What is a variable cost?

A cost which changes based upon levels of output.

Which of the following best describes unlimited liability?

Owners are responible for all debts of the business

What is an extension strategy?

What a business does to extend the life of a product.

What is quota sampling?

Participants are selected from certain brackets.

What is a fixed cost?

A cost which does not change related to levels of output.

Which of the following best describes limited liability?

Owners and the business are legally seperate entities

What three aspects make up the Design Mix Model?

Function, Aesthetics, Economics

What is convenience sampling?

Whoever is most willing and closest at the time of sampling.

Which of the following best describes price skimming?

Launching a product with a high price, reducing it later.

Which of the following business need an accountant, or skills in accountancy, to register?

Private Limited Company, Public Limited Company

Which of the following is not a benefit of market segmentation?

Increases competitor's market share.

Which of the following best describes competitive pricing?

Basing prices off of other businesses in the same industry.

What is qualitative data?

Data which can't be assigned a numerical value.

How do you calculate Break Even Point (BEP)?

BEP = Fixed costs / (Selling price PU - Variable costs PU)

What does the term "Trademarked" mean?

A logo, name, or slogan is protected and cannot be copied

What does the term "Copyrighted" mean?

An individuals idea is legally protected and can't be copied

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OCR Enterprise and Marketing - R064

99 termsStudBud Administration6,437 plays

A #Business #Quiz for assistance in #Revision for #KS4. [Typos have now been fixed]

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Questions 99

Answers

1
Which of the following sources of finance involve small amounts of money from many people?
Crowdfunding
Using their own savings
Business angels
Friends and family
2
What is the second stage of the Product Life cycle?
Decline
Development
Introduction
Growth
3
What is a variable cost?
A cost which changes based upon levels of output.
A cost which does not change related to levels of output.
The total amount of all costs.
4
Which of the following best describes unlimited liability?
Owners don't have to pay property if the business goes bust
Owners are responible for all debts of the business
Owners and the business are legally seperate entities
Owners own parts of the business
5
What are total costs?
A cost which changes based upon levels of output.
The total amount of all costs.
A cost which does not change related to levels of output.
6
What is an extension strategy?
What a business does to decrease the value of a product.
What a business does to extend the life of a product.
What a business does to decrease the life of a product.
What a business does to increase the value of a product.
7
Which functional area of a business is "responsible for all aspects of managing individuals"?
Finance
Operations
Marketing
Human resources
8
Which of the following is not a method of advertising?
None of the options
Radio
Social media
Leaflets
9
Which functional area of a business is "responsible for managing all aspects of finance"?
Finance
Marketing
Operations
Human resources
10
What is desk research also known as?
Primary research
Secondary research
11
Which of the following is an example of desk research?
Government statistics
Observations
Questionnaires
Consumer trials
12
What is quota sampling?
Participants are selected from certain brackets.
Selecting people at random from a larger group.
Whoever is most convenient at the time of sampling.
Where a group of people are chosen from a larger group.
13
What is a fixed cost?
The total amount of all costs.
A cost which changes based upon levels of output.
A cost which does not change related to levels of output.
14
Which of the following best describes limited liability?
Owners and the business are legally seperate entities
Owners own parts of the business
Owners don't have to pay property if the business goes bust
Owners are responible for all debts
15
Which functional area of a business is responsible for quality control?
Operations
Human resources
Marketing
Finance
16
What three aspects make up the Design Mix Model?
Aesthetics, Function, Legality
Function, Aesthetics, Economics
Legality, Economics, Aesthetics
Function, Aesthetics, Economics, Legality
17
What is convenience sampling?
Whoever is most willing and closest at the time of sampling.
Participants are selected from certain brackets.
Where a group of people are chosen from a larger group.
Selecting people at random from a larger group.
18
Which type of external factor is an economic recession.
Legal issues
Technological developments
Economical issues
19
Which of the following best describes price skimming?
Setting a price just below a rounded number.
Launching a product with a high price, reducing it later.
Basing prices off of other businesses in the same industry.
Setting a low price initially, increasing it later.
20
What is the fifth stage of the Product Life cycle?
Maturity
Saturation
Obscurity
Decline
21
Which of the following business need an accountant, or skills in accountancy, to register?
Limited Liability Company
Private Limited Company
Franchisee
Public Limited Company
22
Which of the following is not a benefit of market segmentation?
Increases competitor's market share.
It ensures the needs of all customers are met.
Increases the relationships between businesses and customers
Increases market share.
23
What is a USP?
Unique Selling Place
Unique Selling Profit
Unique Selling Point
Unique Selling Price
24
Which functional area of a business is responsible for allocating financial resources?
Finance
Human resources
Marketing
Operations
25
Which of the following are factors one should consider when setting a price for a good/service?
Income of customers
All of the above
Price of competitors
Cost of production
26
Which of the following best describes competitive pricing?
Launching a product with a high price, reducing it later.
Setting a low price initially, increasing it later.
Basing prices off of other businesses in the same industry.
Setting a price just below a rounded number.
27
Which type of external factor is a new phone development.
Economical issues
Technological developments
Legal issues
28
Which of the following is not a variable cost?
Salaries
Wages
Raw materials
Advertising
29
What is the first stage of the Product Life cycle?
Saturation
Development
Introduction
Decline
30
What is the peak of a Product Lifecycle Graph known as?
Point of saturation
Point of decline
Point of growth
Point of maturity
31
What is qualitative data?
Data which can't be assigned a numerical value.
Data which can be assigned a numerical value.
32
What is the fourth stage of the Product Life cycle?
Development
Saturation
Decline
Maturity
33
What is the third stage of the Product Life cycle?
Saturation
Maturity
Development
Growth
34
What are USPs a form of?
Targeted marketing
Product differentiation
Market segmentation
Customer Profiling
35
How do you calculate Break Even Point (BEP)?
BEP = Fixed costs / (Variable costs PU - Selling price PU)
BEP = (Total costs * Variable costs PU) - Fixed Costs
BEP = Fixed costs / (Selling price PU - Total costs)
BEP = Fixed costs / (Selling price PU - Variable costs PU)
36
What is the Consumer Protection Act (1987)?
Ensures all products are of satisfactory quality
All of the above
Ensures all products are exactly as advertised
Ensures all products are fit for use from the moment of sale
37
Which of the following have limited liability?
Public Limited Company
Sole trader
Partnership
Franchisor
38
What is the type of cost associated with beginning a business?
Beginning costs
Fixed costs
Variable Costs
Start-up costs
39
Which of the following is an example of field research?
Focus groups
Purchased material
Internal data
Competitor's data
40
What does the red line on the graph represent?
Break even point
Fixed costs
Revenue
Total costs
41
Which of the following is not a type of market segmentation?
Location
Gender
Brand used
Age
42
Which of the following are notother ways of product differentiation?
Design Mix Model
Branding
Improvements upon other products in the market
Unique selling point
43
Which of the following is "A group of between 2 and 20 people who run a business"?
Sole trader
Franchise
Private Limited Company
Partnership
44
On the graph, what does the number 2 represent?
Recession
Boom
Recovery
Slump
45
What does the term "Trademarked" mean?
A design is protected- it can't be copied
A design is legally protected- it can't be copied
An individuals idea is legally protected and can't be copied
A logo, name, or slogan is protected and cannot be copied
46
What are 4 of the 7'P's of the Marketing Mix?
Place, Product, Person
Place, Product, Person, Price, Promotion
Place, Product, Person, Price
Place, Product, Person, Price, Promotion, Process
47
Which of the following is not a fixed cost?
Rent
Loan repayments
Stock
Utilities
48
What does the blue line on the graph represent?
Break even point
Revenue
Fixed costs
Total costs
49
What are HMRC responsible for?
Supplying raw materials
Taxation
Giving out business grants
Stock control
50
What does the highlighted segment show?
Profit
Variable Costs
Loss
Break Even Point
51
What does the term "Copyrighted" mean?
A design is protected- it can't be copied
A logo, name, or slogan is protected and cannot be copied
A design is legally protected- it can't be copied
An individuals idea is legally protected and can't be copied
52
Which type of external factor is a new legal legislation.
Legal issues
Technological developments
Economical issues
53
What is the arrow on the graph pointing at?
Total costs
Revenue
Fixed costs
Break even point
54
What does the highlighted segment show?
Total Costs
Loss
Margin of safety
Profit
55
What is the term for a partner who invests money but does no more for the business?
Sleeping partner
Resting partner
Profit partner
Financial partner
56
How is profit calculated?
Profit = Revenue - Total costs
Profit = Revenue - Fixed costs
Profit PU = Selling price PU - Variable costs
Profit PU = Selling price PU - Total costs
57
What is a disadvantage to using a focus group?
Can easily give required information
Consumers of a pre-existing product
Know exactly what they want in a product
It may not be diverse enough
58
Which of the following best describes penetrative pricing (price penetration)?
Basing prices off of other businesses in the same industry.
Setting a low price initially, increasing it later.
Setting a price just below a rounded number.
Launching a product with a high price, reducing it later.
59
Which of the following best describes psychological pricing?
Setting a price just below a rounded number.
Setting a low price initially, increasing it later.
Launching a product with a high price, reducing it later.
Basing prices off of other businesses in the same industry.
60
What is the minimum amount of share capital required for a Public Limited Company?
£4,000.00
£50,000.00
£40,000.00
£50,000.01
61
Which of the following is not an extension strategy?
Updating branding
Market research
Advertising
Updating packaging
62
What is quantitative data?
Data which can be assigned a numerical value.
Data which can't be assigned a numerical value.
63
Which of the following are examples of customer service?
After sales service
Engaging with customers
All of the above
Advising customers about products
64
Which of the following is not a variation between customers in market research?
What they need in a product.
The brand they use.
The quantity of goods they require.
The quality of goods they require.
65
What cluster sampling?
Whoever is most convenient at the time of sampling.
Participants are selected from certain brackets.
Selecting people at random from a larger group.
Where a group of people are chosen from a larger group.
66
To the nearest 1000, how many units must be sold to break even?
10000
100000
9000
1000
67
Which functional area of a business is "responsible for developing new products"?
Finance
Human resources
Marketing
Operations
68
Which of the following is "One person who creates their own business"?
Partnership
Sole trader
Private Limited Company
Franchise
69
Which functional area of a business is "responsible for managing all aspects of advertisement"?
Operations
Finance
Human resources
Marketing
70
What is field research also known as?
Secondary research
Primary research
71
Which functional area of a business is "responsible for managing all aspects of production"?
Human resources
Operations
Finance
Marketing
72
Who is most likely to be responsible for most- if not all- functional areas as a sole trader?
Friends
Partners
Owner
Employees
73
Which of the following is a purpose for market research?
Reduces risk of starting up a business.
Improves relations between businesses
Helps identify benefits customers require.
Allows for targeted marketing.
74
On the graph, what does the number 3 represent?
Recovery
Boom
Slump
Recession
75
What does the orange line on the graph represent?
Total costs
Fixed costs
Revenue
Break even point
76
How do you calculate revenue PU? (PU = Per Unit)
Revenue PU = Quantity / Variable Costs PU
Revenue PU = Total Costs - Fixed Costs PU
Revenue = Selling Price * Quantity
Revenue PU = Selling Price PU * Quantity
77
Which of the following is not an example of customer feedback techniques?
Social Media
Customer comment cards
Surveys
Emails
78
Which functional area of a business is responsible for market research?
Human resources
Operations
Finance
Marketing
79
On the graph, what does the number 4 represent?
Recovery
Slump
Recession
Boom
80
Which functional area of a business is responsible for health and safety regulations?
Finance
Human resources
Operations
Marketing
81
Which functional area of a business is responsible for production planning?
Human resources
Finance
Operations
Marketing
82
Which definition best describes customer service?
Any help, advice, and support given to customers
Any help, support, and advice given when developing a good
Any help, advice, and support given when running a business
Any advice, help, and support given to staff about customers
83
Which form of Limited Company allows shares to be bought by the public?
Public Limited Company
Both
Private Limited Company
84
Which of the following sources of finance may still lend money without a business plan?
Bank loans
Crowdfunding
Business angels
Business grants
85
Which functional area of a business is responsible for stock control?
Finance
Marketing
Human resources
Operations
86
What is random sampling?
Where a group of people are chosen from a larger group.
Everybody has an equal chance to get chosen.
Participants are selected from certain brackets.
Whoever is most willing and closest at the time of sampling.
87
What does the term "Patented" mean?
A design is legally protected- it can't be copied
A logo, name, or slogan is protected and cannot be copied
An individuals idea is legally protected and can't be copied
A design is protected- it can't be copied
88
Which of the following should be included in a business plan?
All of the above
Objectives and aims of a business
A plan detailing their financial forecast
Different strategies they may employ
89
What is an alternate term for "capital"?
Money
Costs
Importance
90
Which functional area of a business is responsible for recruitment and selection?
Marketing
Human resources
Finance
Operations
91
On the graph, what does the number 1 represent?
Boom
Recession
Recovery
Slump
92
Which of the following is a reason for having a business plan?
Helps to manage cash flow
Helps to identify risks, and compare them to the benefits
All of the above
Reduces chance of business failing
93
Which of the following is not a functional area of a business?
Finance
Operations
Marketing
Human Management
94
Which type of graph is this?
Business Economy graph
Economy graph
Business Debt graph
Business cycle graph
95
Which of the following types of a business can sell stock to the London stock exchange?
Limited Liability Partnership
Private Limited Company
Franchise
Public Limited Company
96
Which of the following is not a sales promotional technique
Free gifts
Competitions
Loyalty schemes
Carrying goods to the car
97
What is the difference between profit and revenue
Profit is the total capital earned, revenue is the cost
Revenue is the total capital earned, profit is what was made
Revenue is the total capital earned, profit is the cost
Profit is the total capital earned, revenue is what was made
98
A franchisee must pay _ to a franchisor.
Payments
Royalites
Money
Loyalties
99
What is an external factor?
Something affecting a business which they cannot control.
Something affecting a business which they can control.

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