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Revision Quiz on Business Terms (May 2017) Flashcards | StudBud
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Revision Quiz on Business Terms (May 2017)
Revision Quiz on Business Terms (May 2017)
22 terms
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Questions
22
Answers
1
What does the term '
Export
' mean?
Staff that come from abroad.
Purchase of a good or service from a foreign business.
The sale of a good or service to a foreign buyer.
An employee who is a specialist in a particular skill.
2
What do you call a business' debts (money that they owe to others)?
Loss
Liabilities
Fixed Cost
Net Loss
3
What is a target market?
none of the above
A market aimed specifically at the wealthy
a specific group of consumers a busines is trying to sell to
a place where people buy and sell arrows and targets
4
A business entity owned and operated by a single person is called
sole proprietorship
brand
entrepreneur
ian
5
What Source of Finance is
not
available to a Sole Trader?
Selling shares in the business
Retained profit
Personal savings
Bank loan
6
Business can extend the life cycle of an established product...
By promoting the product to current users
By finding users for the products
By restricting distribution
By attraction consumers who are innovators
7
what does GDP stand for
gross domestic product
great distinctive products
great domestic product
grown demon porch
8
The amount a business makes after subtracting expenses is called
Cost of Goods Sold
Profit
Accounts Receivable
Sales
9
How is a business' EQUITY (value of a business) calculated?
Assets - Liabilities
Revenues + Expenses
Revenue - Expenses
Assets + Liabilities
10
What is a trade margin?
The difference between unit sales price and unit cost
The practice of improving a product to increase sales price
different levels of a production process
none of the above
11
What does it mean when a product/service has a "niche" market?
it is targeted towards a very small group of people
it is targeted towards a very large group of people
the product/service appeals to everybody
no one wants to buy the product/service at all
12
Which is NOT an example of external economies of scale ?
Local Authority spending on improving transport network.
Paying higher prices for more resources.
Relocation of component suppliers nearby.
Research & Development facilities in local universities.
13
Which place would
NOT
be suitable for placing a job advert?
Private letter
Facebook
Back of a bus
Newspaper
14
What is the name of the document which focuses on the role and it's responsibilities
Job Description
Person specification
Curriculum Vitae
Application Form
15
What does the term '
Delayering
' mean?
Removing layers of management and workers in a hierarchy
Increase the number of employees a manager's responsible for
Reducing the number of parts in a product
Identifying different target markets
16
Total cost =
Quantity+ Total Cost
Variable Cost + Average Cost
Fixed Cost+ Variable Cost
Fixed Cost+ Average Cost
17
Business ethics is closely linked to which other issue for business ?
Capacity utilisation
Social responsibility
Globalisation
International trade
18
What is "valuation"?
a business' financial progress
the value of a business' products/services
the overall evaluation of a business
what a business is worth
19
the combination of product,pricing,promotion,and distribution strategies used
to market products
combined marketing strategy
tactics
yes
marketing mix
20
What is an example of an asset that businesses own?
All of the above
Cash
Accounts Receivable
Equipment
21
Which is an economy of scale
Advantages experienced as a result of the economy doing well
Advantages that a business gains due to an increase in size.
Managing money.
A measure of success of how the economy is doing.
22
Which of the following are fixed costs ?
Raw Materials
Inputs of Production
Direct Labour
Business Licences
