Business Studies Knowledge MCQ Test
Business Studies Knowledge Quiz
Test your understanding of essential concepts in business studies with our engaging MCQ quiz! This quiz is designed to challenge your knowledge and provide insights into key areas such as production methods, stakeholder objectives, and financial definitions.
Whether you're a student, teacher, or just someone looking to brush up on business concepts, this quiz will help you:
- Enhance your knowledge of business practices
- Evaluate your understanding of key terms
- Prepare for examinations or professional assessments
What is a disadvantage of Flow production? (TWO POSSIBLE ANSWERS)
Capital intensive due to requirement of specialised labour
Can be inflexible and risk of worker boredom
Unit costs are kept low
Continuous, standardised production of products.
What is an advantage of a franchisee?
They receive a significant percentage of profits
Increase reach to customer base
Better sales due to established brand image or reputation
Be your own boss
Which is the BEST definition of a SOCIAL ENTERPRISE ..?
A group of people assembled to participate in a discussion about a product before it is launched, or to provide feedback on a political campaign, television series, etc.
A business with social objectives that also aim to make a profit to invest back into the business for the betterment of its social purpose .
A group that tries to influence public policy in the interest of a particular cause.
A business that is aiming to start a revolutionary movement in society.
What are the stakeholder objectives for WORKERS?
Repayment of loans, payment of interest, business liquidity
Security of investment, profit to pay returns, business growth
Value for money, safe products, reliability
Job security, reasonable pay, job satisfaction
What best describes Maslow's hierarchy of needs?
A central focus on monetary gain and its motivational potential and tendencies
Balance between hygiene and motivation with influences of employee reform for worker welfare and better working conditions
States that success or mastery of a task can lead to an overall increase in the perception of one's own competence
Physiological, safety, love and belonging, self-esteem and realisation of abilities
What is the best definition of DYNAMIC PRICING?
When the product is priced in line with or just below competitor's prices to try to capture more of the market.
When the price is set lower than the competitor's prices in order to be able to enter a new market.
When businesses change product prices, usually when selling online, depending on the level of demand
When a high price is set for a new product on the market
What is a financial statement that records the income of a business and all costs incurred to earn that income over a period of time. (TWO ANSWERS POSSIBLE)
Income Statement
Cash Flow Forecast
Profit and Loss Account
Final accounts
Formula for Return on Capital Employed (ROCE)
(net profit/ capital employed)x100
(gross profit margin/capital employed)x100
Net profit - costs/ revenue
(net profit/revenue) x 100
What is the best definition of GLOBALISATION?
Business with factories or services in more than one country
When a government protects domestic businesses from foreign competition using tariffs and quotas
When countries agree to trade imports and exports with no barriers.
Term used to describe increases in worldwide trade and movement of people and capital between countries.
What best describes CREDITORS? (TWO POSSIBLE ANSWERS)
One to whom debt is owed
One who lends money in a credit relationship
One who owes debt
One who borrows money
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