Which of these are disadvantages to co-operatives

Difficult to compete with larger companies, Each person has very little operational control

The movement of money in and out of a business

What is decline in a product life cycle

The market is saturated and sales begin to decrease

What are disadvantages of e-commerce for the business

Initially time consuming to set up

How does the local community interact with a business

Know how many jobs will be available

What are stepped costs

Fixed levels of cost that a business can change between

Truthful advantage of price skimming

High prices give an impression of a good quality

Disadvantages of Psychological prices

Well known and so won't work as well

What is the primary goal of a loss leader

To attract people into a business and to buy other things while there

What does deciding the place of a business require

availability of skilled staff, customers' location, transport and infrastructure, Location of raw materials

where customers buy things online

How do finance providers interact with a business

Need to ensure loans can be payed back on time

What are stakeholders

Anyone with an interest in the business

Which of these are advantages to co-operatives

Able to connect to like minded people, Lower, split costs

Costs that remain unchanged when the output changes

Which of these show a business is part of the public sector

Owned by governments, Is the government

What is competitive pricing

Selling things at the same price as the nearby competition

What is the break-even point

The point where revenue-costs is 0

How do customers interact with a business

If goods and services do not meet their needs they will go somewhere else

Who can public limited companies sell shares to

All are sold on the stock exchange, Anyone

studbud

Business NCFE Level 1/2 Technical Award

91 termsStudBud Administration114 plays

LO1-LO5 Literally all of it Please play with random answer order Best to play with random question order WORK IN PROGRESS

Flashcards91 cardsFPractice quizPHost liveL

Questions 91

Answers

1
Delayering often causes redundancies
False
True
2
Which of these are examples of variable costs
Stock
Insurance
Packaging
Salaries
3
Which channel of distribution involves a direct transfer from agent to wholesaler
wholesaler channel
direct channel
agent/ broker channel
retail channel
4
All partnerships have limited liability
False
True
5
Which of these are disadvantages to co-operatives
Difficult to compete with larger companies
Each person has very little operational control
Able to connect to like minded people
Lower, split costs
6
What is cash flow
revenue-cost
The movement of money in and out of a business
7
What is loss
When revenue-costs is positive
The point where revenue-costs is 0
When revenue-costs is negative
selling price*sales
8
What is decline in a product life cycle
New product launched, lots of advertising costs and not a lot of sales
High sales and profits, competitors will be entering the market
Customers are more aware and so lots of people will now buy the product
The market is saturated and sales begin to decrease
9
What are disadvantages of e-commerce for the business
Initially time consuming to set up
Reduced business costs
Concerns about payment security
Product delivered directly to their house
10
How does the local community interact with a business
If goods and services do not meet their needs they will go somewhere else
Know how many jobs will be available
Want to know they can pay the bills on time
Need to ensure loans can be payed back on time
11
Which of these are entrepreneurial characteristics and skills?
Confidence
A really good sense of direction
Initiative
Knowing exactly where you are on public transport
12
Which channel of distribution involves a direct transfer from producer to customer
direct channel
retail channel
agent/ broker channel
wholesaler channel
13
What are dogs on the Boston matrix
High growth high share
low growth high share
low growth low share
high growth low share
14
What are intangible products
Things we cannot touch
Physical products we can touch
15
Who can private limited companies sell shares to
Anyone
Friends
All are sold on the stock exchange
Family
16
Opportunity to learn new skills is a key reason for setting up a business
False
True
17
What are stepped costs
Costs that vary directly with the level of output
Costs that remain unchanged when the output changes
Fixed levels of cost that a business can change between
All costs added together
18
Ability to set their own rules is a key reason for setting up a business
True
False
19
Truthful advantage of price skimming
Competitors may make a cheaper version of the same or similar product
Increases market share for the business
High prices give an impression of a good quality
People may not remain loyal and may only be there for the price
20
Which things differentiates cash flow from profit
Timing - Credit or not
Income - The money coming in
21
Disadvantages of Psychological prices
Well known and so won't work as well
Customers attracted to it
22
What are cash cows on the Boston matrix
low growth high share
High growth high share
high growth low share
low growth low share
23
Flexibility over working life is a key reason for setting up a business
True
False
24
Sole traders have limited liability
False
True
25
Which of these are examples of stepped costs
Insurance
Stock
Packaging
Salaries
26
Redundancies are when the layers of the hierarchy are removed
False
True
27
What is the primary goal of a loss leader
To decrease a stock surplus
To attract people into a business and to buy other things while there
To get rid of a product entirely
28
What does deciding the place of a business require
availability of skilled staff
customers' location
transport and infrastructure
Location of raw materials
29
What is revenue
When revenue-costs is negative
The point where revenue-costs is 0
When revenue-costs is positive
selling price*sales
30
What is e-commerce?
where customers come into the store to do it
where customers buy things online
31
PLCs have limited liability
False
True
32
Advantage of tall structures
Clear management structure
Wide spans of control
Cost efficient
Slow decision-making
33
Which of these are extension strategies
New pricing strategy
Removing all advertisement
34
Some franchises have limited liability
True
False
35
Which channel of distribution involves a direct transfer from producer to retailer
agent/ broker channel
retail channel
wholesaler channel
direct channel
36
How do finance providers interact with a business
If goods and services do not meet their needs they will go somewhere else
Want to know they can pay the bills on time
Know how many jobs will be available
Need to ensure loans can be payed back on time
37
What are stakeholders
Just the employees
Just the governements
Anyone with an interest in the business
Just the customers
38
Which of these are advantages to co-operatives
Able to connect to like minded people
Each person has very little operational control
Difficult to compete with larger companies
Lower, split costs
39
What are fixed costs
Fixed levels of cost that a business can change between
All costs added together
Costs that vary directly with the level of output
Costs that remain unchanged when the output changes
40
Why is stakeholder engagement important
New ideas
Increaes motivation
Increased costs
Decreased reputation
41
What are tangible products
Physical products we can touch
Things we cannot touch
42
What are advantages of cost plus pricing
Profit on every sale
Any increases in production costs will increase the price for the customer
43
Which of these are examples of fixed costs
Salaries
Packaging
Insurance
Stock
44
Which of these are financial aims and objectives
Break-even
Ethical responsibility
Expand
Profit
45
A flat structure has many layers
False
True
46
How do employees interact with a business
Know how their business is doing
Plan for the long-term future of the business
Assured about job security
Know the financial viability and the prices of ownership and shares
47
Which of these show a business is part of the public sector
Owned by governments
Private limited companies
Is the government
Partnerships
48
What is competitive pricing
Selling things at a loss to remove competitors
Selling things at the same price as the nearby competition
Selling things just cheaper than the competitors do
49
What is the break-even point
The point where revenue-costs is 0
selling price*sales
When revenue-costs is negative
When revenue-costs is positive
50
How do customers interact with a business
Want to know they can pay the bills on time
Know how many jobs will be available
Need to ensure loans can be payed back on time
If goods and services do not meet their needs they will go somewhere else
51
Who can public limited companies sell shares to
Friends
All are sold on the stock exchange
Family
Anyone
52
Advantage of Flat structures
Cost efficient
Slow decision-making
Clear management structure
Wide spans of control
53
What are disadvantages of e-commerce for the customers
Concerns about payment security
Initially time consuming to set up
Reduced business costs
Product delivered directly to their house
54
What are total costs
Costs that remain unchanged when the output changes
Costs that vary directly with the level of output
Fixed levels of cost that a business can change between
All costs added together
55
How do prospective owners interact with a business
Assured about job security
Know the financial viability and the prices of ownership and shares
Know how their business is doing
Plan for the long-term future of the business
56
Which of these show a business is part of the private sector
Is the government
Private limited companies
Partnerships
Owned by governments
57
Which of these are disadvantages to franchisees
Limited business experience required
Needs to stick to what the franchisor says to do
Easier to raise finances if the business already exists
Initial costs not cheap
58
A tall structure has many layers
False
True
59
Truthful disadvantage of penetration pricing
High prices give an impression of a good quality
Increases market share for the business
Competitors may make a cheaper version of the same or similar product
People may not remain loyal and may only be there for the price
60
Truthful advantage of penetration pricing
Increases market share for the business
High prices give an impression of a good quality
People may not remain loyal and may only be there for the price
Competitors may make a cheaper version of the same or similar product
61
What are advantages of e-commerce for the customer
Initially time consuming to set up
Concerns about payment security
Reduced business costs
Product delivered directly to their house
62
What are stars on the Boston matrix
low growth high share
high growth low share
low growth low share
High growth high share
63
Which of these are non-financial aims and objectives
Ethical responsibility
Profit
Expand
Break-even
64
Which of these are advantages to franchisees
Initial costs not cheap
Limited business experience required
Needs to stick to what the franchisor says to do
Easier to raise finances if the business already exists
65
What is maturity in a product life cycle
High sales and profits, competitors will be entering the market
Customers are more aware and so lots of people will now buy the product
New product launched, lots of advertising costs and not a lot of sales
The market is saturated and sales begin to decrease
66
To give something back to people is a key reason for setting up a business
True
False
67
Which of these are disadvantages of limited companies
Costly and complex to set up
Limited Liability
Annual accounts must be published
Greater capital investment avaliable
68
Which of these are advantages of limited companies
Annual accounts must be published
Greater capital investment avaliable
Costly and complex to set up
Limited Liability
69
What are variable costs
Fixed levels of cost that a business can change between
All costs added together
Costs that vary directly with the level of output
Costs that remain unchanged when the output changes
70
What is growth in a product life cycle
The market is saturated and sales begin to decrease
New product launched, lots of advertising costs and not a lot of sales
Customers are more aware and so lots of people will now buy the product
High sales and profits, competitors will be entering the market
71
LTDs have limited liability
True
False
72
What are disadvantages of cost plus pricing
Any increases in production costs will increase the price for the customer
Profit on every sale
73
Which of these are external stakeholders
Employees
Governments
Suppliers
Owners
74
How do suppliers interact with a business
If goods and services do not meet their needs they will go somewhere else
Know how many jobs will be available
Want to know they can pay the bills on time
Need to ensure loans can be payed back on time
75
What are question marks on the Boston matrix
high growth low share
low growth low share
low growth high share
High growth high share
76
Loss leaders are the same as penetration pricing in goal and execution
True
False
77
Which of these are advantages of a partnership
More skills and attributes
Greater capital investment
Jointly responsible for debts
Decision making can be time-consuming
78
Advantages of Psychological prices
Well known and so won't work as well
Customers attracted to it
79
Desire to be their own boss is a key reason for setting up a business
False
True
80
What is introduction in a product life cycle
New product launched, lots of advertising costs and not a lot of sales
High sales and profits, competitors will be entering the market
Customers are more aware and so lots of people will now buy the product
The market is saturated and sales begin to decrease
81
What is profit
When revenue-costs is negative
selling price*sales
The point where revenue-costs is 0
When revenue-costs is positive
82
How do owners interact with a business
Assured about job security
Know how their business is doing
Know the financial viability and the prices of ownership and shares
Plan for the long-term future of the business
83
Which of these are internal stakeholders
Governments
Employees
Suppliers
Owners
84
How do managers interact with a business
Plan for the long-term future of the business
Know the financial viability and the prices of ownership and shares
Assured about job security
Know how their business is doing
85
Disadvantage of tall structures
Cost efficient
Slow decision-making
Clear management structure
Wide spans of control
86
What are entrepreneurial motivators
Transportation
Financial
GDP
87
Disadvantage of Flat structures
Slow decision-making
Cost efficient
Wide spans of control
Clear management structure
88
Which of these are disadvantages of a partnership
More skills and attributes
Greater capital investment
Jointly responsible for debts
Decision making can be time-consuming
89
Which channel of distribution involves a direct transfer from wholesaler to retailer
retail channel
agent/ broker channel
wholesaler channel
direct channel
90
Truthful disadvantage of price skimming
Competitors may make a cheaper version of the same or similar product
People may not remain loyal and may only be there for the price
Increases market share for the business
High prices give an impression of a good quality
91
What are advantages of e-commerce for the business
Product delivered directly to their house
Initially time consuming to set up
Reduced business costs
Concerns about payment security

Business NCFE Level 1/2 Technical Award Flashcards | StudBud