AQA Business Studies Unit 1 Quiz

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Questions: 7 | Attempts: 2,674 | Updated: Mar 21, 2023

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Welcome to AQA Business Studies Unit 1 Quiz. Businesses exist in different forms, and each has its benefits and demerits. Over the past week, we got to cover some of the types and how to survive in the industry successfully. Below is an AQA business quiz that is designed to help you review what we covered in unit one.

Questions and Answers

1.

Which one of these is a reason why someone would start a business?
- A.
  
  To drive a nice car
- B.
  
  To escape an uninteresting job
- C.
  
  To do a job with less work involved
- D.
  
  To work with people you like
Correct Answer
B. To escape an uninteresting job

Explanation
Starting a business can be a way for someone to escape an uninteresting job. By starting their own business, individuals have the opportunity to pursue their passions and create a career that is more fulfilling and engaging. They can have more control over their work and can build something that aligns with their interests and values. Starting a business allows individuals to break free from the monotony and dissatisfaction of an uninteresting job and create a more satisfying and rewarding professional life.

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2.

What is Social Enterprise?
- A.
  
  An activity that achieves an reward for society
- B.
  
  A business that gives all the profit to their owners
- C.
  
  A business that gives all its money to charities
Correct Answer
A. An activity that achieves an reward for society

Explanation
A social enterprise is an activity that aims to achieve a reward for society. Unlike a traditional business that primarily focuses on generating profit for its owners, a social enterprise prioritizes creating positive social or environmental impact. It may still generate revenue, but the ultimate goal is to address social issues and benefit the community. This can be done through various means, such as providing employment opportunities for marginalized individuals, supporting sustainable practices, or reinvesting profits into social programs.

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0
1
3.

How can a market map help when starting up a business?
- A.
  
  To identify products which you can copy
- B.
  
  To show the owners what products aren't around
- C.
  
  To waste time
Correct Answer
B. To show the owners what products aren't around

Explanation
A market map can help when starting up a business by showing the owners what products are not currently available in the market. This can be valuable information as it allows them to identify potential gaps or opportunities in the market where they can offer unique products or services. By understanding what products are missing, the owners can tailor their business offerings to meet the unmet needs of consumers, increasing their chances of success.

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4.

What is a franchise?
- A.
  
  Copy and modify a company's name and logo so one can use it for their business
- B.
  
  Being hire by a firm and being promoted to manager of on of the shops
- C.
  
  The legal right to use the name and logo of an existing firm and sell he same products
Correct Answer
C. The legal right to use the name and logo of an existing firm and sell he same products

Explanation
A franchise refers to the legal right granted to an individual or business to use the name and logo of an established company and sell its products or services. This allows the franchisee to benefit from the established brand recognition and customer base of the existing firm, while also receiving support and guidance from the franchisor. It is a business model that enables individuals to operate their own business while leveraging the success and reputation of an established brand.

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1
0
5.

What are the factors of production? (select all the four right ones)
- A.
  
  Land
- B.
  
  Labor
- C.
  
  Employment
- D.
  
  Capital
- E.
  
  Enterprise
- F.
  
  Ethics
Correct Answer(s)
A. Land
B. Labor
D. Capital
E. Enterprise

Explanation
The factors of production are the resources used in the production process. Land refers to natural resources such as land itself, minerals, and water. Labor represents the human effort and skills involved in producing goods or services. Capital refers to the tools, machinery, and equipment used in production. Enterprise refers to the organization and management skills required to bring together the other factors of production and make them productive. Therefore, the correct factors of production are land, labor, capital, and enterprise.

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6.

Which is not a business objective?
- A.
  
  Increase sales
- B.
  
  Make profits
- C.
  
  Manipulate customers
- D.
  
  Survive
Correct Answer
C. Manipulate customers

Explanation
Manipulating customers is not a legitimate business objective as it involves unethical practices. Business objectives typically focus on achieving growth, profitability, and sustainability. Increasing sales, making profits, and surviving are all valid business objectives as they contribute to the success and longevity of a business. However, manipulating customers goes against the principles of fair competition and customer satisfaction, which are essential for building trust and maintaining a positive reputation in the market.

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4
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7.

The value added is:
- A.
  
  Selling price - cost of goods sold
- B.
  
  Selling price + cost of goods sold
- C.
  
  Cost of goods sold - selling price
- D.
  
  None of the above
Correct Answer
A. Selling price - cost of goods sold

Explanation
The correct answer is Selling price - cost of goods sold. The value added is calculated by subtracting the cost of goods sold from the selling price. This calculation helps determine the profit or value created by the business after accounting for the cost of producing the goods.

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Current Version
Mar 21, 2023

Quiz Edited by
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May 10, 2012

Quiz Created by
Sjukes97

AQA Business Studies Unit 1 Quiz

Which one of these is a reason why someone would start a business?

What is Social Enterprise?

How can a market map help when starting up a business?

What is a franchise?

What are the factors of production? (select all the four right ones)

Which is not a business objective?

The value added is: