All Units study 2023

The profit and loss account

• Shows the liabilities of a business

• Lists all revenues and expenditures of a business over a period of time

• Shows all assets of a business during a trading period

• Shows the amount of money owed to other businesses

The stage in a product's life cycle that requires significant investment yet often incurs losses is

• Decline

• Growth

• Launch

• Maturity

The sector that provides intellectual, knowledge-based activities to generate and share information, eg R&D, consultancy services and scientific research.

• Primary

• Secondary

• Quaternary

• Quinternary

The role of operations management is to turn factors of production into the output of goods and services in a cost-effective way.

• True

• False

A firm’s growth can be measured by:

• Number of employees

• Revenue

• Profit

• All of the above

A benefit of being a small business is:

• Discounts can be offered to customers due to bulk purchases made by the business

• Personalized customer service is typically more common

• Brand recognition

• More choices offered to customers

An example of Organic Growth is:

• Strategic Alliance

• Being acquired by another business

• Joint Venture

• Changing the price of your products

This is when businesses become too large and it results in higher costs because of inefficiency.

• Diseconomies of Scale

• Economies of Scale

• Marketing Economies

• Managerial Economies

Draw me a Business - $$$ for Best Drawing

Spreading of marketing messages about a company and the quality of products or services between customers. The most cost effective method of promotion.