R067 - Exam recap

Which of the following can provide support for enterprise?

If my selling price is £2.63 and I sell 94 t-shirts, what is my revenue?

Which of the following are characteristics of an entrepreneur?

Revenue is any money that a business makes from selling its goods and services

A business will breakeven if their total revenue is equal to their total costs

Which two are fixed costs?

Which factor does not influence the price that Charlie sets for a new product?

Jamal wants to calculate the total costs for his business. Which calculation should Jamal use?

Fixed costs are costs that do not change with the level of production

Three types of market segmentation

Who can best help an entrepreneur calculate the profit made during the past year?

Two rewards that an entrepreneur may gain from taking risks.

Qualitative data is based on opinions

Which two are sources of secondary market research?

Fixed costs would be a horizontal line on a breakeven chart

Which of these is a risk that an entrepreneur could experience when they start a new business?

If my total costs are more than my revenue, I will making a profit

Total costs starts at 0 on a breakeven chart

Ben’s market research shows that customers would like to buy his products 24 hours per day, 7 days per week

Which of the following pricing strategies involves setting prices close to those of rivals?

Which two are variable costs?

A grant must be repaid

Two sources of capital that a business could use for expansion

Profit is any revenue left over after all the business' costs have been paid

An drawback of primary market research is that it is expensive

Eve’s business sponsors a local football team. This is an example of:

A profitable business has a lack of cash. This means the business:

A private limited company sells shares on the London stock exchange

A sole trader has limited liability

The prices of all products in Li’s shop end in 99p. This is an example of: