Which of the following is a market segment for a small sports retailer?

Young members of local sports teams

Identify an advantage of setting up as a LTD company.

The potential to raise more finance

Which are desirable employee attitudes?

Being prepared to work as part of a team

Which of the following can you not do in the recruitment process?

Advertising for a trainee accountant aged between 18 and 25, Rejecting due to a disability

Using the principle of calculated risk, which decision should Hayley make?

Choose the franchise as it is the least risky option

Which one is not necessary when creating a business plan?

Photograph of the business owner

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GCSE Business Unit 1

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GCSE Business Studies

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Questions 24

Answers

1
If Hayley imports her stock from the USA, what effect would the £ weakening 20% have?
Total costs would increase
Fixed costs would increase by 20%
Hayley could charge a lower price for her shoes
Raw materials costs would fall by 20%
2
Which of the following is a market segment for a small sports retailer?
Young members of local sports teams
An advert in the local paper
A questionnaire conducted with customers
Rival sports retailers
3
Identify an advantage of setting up as a LTD company.
Andrew has total control of the business
All profits will go to Andrew
The potential to raise more finance
Fewer legal requirements
4
The interest on a business' loan increases, this results in...
An increase in cash outflow
Higher National Insurance payments
Lower variable costs
Higher fixed costs
5
Which are desirable employee attitudes?
Having experience of similar work
Being able to operate different office equipment
Being prepared to work as part of a team
Having a range of academic qualifications
6
Customer needs are...
iii
v
ii
iv
7
What is the closing balance in May?
£8,500
£7,500
£8,000
£9,500
8
Which of the following can you not do in the recruitment process?
Stating that experience is desirable
Requiring candidates to have specific qualifications
Advertising for a trainee accountant aged between 18 and 25
Rejecting due to a disability
9
To raise awareness of your product, you use which part of the marketing mix?
Product
Promotion
Price
Place
10
Using the principle of calculated risk, which decision should Hayley make?
Don’t choose either option as both have a chance of failing
Start as a sole trader as she will keep all profits made
Choose the franchise as it is the least risky option
Start as a sole trader as there is a 50% chance of success
11
Invention is...
v
iii
iv
ii
12
A market gap is...
i
iv
iii
ii
13
Lateral thinking is...
iv
iii
ii
v
14
What are the fixed costs for June?
£1,000
£2,000
£5,000
£3,900
15
What would the Receipts be in May?
£2,000
£21,000
£20,000
£19,000
16
Which of the following is the definition of innovation?
Taking a calculated risk
The process of thinking ahead
Bringing a new idea to market
Developing competitive advantage
17
Which one is not necessary when creating a business plan?
A cash flow forecast
An overview of the nature of the business
Photograph of the business owner
A summary of market research she has carried out
18
Which is an example of a good?
A bus journey
Computer repairs
Freshly-prepared sandwiches
Haircut
19
Which of the following is a likely cause of the fall in the price of cocoa?
Higher demand for chocolate
Less supply from farmers
Good harvests of cocoa
Rising consumption of chocolate based goods
20
What will the net cash flow be in April?
£3300
£310
£3100
£2900
21
A shop has a large number of customers who regularly return. This is...
Market mapping
Business Offering
Customer Service
Repeat Purchase
22
Which is a method of protecting business ideas?
Limited Liability
Franchising
Patent
Business plan
23
A franchise is...
iv
iii
ii
i
24
Which would be the most appropriate source of finance for starting a LTD?
Overdraft
Sale of business assets
Share capital
Retained profit

GCSE Business Unit 1 Flashcards | StudBud