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Business Quiz on F291, created by hutchinson184 on 18/05/2013.

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Question 1 of 25

1

What is a stakeholder?

Select one of the following:

  • An individual or group of people who have an interest in a business and what it does

  • An individual who has bought shares in the business

Explanation

Question 2 of 25

1

What is the private sector?

Select one of the following:

  • A business that is owned by one/a couple of people and is usually a family business. Only family and friends can buy shares of the business

  • Businesses that are owned by by a private individual (a member of the public)

Explanation

Question 3 of 25

1

What is the public sector?

Select one of the following:

  • Businesses that are owned and controlled by the government on behalf of its citizens. They are funded by the government usually through money raised through taxes

  • Businesses that are owned by shareholders and can be bought on the stock market

Explanation

Question 4 of 25

1

What is privatisation?

Select one of the following:

  • This is when a company that is owned by a private individual is put on the stock market for shareholders to buy.

  • This is when the government used to own businesses such as gas,water,electricity etc that were therefore in the public sector but were sold back to the private sector

Explanation

Question 5 of 25

1

What is the primary sector?

Select one of the following:

  • Companies that are owned by the the government

  • Companies and people working to extract raw materials from the earth

Explanation

Question 6 of 25

1

What is the secondary sector?

Select one of the following:

  • Businesses that are owned by a more than one/ a group of individuals

  • Businesses that turn raw materials into finished, processed & probably packaged products

Explanation

Question 7 of 25

1

What is the tertiary sector?

Select one of the following:

  • Companies and people who provide services either to the public or other businesses

  • Companies and people working to extract raw materials from the earth

Explanation

Question 8 of 25

1

What is supply?

Select one of the following:

  • The quantity of a product consumers are willing and able to purchase at any price level

  • The quantity that a supplier of a products is willing and able to supply at each level

Explanation

Question 9 of 25

1

Why does price affect supply?

Select one of the following:

  • If prices are low then supply is less as it is less profitable

  • If prices are high then supply is more likely as more profit will be made

Explanation

Question 10 of 25

1

Why does cost affect supply?

Select one of the following:

  • As costs become higher there will be a rise in supply as the firm will want to make more money to cover them

  • As costs become cheaper, there will be a rise in supply as the firm will be able to produce more from its budget

Explanation

Question 11 of 25

1

How do taxes affect supply?

Select one of the following:

  • An increase in taxes means an increase in the businesses costs so therefore a decrease in supply

  • An increase in taxes means an increase in the businesses costs so therefore a increase in supply

Explanation

Question 12 of 25

1

How do government subsidies affect supply?

Select one of the following:

  • If the government give businesses a payment for every unit supplied then the business is likely to increase supply

  • If the government give businesses a payment for every unit supplied then the business is likely to decrease supply

Explanation

Question 13 of 25

1

What happens to the supply curve when supply increases?

Select one of the following:

  • it moves to the right

  • it moves to the left

Explanation

Question 14 of 25

1

What happens to the supply curve when supply decreases?

Select one of the following:

  • Curve moves to the right

  • Curve moves to the left

Explanation

Question 15 of 25

1

What is demand?

Select one of the following:

  • The quantity that a supplier is willing and able to supply at each price

  • The quantity of a product consumers are willing and able to purchase at any price level

Explanation

Question 16 of 25

1

How does price affect demand?

Select one of the following:

  • If price goes down then demand will decrease

  • If price goes up then demand will decrease

Explanation

Question 17 of 25

1

How will substitute products affect demand?

Select one of the following:

  • If substitute prices decrease then demand for your product will decrease

  • If substitute prices decrease then demand for your product will increase

Explanation

Question 18 of 25

1

How will complimentary products affect demand?

Select one of the following:

  • If complimentary products prices increase then demand for your product decreases

  • I complimentary products prices increase then demand for your product will increase

Explanation

Question 19 of 25

1

How will income affect demand?

Select one of the following:

  • If your income increases then demand will decrease

  • If your income increases then demand will increase

Explanation

Question 20 of 25

1

How will promotion affect demand?

Select one of the following:

  • If the amount of promotion increases then demand will increase

  • If the amount of promotion decreases then demand will increase

Explanation

Question 21 of 25

1

How does taste & fashion affect demand?

Select one of the following:

  • If a product is in fashion then demand will decrease

  • If a product is in fashion then demand will increase

Explanation

Question 22 of 25

1

How does wealth affect demand?

Select one of the following:

  • If a person has higher wealth then they're will be higher demand

  • If a person has higher wealth then they're will be lower demand

Explanation

Question 23 of 25

1

What is excess demand?

Select one of the following:

  • Where the quantity demanded of a product is greater than the quantity supplied at a given price

  • When the quantity supplied of a product is greater then the quantity demanded at a given price.

Explanation

Question 24 of 25

1

What is excess supply?

Select one of the following:

  • When the quantity supplied of a product is greater than the quantity demanded at a given price

  • When the quantity demanded of a product is greater than the quantity supplied at a given price

Explanation

Question 25 of 25

1

What is equilibrium?

Select one of the following:

  • When demand is equal to supply

  • When demand and supply are not equal

Explanation

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