Marketing is important to an organisation because ...

Can attract new customers, All of the above, Allows businesses to enter new markets, Can increase profits

A disadvantage of field research is ...

Data can be expensive to gather

The four factors of production are:

Enterprise, Labour, Land, Capital

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N5 Business Management

100 termsStudBud Administration475 plays

N5 Business Management - Understanding Business: Understadning Business - Unit 1 of National 5 Business Management N5 Business Management - Marketing: Marketing revision quiz for National 5 Business Management N5 Business Management - Operations: Operations Revision - National

Flashcards100 cardsFPractice quizPHost liveL

Questions 100

Answers

1
Wages, Electricity, Rent and Stationery are examples of ...
Cost of Sales
Expenses
Revenue
Receipts
2
Money made from selling a product or service to the customer
Revenue
Total Costs
Business Costs
Unit Costs
3
Distribution methods an organisation may use are ...
Land, Labour, Capital, Enterprise
Land, Air, Sea, Rail
Boat, Train, Personal Delivery, Mail order
4
A shareholder will have which type of liability?
No Liability
Limited Liability
Full Liability
Unlimited Liability
5
Raw materials are an example of ...
Expenses
Revenue
Cost of Sales
Receipts
6
Which of the following is an advantage of being a sole trader?
Shared decision making
Economies of scale
Limited Liability
Keep all the profits
7
The public sector is funded by ...
Shareholders
Taxes
Profits
The Stock Market
8
Public, Private and Third are the ...
Marketing Mix
Sectors of industry
Functional Areas
Sector of economy
9
Method of production: Groups of identical products are made, each group has different features
Mass Production
Job Production
Flow Production
Batch Production
10
Marketing is important to an organisation because ...
Can attract new customers
All of the above
Allows businesses to enter new markets
Can increase profits
11
Which of these should NOT be considered when choosing a supplier?
Discounts available
Quality of supplies
Number of employees
Lead time
12
Ensuring quality: Checking the final product at the end of production
Quality Control
Quality Assurance
Quality Circles
Quality Management
13
Flow production is labour-intensive
True
False
14
A disadvantage of field research is ...
Data is specific to your needs
Data is accurate
There is no advantage
Data can be expensive to gather
15
Ensuring quality:All employees are involved in checking the product at each stage of production
Quality Control
Quality Management
Quality Assurance
Quality Circles
16
If the business fails, the owners only lose the money invested in the business
Fully Liability
Unlimited Liability
This is not true!
Limited Liability
17
Business owned by one individual
Partnership
Public Limited Company
Sole Trader
18
People employed in a business
Capital
Land
Labour
Enterprise
19
A person or group who have an interest in the success of an organisation
Stakeholder
Shareholder
Sole Trader
20
Machinery, money and tools used in a business
Capital
Labour
Enterprise
Land
21
The proportion of customers an organisation has from the whole market
Market Growth
Market Segmentation
Market Leader
Market Share
22
The external factors affecting a business are known as ...
PESTEC
Aims
Environment
Weather
23
Adding value to a product during the production process is known as ...
Wealth Management
Value Management
Value Added Tax
Wealth creation
24
The four factors of production are:
Primary, Secondary, Tertiary, Quarternary
Marketing, Finance, Operations, Human Resources
Price, Product, Promotion, Price
Enterprise, Labour, Land, Capital
25
Flow production completes one product at a time
False
True
26
This sector extracts natural resources from the environment
Secondary
Primary
Tertiary
27
A cash budget will show ...
Break Even Point
Actual Profit/Loss
Surplus/Deficit Expected
Profit/Loss Expected
28
The point at which total revenue is the same as total costs
Break Even Point
Point of Covering Costs
Break Point
Margin of Safety
29
Ensuring quality: Looking at, and copying, the best methods used by the market leaders
Quality Management
Benchmarking
Quality Improvement
Quality Assurance
30
The factors to consider when choosing a supplier are known as...
Supplier Mix
Purchasing Mix
Marketing Mix
Quality Assurance
31
Government statistics are an example of ...
Desk Research
Classroom Research
Field Research
Pupil Research
32
Primary, Secondary and Tertiary are the ...
Sectors of industry
Functional Areas
Marketing Mix
Sector of economy
33
Income Statement: Sales - Cost of Sales =
Income
Profit for Year
Net Profit
Gross Profit
34
Human Resources, Finance and Technology are ...
Factors of Production
Functional Areas
Internal Factors
External Factors
35
Increased storage costs is a consequence of ...
Under-stocking
Over-stocking
36
This sector provides a service
Tertiary
Primary
Secondary
37
Revenue - Total Costs =
Break Even Point
Fixed Costs
Income
Profit
38
A sum of money that is given for a specific purpose, does not need to be repaid
Bank Loan
Mortgage
Grant
Overdraft
39
Which pricing strategy? Charging £9.99 instead of £10
Competitive
Cost-Plus
Pyschological
Promotional
40
Hall testing is an example of ...
Classroom Research
Field Research
Desk Research
Pupil Research
41
Logo, name or symbol that makes an organisation or product instantly recognisable
Label
Promotion
Brand
Prototype
42
Employees require specialist skills
Labour Intensive
Capital Intensive
43
Products are made using mainly human effort
Automation
Labour Intensive
Capital Intensive
44
Stage of the product life cycle when demand for the product falls. Sales and profit also fall.
Growth
Maturity
Decline
Introduction
45
Customer orders may not be fulfilled on time is a consequence of ...
Under-stocking
Over-stocking
46
Which type of organisation has 'Ltd' in its name?
Private limited Company
Public Limited Company
Sole Trader
Partnership
47
Income Statement: Gross Profit - Expenses =
Profit for Year
Sales
Income
Overall Profit
48
Which of the following is an advantage of being a partnership?
Economies of scale
Limited Liability
Shared decision making
Keep all the profits
49
A model of the product an organisation wants to manufacture
Product Model
Protomodel
Product Testing
Prototype
50
Which method of production is shown below:
Batch
Mass
Job
Flow
51
A survey is an example of ...
Desk Research
Pupil Research
Field Research
Classroom Research
52
BOGOF is an example of ...
Price
Promotion
Product
Place
53
Which of the following is an advantage of being a private limited company?
Limited Liability
Economies of scale
Keep all the profits
Shared decision making
54
A social enterprise has a social or environmental aim
False
True
55
Natural resources used in production
Enterprise
Labour
Capital
Land
56
Cash flow can be improved by ...
Looking for a cheaper supplier
selling assets no longer needed
Increasing customer credit terms
spending more money on stock
57
Owners taking too much money out of the business can result in poor cash flow
True
False
58
Stage of the product life cycle when businesses heavily promotes the product to encourage sales
Growth
Introduction
Maturity
Decline
59
Increased ordering costs is a consequence of ...
Over-stocking
Under-stocking
60
Which pricing strategy? Taking the cost of production and materials then adding a percentage on
Cost-Plus
Competitive
Pyschological
Promotional
61
Ensuring quality: Products are checked at several points throughout production
Quality Control
Quality Standards
Quality Circles
Quality Assurance
62
Job Production is used to create unique products
True
False
63
Ensuring quality: Group of employees get together to discuss how production can be improved
Quality Assurance
Quality Standards
Quality Control
Quality Circles
64
Celebrity endorsement is an example of ...
Promotion
Place
Price
Product
65
Production may have to stop is a consequence of ...
Under-stocking
Over-stocking
66
Taking more money out of a bank account than is available
Bank Loan
Overdraft
Grant
Mortgage
67
Capital is tied up and can't be used elsewhere is a consequence of ...
Over-stocking
Under-stocking
68
A sum of money borrowed to purchase land or property, repaid with interest
Grant
Overdraft
Bank Loan
Mortgage
69
If the business fails, the owner is personally responsible for the repayment of any debts
Unlimited Liability
Limited Liability
Fully Liability
This is not true!
70
The following diagram shows the stages in ...
Product Sales Cycle
Product Life Cycle
Marketing Mix
Product Development
71
The organisation in a particular market that have the most customers
Market Segmentation
Market Growth
Market Leader
Market Share
72
This sector takes raw materials and makes something with them
Secondary
Tertiary
Primary
73
Stage of the product life cycle when customer awareness and profits are at their highest.
Decline
Maturity
Growth
Introduction
74
Fewer employees are required
Labour Intensive
Capital Intensive
75
Fixed Costs + Variable Costs
Unit Costs
Total Costs
Revenue
Business Costs
76
Cost-plus is an example of ...
Price
Promotion
Place
Product
77
Individual customer requests cannot be met
Capital Intensive
Labour Intensive
78
A sum of money borrowed for a fixed period of time, repaid with interest
Grant
Overdraft
Mortgage
Bank Loan
79
A disadvantage of desk research is ...
Data is less expensive to gather
Data is specific to your needs
Data may be out-of-date
Data is up-to-date
80
Private sector businesses have the aim of making a ...
Surplus
Load of cash
Profit
Deficit
81
An advantage of desk research is ...
There is no advantage
Data is inaccurate
Data may be bias
Data is less expensive to gather
82
Cash Budget: (Opening Balance + Total Receipts) - Total Payments =
Revenue
Closing Balance
Break Even Point
Fixed Costs
83
Focusing a product on a specific group of people
Market Segmentation
Market Leader
Market Share
Market Growth
84
The 4 elements of the marketing mix are ...
Price, Enterprise, Capital, Product
Product, Promotion, Place, Price
Price, Product, Promotion, Packaging
Land, Labour, Capital, Enterprise
85
Costs that do not change, regardless of output
Variable Costs
Total Costs
Business Costs
Fixed Costs
86
A sole trader will have which type of liability?
No Liability
Unlimited Liability
Limited Liability
Full Liability
87
A disadvantage of desk research is ...
Data is inaccurate
Data may be bias
There is no disadvantage
Data has been gathered by someone else
88
An advantage of field research is ...
Data is specific to your needs
Data is out-of-date
Data is less expensive to gather
Data is up-to-date
89
The purpose of market research is ...
To find out how many products we have sold
To find out what employees want
To promote a product
To find out what customers want
90
A partnership will have which type of liability?
Limited Liability
Unlimited Liability
Full Liability
No Liability
91
The public sector is owned by ...
Government
Stakeholders
Shareholders
Everyone
92
Giving customers long credit terms can result in poor cash flow
False
True
93
What is a target market?
The group of customers a product is aimed at
The organisations that we are in competition with
The different locations a product can be purchased in
94
Costs that change dependent on output
Business Costs
Fixed Costs
Variable Costs
Total Costs
95
Objectives of a sole trader include ...
Survival
Increase market share
Make a profit
Social Responsibility
96
Which pricing strategy? charging similar prices to other organisations selling similar products
Promotional
Pyschological
Competitive
Cost-Plus
97
The stage of the product life cycle when customer awareness and sales are increasing.
Growth
Decline
Introduction
Maturity
98
Risk of loss, damage or theft is a consequence of ...
Under-stocking
Over-stocking
99
What is the maximum number of owners in a partnership?
20
2
10
50
100
Increasing the number of customers buying from the business
Market Segmentation
Market Leader
Market Share
Market Growth

N5 Business Management Flashcards | StudBud

N5 Business Management

100 termsStudBud Administration475 plays

Flashcards100 cardsFPractice quizPHost liveL

Questions 100

Answers

1
Wages, Electricity, Rent and Stationery are examples of ...
Cost of Sales
Expenses
Revenue
Receipts
2
Money made from selling a product or service to the customer
Revenue
Total Costs
Business Costs
Unit Costs
3
Distribution methods an organisation may use are ...
Land, Labour, Capital, Enterprise
Land, Air, Sea, Rail
Boat, Train, Personal Delivery, Mail order
4
A shareholder will have which type of liability?
No Liability
Limited Liability
Full Liability
Unlimited Liability
5
Raw materials are an example of ...
Expenses
Revenue
Cost of Sales
Receipts
6
Which of the following is an advantage of being a sole trader?
Shared decision making
Economies of scale
Limited Liability
Keep all the profits
7
The public sector is funded by ...
Shareholders
Taxes
Profits
The Stock Market
8
Public, Private and Third are the ...
Marketing Mix
Sectors of industry
Functional Areas
Sector of economy
9
Method of production: Groups of identical products are made, each group has different features
Mass Production
Job Production
Flow Production
Batch Production
10
Marketing is important to an organisation because ...
Can attract new customers
All of the above
Allows businesses to enter new markets
Can increase profits
11
Which of these should NOT be considered when choosing a supplier?
Discounts available
Quality of supplies
Number of employees
Lead time
12
Ensuring quality: Checking the final product at the end of production
Quality Control
Quality Assurance
Quality Circles
Quality Management
13
Flow production is labour-intensive
True
False
14
A disadvantage of field research is ...
Data is specific to your needs
Data is accurate
There is no advantage
Data can be expensive to gather
15
Ensuring quality:All employees are involved in checking the product at each stage of production
Quality Control
Quality Management
Quality Assurance
Quality Circles
16
If the business fails, the owners only lose the money invested in the business
Fully Liability
Unlimited Liability
This is not true!
Limited Liability
17
Business owned by one individual
Partnership
Public Limited Company
Sole Trader
18
People employed in a business
Capital
Land
Labour
Enterprise
19
A person or group who have an interest in the success of an organisation
Stakeholder
Shareholder
Sole Trader
20
Machinery, money and tools used in a business
Capital
Labour
Enterprise
Land
21
The proportion of customers an organisation has from the whole market
Market Growth
Market Segmentation
Market Leader
Market Share
22
The external factors affecting a business are known as ...
PESTEC
Aims
Environment
Weather
23
Adding value to a product during the production process is known as ...
Wealth Management
Value Management
Value Added Tax
Wealth creation
24
The four factors of production are:
Primary, Secondary, Tertiary, Quarternary
Marketing, Finance, Operations, Human Resources
Price, Product, Promotion, Price
Enterprise, Labour, Land, Capital
25
Flow production completes one product at a time
False
True
26
This sector extracts natural resources from the environment
Secondary
Primary
Tertiary
27
A cash budget will show ...
Break Even Point
Actual Profit/Loss
Surplus/Deficit Expected
Profit/Loss Expected
28
The point at which total revenue is the same as total costs
Break Even Point
Point of Covering Costs
Break Point
Margin of Safety
29
Ensuring quality: Looking at, and copying, the best methods used by the market leaders
Quality Management
Benchmarking
Quality Improvement
Quality Assurance
30
The factors to consider when choosing a supplier are known as...
Supplier Mix
Purchasing Mix
Marketing Mix
Quality Assurance
31
Government statistics are an example of ...
Desk Research
Classroom Research
Field Research
Pupil Research
32
Primary, Secondary and Tertiary are the ...
Sectors of industry
Functional Areas
Marketing Mix
Sector of economy
33
Income Statement: Sales - Cost of Sales =
Income
Profit for Year
Net Profit
Gross Profit
34
Human Resources, Finance and Technology are ...
Factors of Production
Functional Areas
Internal Factors
External Factors
35
Increased storage costs is a consequence of ...
Under-stocking
Over-stocking
36
This sector provides a service
Tertiary
Primary
Secondary
37
Revenue - Total Costs =
Break Even Point
Fixed Costs
Income
Profit
38
A sum of money that is given for a specific purpose, does not need to be repaid
Bank Loan
Mortgage
Grant
Overdraft
39
Which pricing strategy? Charging £9.99 instead of £10
Competitive
Cost-Plus
Pyschological
Promotional
40
Hall testing is an example of ...
Classroom Research
Field Research
Desk Research
Pupil Research
41
Logo, name or symbol that makes an organisation or product instantly recognisable
Label
Promotion
Brand
Prototype
42
Employees require specialist skills
Labour Intensive
Capital Intensive
43
Products are made using mainly human effort
Automation
Labour Intensive
Capital Intensive
44
Stage of the product life cycle when demand for the product falls. Sales and profit also fall.
Growth
Maturity
Decline
Introduction
45
Customer orders may not be fulfilled on time is a consequence of ...
Under-stocking
Over-stocking
46
Which type of organisation has 'Ltd' in its name?
Private limited Company
Public Limited Company
Sole Trader
Partnership
47
Income Statement: Gross Profit - Expenses =
Profit for Year
Sales
Income
Overall Profit
48
Which of the following is an advantage of being a partnership?
Economies of scale
Limited Liability
Shared decision making
Keep all the profits
49
A model of the product an organisation wants to manufacture
Product Model
Protomodel
Product Testing
Prototype
50
Which method of production is shown below:
Batch
Mass
Job
Flow
51
A survey is an example of ...
Desk Research
Pupil Research
Field Research
Classroom Research
52
BOGOF is an example of ...
Price
Promotion
Product
Place
53
Which of the following is an advantage of being a private limited company?
Limited Liability
Economies of scale
Keep all the profits
Shared decision making
54
A social enterprise has a social or environmental aim
False
True
55
Natural resources used in production
Enterprise
Labour
Capital
Land
56
Cash flow can be improved by ...
Looking for a cheaper supplier
selling assets no longer needed
Increasing customer credit terms
spending more money on stock
57
Owners taking too much money out of the business can result in poor cash flow
True
False
58
Stage of the product life cycle when businesses heavily promotes the product to encourage sales
Growth
Introduction
Maturity
Decline
59
Increased ordering costs is a consequence of ...
Over-stocking
Under-stocking
60
Which pricing strategy? Taking the cost of production and materials then adding a percentage on
Cost-Plus
Competitive
Pyschological
Promotional
61
Ensuring quality: Products are checked at several points throughout production
Quality Control
Quality Standards
Quality Circles
Quality Assurance
62
Job Production is used to create unique products
True
False
63
Ensuring quality: Group of employees get together to discuss how production can be improved
Quality Assurance
Quality Standards
Quality Control
Quality Circles
64
Celebrity endorsement is an example of ...
Promotion
Place
Price
Product
65
Production may have to stop is a consequence of ...
Under-stocking
Over-stocking
66
Taking more money out of a bank account than is available
Bank Loan
Overdraft
Grant
Mortgage
67
Capital is tied up and can't be used elsewhere is a consequence of ...
Over-stocking
Under-stocking
68
A sum of money borrowed to purchase land or property, repaid with interest
Grant
Overdraft
Bank Loan
Mortgage
69
If the business fails, the owner is personally responsible for the repayment of any debts
Unlimited Liability
Limited Liability
Fully Liability
This is not true!
70
The following diagram shows the stages in ...
Product Sales Cycle
Product Life Cycle
Marketing Mix
Product Development
71
The organisation in a particular market that have the most customers
Market Segmentation
Market Growth
Market Leader
Market Share
72
This sector takes raw materials and makes something with them
Secondary
Tertiary
Primary
73
Stage of the product life cycle when customer awareness and profits are at their highest.
Decline
Maturity
Growth
Introduction
74
Fewer employees are required
Labour Intensive
Capital Intensive
75
Fixed Costs + Variable Costs
Unit Costs
Total Costs
Revenue
Business Costs
76
Cost-plus is an example of ...
Price
Promotion
Place
Product
77
Individual customer requests cannot be met
Capital Intensive
Labour Intensive
78
A sum of money borrowed for a fixed period of time, repaid with interest
Grant
Overdraft
Mortgage
Bank Loan
79
A disadvantage of desk research is ...
Data is less expensive to gather
Data is specific to your needs
Data may be out-of-date
Data is up-to-date
80
Private sector businesses have the aim of making a ...
Surplus
Load of cash
Profit
Deficit
81
An advantage of desk research is ...
There is no advantage
Data is inaccurate
Data may be bias
Data is less expensive to gather
82
Cash Budget: (Opening Balance + Total Receipts) - Total Payments =
Revenue
Closing Balance
Break Even Point
Fixed Costs
83
Focusing a product on a specific group of people
Market Segmentation
Market Leader
Market Share
Market Growth
84
The 4 elements of the marketing mix are ...
Price, Enterprise, Capital, Product
Product, Promotion, Place, Price
Price, Product, Promotion, Packaging
Land, Labour, Capital, Enterprise
85
Costs that do not change, regardless of output
Variable Costs
Total Costs
Business Costs
Fixed Costs
86
A sole trader will have which type of liability?
No Liability
Unlimited Liability
Limited Liability
Full Liability
87
A disadvantage of desk research is ...
Data is inaccurate
Data may be bias
There is no disadvantage
Data has been gathered by someone else
88
An advantage of field research is ...
Data is specific to your needs
Data is out-of-date
Data is less expensive to gather
Data is up-to-date
89
The purpose of market research is ...
To find out how many products we have sold
To find out what employees want
To promote a product
To find out what customers want
90
A partnership will have which type of liability?
Limited Liability
Unlimited Liability
Full Liability
No Liability
91
The public sector is owned by ...
Government
Stakeholders
Shareholders
Everyone
92
Giving customers long credit terms can result in poor cash flow
False
True
93
What is a target market?
The group of customers a product is aimed at
The organisations that we are in competition with
The different locations a product can be purchased in
94
Costs that change dependent on output
Business Costs
Fixed Costs
Variable Costs
Total Costs
95
Objectives of a sole trader include ...
Survival
Increase market share
Make a profit
Social Responsibility
96
Which pricing strategy? charging similar prices to other organisations selling similar products
Promotional
Pyschological
Competitive
Cost-Plus
97
The stage of the product life cycle when customer awareness and sales are increasing.
Growth
Decline
Introduction
Maturity
98
Risk of loss, damage or theft is a consequence of ...
Under-stocking
Over-stocking
99
What is the maximum number of owners in a partnership?
20
2
10
50
100
Increasing the number of customers buying from the business
Market Segmentation
Market Leader
Market Share
Market Growth