Unit 1 Business Basic Revision

Question 1

What is not an advantage of a niche market?

Accepted Answer

Achieve economies of scale

Question 2

The percentage of the total market that is owned by a particular business, product or brand.

Accepted Answer

Market share

Question 3

Shareholders are ONLY liable for the money they invested not the overall debts and liabilities

Accepted Answer

Limited liability

Question 4

Defining a market in terms of social-economic factors such as segmentation age, income, class

Accepted Answer

Demographic

Question 5

An inventor is protected by...

Accepted Answer

Patents

Question 6

Which is not an advantage of a partnership?

Accepted Answer

Instability

Question 7

A sample drawn from a number of separate strata of the population so it is representative is?

Accepted Answer

Stratified sample

Question 8

Which is NOT a form of secondary market research?

Accepted Answer

Telephone questionnaire

Question 9

A fixed amount borrowed from a bank which is generally used to finance long-term assets is?

Accepted Answer

A bank loan

Question 10

The percentage increase in the size of the market, measured over a specific period

Accepted Answer

Market share, Market growth

Question 11

Borrowings from a bank on a current account which are payable on demand is?

Accepted Answer

A bank overdraft

Question 12

Investment made by specialist funds to finance private company

Accepted Answer

Venture Capitalist

Question 13

The owner of a business format (franchise) which is licensed out to other people or businesses

Accepted Answer

Franchisor

Question 14

Which is likely to provide qualitative data?

Accepted Answer

Multiple choice survey

Question 15

Which is NOT an example of an objective of a social enterprise?

Accepted Answer

To increase profit

Question 16

An investor usually an entrepreneur willing to invest in high-risk, high-growth firms

Accepted Answer

Business Angel

Question 17

What is the most important factor for a shop aimed at a niche market in terms of location?

Accepted Answer

Proximity to target market

Question 18

An employees who works more than 30 hours a week in a business

Accepted Answer

Full time employee

Questions 18