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Lockdown Challenge 1 - UB Revision Flashcards | StudBud
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Lockdown Challenge 1 - UB Revision
Lockdown Challenge 1 - UB Revision
20 terms
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StudBud Administration
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Flashcards
20 cards
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Questions
20
Answers
1
Which of the following has Limited Liability?
Sole Trader
Private Limited Company
Partnership
Primary
2
Which are the correct Factors of Production?
Land, Labour, Capital, Enterprise
Job, Batch, Flow Production
Primary, Secondary, Tertiary
Public, Private, Third
3
Raw materials are extracted in the Primary Sector
True
False
4
Which of the following is not an Internal Factor?
Social
Human Resources
Technology
Finance
5
A business with 1 owner is called..
Entrepreneurship
Sole Trader
Private Limited Company
Partnership
6
'Private sector aim to maximise profits whereas public sector does not'
Is this a valid comparison?
True
False
7
'Bad weather can spoil crops, increase lead time and destroy premises' is which external factor?
Political
Economical
Social
Environmental
8
Which of the following will not directly improve Customer Satisfaction?
Having an after sales service
Making sure employees are fully trained in Customer Service
Providing a high quality product
Giving the customer a refund
9
'An increase national min wage will increase expenses. This means the PFTY will decrease'
Is this a
valid explanation?
False
True
10
'Change prices, reduce quality, stop bulk buying discount and increase lead time' is the influence of which stakeholder?
Customers
Employees
Pressure Groups
Suppliers
11
The Sectors of Economy are
Primary, Secondary, Tertiary
Sole Trader, Partnerships, Ltd
Private, Public, Third
Land, Labour, Capital, Enterprise
12
Which of the following will not happen as a result of a recession?
Employees being made redundant
Disposable income increase
High unemployment
Delay in releasing a new product
13
A social enterprise operates within the third sector
False
True
14
Is poor wifi in a business an example of an internal or external technology factor?
External
Internal
15
A partnership can have 22 owners
False
True
16
Limited Liability is when your personal possessions are at risk if the business falls into bad debt
False
True
17
The Sectors of Industry are
Land, Labour, Capital, Enterprise
Social Enterprises, Charities, Voluntary Organisations
Private, Public, Third
Primary, Secondary, Tertiary
18
'Public sector is financed through taxes whereas private sector aims to make a profit'
Is this a valid comparison?
True
False
19
Every private sector business aims to maximise profits?
False
True
20
A sole trader business will have to close for the day if the owner is unwell
True
False
