Business Studies Assessment
4 months ago
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20 QuestionsShow answers
  • Question 1
    45 seconds
    Q.

    How many economic sectors are there?

    answer choices

    0

    4

    3

  • Question 2
    30 seconds
    Q. This is NOT part of the primary sector of the economy
    answer choices
    Mining
    Forestry
    Retail
    Fishing
  • Question 3
    300 seconds
    Q.

    Which of these examples is a service?

    answer choices

    Mr. Farr sells guitars.

    Mr. Swenson gives art supplies to consumers.

    Coach provides lessons for different sports.

    Ms. Miller writes books.

  • Question 4
    30 seconds
    Q. Fishing, Mining, Farming, and Forestry are examples of what economic activity?
    answer choices
    Primary
    Secondary
    Teritiary
    Quaternary 
  • Question 5
    30 seconds
    Q.

    Which sector does an amusement park belong in?

    answer choices

    Primary

    Secondary

    Tertiary

    Quaternary

    Quinary

  • Question 6
    30 seconds
    Q. What is meant by the term production?
    answer choices
    Changing raw materials into goods and service
    What happens on a movie set
    A small shop selling groceries
    Producing products by recycling
  • Question 7
    30 seconds
    Q.

    What is the production chain for the diagram?

    answer choices

    Cars

    Fuel

    Lorries

    Motorbikes

  • Question 8
    30 seconds
    Q. What are stakeholders?
    answer choices
    Anybody who knows the name of the business
    Anybody who takes an interest in a business
    Anybody who works for the business
    Anybody who buys from the business
  • Question 9
    30 seconds
    Q. Which one of the following statements about stakeholder groups is accurate?
    answer choices
    Stakeholders are people who are not interested in business
    Stakeholder groups have direct interest in firms  decisions
    Shareholders of a ltd company are not a stakeholder group
  • Question 10
    30 seconds
    Q.

    What stakeholders exist within Lordswood Boys’ School ?

    answer choices

    Teachers

    Parents

    Students

    All of them.

  • Question 11
    30 seconds
    Q.

    Which is a feature of a partnership?

    answer choices

    Shares can be sold to family and friends

    Income tax must be paid on profit.

    The owners have limited liability.

    Financial information is sent to Companies House.

  • Question 12
    30 seconds
    Q.

    An owner of a sole Proprietorship is personality liable for all assets

    answer choices

    True

    False

  • Question 13
    30 seconds
    Q.

    A sole proprietorship has to share their profits with a partner

    answer choices

    True

    False

  • Question 14
    30 seconds
    Q.

    Unlimited liability means?

    answer choices

    The owner is personally liable to cover business debts and any costs the business can not cover

    The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

    A corporation is not responsible for taking care of lawsuits

    A sole Proprietorship will have enough money and coverage to pay any and all debts

  • Question 15
    30 seconds
    Q. A Business owned by 1 Person
    answer choices
    Sole Proprietorship
    Partnership
    Franchise
    Corporation
  • Question 16
    30 seconds
    Q. A Business owned by two or more people
    answer choices
    Sole Proprietorship
    Partnership
    Franchise
    Non-Profit Organization
  • Question 17
    30 seconds
    Q. A contract between a parent company and a franchisee to use the name and see the goods or services of the parent company.
    answer choices
    Franchise
    Corporation
    Non-Profit Organization
    Partnership
  • Question 18
    30 seconds
    Q.

    Who is responsible for the business debt?

    answer choices

    Franchisor

    Franchise

    The Franchisee

    Investor

  • Question 19
    30 seconds
    Q.

    What's a franchisee?

    answer choices

    A franchisee is the initial fee paid to the company

    A franchisee is a company that owns the service and grants rights to another business.

    A franchisee is formed when the franchisee buys a business.

    A franchisee is the person buying the right to run a business.

  • Question 20
    30 seconds
    Q. „The company that owns the product or service and grants the rights is ___________. 
    answer choices
    Franchisee
    Franchiser 
    Franchise 
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