Quiz
Business Studies Unit 1 Quiz
Questions in this quiz (15)
1Why are businesses set up?
- AFinancial Reasons
- BPersonal Reasons - wanting to be their own boss
- CThey were told to
- DTo help others - by setting up a charity, for example
2The most important aim for most businesses is to survive and make a profit
- ATrue
- BFalse
3What qualities do entrepreneurs need?
- AInitiative - to seek out business opportunities
- BMoney - to start up the business
- CLeadership skills - to motivate workers
- DThe ability to think ahead and take risks
4Identify an advantage of being a sole trader
- AYou can sell shares to family and friends
- BThey're easy to set up
- CYou have unlimited liability
- DYou don't get any holiday time as you have to look after your business
5Which of these is a disadvantage of being a sole trader?
- AYou get to be your own boss
- BYou have unlimited liability
- CYou get to make all the decisions
- DYou can't bounce ideas off of other owners
6How many partners make a partnership?
- A2
- BUp to 10
- C2-20
7Which of these are disadvantages of being in a partnership?
- AYou are all legally responsible for each other
- BYou have unlimited liability
- CMore capital put into the business
8The paperwork relating to a partnership is called
- AA partnership agreement
- BA deed of partnership
9Which of these are true about Private Limited Companies(PLCs)?
- AYou can sell shares on the stock exchange
- BYou have limited liability
- CYou must have a Memorandum of Association & Article of Association
- DYou are owned by shareholders
10Limited Liability companies have their own identity
- ATrue
- BFalse
11Which of these is the definition of a franchise?
- AThe right to sell another firm's products
- BA shop that looks like and sells the same products as the 'mother' shop
12Which of these are business aims?
- ASurvival
- BMaking a profit
- CGrowing
- DIncreasing market share
- EBeing environmentally sustainable
- FEthical considerations
- GKeeping customers happy
13Which of these is correct?
- AAn objective is a short term goal used like a stepping stone to reach the businesses aims
- BAn aim is a short term goal used like a stepping stone to reach the businesses objectives
14SMART stands for Specific, Measurable, Achievable, Realistic, Time Scale
- ATrue
- BFalse
15A business plan should include...
- AMission Statement
- BObjectives of the business
- CHow much start-up capital will be needed
- DProduct description
- EAims of the business
- FCredit history of parents/ guarantors
Information
- Description
- GCSE Business Studies (Unit 1 (Starting a Business)) Quiz on Business Studies Unit 1 Quiz, created by jadepalmer98 on 19/01/2014.
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- jadepalmer98
- Language
- English
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