What is a business's primary objective?

  • Maximising profits
  • Providing employment
  • Minimising costs
  • Maximising market share

"Bulk-buying" is an example of…

  • Purchasing economies of scale
  • Technical economies of scale
  • Service economies of scale
  • Production economies of scale

Which is not a function of a business plan?

  • Identifying business needs
  • Advertising new products
  • Estimating future sales
  • Calculating future spending

What is a mission statement for a business?

  • A document outlining the legal structure of the company
  • A statement describing the company's long-term goals and purpose
  • A financial statement detailing the company's profits and losses
  • A marketing plan for a new product

A business purchasing a supplier is…

  • Conglomerate integration
  • Forward vertical integration
  • Backward vertical integration
  • Horizontal integration

Which of the following is not a factor of production?

  • Enterprise
  • Capital
  • Land
  • Law

A business sells 150 pogo sticks at £20 each. What is its revenue?

  • £3,000
  • £300
  • £6,000
  • £600

A bakery generates £2,000 in daily revenue from selling cakes. The monthly fixed costs for the bakery, including rent and salaries, are £15,000. The variable cost to produce each cake is £5. Calculate the profit the bakery makes in a month if they sell an average of 20 cakes per day.

  • £9,000
  • £15,000
  • £17,000
  • £21,000

Which of the following is not a primary sector activity?

  • Mining
  • Retailing
  • Farming
  • Fishing

A business purchasing a customer is…

  • Conglomerate integration
  • Forward vertical integration
  • Backward vertical integration
  • Horizontal integration