Business Studies Unit 1 Quiz

jadepalmer98
Quiz by , created about 5 years ago

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 about 5 years ago
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Question 1

Question
Why are businesses set up?
Answer
  • 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

Question
The most important aim for most businesses is to survive and make a profit
Answer
  • True
  • False

Question 3

Question
What qualities do entrepreneurs need?
Answer
  • 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

Question
Identify an advantage of being a sole trader
Answer
  • 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

Question
Which of these is a disadvantage of being a sole trader?
Answer
  • 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

Question
How many partners make a partnership?
Answer
  • 2
  • Up to 10
  • 2-20

Question 7

Question
Which of these are disadvantages of being in a partnership?
Answer
  • You are all legally responsible for each other
  • You have unlimited liability
  • More capital put into the business

Question 8

Question
The paperwork relating to a partnership is called
Answer
  • A partnership agreement
  • A deed of partnership

Question 9

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

Question
Limited Liability companies have their own identity
Answer
  • True
  • False

Question 11

Question
Which of these is the definition of a franchise?
Answer
  • The right to sell another firm's products
  • A shop that looks like and sells the same products as the 'mother' shop

Question 12

Question
Which of these are business aims?
Answer
  • Survival
  • Making a profit
  • Growing
  • Increasing market share
  • Being environmentally sustainable
  • Ethical considerations
  • Keeping customers happy

Question 13

Question
Which of these is correct?
Answer
  • 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

Question
SMART stands for Specific, Measurable, Achievable, Realistic, Time Scale
Answer
  • True
  • False

Question 15

Question
A business plan should include...
Answer
  • 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