Selling price - cost of goods sold

Which statement best describes an export for a UK firm:

A good or service they sell overseas

If firms can correctly forecast future economic conditions:

They are less likely to need to borrow money from a bank

The price of chocolate falls. Which statement best describes the reason why this has happened

More manufacturers are making chocolate

If the £ becomes stronger:

UK manufacturers may experience a fall in overseas sales

Exports become cheaper, imports become more expensive

If interest rates fall:

It becomes cheaper for firms to borrow money

What is the basic economic problem?

Unlimited wants and limited resources create scarcity

What are the factors of production?

Land, labour, capital and enterprise

If the interest rate rises:

Consumers will save more, and borrow and spend less

The price of petrol rises, which statement best describes the effect on a small delivery firm:

The firm's costs rise and so might prices

Which statement is true?

When prices are low, demand is relatively high

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Business

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Questions 25

Answers

1
Which city has the highest cost of living?
Hong Kong
Tokyo (Japan)
Luanda (Angola)
New York (The United States)
2
Which country is the biggest producer of natural gas?
Iran
Qatar
The United States
Russia
3
Which is NOT a business objective?
Scam customers
Make profits
Survive
Increase sales
4
Value added is...
Selling price + cost of goods sold
Selling price - cost of goods sold
Cost of goods sold + selling price
Cost of goods sold - selling price
5
Which statement best describes an export for a UK firm:
French cheese
Raw materials they purchase from Germany
A service purchased from a local supplier
A good or service they sell overseas
6
Which of the following is the most expensive currency?
Euro (EUR)
Canadian Dollar (CAD)
Kuwaiti Dinar (KWD)
British Pound Sterling (BPS)
7
What is the largest stock exchange in the world in terms of market capitalisation?
Hong Kong Stock Exchange
Nasdaq Stock Market
New York Stock Exchange
Tokyo Stock Exchange
8
If firms can correctly forecast future economic conditions:
They are less likely to experience falling revenues
They are less likely to need to borrow money from a bank
They are more likely to survive a recession
They are more likely to achieve growth over time
9
The price of chocolate falls. Which statement best describes the reason why this has happened
Supply of chocolate has fallen
More manufacturers are making chocolate
The cost of sugar has risen
Demand for chocolate has risen
10
If £1 = $1.80, then a £1,000 order of British cheese will sell in the USA for:
$1000
$180
$100
$1800
11
If the £ becomes stronger:
UK manufacturers may experience a fall in overseas sales
UK holiday makers may choose to holiday at home
Importers to the UK will find it harder to generate UK sales
Costs of imported goods and raw materials rise
12
Which of the following countries is not one of the three largest trade partners of the USA?
Japan
China
Mexico
Canada
13
Which of the following is NOT a commodity:
Money
Gold
Coffee
Nike trainers
14
What does FIFO stand for?
Factor Inexorably Firm Osmosis
First-in, First-out
Financial Information For Organisations
Forced Import For Outsourcing
15
If the £ is weaker:
Exports and imports become more expensive
Exports become cheaper, imports become cheaper
Import and export prices are unaffected
Exports become cheaper, imports become more expensive
16
If interest rates fall:
It becomes cheaper for firms to borrow money
Consumers safe more of their income
A firm's costs rise
A currency becomes stronger
17
What is the basic economic problem?
Unlimited needs and limited resources creates scarcity
Resources are available in infinite supply
There aren’t enough needs and wants
Unlimited wants and limited resources create scarcity
18
What country had the highest crude oil production in 2014?
Russia
The United States
China
Saudi Arabia
19
If £1 = $1.50, then a $450 weekend break in New York will cost a UK customer:
£600
£225
$600
£300
20
What year did NAFTA enter into force?
1994
1990
1998
2002
21
What are the factors of production?
There are no factors of production
Land, labour, capital and enterprise
Employment, ethics, age and gender
Land, labour and enterprise
22
If the interest rate rises:
Small firms can sell goods more cheaply
Firms can borrow money more cheaply
Consumers will save more, and borrow and spend less
Consumers will borrow more money
23
The price of petrol rises, which statement best describes the effect on a small delivery firm:
The firm's prices will fall
The firm's costs rise and so might prices
The firm's costs rise but the prices will not
The firm will go bankrupt
24
Which nation is not a member of the Asia-Pacific Economic Cooperation (APEC)?
Russia
Mexico
China
Panama
25
Which statement is true?
When supply is high, prices are high
When prices are low, supply is high
When demand is high, supply is low
When prices are low, demand is relatively high

Business Flashcards | StudBud