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Unit 1 Revision
Unit 1 Revision
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Unit 1 Business IGCSE Revision -EOT
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Which of the following is a social enterprise?
A Mall
a school for young offenders
Advertising Agency
co-working spaces
2
What are the benefits of being a
PRIVATE LIMITED COMPANY?
accounts available for the public to see
limited liability for shareholders
selling shares raises capital
theres unincorporated identity
3
Why would businesses want to keep the business small?
to keep customer base small and loyal
guarantee quality control
guaranteed increase of profit
easier and more efficiently controlled
4
What does the S stand for in SMART objectives?
Specific
Silly
Scientific
Serious
5
What business is in the secondary sector?
a family run farm business
a taxi operating business
a shoe manufacturer
an oil exploration
6
........................ has unlimited liability
Partnership
Private Limited Company
Sole Trader
Sole trader & partnership
7
local knowledge shared in an advantage of..
Private Limited Companies
Franchise
Joint Venture
Partnerships
8
The franchiser is the purchaser of a franchise
True
False
9
Which of the following is the best definition of
PRIVATISATION
When a state owned industry is sold to the private sector
When a private sector firm is purchased by the government
When shareholders buy shares of a business
When private limited companies convert into public companies
10
Some Businesses fail because...
Failure to plan for change & over expansion
Poor management & over expansion
Not getting a big enough loan from the bank
just happens sometimes
11
What is a takeover?
When one businesses buys another
When 5 businesses join each other
When two or more businesses join together
When one business shuts down
12
Conflicts can arise between different stakeholder objectives
False
True
13
What is a
'Horizontal Takeover'
or a
'Horizontal Merger'
?
When a Predator business attacks the Government
When a Predator business kills all its competitors
When a firm merges with another firm in a different industry
When a firm merges with another firm in the same industry
14
Which is an advantage of a Franchise?
Access to an already tested and successful product
Have total control of the business
Lower costs in the long run
Make more profit
15
Identify
two
possible reasons why businesses would want to grow
Economies of scale & increase market share
to be able to export
only to increase market share
to pay less taxes
16
Features of a partnership
Theres continuity
Merger of two busineses
Shared risk, responsibility & resources
Unlimited liability
17
Features of a Public Limited Company
Continuity
Incorporated identity
unlimited liability
Can buy shares on the stock market
18
How can you measure a success of a business?
value of capital employed
Value of Sales
Increase market share
number of employees
19
Which of these is an example of a
'Horizontal Takeover'
?
Fruit Farmer buys a Fruit Shop
Fruit Seller buys a Fruit Farm
Chicken Farmer buys a Chicken Shop
Chicken Farmer buys a Chicken Farm
20
Which of the following is a Business opportunity cost...
Road or school
Macine A or Machine B
Deal or No Deal
Monte Carlo or Barcelona
21
Identify two reasons to why shareholders need to see finance accounts
know how big the business is and how many customers and employees there are
to know exactly what is happening day to day in the company
to see whether it is worth investing in this company or not
to know how well the company performed to know how much dividends they get
22
Government, customers, local community are examples of ...
internal stakeholders
shareholders
external stakeholders
people who influence busineses
23
A business with social objectives. Surpluses are reinvested in the business or the community.
Business type: Private limited company
Business type: Sole trader
Business type: Social enterprise
Business type: Partnership
24
What are
two
functions of a AGM? Annual General Meeting?
To discuss the whole companys performance
to go through training for the staff
To elect or RE-elect directors depending on their performance
to hire new employees for the business
25
Definition of Value Added
difference between cost and price of finished product
difference between price and price after taxes and marketing
Any extra fee
26
Dividends represent a share of....
Profits
Costs
Revenue
Losses
27
Which of the following is a benefit of a Business Plan?
Everyone knows what you are doing
Banks are able to give you a loan because they can see your financial plan
Identifying risks and strengths
You do exactly what is written
28
The teritary sector is most important sector in developed countries because..
they use most of their income to buy manufactured goods
agricultural output is more important than services
consumers' incomes are high so they spend more on services
workers are employed in manufacturing in these countries
29
unlimited wants but limited resources to produce goods and services to satisfy wants and needs is......
the factors of production
the economic problem
scarcity
opportunity cost
30
Identify advantages to selling a franchise
can expand more sustainably
can expand more quickly
introduce new products to new markets
to increase market share
31
Mixed economy has both....
privte and public sectors
imports and exports to international countries
both men and women can work
Primary, secondary and teritary sectors
32
A need is.......
limited
something that you desore
essential for living
unlimited
33
Common Business Objectives include....
Profit, survival and return to shareholders
Profit, survival and cutting costs
Market share and good reputation
Profit and return to shareholders
34
Why do governments support start ups
to increase big corporations
to increase competition and benefit society
reduce unemployment
get more texes
35
Sole Trader, Joint Ventures, Partnerships & Franchise are part of.......
Features of a mixed economy
Ways of Business Growth
Public Sector
Private Sector
36
Land, Labor, Enterprise & Capital are the Factors of Production
True
False
37
Identify
two ways
the govt. can support start up
Offering more tax and laws to protect small busineses
kabor and training of employees
Research & enterprise zones
38
why does a business set aims and objectives
so a business knows what to do and where to buy supplies
clarify business direction
so business performance can be measured
to motivate employees
