Unit 1 AOS 2 SAC Revision

Question 1

The following is NOT a factor affecting the choice of business locaiton:

Accepted Answer

Online presence

Question 2

The following ownership structure has the business as a seperate legal entity from the owner.

Accepted Answer

Incorporation

Question 3

The following is an option for long-term borrowing:

Accepted Answer

Mortgage

Question 4

Ethical Management involves ...

Accepted Answer

Moral Obligations

Question 5

The following is NOT a motivation for starting a small business:

Accepted Answer

Need for employment

Question 6

Creating a new product, service or process or significantly improving an existing one is ...

Accepted Answer

Innovation

Question 7

The following is a non-financial indicator for evaluating a small business:

Accepted Answer

Customer Satisfaction

Question 8

___________________ is measured by gaining feedback from customers about their experience.

Accepted Answer

Customer Satisfaction

Question 9

The ___ is a part of the business plan designed to plan, price, promote and distribute products

Accepted Answer

Marketing Plan

Question 10

Socially responsible management is the organisations ____ above and beyond ___ requirements.

Accepted Answer

obligations, legal

Question 11

The following support service is available to organisations needing help with contracts:

Accepted Answer

Solicitor

Question 12

The following is NOT a business support service:

Accepted Answer

Shareholder

Question 13

True or False: The balance sheet is used to calculate how much net profit a business has made

Accepted Answer

False

Question 14

True or False: A franchisor purchases a franchise from a franchisee.

Accepted Answer

False

Question 15

T or F: A franchise is an individual who grants someone else the rights to their business.

Accepted Answer

False

Question 16

Owner having freedom to set the business up how they like is an advantage of which start option

Accepted Answer

Starting a business from scratch

Question 17

True or False: Profitability measures the earning performance of the business

Accepted Answer

True

Question 18

The costs involved in setting up the busines are called the ...

Accepted Answer

Establishment Costs

Question 19

The following is not a form of business ownership:

Accepted Answer

Management

Question 20

The employees who provide their time, energy, skills and effort to a business are ...

Accepted Answer

Human Resources

Questions 20