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Business review
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This quiz covers section 1 of the Cambridge IGCSE and O Level Business Coursebook
Flashcards
80 cards
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Questions
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Answers
1
What is the Division of Labour?
To treat all individuals as equals.
To have more power and authority among others.
Division of work in the mathematics involving algebra, geometry, etc.
Division of specific steps among manufacturers used to create commodities.
2
What is conglomerate integration?
Merging with a business in the same stage of production
Merging with a firm in the same industry
Organic growth (growing from within)
Merging with a business in a different industry
3
What is an entrepreneur?
A person who sells goods and services
A person who gives out free coupons
A person who works at McDonalds
A person who sets up a business, taking on financial risks
4
What is a Supply Chain?
Where goods move throughout the production process
Where suppliers are checked and terms negotiated
The steps involved in producing a product and distributing it
The steps to ensure quality is checked through suppliers
5
Private Limited companies are unincorporated businesses.
True
False
6
What is collateral
an asset the bank holds as security for a loan
an extended payment time for traders
7
A consumer is
anyone who buys and uses products and services.
an adult over the age of 18.
anyone who gives ratings online.
a person who buys clothes.
8
Which of the following are the forms of business organisation?
Limited liability company
All of the above
Partnership
Sole proprietorship
9
Industrialisation is
a movement emphasisingindividual freedom from authority
private ownership ofcapital and means of production
the practice oftransporting convicts to a penal colony
the shift towards manufacturing in industrial cities
10
What is de-industrialisation
Decline of manufacturing in not a country (its opposite day)
Decreasing Industry
Decrease in manufacturing taking place in the country
Increasing Industry
11
A likely objective for a public sector business might be
Providing a service
Profit maximisation
12
What is Joint Venture
Businesses works together to make fishes great again.
One business sets up another business to make more profit.
Businesses works together and sets up another business.
Too busiiness joen todeter inn an vantur
13
Why do some businesses promote their ethical behaviour?
As a marketing exercise
To observe the law
To cut costs
14
What is an example of an external stakeholder?
Consumer, Customer suppliers
Consumer, Shareholders, CEO
financial institutions, Local community, Pressure groups
Suppliers, Manager, Economy
15
What is the largest sector in Europe?
Secondary sector activities.
tertiary sector activities.
Primary sector activities.
16
The best description of opportunity cost is:
The next best alternative foregone
what you'd like to have, but need to save for
the way you make an economic choice
What you can't afford
17
What is the public sector?
Part of the economy operated by individual and companies
Part of the economy operated by the majority of businesses
Part of the economy operated by Government
Part of the economy operated by catholic schools
18
What is
added value
Doing extensive market research in order to know your market
Spending more money on marketing so more people see your product
Raising the price to make more profit
Adding features to a product or service to increase the price
19
Public Sector organisations make profit?
Sometimes; depends on the organisation
No
Yes
20
what is a Business activity?
the process of making products that satisfy needs and want of individuals
are things that we can use to achieve something .
is a product that people must have to live.
is something that people would like to have , but they can live without it.
21
What are the advantages of a sole trader?
Total Control.
Keep all profits.
All of the above.
Own Boss.
22
Which of the following is an example of a business activity?
all of these
maintain business records
raising capital
generating ideas
23
A business can be classified by what?
Size, Sector, Innovation
Size, Sector, Business Activity
Sector, Innovation, Size
Food, Sector, Environment
24
A state-owned enterprise sold to investors in the private sector is termed
Transference
Privatisation
Liquidation
Nationalisation
25
An incorporated business is one that
Has a separate business identity from its owners
Has a separate legal identity from its owners
Has a separate superhero identity from its owners
Hasn't got a separate legal identity from its owners
26
All of the expenses required to start your business
Profit
Target customor
Start up costs
Can we just move on?
27
The business plan is important because...
It is set in stone and should be followed accordingly
It is seen by financial professionals
It is made by the boss
It makes the business look better if it is prettier
28
How many factors of production are there?
6
10
3
4
29
What does a business plan include?
Product or Service
Promotional Mix
Executive Summary
R & D
30
What is an unincorporated business?
A business that doesn't have a separate legal identity
A business owned by one person
A business owned by the government
A business that has separate legal status from its owners
31
What is the Secondary Sector?
It produces raw materials from their natural source
It processes raw materials into finished products
It processes raw materials for distribution
It makes raw materials from nature
32
What does SMART stand for in smart goals?
specific, measurable, amazing, realistic, timely
specific, maintainable, awful, ridiculous, timer
specific, measurable, attainable, relevant, timely
smart, measurable,awesome, realistic, timeless
33
What does the A in SMART stand for?
Achievable
Agreed
Annoying
Ambitious
34
Secondary sector is farming.
False
True
35
What is the private sector?
Funded by membership, donations & grants
Owned or controlled by individuals or shareholders
Funded by central government
Funded by local government
36
what is dividend?
The term used when you sell all your stocks
A payout of a portion of a company’s profit
A division of your stocks
Not an economic term
37
Banking is an example of what sector?
Secondary
Quaternary
Tertiary
Primary
38
Which business forms have shareholders?
Limited Companies
Unlimited Companies
Pirate Business
39
Give an example of why businesses would want to expand
To increase profits
Economies of scale
Internal growth
Increase in market share
40
In the long run, what is it that all private sector firms must aim to do?
Make a profit
Make a difference
Make a sandwich
Make products
41
To have to profit or loss at the end of a business activity is to...
break even
lease
fail
survive
42
Is profit an acceptable way to measure the size of a business?
False
True
43
What is the role of a manager?
Overall responsibility of drinking cups of tea
Overall responsibility for the effective running
Overall responsibility for staff running club
Overall responsibility of money
44
What is a business objective?
A legal requirement.
To employ more people.
To earn lots of money.
A business aim or target.
45
An economy in recession is where business activity declines.
True
False
46
Choose all the services below.
the dry cleaner
a tutor
a picture frame
a lawer
47
What is the importance of branding
throw in the bin
to confuse people
to build a consumer, manufacturer relationship
to look pretty
48
Which of these are factors affecting where you might locate your business?
Rent
Distance from market
Internet access
Transport
49
Successful Entrepreneurs will share the following characteristics
a shared vision
initiative
innovation and enterprise
All of the above
50
An example of a
service
business would be a farmer
False
True
51
A professional fisherman is in the secondary sector.
False
True
52
What are the Advantages of a partnership?
Two or more may raise more capital than a sole trader
All the above
Partners can share the work load
Partners can contribute different skills
53
What does CSR Stand for?
Collective Social Responsibility
Company Social Responsibility
Corporate Social Responsibility
Corporate Special Responsibility
54
An enterprise in the private sector is owned by:
The local authority
The Government
The Inland Revenue (tax office)
An individual or partnership
55
Which of the following types of businesses is in the public sector?
Private Limited Company
Public Listed Company
Government Business Enterprise
Social enterprise
56
A business plan does not include
personal bank account details
copies of graphs and images
Graphs and tables
Budgets, estimates and judgments
57
What is franchise?
buying an existing business
The explosion of organic and eco-friendly products
contract granting permission sell products and in set way
a business presence on the Internet
58
What is a stakeholder?
One of your subordinates
Someone who has an interest in the business
Someone above you in the workplace
Someone who owns a share in the business
59
What is NOT in the Primary Sector
Pharmaceuticals
Farming
Mining
Fishing
60
What is scarcity?
too many goods
a shortage of goods
61
An example of external growth is...
mergers
gaining new products
increasing market share
increasing outputs
62
What is the definition of branding?
Legal authorization by a trademarked brand
Name, term, design, or symbol that identifies a business
Owned and initiated by wholesalers and retailers.
Brand mark with human form or characteristics.
63
Which is not an objective of a public sector businesses?
Growth
Service
Finance
Society
64
What is revenue?
The difference of the target profit and current income.
The money used to buy supplies and resources.
The income of the shareholder
The amount a business earns from the sale of its products
65
The activity of buying and selling goods
Trade
Business
Retail
66
What are the four factors of production?
Water, Air, Earth, Fire
Land, Liberty, Capital Entertainment
Land, Labor, capital, Entrepreneurship
Land, Labor, Capital, Entertainment
67
Which of these is
not
an example of added value
Convenience
Increasing output
Excellent service quality
Product features
68
Public limited companies are in the public sector
True
False
69
What economic sector is a food vendor located in?
Primary
Tertiary
Quaternary
Secondary
70
What is a key difference between a private and a public limited company?
Public limited companies are owned by the government
Private limited companies are owned by the government
Shares are offered to the public in private limited companies
Shares are offered to the public in a public limited company
71
consumer goods can be classified as durable and non-durable
False
True
72
What is horizontal integration?
Different companies that sell similar products join together
companies coming together to work in the same company
Companies work together on the same product
Same companies that sell different products join together
73
What are the two types of costs a business incurs?
Overhead and production
Production and taxation
Salaries and wages
Fixed and variable
74
How many forms of business organisation are in the private sector?
7
5
4
6
75
An example of a social enterprise is ...
The Big Issue
WakaWaka
Comic Relief
Mcdonalds
76
A social enterprise is:
A type of business owned by society.
A type of business owned and operated by the government.
A business with the objective of fulfilling a social need.
A business with the primary objective of making profit.
77
What does the R stand for in SMART
real
realistic
resourced
round
78
What is a mixed economy?
Combined market economy with government involment
Central planners make business decisions like how to produce
Decisions about resource are made by habit, or custom
Economic decisions are made by consumers and business owners
79
LIMITED COMPANIES ARE ...
companies are limited
companies that push you to the limit
companies are owned by shareholders and run by directors
separate legal entities to the founders
80
What is a capital good?
A good for consumers
A good that is only for the capital
Goods that are used to produce other goods
A good made in the capital of a state
