Which are desirable employee attitudes?

Being prepared to work as part of a team

Identify an advantage of setting up as a LTD company.

The potential to raise more finance

Using the principle of calculated risk, which decision should Hayley make?

Choose the franchise as it is the least risky option

Which of the following can you not do in the recruitment process?

Rejecting due to a disability, Advertising for a trainee accountant aged between 18 and 25

Which one is not necessary when creating a business plan?

Photograph of the business owner

Which of the following is a market segment for a small sports retailer?

Young members of local sports teams

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GCSE Business Unit 1

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GCSE Business Studies

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Questions 24

Answers

1
Lateral thinking is...
ii
iii
iv
v
2
Which would be the most appropriate source of finance for starting a LTD?
Sale of business assets
Retained profit
Share capital
Overdraft
3
Which of the following is the definition of innovation?
Bringing a new idea to market
Developing competitive advantage
The process of thinking ahead
Taking a calculated risk
4
A shop has a large number of customers who regularly return. This is...
Customer Service
Business Offering
Repeat Purchase
Market mapping
5
Which are desirable employee attitudes?
Having experience of similar work
Having a range of academic qualifications
Being prepared to work as part of a team
Being able to operate different office equipment
6
What is the closing balance in May?
£7,500
£9,500
£8,000
£8,500
7
Which is an example of a good?
Freshly-prepared sandwiches
A bus journey
Computer repairs
Haircut
8
Identify an advantage of setting up as a LTD company.
Fewer legal requirements
The potential to raise more finance
All profits will go to Andrew
Andrew has total control of the business
9
Using the principle of calculated risk, which decision should Hayley make?
Start as a sole trader as she will keep all profits made
Don’t choose either option as both have a chance of failing
Start as a sole trader as there is a 50% chance of success
Choose the franchise as it is the least risky option
10
The interest on a business' loan increases, this results in...
Lower variable costs
Higher fixed costs
An increase in cash outflow
Higher National Insurance payments
11
Which is a method of protecting business ideas?
Franchising
Business plan
Patent
Limited Liability
12
To raise awareness of your product, you use which part of the marketing mix?
Place
Promotion
Price
Product
13
Which of the following can you not do in the recruitment process?
Rejecting due to a disability
Stating that experience is desirable
Requiring candidates to have specific qualifications
Advertising for a trainee accountant aged between 18 and 25
14
Which one is not necessary when creating a business plan?
An overview of the nature of the business
Photograph of the business owner
A cash flow forecast
A summary of market research she has carried out
15
What would the Receipts be in May?
£21,000
£20,000
£2,000
£19,000
16
If Hayley imports her stock from the USA, what effect would the £ weakening 20% have?
Raw materials costs would fall by 20%
Total costs would increase
Hayley could charge a lower price for her shoes
Fixed costs would increase by 20%
17
Invention is...
iii
iv
v
ii
18
Which of the following is a likely cause of the fall in the price of cocoa?
Rising consumption of chocolate based goods
Good harvests of cocoa
Less supply from farmers
Higher demand for chocolate
19
A franchise is...
ii
iii
i
iv
20
What are the fixed costs for June?
£3,900
£2,000
£5,000
£1,000
21
What will the net cash flow be in April?
£2900
£3100
£310
£3300
22
Customer needs are...
v
iv
ii
iii
23
Which of the following is a market segment for a small sports retailer?
An advert in the local paper
A questionnaire conducted with customers
Young members of local sports teams
Rival sports retailers
24
A market gap is...
ii
i
iv
iii

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