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