Business Quiz - Assessment

1.

Multiple Choice

1 min

1 pt

What is a sole trader?

A person who is the exclusive owner of a business.

Two people who own a business.

A group of people who own a business

2.

Multiple Choice

1 min

1 pt

An entrepreneur is someone

Someone who works for a new business

Someone who starts a new business

Someone who takes over an existing business

Someone who does not want to work

3.

Multiple Choice

1 min

1 pt

Start up costs are...

the amount of money spent setting up a business

money spent on a regular basis to keep a business running

Fixed Costs + Variable Costs

costs which change with output

4.

Multiple Choice

1 min

1 pt

What is an operating cost?

Something a business pays before the company starts

Something the company receives

Something the company pays for their day to day running

Something the company cant afford

5.

Multiple Choice

1 min

1 pt

Which industry sector is an advertising agency part of?

The primary sector

The secondary sector

The tertiary sector

6.

Multiple Choice

1 min

1 pt

Which industry sector are raw materials a part of?

The primary sector

The secondary sector

The tertiary sector

7.

Multiple Choice

1 min

1 pt

What is a car an example of?

A cost

A service

A product

8.

Multiple Choice

1 min

1 pt

Which of the following describes the money going into a business?

An input

Revenue

An output

9.

Multiple Choice

1 min

1 pt

Which of these is a method of product differentiation?

Having a unique selling point

Selling a product in multiple territories

Introducing a product at a low price

10.

Multiple Choice

1 min

1 pt

What helps to create brand identity?

Having multiple products

An increase in profits

Creating a logo for the company/product

11.

Multiple Select

1 min

1 pt

Which 3 of these are costs?

Fixed

Variable

Operating

Revenue

12.

Multiple Choice

1 min

1 pt

What is a variable cost?

A cost which does not change

A cost which they must pay even if they produce nothing

A cost which changes the more or less the business produces

A cost the business pays when they start

13.

Multiple Choice

1 min

1 pt

Which of the following is the best definition of PROFIT?

The total amount of income a business makes from selling products or services

The amount of money a business has left over after paying for their costs.

The total amount of money a business spends.

14.

Multiple Choice

1 min

1 pt

If a business's costs exceeds it sales revenue, it will experience a ........?

loan

profit

loss

debt

15.

Multiple Choice

1 min

1 pt

Expenses can be referred to as 'Overheads'.

True

False

16.

Multiple Select

1 min

1 pt

Which 3 of the following costs would be considered as expenses?

Rent

Utility bills

Materials

Tax

17.

Multiple Choice

1 min

1 pt

Expenses are...

The cost of producing a product, otherwise called direct costs

Other costs that are not related to producing the product, otherwise known as indirect costs

Cost that do not change with output

Running costs

18.

Multiple Choice

1 min

1 pt

What is the formula for Revenue?

Output x Selling Price

Output x Cost

Selling Price x Costs

Selling Price x Total sales

19.

Multiple Choice

1 min

1 pt

What is the formula for Profit?

Revenue - Sales

Revenue - Costs

Revenue - Fixed Costs

Revenue - Gross Profit

20.

Multiple Choice

1 min

1 pt

What is the definition of a fixed cost?

A cost that varies with output

A cost that does not vary with output

Costs that do not change

Costs that change only when agreed

Explore this activity with a free account