Edexcel Business GCSE Y11

Which of the following is a characteristic of a sole trader business ownership type?

• Limited liability

• Unlimited liability

• Owned by shareholders

• Requires a board of directors

What is the main purpose of consumer law?

• To protect businesses from competition

• To ensure fair trade and protect consumers

• To regulate employee wages

• To control the supply of goods

Which of the following is a financial reason why an entrepreneur might start-up a new

business?

• To make a profit

• To pursue a skill or interest

• To have more freedom in decision-making

• To achieve a work-life balance

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

What does "Local community" imply in a business context?

• A group of businesses in the same industry

• International stakeholders

• People affected by the business's operations locally

• Online communities related to the business

Which element of the marketing mix is concerned with how a product is distributed to customers?

• Product

• Price

• Place

• Promotion

Which element of the marketing mix involves advertising and sales promotions?

• Product

• Price

• Place

• Promotion

What is the term for the costs that do not change with the level of output?

• Variable costs

• Fixed costs

• Marginal costs

• Total costs

What is meant by "Fixed costs" in business?

• Costs that vary depending on the amount of goods produced

• Costs that do not vary with output

• Costs that include utilities and rent only

• Costs that are determined by market conditions

Lack of overall planning and poor decision-making can lead to business failure. This is known as:

• Poor management

• Poor quality

• Poor understanding of the economy

• Poor sales levels