Business Studies OCR GCSE business activity

Question 1

What is a business?

Answer 1

An organization that provides goods or services to consumers.

Question 2

True or False: A sole trader is a type of business owned by one person.

Answer 2

True

Question 3

Fill in the blank: The primary aim of most businesses is to make ______.

Answer 3

profit

Question 4

What is the difference between a need and a want?

Answer 4

A need is something essential for survival, while a want is a desire for something that is not essential.

Question 5

What is the term for the factors of production?

Answer 5

Land, labor, capital, and enterprise.

Question 6

Which business structure limits the liability of its owners?

Answer 6

Limited company

Question 7

What does ‘market research’ involve?

Answer 7

Gathering information about consumers’ needs and preferences.

Question 8

Multiple Choice: Which of the following is NOT a function of business? A) Production B) Marketing C) Recreation D) Finance

Answer 8

C) Recreation

Question 9

What is the purpose of a business plan?

Answer 9

To outline the strategy and objectives of a business.

Question 10

True or False: A partnership can have unlimited partners.

Answer 10

False

Question 11

What is ‘entrepreneurship’?

Answer 11

The process of starting and running a new business.

Question 12

Fill in the blank: The four P’s of marketing are Product, Price, Place, and ______.

Answer 12

Promotion

Question 13

What is ‘cash flow’?

Answer 13

The total amount of money being transferred in and out of a business.

Question 14

Multiple Choice: Which term refers to the legal right to use a brand name? A) Trademark B) Copyright C) Patent D) License

Answer 14

A) Trademark

Question 15

What is ‘profit margin’?

Answer 15

The difference between sales revenue and costs, expressed as a percentage of sales revenue.

Question 16

True or False: A franchisee has full control over the business operations.

Answer 16

False

Question 17

What does SWOT stand for in SWOT analysis?

Answer 17

Strengths, Weaknesses, Opportunities, Threats.

Question 18

What is ‘market segmentation’?

Answer 18

The process of dividing a market into distinct groups of buyers.

Question 19

Fill in the blank: The acronym ‘CSR’ stands for ______.

Answer 19

Corporate Social Responsibility

Question 20

What is ‘economies of scale’?

Answer 20

Cost advantages that a business obtains due to the scale of operation.

Question 21

Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Wages D) Marketing

Answer 21

A) Rent

Question 22

What is ‘branding’?

Answer 22

The process of creating a unique name and image for a product.

Question 23

True or False: A business can only have one target market.

Answer 23

False

Question 24

What is the ‘break-even point’?

Answer 24

The level of sales at which total revenues equal total costs.

Question 25

Fill in the blank: A ______ is a written document that describes a business's goals and how to achieve them.

Answer 25

business plan

Question 26

What is 'e-commerce'?

Answer 26

Buying and selling goods and services over the internet.

Question 27

Multiple Choice: What is the main purpose of advertising? A) To inform B) To persuade C) To remind D) All of the above

Answer 27

D) All of the above

Question 28

What is 'customer loyalty'?

Answer 28

The tendency of customers to continue buying from a specific business.

Question 29

True or False: A sole trader can have employees.

Answer 29

True

Question 30

What does 'B2B' stand for?

Answer 30

Business to Business.

Question 31

Fill in the blank: The process of managing a business's resources is called ______.

Answer 31

management

Question 32

What is 'market share'?

Answer 32

The portion of a market controlled by a particular company or product.

Question 33

Multiple Choice: Which term describes the total value of all goods and services produced in a country? A) GDP B) GNP C) CPI D) PPI

Answer 33

A) GDP

Question 34

What is 'supply chain management'?

Answer 34

The management of the flow of goods and services from suppliers to consumers.

Question 35

True or False: A business can operate without a marketing strategy.

Answer 35

True

Question 36

What is 'customer feedback'?

Answer 36

Information from customers about their experience with a product or service.

Question 37

Fill in the blank: The main financial statement that shows a company's profitability is the ______.

Answer 37

income statement

Question 38

What is 'competition' in a business context?

Answer 38

The rivalry between businesses to attract customers.

Question 39

Multiple Choice: Which of the following is a variable cost? A) Salaries B) Utilities C) Equipment D) Buildings

Answer 39

B) Utilities

Question 40

What is 'business ethics'?

Answer 40

Moral principles that guide the way a business behaves.

Question 41

True or False: All businesses must register with the government.

Answer 41

False

Question 42

What is 'diversification' in business?

Answer 42

The strategy of entering into new markets or industries.

Question 43

Fill in the blank: A ______ is a person who takes on the risk of starting a business.

Answer 43

entrepreneur