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R061 Business Studies 2017 Flashcards | StudBud
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R061 Business Studies 2017
R061 Business Studies 2017
20 terms
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2017 for the pre-release
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
which of these is an example of a fixed cost?
commission
salaries
wages
materials
2
Which of these is a DISADVANTAGE of a LTD?
more staff so likely to have expertise
finance can be raised by selling shares (family/friends)
have to share profits - dividends
unlimited liability
3
which of these is a type of business objective?
cost of machinery
working hours
health and safety
market share
4
Which of these are not economical factors?
Unemployment
Interest Rate
Inflation
technology
5
Which of these is an example of a variable cost?
insurance
salaries
rent
wages
6
The pricing strategy where you start with a higher price for a unique product
competition
skimming
cost-plus
penetration
7
What does SMART stand for?
Soletrader, Merchandise, Accounts, Rules,Tills
Specific, Measurable, Achievable, Realistic, Time
Specific, Measurable, Activities, Realistic, Target
Survival, Money, Aims, Rent, Targets
8
One example of a market segment for HVS
those interested in eco-friendly cars
young people that have just learnt to drive
people on a low income
those interested in football
9
What is flow/mass production?
goods are produced in batches
goods are produced at once, each person has a set job
orders are produced one at a time
10
Which one of these would be a SOLE TRADER?
McDonalds
TESCOs supermarket
Marks and Spencer
Choi's Kitchen
11
Which of these is a method of primary market research?
Reading journals
Reading newspapers
Internet research
Conducting questionnaires
12
which of these is an ADVANTAGE of a bank loan?
no interest is repayable
interest makes it expensive
set repayments
not available to a new business
13
What are the advantages of carrying out secondary research?
Usually more expensive
It is already done for you
You have to do it yourself
can be outdated
14
Define break even
Breakeven is when the business makes a loss
When the business makes neither a profit or a loss
Breakeven is when the business makes a profit
Breakeven is when shareholders get lots of profit
15
What objectives would a Sole Trader try to achieve if they went into Partnership
Can only sell to family and friends
Easy to set up
Business growth
To do less work
16
The pricing strategy where you start with a lower price to attract customers
skimming
cost-plus
penetration
competition
17
What is meant by 'trade credit'?
'Buy now pay later'
the profits that are made are put back into the business
borrowing money through your bank
renting a piece of machinery
18
which f these is a BENEFIT of being a PARTNERSHIP
unlimited liability
risks and responsibilities are shared
arguments/disagreements could happen
profits are shared
19
What is meant by UNLIMITED LIABILITY?
the owner/s will only lose money invested
The owner is responsible for ALL business debt
the bank is responsible for the debt of the business
20
What is an advantage of on the job training?
not specific
cheaper
expensive
employees need a day off
