Business Studies Knowledge MCQ Test

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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

10 Questions2 MinutesCreated by LearningLynx521

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

Business Studies Knowledge MCQ Test

Business Studies Knowledge Quiz

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