Business 1.1+1.2

What are the two methods of creating new ideas

• Original ideas

• Adapting products

• Copying a competitor

• Intuition

Define dividend

• A monetary return on shares

• divide the end

• splitting the market into groups

• Merging two businesses

Pick the two correct stages of the product life cycle

• Introduction

• Maturity

• Reducing sales

• Increasing sales

How do you calculate revenue?

• quantity x sales price

• quantity x variable cost

• quantity + sales price

• quantity x fixed cost

How do you calculate total variable costs?

• quantity x variable cost per unit

• quantity x fixed costs

• sales price x variable cost per unit

• fixed costs x variable cost per unit

how do you calcualte total costs?

• revenue x sales price

• total variable costs + fixed costs

• fixed costs x variable costs

• profit + variable costs

Pick the risks for an entrepreneur

• lack of job security

• business failure

• profit

• financial loss

Which of the following is an example of a variable cost?

• Rent

• Raw materials

• Insurance

• Advertising

Which of the following describes the role of an entrepreneur?

• Being employed by a large organisation

• A willingness to take risks

• Having sufficient money to start a new business

• Being able to work alone

Which two of the following are examples of primary market research?

• Internet research

• Market reports

• Customer surveys

• Government statistics

• Focus group