business mock Flashcards
(26 cards)
What is the primary aim of a business?
To satisfy customer needs and wants.
True or False: A sole trader is a business owned by one person.
True.
Fill in the blank: The _____ is a legal document that outlines a company’s structure and purpose.
Articles of Association.
What is the difference between fixed costs and variable costs?
Fixed costs do not change with the level of output, while variable costs do.
Multiple Choice: Which of the following is a benefit of being a limited company? A) Unlimited liability B) Limited liability C) Sole ownership
B) Limited liability.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
True or False: Market segmentation is used to identify distinct groups within a market.
True.
What is the purpose of a business plan?
To outline the strategy, goals, and financial forecasts of a business.
Fill in the blank: The _____ is a graphical representation of a company’s sales over time.
Sales trend analysis.
What is the role of a manager in a business?
To coordinate and oversee the work of others to achieve organizational goals.
Multiple Choice: Which of the following is NOT a type of business ownership? A) Sole trader B) Partnership C) Corporation D) Franchise
D) Franchise.
What is a market structure?
The organization of a market based on the number of firms and the nature of competition.
True or False: The pricing strategy of a business can affect its market share.
True.
Fill in the blank: _____ analysis helps businesses understand the external environment.
PESTLE.
What is the definition of ‘revenue’?
The total income generated from sales before any expenses are deducted.
Multiple Choice: Which financial statement shows a company’s profitability over a specific period? A) Balance sheet B) Cash flow statement C) Income statement
C) Income statement.
What is meant by ‘corporate social responsibility’ (CSR)?
The practice of a business considering its impact on society and the environment.
True or False: A competitive advantage allows a company to outperform its competitors.
True.
Fill in the blank: The _____ is the amount remaining after all costs have been deducted from revenue.
Profit.
What is the importance of customer feedback?
It helps businesses improve products and services to better meet customer needs.
Multiple Choice: Which of the following is a method of market research? A) Surveys B) Financial analysis C) SWOT analysis
A) Surveys.
What does the term ‘entrepreneur’ refer to?
An individual who starts and runs a business, taking on financial risks in the hope of profit.
True or False: All businesses must be registered to operate legally.
False.
Fill in the blank: A _____ is a document that outlines the terms of a business partnership.
Partnership Agreement.
