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Business studies gcse risk and reward

Quiz by Michael Orhewere

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40 questions
Show answers
  • Q1
    What is the term used to describe the chance of loss or harm occurring in a business venture?
    Profit
    Reward
    Investment
    Risk
    30s
  • Q2
    Which of the following is an example of a financial risk in business?
    Improving customer service
    Implementing a new employee training program
    Investing in a new product line
    Expanding to a new market
    30s
  • Q3
    What is the potential benefit or return that an individual or business expects to receive from an investment?
    Reward
    Loss
    Expense
    Risk
    30s
  • Q4
    Which of the following statements best describes the relationship between risk and reward in business?
    Risk and reward are completely unrelated in business
    Lower risk is always associated with higher reward
    Taking risks in business always results in negative consequences
    Higher risk generally leads to the potential for higher reward
    30s
  • Q5
    Which of the following is an example of a non-financial risk in business?
    Loss of key employees
    Damage to the company's reputation
    Increase in production costs
    Decrease in sales revenue
    30s
  • Q6
    What term is used to describe the potential positive outcome or return that an individual or business expects to receive from taking on risk?
    Profit
    Debt
    Loss
    Expense
    30s
  • Q7
    In the context of business studies, which of the following best describes the concept of risk management?
    Ignoring potential risks to focus on rewards
    Accepting all risks without evaluation
    Identifying and assessing potential risks to minimize their impact
    Transferring risks to external parties for management
    30s
  • Q8
    What term is used to describe the process of evaluating the potential risks and rewards of a business decision?
    Risk assessment
    Profit analysis
    Market research
    Cost estimation
    30s
  • Q9
    Which of the following best defines the term 'risk' in the context of business studies?
    The number of employees working in a company
    The possibility of an unfavorable outcome or event occurring
    The total revenue generated by a company
    The guaranteed success of a business venture
    30s
  • Q10
    What is the term used to describe the process of spreading investments or assets across different categories to reduce risk?
    Amplification
    Consolidation
    Diversification
    Concentration
    30s
  • Q11
    Which of the following best describes spotting a business opportunity in business studies?
    Relying on luck for success
    Ignoring customer needs
    Identifying a need in the market that can be fulfilled for profit
    Copying existing businesses
    30s
  • Q12
    What is one way to spot a business opportunity in the market?
    Ignoring consumer demands
    Ignoring the competition
    Guessing what products to offer
    Conducting market research to identify consumer needs
    30s
  • Q13
    Why is it important for businesses to constantly look for new business opportunities?
    To avoid making profits
    To attract fewer customers
    To stay competitive in the market and adapt to changing consumer demands
    To increase production costs
    30s
  • Q14
    What is a SWOT analysis used for in business studies?
    To help a business identify its strengths, weaknesses, opportunities, and threats
    To increase production costs
    To ignore competitors
    To copy other businesses
    30s
  • Q15
    What is the purpose of conducting a PESTEL analysis in business studies?
    To copy strategies from competitors
    To analyze the external macro-environmental factors that can impact a business
    To ignore market trends and customer demands
    To analyze internal strengths and weaknesses of a business
    30s

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