Influences on Business Unit two Quiz

How might new technology reduce business costs?

• By increasing travel expenses

• By enabling remote meetings

• By hiring more employees

• By reducing product quality

State one example of a direct tax paid by a Business?

• Income tax

• Sales tax

• Property tax

• Corporation tax

Outline one impact of decreasing levels of consumer income on Budget Savers supermarkets.

• Increase in luxury product sales

• Decrease in demand for low-cost products

• Increase in demand for low-cost products

• Increase in consumer savings

Identify one benefit and one drawback of globalisation.

• Benefit: Smaller market; Drawback: Less competition

• Benefit: Access to a larger market; Drawback: Increased competition

• Benefit: Lower costs; Drawback: Higher prices

• Benefit: More local jobs; Drawback: Less innovation

Explain one barrier to international trade.

• Tariffs

• Free trade agreements

• Currency exchange

• Global partnerships

What does SPICED stand for?

• Strong Pound Imports Cheaper, Exports Dearer

• Strong Pound Increases Costs, Exports Decline

• Strong Pound Increases Cheaper Exports Demand

• Strong Pound Imports Costly, Exports Decline

How is automation used?

• To increase manual labor

• To perform tasks using machines or robots

• To reduce technological advancements

• To increase human intervention

What is CAD? Advantages / disadvantages

• CAD is a manual drawing technique; Advantages: Quick sketches; Disadvantages: Inaccuracy

• CAD is a software for creating designs; Advantages: Accurate designs; Disadvantages: Expensive software

• CAD is a software for financial analysis; Advantages: Cost savings; Disadvantages: Limited data

• CAD is a software for marketing; Advantages: Broad reach; Disadvantages: High cost

What is CAM (Computer-Aided Manufacturing)?

• Uses software and machinery to automate production

• A method of manual production

• A type of e-commerce

• A form of consumer rights

What is m-commerce?

• Buying and selling of goods and services through mobile devices

• A type of manufacturing process

• A form of consumer protection

• A method of online advertising