Business Studies - Final Revision Quiz

45 Questions | Total Attempts: 10632

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Business Studies - Final Revision Quiz - Quiz

These are all questions that some of you have had difficulty with, so they should highlight areas you need to revise. Remember, you can use your textbook when you do this quiz. Every time you do the quiz, you will get a different set of questions, so you can complete it more than once. Five of these questions WILL appear again in your final examination and are worth 10% of the total mark!


Questions and Answers
  • 1. 
    A business has to raise prices to pay higher wages. Which stakeholder is affected LEAST? Choose ONE only
    • A. 

      Workers

    • B. 

      Shareholders

    • C. 

      Managers

    • D. 

      Customers

  • 2. 
    VAT is a tax on:
    • A. 

      Sales

    • B. 

      Income

    • C. 

      Profit

    • D. 

      Property

  • 3. 
    Corporation Tax is a tax on the profits of __________   ____________
  • 4. 
    Over the last 50 years, economic growth in the UK has averaged... Choose ONE only
    • A. 

      25% each year

    • B. 

      2% each year

    • C. 

      1% each year

    • D. 

      2.5% each year

  • 5. 
    How are interest rates set in the UK? Choose ONE only
    • A. 

      They are decided by the MPC

    • B. 

      They are decided by the EU Banking Committee

    • C. 

      They are decided by the UK Government

    • D. 

      They are decided by the Governor of the Bank of England

    • E. 

      They are decided by the international market rate

  • 6. 
    Which of these is NOT paid to HMR&C by a private limited company? Choose ONE only
    • A. 

      Income tax (PAYE)

    • B. 

      VAT

    • C. 

      NIC (employer contribution)

    • D. 

      Corporation tax

  • 7. 
    Limited liability means... Choose ONE only
    • A. 

      Loss cannot exceed the value of total assets

    • B. 

      Every shareholder has to help to pay off any debts

    • C. 

      You only have to pay back what you can afford

    • D. 

      Only the Board members have a personal liability

  • 8. 
    A small business often has to use which pricing strategy when entering a new market?
  • 9. 
    Which of these is NOT a result of customer satisfaction? Choose ONE only
    • A. 

      Word of mouth recommendation

    • B. 

      Repeat business

    • C. 

      Improving product design

    • D. 

      Repeat purchases

  • 10. 
    Which TWO of these would be considered PLACE in the marketing mix? Choose TWO of the options that are true
    • A. 

      A point of sale display

    • B. 

      Free gift

    • C. 

      Home delivery service

    • D. 

      A new design

    • E. 

      Charging the same as a competitor

  • 11. 
    Starting a business that fails probably means that... Choose ONE only
    • A. 

      Starting another business would be too risky

    • B. 

      Starting another business is more likely to succeed

    • C. 

      Everybody loses a lot of money

    • D. 

      The market research wasn't very good

  • 12. 
    Innovation is BEST described as ... Choose ONE only
    • A. 

      Coming up with a completely new idea

    • B. 

      Making an invention suitable for mass production

    • C. 

      Doing something cheaper or better

    • D. 

      Holding the patent of something new

  • 13. 
    A new band would protect its songs by .. Choose ONE only
    • A. 

      Hiring lawyers

    • B. 

      Warning competitors not to copy them

    • C. 

      Keeping records to show they had written the songs

    • D. 

      Obtaining a patent

  • 14. 
    Thinking about an entrepreneur, which is NEVER true Choose ONE only
    • A. 

      They are prepared to take a risk

    • B. 

      They always prefer to offer services, rather than a good

    • C. 

      They want to run their own business

    • D. 

      They show initiativeThey enjoy making things happen, rather than just waiting

  • 15. 
    WHOLESALER is another term for Choose ONE only
    • A. 

      A competitor

    • B. 

      A supplier

    • C. 

      A group of businesses

    • D. 

      A manufacturer

  • 16. 
    A source of added value can be ... Choose TWO of the options that are true
    • A. 

      USP

    • B. 

      Formula

    • C. 

      Price

    • D. 

      Poor service

  • 17. 
    Hiring somebody to count the number of people who enter a competitor's shop on a specific day is called 'observation' and would be considered secondary market research.
    • A. 

      True

    • B. 

      False

  • 18. 
    Hiring somebody to count the number of people who enter a competitor's shop on a specific day is called 'observation' and would be considered secondary market research.
    • A. 

      True

    • B. 

      False

  • 19. 
    This production method is known as: Select one answer. 
    • A. 

      Flow production

    • B. 

      Job production

    • C. 

      Cell production

    • D. 

      Batch production

  • 20. 
    Which of the following is NOT an advantage of cell production Select one answer. 
    • A. 

      Better communication

    • B. 

      Multi-skilling

    • C. 

      Low cost of training

    • D. 

      Improved job satisfaction

  • 21. 
    Inspecting finished products at the end of a production line is known as ... Select one answer. 
    • A. 

      Quality management

    • B. 

      Quality assurance

    • C. 

      Quality control

    • D. 

      Quality inspection

  • 22. 
    When quality is inspected at every stage of production, this is known as ... Select one answer. 
    • A. 

      Quality control

    • B. 

      Continuous improvement ('Kaizen')

    • C. 

      Quality management

    • D. 

      Quality assurance

  • 23. 
    Job production is usually associated with ... Select one answer. 
    • A. 

      High volume, low value products

    • B. 

      Catering

    • C. 

      Low volume, expensive products

    • D. 

      Car manufacturing

  • 24. 
    This production method is known as: Select one answer. 
    • A. 

      Job production

    • B. 

      Flow production

    • C. 

      Cell production

    • D. 

      Batch production

  • 25. 
    Which statement is never true for a factory using quality assurance? Select one answer. 
    • A. 

      Quality is the responsibility of a special team

    • B. 

      Quality is something everybody helps improve

    • C. 

      Standards such as ISO9001 are used

    • D. 

      Quality can be measured regularly as part of TQM

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