Which of the following ways could increase value added?

Raising price, Lower input costs

Which of the following describes innovation?

Transforming an invention into a product.

Difference between input costs and price

A supplier to a business is someone who

sells the business raw materials

Total Fixed Costs + Total Variable Costs

One that changes when sales change

Discovery of new product or process

One that doesn't change when sales change

Which of the following are enterprise skills?

Taking Risks, Willingness to undertake new ventures

A named product recognised by all consumers

The probability of a negative event occuring

A gap in the market exists when

No business satisfies a particular segment

Primary market research is

Research collected by the person who will use it

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Spotting a Business Opportunity

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Questions 27

Answers

1
What is a USP?
Unique service point
Unique sales pitch
Unique selling price
Unique selling point
2
Which of the following would be an example of a start-up cost for a clothes shop
Wages
Stock (clothes)
Insurance
Rent
3
Deliberate creative techniques include
Pink Sky thinking
Horizontal thinking
Blue Sky thinking
10 hat thinking
4
A market segment is
Part of a market
A piece or orange
All businesses within the market
The entire market
5
Which of the following ways could increase value added?
Raising price
Lower input costs
Having poor customer service
Producing a low quality product
6
Which of the following would be the best way of gathering qualitative data?
Interview
Government statistics
Internet
Closed questionnaire
7
Which of the following describes innovation?
Blue skies thinking
Transforming an invention into a product.
Having a new idea
Lateral thinking
8
Added value is
The profit made by the business
The cost of the product
The price of the product
Difference between input costs and price
9
A supplier to a business is someone who
works for the business
buys from the business
sells the business raw materials
answers market research questions
10
Total Costs =
Price + Variable Costs
Fixed Costs + Price
Price x Quantity
Total Fixed Costs + Total Variable Costs
11
A variable cost is
One that doesn't change when sales change
Rent
One that changes when sales change
One that never changes
12
An invention is
Improving an existing product
Bringing a Product to Market
Developing a product
Discovery of new product or process
13
Which of the following are franchisors?
WHSmiths
Wetherspoons
Subway
McDonalds
14
A cost fixed is
One that increases with more output/sales
One that doesn't change when sales change
One that decreases with output/sales
One that never changes
15
Which of the following are enterprise skills?
Taking Risks
Show caution
Willingness to undertake new ventures
Lacking initiative
16
To protect a design a company should apply for a
Copyright
Trademark
Patent
Writ
17
To protect the written material in a book, an author should apply for a
Trademark
Copyright
Patent
Writ
18
A consumer/customer is someone who
Creates a business
Sells something
Buys something
Makes something
19
A brand is
A low quality product
A named product recognised by all consumers
Any product
A product with a high price
20
A calculated risk is
The probability of a negative event occuring
A calculator
A negative event
A positive event
21
A gap in the market exists when
No business satisfies any customers
No business satisfies a particular segment
All businesses satisfy all customers
There are no consumers in the market
22
Which of the following would be a variable cost of a manufacturing business?
Raw Materials
The managing directors salary
Insurance
Rent
23
Which of the following is not an example of market research?
Questionnaire/Survey
Focus Group
Interview
The accounts of a business
24
To protect a brand name, a company should apply for a
Copyright
Trademark
Patent
Writ
25
Primary market research is
Research collected by the government
Research collected by someone else
Research collected by other businesses
Research collected by the person who will use it
26
Which of the following would be a fixed cost of a manufacturing business?
Raw materials
Electricity
Insurance
Overtime wages
27
A market exists where
customers meet buyers
Buyers meet other buyers
Sellers meet other sellers
buyers meet sellers

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