A public limited company

must hold an Annual General Meeting (AGM)

state the value of one currency in terms of another

Which of the following is a correct definition of the term ‘benchmarking’?

The comparing of business performance to a standard

show initiative and complete tasks without guidance

The ‘reporting status’ in a public limited company:

must be published in accordance with the Companies Act

Which of the following is an example of ‘division of work’?

Distributing tasks to different functional areas

A manufacturer is likely to need to obtain planning permission before:

building an extension at the rear of the building

The human resources function of a large organisation is most likely to support the finance function by:

recruiting an additional employee

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OCR Technical Business Unit 1 - Revision Quiz No2

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Questions 20

Answers

1
A public limited company
Requires a Dead of Partnership
has unlimited liability
must hold an Annual General Meeting (AGM)
Pays Income Tax
2
Which of the following functional areas is most likely to be responsible for maintaining the IT equipment in a large org
Operations management
Business support services
Research and development
Customer services
3
Which of the following is a likely impact on UK jewellers if unemployment levels rise in the UK?
The price of jewellery will increase
Expensive jewellery will become more popular
Employees will demand higher wages
Less jewellery will be sold
4
Exchange rates:
are used to calculate the amount of tax a business must pay
show the number of people looking for work
state the value of one currency in terms of another
measure the speed at which prices are increasing
5
Which of the following is a correct definition of the term ‘benchmarking’?
The annual review of the objectives of a business
The changing of an organisation to a decentralised structure
The comparing of business performance to a standard
The monitoring of market trends over time
6
Which of the following is not an example of a financial objective for a sole trader?
To breakeven
To reduce variable costs
To make a profit
To pursue own interests
7
Empowered employees:
are only interested in how much they are paid
dislike coming to work and frequently arrive late
should not be shown on the organisation chart of a business
show initiative and complete tasks without guidance
8
The ‘reporting status’ in a public limited company:
must be published in accordance with the Companies Act
would be shown on its organisation chart
shows how commands travel downwards from the top of the organisation
measures whether the company has achieved its objectives
9
The liability of a partnership is:
dependent on the number of partners
unlimited
a strength of the business
calculated using an income statement
10
Which of the following are likely to be variable costs for a coffee shop?
Coffee machine and utensils
Cakes and drinks
Tables and chairs
Rent and rates
11
Carain plc makes caravans. Its costs and revenues for 2017 were as follows:
300 caravans
£17 000
£300
204 caravans
12
Which of the following is the main business activity of a primary sector organisation?
Sell goods on the Internet
Turn raw materials into finished goods
Provide a service
Extract raw materials
13
Which of the following is a long-term financial factor that could affect the success of a business?
Obtaining a mortgage
Breaching the Equality Act
The current year’s fixed costs
Disagreements between business owners
14
Which of the following is an example of an organisation that operates in the public sector?
Restaurant
Clothing manufacturer
Local Council
Charity Shop
15
Which of the following is an example of ‘division of work’?
Offering rewards to increase workforce motivation
Increasing staff workloads
Making less efficient employees redundant
Distributing tasks to different functional areas
16
A new business predicts that it will be able to make and sell the following in the coming year:
make a revenue of £6600
make a profit of £6600
have a margin of safety of £6600
make a loss of £6600
17
All UK businesses are affected by changes in external factors. Example of a change in cultural beliefs?
Legal Factor
Social Factor
Ethical Factor
Economic Factor
18
Which one of the following is an environmentally sustainable business practice?
Giving donations to an animal welfare charity
Buying fair trade products
Paying the living wage to employees
Using green energy
19
A manufacturer is likely to need to obtain planning permission before:
building an extension at the rear of the building
setting its sales objectives for the coming year
sponsoring a local youth football team
creating a business plan to grow the business
20
The human resources function of a large organisation is most likely to support the finance function by:
recruiting an additional employee
using social media to encourage more sales
purchasing a new accounts package
updating its supplier database

OCR Technical Business Unit 1 - Revision Quiz No2 Flashcards | StudBud