jadepalmer98
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GCSE Business Studies (Unit 1 (Starting a Business)) Quiz on Business Studies Unit 1 Quiz, created by jadepalmer98 on 01/19/2014.

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jadepalmer98
Created by jadepalmer98 over 5 years ago
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  • Business Studies Unit 1 Quiz

    Question 1 of 15

    1

    Why are businesses set up?

    Select one or more of the following:

    • Financial Reasons

    • Personal Reasons - wanting to be their own boss

    • They were told to

    • To help others - by setting up a charity, for example

    Question 2 of 15

    1

    The most important aim for most businesses is to survive and make a profit

    Select one of the following:

    • True
    • False

    Question 3 of 15

    1

    What qualities do entrepreneurs need?

    Select one or more of the following:

    • Initiative - to seek out business opportunities

    • Money - to start up the business

    • Leadership skills - to motivate workers

    • The ability to think ahead and take risks

    Question 4 of 15

    1

    Identify an advantage of being a sole trader

    Select one of the following:

    • You can sell shares to family and friends

    • They're easy to set up

    • You have unlimited liability

    • You don't get any holiday time as you have to look after your business

    Question 5 of 15

    1

    Which of these is a disadvantage of being a sole trader?

    Select one or more of the following:

    • You get to be your own boss

    • You have unlimited liability

    • You get to make all the decisions

    • You can't bounce ideas off of other owners

    Question 6 of 15

    1

    How many partners make a partnership?

    Select one of the following:

    • 2

    • Up to 10

    • 2-20

    Question 7 of 15

    1

    Which of these are disadvantages of being in a partnership?

    Select one or more of the following:

    • You are all legally responsible for each other

    • You have unlimited liability

    • More capital put into the business

    Question 8 of 15

    1

    The paperwork relating to a partnership is called

    Select one of the following:

    • A partnership agreement

    • A deed of partnership

    Question 9 of 15

    1

    Which of these are true about Private Limited Companies(PLCs)?

    Select one or more of the following:

    • You can sell shares on the stock exchange

    • You have limited liability

    • You must have a Memorandum of Association & Article of Association

    • You are owned by shareholders

    Question 10 of 15

    1

    Limited Liability companies have their own identity

    Select one of the following:

    • True
    • False

    Question 11 of 15

    1

    Which of these is the definition of a franchise?

    Select one of the following:

    • The right to sell another firm's products

    • A shop that looks like and sells the same products as the 'mother' shop

    Question 12 of 15

    1

    Which of these are business aims?

    Select one or more of the following:

    • Survival

    • Making a profit

    • Growing

    • Increasing market share

    • Being environmentally sustainable

    • Ethical considerations

    • Keeping customers happy

    Question 13 of 15

    1

    Which of these is correct?

    Select one of the following:

    • An objective is a short term goal used like a stepping stone to reach the businesses aims

    • An aim is a short term goal used like a stepping stone to reach the businesses objectives

    Question 14 of 15

    1

    SMART stands for Specific, Measurable, Achievable, Realistic, Time Scale

    Select one of the following:

    • True
    • False

    Question 15 of 15

    1

    A business plan should include...

    Select one or more of the following:

    • Mission Statement

    • Objectives of the business

    • How much start-up capital will be needed

    • Product description

    • Aims of the business

    • Credit history of parents/ guarantors