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Duplicate of Business Studies Random R061 Knowledge Check 2016 Flashcards | StudBud
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Duplicate of Business Studies Random R061 Knowledge Check 2016
Duplicate of Business Studies Random R061 Knowledge Check 2016
30 terms
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#Business Studies #Shad #2108 #Mr.G #Gulabkhan #R061
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Define Breakeven
Breakeven is when shareholders get lots of profit
When the business makes neither a profit or a loss
Breakeven is when the business makes a profit
Breakeven is when the business makes a loss
2
What are the advantages of carrying out secondary research?
You have to do it yourself
It is already done for you
Usually cheapest method
Usually more expensive
3
What is a Sole Trader
Both the Government and one (and others) own the business
One Person owns the business
The Government owns the business
2 - 20 people own the business
4
What is a business objective?
How to sell the business
Where you want the business to go
5
Identify a feature of a public limited company
Has Unlimited Liability
Owned by one person
Can sell shares on the stock exchange
Can only sell shares to family or friends
6
Partnership are most likely to operate an/a
Accountancy firm
Supermarket
Plumber
Clothing retailer
7
Which is not a characteristic of a Sole Trader?
Can employ staff
Unlimited liability
Can make own decisions
Limited Liability
8
Which of these are not economical factors
Litter
Unemployment
Interest Rate
Inflation
9
Which one of these IS NOT disadvantage of a Sole trader?
Working long hours
Keep all profits
More risk
Less experience
10
Which of these is a method of primary market research?
Reading newspapers
Reading journals
Conducting questionnaires
Internet research
11
Which of these is a business objective?
Market Share
Cost of machinery
Working hours
Health and Safety
12
What is a feature of batch production
Requires machinery
Does not require machinery
Identical/similar products in unlimited time
Identical/similar products in limited time
13
What objectives would a Sole Trader try to achieve if they went into Partnership
Can only sell to family and friends
To do less work
Easy to set up
Business growth
14
What are the purpose of having business objective?
Employ staff
To get a loan
Give direction and purpose
monitor, control and review
15
What is the formula for Breakeven?
Fixed Costs X Selling Price - Variable Costs
Selling price / Fixed Costs / Variable costs
Selling price X Fixed Costs / Variable costs
Fixed Costs / Selling Price - Variable Costs
16
Sole Traders are most suitable for trading
Locally
Nationally
Internationally
Globally
17
Sole Traders are most likely to operate an/a
Supermarket
Clothing retailer
Plumber
Accountancy firm
18
What 3 letters is at the end of Private Limited Company?
LTD
CLP
MRG
PLC
19
Which one of these IS NOT a benefit of a Sole trader?
Make all the decisions,
Keep all profits
Shared finance
Full control
20
What does SMART stand for?
Specific, Measurable, Achievable, Realistic, Time
Specific, Measurable, Activities, Realistic, Targe
Survival, Money, Aims, Rent, Targets
Soletrader, Merchandise, Accounts, Rules,Tills
21
What factors might not be considered when buying new machinery?
How long will it last
Who has used it before
Cost of training
Eco friendly
22
Which of these are not ways to motivate staff?
Job rotation
Training/Re-employment
Not setting targets
Competition
23
What is UNLIMITED LIABILITY?
The company is responsible for all business debt
The bank is responsible for all business debt
The Company and owner is responsible for all business debt
The owner is responsible for all business debt
24
What are the disadvantages of a partnership
Might disagree
New knowledge coming into the business
More money coming in
Might agree
25
What are the benefits of becoming a Sole Trader?
Be your own boss, Share all your profits
You're the boss, get money from shareholders,pick your hours
Be your own boss, choose your hours, keep all the profits
Start up costs are usually high, be your own boss
26
Which one of these is a SOLE TRADER?
Marks & Spenser Chain
TESCOs Supermarket
McDonalds Restaurant
Nindies Chip Shop
27
Which is not a common characteristic of a Partnership?
Can have limited or unlimited liability
Can access money from Shareholders
You have greater borrowing capacity
Share profits and losses of the business
28
Cash flow is the .............. of cash into and out of a business
profit
dividends
movements
costs
29
Which of these are not environmental factors
Fashion in food
Demand
Litter
Packaging
30
What source of finance would be best for a company purchasing new premises?
Bank Overdraft
Mortgage
Loan
The mafia
