What does "Adding value" mean in a business context?

• Reducing costs to increase profit margins

• Selling a product for more than it costs through processes applied

• Increasing the number of products available

• Expanding business operations

What is the purpose of "Advertising" in business?

• To recruit new employees

• To provide discounts on products

• To place an advert in media to promote a business

• To analyze market trends

Which term describes the independence a worker has within their job?

• Autonomy

• Commission

• Consumer

• Cash inflow

What is meant by "Break even" in financial terms?

• When a company's revenue is less than its expenses

• When total revenue equals total costs with no profit or loss

• When a company achieves its highest sales

• When stock prices are stable

What does "Cash-flow forecast" predict?

• Changes in stock prices

• Future job openings in a company

• Future money inflows and outflows of a business

• The number of products sold

What is the role of "Chain of command" in a business organization?

• To decide employee salaries

• To structure decision-making and control

• To manage stock levels

• To forecast sales

What does "Competitive advantage" allow a business to do?

• Reduce its operational costs

• Ignore market trends

• Be more successful than its competitors

• Decrease its product quality

Which term refers to legal constraints that protect consumers from unfair business practices?

• Consumer law

• Commission

• Consumer spending

• Competitive pricing

What does the term "Customer engagement" refer to in a business context?

• Communicating with competitors in a positive way

• Communicating with customers in a positive way

• Communicating with suppliers in a negative way

• Communicating with employees about customer feedback

Which of the following best describes "Decentralised" in terms of business structure?

• A business where decision-making is centralized within top management

• A business where decision-making is spread out to include more junior managers as well as individual business units or locations

• A business that operates only in one location

• A business that does not involve junior managers in decision-making