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AQA Business Unit 1

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AQA multiple choice questions
lauren_binney
Quiz by lauren_binney, updated more than 1 year ago
lauren_binney
Created by lauren_binney over 9 years ago
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Question 1

Question
Which two of the following are possible objectives for someone setting up business as a sole trader? Select two answers,
Answer
  • To allow other people to make all the decisions
  • To benefit from limited liability
  • To gain financial support from shareholders
  • To take all the profits
  • To have full control of the decisions

Question 2

Question
A small manufacturing company has variable costs. Which three of the following are examples of variable costs? Select three answers
Answer
  • Raw Materials
  • Insurance premiums
  • Packaging
  • Loan repayments
  • Gas/electricity bills
  • Salaries

Question 3

Question
Which of the following is an internal source of finance? Select one answer
Answer
  • A loan from a bank
  • An overdraft
  • Selling assets
  • A stock market flotation

Question 4

Question
Which three of the following are examples of market segments for a small sports retailer? Select three answers
Answer
  • Rival sports retailers in the same area
  • Young members of local sports teams
  • A questionnaire conducted with customers
  • Individuals with interests in specialist sports
  • Manager of a local netball team
  • An advertisement in a local newspaper

Question 5

Question
The bank increases the rate of interest on the Hardacres loan to 10.5% Identify two effects of this change on the business Select two answers
Answer
  • An increase in cash outflows
  • Higher National Insurance payments
  • Lower variable costs
  • Higher fixed costs
  • Lower value added tax (VAT) payments

Question 6

Question
Joshua has applied for a patent for his product The main purpose of a patent is... Select one answer
Answer
  • To make it easier for Joshua to pay any taxes due
  • To ensure that Joshua gets repeated purchases
  • To place a limit of the number of people who can copy Joshuas idea
  • To register a new invention so Joshua has sole rights to its use

Question 7

Question
Which two of the following are examples of lateral thinking techniques? Select two answers
Answer
  • Mind mapping
  • Brainstorming business ideas with a group
  • Producing a business plan
  • Providing a wide range of products
  • Producing a cash flow forecast

Question 8

Question
Which two of the following are disadvantages of using personal savings as a source of finance? Select two answers
Answer
  • No interest will have to be paid
  • The amount available might not be sufficient
  • The money will not have to be repaid
  • Less money available to deal with emergencies
  • The money is instantly available

Question 9

Question
Identify two advantages to Andrew of setting up as a private limited company rather than starting as a sole trader Select two answers
Answer
  • The potential to raise more finance
  • All profits will go to Andrew
  • Andrew has total control of the business
  • Less risk due to limited liability
  • Fewer legal requirements

Question 10

Question
Which one of the following is NOT a source of added value for the retailer when selling crisps to the consumer? Select one answer
Answer
  • The brand name of the crisps
  • A unique selling point of the crisps
  • Competitors' crisp prices
  • The quality of the crisps

Question 11

Question
Which one of the following is an example of long term finance for a sole trader? select one answer
Answer
  • Share Capital
  • Overdraft
  • Bank loan
  • Trade credit

Question 12

Question
Which two of the following are the most likely advantages of starting a new business as a franchise? Select two answers
Answer
  • Training and support are provided
  • Ability to offer a different service
  • Can buy goods to sell from any supplier
  • Banks are more willing to lend money
  • Can pay staff lower wages

Question 13

Question
What are 3 ways of motivating staff working at Tesco, other than increasing their wage? Select 3 answers
Answer
  • Discounts
  • A company car
  • Praise
  • Training
  • Housing

Question 14

Question
Which two of the following would be drawbacks to business facing increased competition? Select two answers
Answer
  • Offering good products and service
  • Ability to increase prices
  • Need to cut staff levels
  • Not developing opportunities
  • An increase in innovation e

Question 15

Question
In deciding to set up in a business and manufacture the product herself, which of the following questions should Mandy NOT have asked herself? Select one answer
Answer
  • What are the set hours I will work?
  • Why not go at it alone?
  • What is the business were to fail?
  • Is the risk worth taking?

Question 16

Question
Some businesses produce goods while others produce services. Which two of the following are examples of goods? Select two answers
Answer
  • A bus journey
  • Freshly-prepared sandwiches
  • A newspaper
  • Haircut
  • Computer repairs

Question 17

Question
Which two of the following are subject to legislation to protect workers from discrimination? Select two answers
Answer
  • Qualifications
  • Age
  • Ability
  • Race
  • Skill

Question 18

Question
Which two of the following are examples of variable costs for a small manufacturing business? Select two answers Payment for..
Answer
  • Rent of the business premises
  • Insurance payments
  • Raw materials used in production
  • Advertising costs
  • Packaging of the finished products

Question 19

Question
Which two of the following methods are most likely to give Jack a competitive advantage? Select two answers
Answer
  • Providing high quality tuition
  • Operating as a sole trader
  • Providing a personalised service
  • Operating in a competitive market
  • Providing a service for a community

Question 20

Question
In 2009, good weather led to a large increase in the wheat harvest. Which of the following is the most likely effect of this increase? Select one answer
Answer
  • The price of wheat will fall
  • Charles will have to pay more for his pasta
  • The cost of wheat will rise
  • The demand for wheat will fall
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