AQA AS Level Business: What is Business?

M Bathard
Quiz by , created almost 3 years ago

AQA AS Level Business quiz on the first section 'What is Business?'

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M Bathard
Created by M Bathard almost 3 years ago
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Question 1

Question
What is Business? Business includes trading [blank_start]goods[blank_end] or [blank_start]services[blank_end] between individuals and companies. It is the investement of time and money to turn an idea into reality. It can also mean making a [blank_start]profit[blank_end] (or a loss).
Answer
  • goods
  • ideas
  • qualifications
  • objectives
  • services
  • time
  • money
  • conversations
  • profit
  • company
  • present
  • product

Question 2

Question
Why do businesses exist?
Answer
  • money/profit
  • Fairtrade
  • social welfare
  • to create jobs
  • to pay more tax
  • to create competition with a rival

Question 3

Question
Label this diagram of the Hierarchy of Objectives
Answer
  • Individual
  • Team
  • Functional
  • Corporate
  • Mission
  • Most Strategic
  • Most Detailed

Question 4

Question
What are the four main objectives of a bsuiness?
Answer
  • profit (maximisation/optimisation)
  • growth
  • survival
  • to learn another language
  • social and ethical
  • to pay more taxes

Question 5

Question
Why do businesses set objectives? They may set objectives in order to [blank_start]motivate[blank_end] their staff or to act as a reason for continued [blank_start]perseverance[blank_end]. Some objectives can [blank_start]empower[blank_end] staff, and give employees assurance. Objectives can give a sense of [blank_start]direction[blank_end] and can make it easier to [blank_start]communicate[blank_end] within the business - the leaders cannot [blank_start]control[blank_end] every decision made.
Answer
  • motivate
  • perseverance
  • empower
  • direction
  • communicate
  • control

Question 6

Question
Explain the relationship between the mission and objectives? The [blank_start]mission[blank_end] is the overall aim of the organisation. Once this has been agreed upon, the objectives of the [blank_start]business[blank_end], the [blank_start]functions[blank_end] and the [blank_start]individuals[blank_end] can then be set. The mission will be [blank_start]vague[blank_end], as all of the other objectives in the business build [blank_start]towards[blank_end] achieving it, and it still has to [blank_start]relate[blank_end] to all of them.
Answer
  • mission
  • business
  • functions
  • individuals
  • vague
  • towards
  • relate

Question 7

Question
When might survival be an important business objective? Survival would be an important objective to have in all situations, but especially when the economy is experiencing a [blank_start]downturn[blank_end] or a recession. If the country's economy is slowing down, them people ([blank_start]consumers[blank_end]) are less likely to spend money. This then leads to a [blank_start]decline[blank_end] in sales, and then consequently [blank_start]decreased[blank_end] revenue. Survival requires the company to be able to pay its creditors, and still have enough to meet all of their [blank_start]costs[blank_end]. When revenue decreases, so does the chances of [blank_start]survaival[blank_end] - this would be a very important period to keep going.
Answer
  • downturn
  • consumers
  • decline
  • decreased
  • costs
  • survaival

Question 8

Question
What is the definition of 'Profit Maximisstion'?
Answer
  • when a business tries to achieve the maximum profit with low running/production costs
  • when a business tries to find an alternative with the most cost effective/ highest achievable performance under given constraints
  • improving some measure of the business' success e.g. sales figures, revenue, or profit

Question 9

Question
What is the definition of 'Profit Optimisation'?
Answer
  • When a business tries to find an alternative with the most cost effective/highest achievable performance under given constraints
  • The money in and out of a business
  • Improving some measure of the business’ success e.g. sales figures, revenue or profit

Question 10

Question
What is the definition of 'Business Growth'?
Answer
  • Improving some measure of the business’ success e.g. sales figures, revenue or profit
  • The money in and out of a business
  • When a business tries to achieve the maximum profit with low running costs

Question 11

Question
What is the definition of 'Social Ethics'?
Answer
  • Trying to stay functioning hopefully with profits, but continuing to exist
  • When a business tries to find an alternative with the most cost effective/highest achievable performance under given constraints
  • When the business tries to stick to certain ethical guidelines in order to help those less fortunate or the environment e.g. donating 10% of profits to a charity or only using Fairtrade products