1) What is meant by 'added value' in business? a) The amount of capital invested in a business b) The difference between the selling price and the cost of bought-in materials c) The total profit a business makes in a year d) The money earned from selling shares 2) Which of the following is not a factor of production? a) Labour b) Profit c) Capital d) Land 3) What is the main purpose of business activity? a) To satisfy customers' wants and needs b) To reduce government spending c) To create regulations for society d) To prevent new businesses from forming 4) Which one is a characteristic of a successful entrepreneur? a) Prefers to avoid risks b) Enjoys working under supervision c) Lacks confidence d) Is optimistic 5) The next best alternative given up when making a choice is called: a) Scarcity b) Profit c) Opportunity cost d) Specialisation 6) Which sector involves manufacturing goods? a) Primary sector b) Secondary sector c) Tertiary sector d) Public sector 7) Why might a business use division of labour? a) To reduce employment b) To increase efficiency c) To lower product quality d) To increase costs 8) Which of the following is a tertiary sector activity? a) Farming b) Car manufacturing c) Banking d) Mining 9) What is meant by a 'mixed economy'? a) Only the government owns businesses b) Only individuals own businesses c) Both the public and private sectors operate d) Foreign businesses are banned 10) A business owned and controlled by one person is called a: a) Private limited company b) Partnership c) Sole trader d) Public corporation 11) What is the role of the entrepreneur in the production process? a) To extract raw materials b) To assemble products on the factory floor c) To combine the other factors of production d) To provide government regulations 12) What is meant by 'scarcity'? a) Limited wants and limited resources b) Unlimited wants and unlimited resources c) Unlimited wants and limited resources d) No wants and unlimited resources 13) Which of the following is an advantage of specialisation? a) Increased boredom b) Lower efficiency c) Improved skills in one task d) Higher costs 14) Which is not a method of increasing added value? a) Raising selling price while keeping costs the same b) Reducing material costs while keeping the price the same c) Reducing prices to attract more customers d) Improving quality image to justify a higher price 15) Which one of the following is a capital good? a) A mobile phone used by a teenager b) A chocolate bar c) A delivery van used by a courier company d) A bank account 16) In which sector would a business offering online dental consultations operate? a) Primary b) Secondary c) Tertiary d) A combination of tertiary and quaternary 17) Why might a flat organisational structure be more effective in a technology startup? a) It reduces communication layers and speeds up decision-making b) It gives more authority to investors c) It limits the number of products offered d) It increases the levels of hierarchy 18) Which of the following best explains why planning is considered a key management function? a) It allows staff to create advertisements b) It ensures long-term and short-term objectives are set and resourced c) It involves supervising customer service staff d) It prevents managers from delegating tasks 19) What is a likely consequence of a manager having a very wide span of control? a) More levels of hierarchy are created b) Each employee gets more personal attention c) It may be difficult to manage all subordinates effectively d) Communication becomes slower between departments 20) Why might a detailed business plan be essential when seeking external finance? a) It replaces the need for any collateral b) It shows the business can avoid paying taxes c) It proves that all stakeholders are satisfied d) It demonstrates how the business will achieve its goals and manage risks 21) How can conflicts arise between internal stakeholders in a growing business? a) Employees may demand higher wages while owners want to cut costs b) Suppliers may request earlier payments c) Customers might return products too often d) Governments may introduce new taxes 22) Which leadership style is most likely to encourage creativity and team input during product development? a) Autocratic b) Democratic c) Transactional d) Bureaucratic 23) Why is de-industrialisation often seen in developed economies? a) Tertiary sectors decline due to lower demand b) Higher wages make manufacturing less competitive c) Governments ban industrial activity d) Primary sectors grow faster than secondary ones 24) What is a potential drawback of privatising a national railway service? a) Increased employment opportunities b) More efficient customer service c) Less focus on profit d) Reduction in affordable access for low-income users 25) Which of the following is a likely impact of land as a factor of production becoming scarce in a growing city? a) Interest rates will rise b) Wages will increase rapidly c) Commercial rent costs will rise, affecting business profits d) The value of capital goods will decrease

End of Year Quiz IGCSE Business

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