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R061 Business Studies 2017 Flashcards | StudBud
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R061 Business Studies 2017
R061 Business Studies 2017
20 terms
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2017 for the pre-release
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of these are not economical factors?
Interest Rate
technology
Inflation
Unemployment
2
What are the advantages of carrying out secondary research?
It is already done for you
can be outdated
Usually more expensive
You have to do it yourself
3
What is flow/mass production?
goods are produced in batches
orders are produced one at a time
goods are produced at once, each person has a set job
4
What is an advantage of on the job training?
expensive
employees need a day off
cheaper
not specific
5
Define break even
Breakeven is when the business makes a profit
Breakeven is when shareholders get lots of profit
Breakeven is when the business makes a loss
When the business makes neither a profit or a loss
6
The pricing strategy where you start with a higher price for a unique product
competition
penetration
skimming
cost-plus
7
What objectives would a Sole Trader try to achieve if they went into Partnership
Easy to set up
Can only sell to family and friends
Business growth
To do less work
8
which of these is an example of a fixed cost?
commission
salaries
wages
materials
9
which of these is a type of business objective?
working hours
health and safety
market share
cost of machinery
10
One example of a market segment for HVS
young people that have just learnt to drive
people on a low income
those interested in eco-friendly cars
those interested in football
11
The pricing strategy where you start with a lower price to attract customers
penetration
competition
skimming
cost-plus
12
which of these is an ADVANTAGE of a bank loan?
not available to a new business
interest makes it expensive
set repayments
no interest is repayable
13
Which of these is a method of primary market research?
Reading newspapers
Reading journals
Conducting questionnaires
Internet research
14
Which of these is an example of a variable cost?
rent
salaries
wages
insurance
15
Which one of these would be a SOLE TRADER?
McDonalds
TESCOs supermarket
Marks and Spencer
Choi's Kitchen
16
Which of these is a DISADVANTAGE of a LTD?
unlimited liability
more staff so likely to have expertise
have to share profits - dividends
finance can be raised by selling shares (family/friends)
17
What does SMART stand for?
Specific, Measurable, Activities, Realistic, Target
Soletrader, Merchandise, Accounts, Rules,Tills
Survival, Money, Aims, Rent, Targets
Specific, Measurable, Achievable, Realistic, Time
18
which f these is a BENEFIT of being a PARTNERSHIP
profits are shared
unlimited liability
arguments/disagreements could happen
risks and responsibilities are shared
19
What is meant by 'trade credit'?
renting a piece of machinery
borrowing money through your bank
the profits that are made are put back into the business
'Buy now pay later'
20
What is meant by UNLIMITED LIABILITY?
the bank is responsible for the debt of the business
the owner/s will only lose money invested
The owner is responsible for ALL business debt
