General Business Concepts

Question 1

True or false? A cashflow statement shows the profit that a business makes in a period of time

Accepted Answer

FALSE

Question 2

The 4P's of the Marketing Mix are:

Accepted Answer

Product, Price, Place, Promotion

Question 3

The process of splitting up a market into groups of consumers with similar needs is called:

Accepted Answer

Segmentation

Question 4

Which is an example of a typical creditor of a business?

Accepted Answer

Banks

Question 5

Which of these is a tertiary sector activity?

Accepted Answer

Restaurants

Question 6

The combination of things needed to start a business is called the...

Accepted Answer

Factors of Production

Question 7

The factor that makes a consumer want to purchase a product is called it's....

Accepted Answer

Unique selling point

Question 8

Which figure is likely to be higher?

Accepted Answer

Gross Profit

Question 9

True or false? The definition of a stakeholder is someone who owns part of a business

Accepted Answer

FALSE

Question 10

What does SME stand for?

Accepted Answer

Small Medium Enterprises

Question 11

Which business term means 'a valuable item owned by the business'?

Accepted Answer

Asset

Question 12

The O in SWOT analysis stands for...

Accepted Answer

Opportunities

Question 13

The role of a Board of Directors is to....

Accepted Answer

To govern a company

Question 14

The term liquidity in business relates to....

Accepted Answer

Whether they can afford to repay their debts

Question 15

True or false? Listed companies have unlimited liability

Accepted Answer

FALSE

Question 16

Which business term means 'the percentage of total sales within a market gained by a product'?

Accepted Answer

Market Share

Question 17

What term means that a business is organised with those who have more power at the top?

Accepted Answer

Hierarchy

Question 18

What does SOE stand for?

Accepted Answer

State Owned Enterprise

Question 19

What term means people that owe money to the business?

Accepted Answer

Debtors

Question 20

Which term describes a market where only a small number of companies sell similar products?

Accepted Answer

Oligopoly

Question 21

Inflation means that...

Accepted Answer

The average level of prices has risen

Question 22

The break-even point of a product shows:

Accepted Answer

Where total revenue equals total costs

Question 23

The term shrinkage means:

Accepted Answer

Value of stock reducing

Question 24

What does the M in SMART stand for?

Accepted Answer

Measurable

Question 25

The amount of cash a business has left at the end of a period is called its...

Accepted Answer

Closing Balance

General Business Concepts

Questions 25

General Business Concepts

Questions 25