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National 5 Business Management (1) Flashcards | StudBud
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National 5 Business Management (1)
National 5 Business Management (1)
60 terms
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Flashcards
60 cards
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Questions
60
Answers
1
An advantage of job production is...
Meets the exact requirements of the customer
A one off product can be produced
Lots of the same product can be produced
Higher prices can be charged
2
Desk research is...
Easy
Information collected for one purpose
Research that gives brand new information
Done already
3
Name the method of production
Job
Batch
Flow
4
Owners of a business are interested in...
Profit
Employee working conditions
5
Maximum number of people allowed in a partnership is...
25
20
5
10
6
Employees can gain new qualifications with this method of training
On-the-job
Off-the-job
Induction
7
This quality method is about checking products at various stages of production
Quality circles
Quality control
Benchmarking
Quality assurance
8
Name number 2
Lead Time
Maximum Inventory Level
Re-order Level
Minimum Inventory Level
9
Name the pricing strategy
Price skimming
Promotional pricing
Loss leader
Cost plus
10
Break-even is when...
Total Revenue = Total Costs
Fixed costs = Variable Costs
Total Revenue = Fixed Costs
Variable Costs = Total Costs
11
What method of production?
Job
Batch
Flow
12
This is when you are paid for each hour worked
Overtime
Piece rate
Time rate
Bonus
13
A Private Limited Company can sell shares on the stock market?
False
True
14
Name the pricing strategy
Penetration pricing
Price discrimination
Price Skimming
Loss leader
15
Which of the following is a responsibility of the
employer
Health & Safety legislation?
Not interfere with anything provided
Take care of their own health and safety
Co-operate with their employers
Provide a safe working environment
16
Which is
not
a protected characteristic under the Equality Act?
Height
Disability
Sexual Orientation
Religion
17
This is when you are paid a % of sales
Commission
Bonus
Piece rate
Overtime
18
A potential cash flow problem is...
A loss
Customers walking past shop
Too many drawings
Selling old machines
19
An impact of poor customer service is...
Lost Customers
Bad Reputation
Fall in Profits
Reduced Sales
20
Name the sector of economy
Public
Private
Third
21
Name the method of production
Job
Batch
Flow
22
Name the external factor
Economic
Social
Environmental
Competitive
23
Name the sector of economy
Third
Public
Private
24
Name the internal factor
Finance
Ability of Staff
Current Technology
Management
25
Name the sector of economy
Public
Third
Private
26
At this stage in the PLC, sales are low and little or no profits are made
Decline
Maturity
Introduction
Growth
27
Name the sector of industry
Primary
Secondary
Tertiary
28
Desk or Field?
Desk
Field
29
Name the method of production
Batch
Job
Flow
30
A variable cost is...
A cost that changes from time to time
A cost that never changes with output
A cost that changes all the time
A cost that changes with output
31
This quality method involves staff members talking about how to improve production
Quality circles
Quality control
Employees
Quality assurance
32
Name the external factor
Social
Political
Environmental
Technological
33
A disadvantage of being a sole trader
Make All Decisions
Unlimited Limited Liability
Keep All Profits
Select Own Hours
34
Name the sector of economy
Third
Public
Private
35
A fixed costs is...
A cost that does not change with output
A cost that does not change
A cost that stays the same
A cost that does change with output
36
An objective of a public sector organisation is...
Maximise Profits
Use Tax Payers Money Effectively
Maximise Donations
Survival
37
Desk or Field?
Desk
Field
38
This type of training is done in house
eLearning
On-the-job
Induction
Off-the-job
39
A Stakeholder is someone who...
Wants a business to do well
Has steak in their hand
Has an interest in a business
Wants a business to succeed
40
Desk or Field?
Desk
Field
41
Name the internal factor
Management
Ability of Staff
Finance Available
Current Technology
42
Market segmentation is...
Splitting a market up completely
Splitting a market into different groups
A segment
Part of an orange
43
A potential cash flow problem is...
Too much money tied up in inventory
Over-stocking
Being closed
No profits
44
This quality method is about replicating what the market leader is doing
Raw materials
Benchmarking
Quality control
Quality assurance
45
Desk or Field?
Field
Desk
46
This source of finance is paid back in equal installments, with added interest
Owners savings
Loan
Overdraft
Share Issue
47
Name the sector of economy
Public
Third
Private
48
Work is not done using this method of training
Induction
Off-the-job
Job rotation
On-the-job
49
What does I P O mean?
Inputs Process Outwards
Inward Products Owner
Inputs Process Output
Inward Process Output
50
Name number 1
Re-order Level
Re-order Level
Maximum Inventory Level
Minimum Inventory Level
51
A source of finance suitable to
expand
a business
Overdraft
Government Grant
Trade Credit
Share Issue
52
Name number 4
Re-order Level
Minimum Inventory Level
Lead Time
Maximum Inventory Level
53
Desk or Field?
Field
Desk
54
The National Minimum Wage (Regulations) are designed to...
Grow the economy
Prevent poverty
Eat into company profits
Ensure equal pay
55
Which is
not
a problem of understocking
Products may be left unsold
Customer go elsewhere
Loss of sales
Poor reputation
56
Which is
not
part of the marketing mix?
Place
Price
Promotion
Production
57
Name the factor of production
Labour
Capital
Land
Enterprise
58
Name the external factor
Political
Social
Economic
Environmental
59
Name the method of promotion
Sponsorship
Point of sale
Celebrity endorsement
Special offers
60
This stage of the PLC is when sales are at their highest, and most people have the product
Decline
Growth
Maturity
Introduction
