Business recap

Which of the following is an advantage of external recruitment? A) Internal jealousies are avoided. B) The cost of advertising is saved. C) The opportunity for promotion encourages employees to work harder. D) New ideas and perspectives are

4. Induction training helps employees to: a) Settle into their new role b) Gain a promotion c) Increase their salary

Which of the following is a key characteristic of an entrepreneur? A) Lack of responsibility. B) Willingness to take risks. C) Shyness.

What type of research is involved in finding out customer likes and dislikes when entering a new market by using surveys? a) Primary research b) Secondary research

A good business plan can help attract investors and lenders: true or false.

Capital includes not only money but also tools and machinery used in production. True or false

Which of the following is NOT a typical characteristic of an entrepreneur? A) Adaptability B) Risk-taking C) Procrastination

2. What is the reward for capital in the factors of production? A) Rent B) Wages C) Profit D) Interest

Air pollution is primarily caused by renewable energy sources, TRUE OR FALSE

6. The "promotion" element of the marketing mix involves: a) Deciding on the price b) Determining where the product will be sold c) Advertising and promoting the product

Shareholders seek employment stability over profit. true or false

1. Which stakeholder group seeks job security and fair wages? a) Managers b) Shareholders c) Employees d) Suppliers.

What is the primary industry? A) The industry that provides services. B) The first stage in the production process using natural resources. C) The industry that makes finished products.

Maintaining quality always reduces costs for a business. true or false

Which of the following is a tertiary industry? A) Farming. B) Car manufacturing. C) Banking services. D) Oil drilling.

Outsourcing means doing all work in-house. true or false

Consumer laws help protect customers from dishonest businesses, True or False

3. Which of the following is a key factor influencing business location decisions? a) Employee hobbies b) Availability of raw materials c) Company logo design d) Office furniture quality

Why is market segmentation useful for businesses? a) It helps identify and target specific customer groups b) It reduces the need for marketing c) It ensures all customers receive the same product

2. What is the primary focus of business ethics? a) Maximizing profits at all costs b) Following moral principles and values in business decisions c) Reducing employee wages

What does globalisation allow? a) Only local travel b) Free movement of goods, capital, labour, and technology c) Only products from local markets

5. What is the purpose of a business plan? a) To increase product prices b) To provide a clear strategy for the business and secure funding c) To reduce government regulations

Nationalisation refers to: A) The process of selling a business to the government. B) The transfer of ownership from the government to private individuals.

Entrepreneurs only start businesses to make money and get rich. True or False

5. What is the purpose of promotional pricing? a) To make long-term profits b) To make the product seem more attractive

1. What does B2B stand for in e-commerce? a) Business-to-Customer b) Business-to-Business c) Buying-to-Buying d) Banking-to-Business

Screening applicants is a process used to identify which candidates best match the specification for the job, true or false.

On a break-even chart, which of the following is represented by a horizontal line? a) Variable cost b) Total cost c) Fixed cost d) Sales revenue

What is one of the main disadvantages of being a sole trader? A) Limited decision-making power. B) Unlimited liability. C) Difficulties in setting up the business. D) Restrictions on the number of employees.

1. What is the main purpose of training in an organisation? a) To increase staff turnover b) To improve employee knowledge and skills c) To reduce productivity