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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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Business Studies Unit 1 Quiz

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

Explanation

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

Explanation

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

Explanation

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

Explanation

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

Explanation

Question 6 of 15

1

How many partners make a partnership?

Select one of the following:

  • 2

  • Up to 10

  • 2-20

Explanation

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

Explanation

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

Explanation

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

Explanation

Question 10 of 15

1

Limited Liability companies have their own identity

Select one of the following:

  • True
  • False

Explanation

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

Explanation

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

Explanation

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

Explanation

Question 14 of 15

1

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

Select one of the following:

  • True
  • False

Explanation

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

Explanation

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