realistic, turnt
8
Cash inflow is ...
Cash flowing from the owner.
Cash flowing from external sources.
Cash flowing from internal sources.
Cash flowing into the business.
9
Sales revenue is ...
Quantity of stock purchased over time.
Income earned from the sale of goods/services.
Total number of stock sold over time.
Regular payments received in exchange for goods/services.
10
What are financial objectives?
Business objectives expressed in English.
Financial spreadsheets and calculations.
Goals to increase profit.
Business targets expressed in monetary terms.
11
What is venture capital?
Capital funding from specialist firms.
Capital funding from Lord Sugar.
Capital funding from banks.
Capital funding from the five Dragons.
12
Which of the following is TECHNICAL skill required by entrepreneurs?
Persuassion
Good financial planning
Drive
Leadership
13
Profit allows businesses to ...
Decrease cash flow
Reduce expenses and costs
Survive for the next week/month/year
Increase sales revenue
14
Which of the following are VARIABLE costs for a coffee shop?
Quantity of coffee beans.
Premises rent.
Cost of soya milk.
Weekly blueberry muffin sales.
15
A shareholder is ...
Pays the bills for the business
The boss of the business
Has a special interest in the business
Owns a share of the business
16
Which of the following are SHORT TERM finance sources?
Reinvested profits
Bank overdraft
Trade credit
Loan from family & friends
17
Which of the following is a NON-FINANCIAL objective?
Survival
High end product
Personal satisfaction
Income
18
Which of the following are EXTERNAL sources of finance?
Retained profits
Owner's investment
Loans
Overdraft
19
Which is a DISADVANTAGE of a bank loan.
High interest rates
Amount of money I can borrow.
Length of time I have to pay back.
Can only borrow from one bank.
20
When more money flows OUT of the business than IN is called ...
Surplus
Deficit
Profit
Shortfall
21
Sales volume is...
Number of products/items sold last week
Number of products/items sold over a period of time.
Number of products/items sold since last year.
Number of products/items sold today.
22
Cash outflow is ...
Cash flowing out of the business.
Cash flowing to shareholders & owner.
Cash flowing to stakeholders.
Cash flowing to external sources.
23
The formula for Profit is ...
P = TR > TC
P = TR = TC
P = TR < TC
P = TR / TC
