Question 1

Which of the following is NOT a factor of production in business?

Accepted Answer

Marketing

Answer

Capital

Answer

Land

Answer

Labor

Question 2

Which financial statement provides a snapshot of a company's financial position at a specific point in time?

Accepted Answer

Balance sheet

Answer

Income statement

Answer

Statement of retained earnings

Answer

Cash flow statement

Question 3

What is the main purpose of a business plan?

Accepted Answer

To outline the goals, objectives, and strategies of a business

Answer

To analyze market trends

Answer

To track daily expenses

Answer

To calculate employee salaries

Question 4

What is the purpose of market research in business?

Accepted Answer

To gather information about customers, competitors, and market trends

Answer

To hire employees

Answer

To set prices

Answer

To manufacture products

Question 5

What is the function of human resources management in a business organization?

Accepted Answer

To recruit, train, and manage employees

Answer

To design marketing campaigns

Answer

To sell products to customers

Answer

To manage financial accounts

Question 6

What is the role of advertising in business?

Accepted Answer

To promote products or services to target customers

Answer

To handle customer complaints

Answer

To conduct employee training

Answer

To manage financial investments

Question 7

What is the primary function of the sales department in a business organization?

Accepted Answer

To generate revenue by selling products or services

Answer

To conduct market research

Answer

To develop new products

Answer

To manage employee benefits

Question 8

Which of the following is a primary function of management in a business organization?

Accepted Answer

Planning

Answer

Photocopying

Answer

Answering phones

Answer

Typing

Question 9

What does ROI stand for in business?

Accepted Answer

Return on Investment

Answer

Revenue on Investment

Answer

Rate of Interest

Answer

Risk of Inflation

Question 10

What does the term 'P&L' stand for in finance?

Accepted Answer

Profit and Loss

Answer

Production and Labor

Answer

Price and Leverage

Answer

Planning and Logistics

Question 11

What does the marketing term 'B2B' stand for?

Accepted Answer

Business to Business

Answer

Buy to Build

Answer

Back to Basics

Answer

Brand to Brand

Question 12

What is the primary purpose of a business plan?

Accepted Answer

To outline business goals and strategies

Answer

To calculate taxes

Answer

To design a logo

Answer

To hire employees

Question 13

What is the difference between a sole trader and a limited company?

Accepted Answer

A limited company offers limited liability protection for its owners, while sole traders have unlimited liability.

Answer

A sole trader is owned by multiple people, while a limited company is owned by one person.

Answer

A limited company is not required to keep financial records, while sole traders must keep detailed records.

Answer

A limited company is not subject to taxation, while sole traders are taxed at a higher rate.

Answer

Sole traders have access to more funding options than limited companies.

Question 14

What is the role of branding in business?

Accepted Answer

To create a unique identity and build customer loyalty

Answer

To maintain inventory levels

Answer

To design office layouts

Answer

To manage financial investments

Answer

To handle employee training programs

Question 15

What is the definition of cash flow in business?

Accepted Answer

The movement of money in and out of a business

Answer

The number of employees in a business

Answer

The price of a company's products

Answer

The location of a business's headquarters

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