Unit 7 Decision Making SOCI and others

The UK is due to join which trading bloc in 2024?

• ASEAN (Association of Southeast Asian Nations)

• EU (European Union)

• USMCA (US, Mexico and Canada Agreement)

• Trans-Pacific Partnership (CPTPP)

Who is the new Foreign Secretary?​ ​ ​ (a)  

• Rushi Sunak
• David Cameron
• Suella Braverma
• Kier Starmer
• Ed Davey

A pop up Christmas store opens, what contracts would you recommend in their recruitment?

• 0 hour

• Part time

• Full time

• Agency

The current rate base rate of interest Nov 23 ?

• 1.5%

• 25%

• 5.25%

• 3.5%

The impact for rising interest rates on a business would be

• Less costs for supplies

• customer disposable income rises

• capital items cost more

What appears on the Statement of Income?​ (a)   ​ (b)   ​ (c)   ​ (d)   ​ (e)  

• Revenue
• Depreciation
• Cost of Goods sold
• expenses
• Net Profit
• Assets
• owners capital
• Cash in bank
• Trade receivables
• Trade payables

Which would not refer to sales made in a business?

• Revenue

• Direct Cost

• Inflow

• Selling Price * quantity sold

Reorder the following

• Cost of Sales

• Gross Profit

• Expenses

• Revenue

• Net profit

What can a business do to improve Gross Profit? (2 answers 4 marks)

• Reduce costs of sales by getting cheaper suppliers

• Increase sales revenue by doing more promotion and marketing

• Reduce the wage bill by making staff redundant

• Move to a cheaper premises and thereby reduce the rent

Organise these works into the correct synonym or equivalent meaning.

Groups:

(a) Sales

,

(b) COGS

,

(c) Expenses

• Revenue

• Direct Costs

• Cost of Sales

• Variable costs

• Indirect Costs

• stock+purchases-closing stock

• Income

• Inflows

• Units Sold * Selling Price

• Fixed Costs

• Tunover

• Overheads

• Running Costs