businesss paper 1

Question 1

What is the primary purpose of a business?

Answer 1

To provide goods or services to consumers.

Question 2

True or False: A sole trader has limited liability.

Answer 2

False

Question 3

Fill in the blank: The four P’s of marketing are Product, Price, Place, and _____?

Answer 3

Promotion

Question 4

What type of business structure is owned by shareholders?

Answer 4

A corporation.

Question 5

What is a SWOT analysis used for?

Answer 5

To assess a business’s Strengths, Weaknesses, Opportunities, and Threats.

Question 6

Multiple choice: Which of the following is NOT a factor of production? A) Land B) Labor C) Money D) Capital

Answer 6

C) Money

Question 7

What is the difference between fixed costs and variable costs?

Answer 7

Fixed costs do not change with output, while variable costs do.

Question 8

True or False: Market research is only necessary for large businesses.

Answer 8

False

Question 9

Fill in the blank: The _____ is a financial statement that shows a company’s revenues and expenses over a specific period.

Answer 9

Income statement

Question 10

What is the main goal of human resource management?

Answer 10

To maximize employee performance in service of an employer’s strategic objectives.

Question 11

Multiple choice: What is the term for a business’s ability to meet customer needs? A) Market share B) Competitive advantage C) Brand loyalty D) Customer satisfaction

Answer 11

B) Competitive advantage

Question 12

What is meant by ‘cash flow’?

Answer 12

The total amount of money being transferred into and out of a business.

Question 13

True or False: A business plan is only necessary for startups.

Answer 13

False

Question 14

Fill in the blank: The _____ is a graphical representation of a company’s organizational structure.

Answer 14

Organizational chart

Question 15

What does the term ‘entrepreneurship’ refer to?

Answer 15

The process of starting and running a new business.

Question 16

Multiple choice: Which of the following is a type of primary research? A) Surveys B) Market analysis C) Competitor review D) Financial reports

Answer 16

A) Surveys

Question 17

What is the purpose of a mission statement?

Answer 17

To define a company’s purpose and primary objectives.

Question 18

True or False: All businesses must register with the government.

Answer 18

False

Question 19

Fill in the blank: The _____ is the difference between total revenue and total costs.

Answer 19

Profit

Question 20

What is a market segment?

Answer 20

A subgroup of a larger market that shares similar characteristics.

Question 21

Multiple choice: What does ‘B2B’ stand for? A) Business to Business B) Business to Buyer C) Business to Brand D) Buyer to Business

Answer 21

A) Business to Business

Question 22

What is the role of a board of directors?

Answer 22

To oversee the management of a company and protect shareholders’ interests.

Question 23

True or False: Profit maximization is the only objective of a business.

Answer 23

False

Question 24

Fill in the blank: A _____ is a legal agreement that allows one party to use another’s business model.

Answer 24

Franchise

Question 25

What is the function of marketing?

Answer 25

To identify, create, and satisfy customer needs.

Question 26

Multiple choice: Which of the following is an example of a secondary research source? A) Interviews B) Focus groups C) Academic journals D) Observations

Answer 26

C) Academic journals

Question 27

What does 'e-commerce' refer to?

Answer 27

Buying and selling goods or services over the internet.