Combined: Business Terms + Topic 2 - People in Business + IGCSE Business - Unit 1 Revision Q...

Question 1

Focusing on the needs of the customer is known as...

Accepted Answer

market orientation

Question 2

A description of skills & abilities needed by a successful candidate in recruitment is called

Accepted Answer

job description

Question 3

What is the total value of money invested into the business?

Accepted Answer

Capital Employed

Question 4

A business might downsize its workforce in all of the following situations except:

Accepted Answer

a reduction in prices of business products

Question 5

'Termination of employment by the worker, maybe because they have found a new job' describes...

Accepted Answer

Resignation

Question 6

Which is an example of an internal stakeholder?

Accepted Answer

Employee

Question 7

What is it called when there is a decline of importance within the secondary sector?

Accepted Answer

De-industrialization

Question 8

Why might a firm reduce the size of it's workforce?

Accepted Answer

Investment in new technology, Less demand for the product

Question 9

Banking is an example of which sector?

Accepted Answer

Tertiary

Question 10

What is a disadvantage of a wide span of control?

Accepted Answer

Less control over subordinates

Question 11

Which are unlimited and always changing?

Accepted Answer

Wants

Question 12

The shortage of a resource, such as oil, wheat or land is an example of...

Accepted Answer

Scarcity

Question 13

Paying staff for each unit of output is called

Accepted Answer

piece rates

Question 14

Goods are ............................. .

Accepted Answer

Tangible

Question 15

Which of the following is NOT a factor of production.....

Accepted Answer

Consumers

Question 16

What is the bottom/first level of Maslow's hierarchy of needs?

Accepted Answer

Physical needs

Question 17

What is it when a company merges or takes over a company in a different SOP but same industry?

Accepted Answer

Vertical Integration

Question 18

'A bonus scheme used to reward staff for performing to the required standard' best describes..

Accepted Answer

Performance-related pay

Question 19

Farming is an example of which sector?

Accepted Answer

Primary

Question 20

If production of a new car costs €6000 and each car is sold for €11000 how much value is added?

Accepted Answer

€5000

Question 21

Which one of the following is not an important reason for having good managers

Accepted Answer

Friendly to workers

Question 22

Sole traders have fewer employees than partnerships

Accepted Answer

False

Question 23

Which of the following will not appear on a job description?

Accepted Answer

Qualifications needed

Question 24

Which is not a factor of production?

Accepted Answer

Scarcity

Question 25

What is a mixed economy?

Accepted Answer

An economy with a public and private sector

Question 26

Public limited companies make up part of...

Accepted Answer

the private sector

Question 27

What is an example of external growth?

Accepted Answer

Takeover, Merger

Question 28

What is the name given to the next best alternative given up?

Accepted Answer

Opportunity Cost

Question 29

One of the advantages of delegation is that:

Accepted Answer

managers can concentrate on more important tasks

Question 30

What type of training should an employee receive on their first day at work?

Accepted Answer

Induction

Question 31

What is it called when a business is owned by one person?

Accepted Answer

Sole trader

Question 32

What is it when the production process is split into different tasks?

Accepted Answer

Division of Labour

Question 33

A sum of money given to businesses to help pay for set-up costs or expansion is called a

Accepted Answer

grant

Question 34

Which of the following type of business is owned by SHAREHOLDERS

Accepted Answer

LTD

Question 35

'More variety in the workplace by allowing workers to switch between tasks' best describes....

Accepted Answer

Job rotation

Question 36

SMART objectives are:

Accepted Answer

Specific, Measurable, Achievable, Realistic, Time-bound

Question 37

What is the primary sector?

Accepted Answer

Extraction and/or production of raw materials

Question 38

The best definition of job satisfaction is:

Accepted Answer

an unemployed person being satisfied when they find a job

Question 39

Physical, tangible products sold by businesses are called...

Accepted Answer

goods

Question 40

Owners of an incorporated (limited) business are called...

Accepted Answer

Shareholders

Question 41

The most important objective for most start-up businesses is...

Accepted Answer

survival

Question 42

Best definition of wages calculated by time rate is:

Accepted Answer

multiplying an hourly wage rate by hours worked

Question 43

What is capital?

Accepted Answer

Machinery within a business, Money invested into the business by the owners

Question 44

The span of control is:

Accepted Answer

the number of subordinates directly controlled by 1 manager

Question 45

What step normally comes after receiving applications in the recruitment process?

Accepted Answer

Shortlisting

Question 46

I buy some chocolate. I decide I'd like a Mars and not a Twix. What's my opportunity cost?

Accepted Answer

Twix

Question 47

Which is not an example of a public sector organisation?

Accepted Answer

McDonalds

Question 48

When a single product is made at a time it is called...

Accepted Answer

Job production

Question 49

A leader who makes all the decisions is called a ______ leader

Accepted Answer

authoritarian, autocratic

Question 50

What is an unincorporated business?

Accepted Answer

One that does not have a separate legal entity

Question 51

Best definition of effective communication is:

Accepted Answer

when the receiver shows the message has been understood

Question 52

A business that has social objectives and reinvests most of its profits to benefit society is

Accepted Answer

A social enterprise

Question 53

Limited liability is an advantage for partners in an ordinary partnership

Accepted Answer

False

Question 54

Which is NOT a factor of location for a service business?

Accepted Answer

Proximity to raw materials

Question 55

Which of the following is a consumer good....

Accepted Answer

A KFC Wrap

Question 56

What is an example for internal growth?

Accepted Answer

Opening new branches

Question 57

What would be the most likely aim of a large business such as Shell or Tesco

Accepted Answer

Increase market share

Question 58

An advantage of tall organisation structures is

Accepted Answer

easier to monitor subordinates

Question 59

What is the span of control of Manager 1?

Accepted Answer

3

Question 60

What is the difference between forward and backward vertical integration?

Accepted Answer

Forward is moving up in SOP whereas backward is moving down

Question 61

A partnership is a public sector organisation

Accepted Answer

False

Question 62

This picture shows a service normally in the public or private sector?

Accepted Answer

Public

Question 63

Which sector of industry gets BIGGER during de-industrialisation

Accepted Answer

Tertiary

Question 64

A merger is the same as a takeover

Accepted Answer

False

Combined: Business Terms + Topic 2 - People in Business + IGCSE Business - Unit 1 Revision Q...

Questions 71

Combined: Business Terms + Topic 2 - People in Business + IGCSE Business - Unit 1 Revision Q...

Questions 71