AQA GCSE Business Review Quiz

What is the primary purpose of a business?

• To provide employment

• To make a profit

• To pay taxes

• To offer training

Which of the following is a characteristic of a sole trader?

• Limited liability

• Shared ownership

• Unlimited liability

• Separate legal identity

What is meant by 'enterprise' in a business context?

• A large company

• The ability to take risks and start businesses

• Government support for businesses

• A type of partnership

Which sector involves the extraction of natural resources?

• Primary

• Secondary

• Tertiary

• Quaternary

What is a stakeholder?

• Someone who owns shares in a company

• An employee of a business

• Anyone with an interest in the activities of a business

• A competitor in the same industry

Which of the following is a reason for a business to set objectives?

• To reduce competition

• To provide direction and motivation

• To increase taxation

• To eliminate risk

What is meant by 'limited liability'?

• Owners are responsible for all business debts

• Owners' personal assets are protected if the business fails

• The business has limited growth potential

• The business can only operate in certain markets

Which of the following is a disadvantage of a partnership?

• Shared decision-making

• Shared profits

• Limited liability

• Increased capital

What is the role of a business plan?

• To guarantee business success

• To outline the business's objectives and strategies

• To register the business with the government

• To manage employee relations

Which of the following is a benefit of operating as a private limited company (Ltd)?

• Shares can be sold to the public

• Greater privacy in financial affairs

• Unlimited liability

• Less regulation