An advantage of desk research is ...

Data is less expensive to gather

The purpose of market research is ...

To find out what customers want

The 4 elements of the marketing mix are ...

Product, Promotion, Place, Price

Cash flow can be improved by ...

Looking for a cheaper supplier, selling assets no longer needed

An advantage of field research is ...

Data is up-to-date, Data is specific to your needs

What is a target market?

The group of customers a product is aimed at

A disadvantage of field research is ...

Data can be expensive to gather

studbud

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

N5 Business Management Flashcards | StudBud

N5 Business Management

100 termsStudBud Administration475 plays

Flashcards100 cardsFPractice quizPHost liveL

Questions 100

Answers

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