WorksheetsBusiness Recap Quiz
Total questions: 55
Worksheet time: 29mins
Define Job Production?
Used to produce one off product that are made to meet specific customer requirements.
Used to produce more than one product that are made to meet specific customer requirements.
Used to produce one off products that dont have any specific requirements.
Good customer service can lead to an increase in customer satisfaction, but what else?
Customer Spend
Customer Confidence
Customers Decreasing
Define Batch Production?
Are made in groups, that produce unique products, allows for slight changes before next batch is produced.
Are made in groups, that produce similar products, allows for slight changes before next batch is produced.
Are made in groups, that produce similar products, doesnt allow for slight changes before next batch is produced.
Define Flow Production?
Sometimes called Mass production, produces similar products that will continously move to the next stage of production.
Sometimes called Mass production, produces identical products that will be completed within the one stage of production.
Sometimes called Mass production, produces identical products that will continously move to the next stage of production.
Choose an advantage and disadvanatge of Flow Production.
Variety & Flexibility
Low Volumes Produced
Allows for Specialisation, Better Effeciency
Can Be Risky, Lot of Investment.
Choose an advantage and disadvanatge of Batch Production.
Better Effeciency
Initial Costs are High
Lower Unit Costs
Not tailored
Choose an advantage and disadvanatge of Job Production.
Unique Designs
Can Be Expensive
Lower Unit Costs
Machine Downtime
When thinking about whether a business should introduce flow production, they need to consider:
The cost, the likely level of demand & the need for flexible production.
The cost, the product quality & the need for variety.
The cost, the initial set up fees & working hours.
What is a the downside to division of labor?
Makes it quicker and easier to train people
The job may become boring and repetitive
They are becoming more automated
The service provided to customers before, during and after purchasing a product
When a business meets customer needs
A method of production
What is the best method of improving quality?
Expansion
Lowering costs
Staff and Management Training
Which of these statements describes quality assurance?
Inspectors are used to check the quality of the goods being produced
All workers are involved in and responsible for the quality of their work
only finished goods are checked so that no faulty products are sold to customers
Quality assurance does not disrupt production because quality is only checked once production is finished
E-commerce is:
selling goods and services from a shop
selling goods and services through a large warehouse
selling goods and services through the internet
selling goods and services at airports.
E-commerce can help business activity by:
enabling customers to buy goods 24/7
giving advice in a shop
making sure the goods are up to standard
taking time to send goods securely.
Procurement is:
the process of making sure the best-quality product is ordered
how a business makes sure that deliveries are made on time
the process of managing the ordering of goods and services required by a business
the part of a business which manages the level of production to increase efficiency
Logistical decisions in a business are concerned with
the transportation and management of supplies
the management of the quality control system within a business
the methods a business will use to examine goods upon delivery
the management of costs in the production process within a business
(Select 1 or more) Good quality is important to a business because....
It may improve the image of the brand and reputation.
They may be able to charge higher prices for their products.
It can save them money with less wastage.
It can decrease the number of customers that buy products.
They may be able to charge lower prices for their products.
Which statement/statements best describes what supplies are?
General items used to keep the business going.
Materials used in the production process.
Major purchases used to create the production process.
All of the statements
Select advantages of Just in Time Production.
Does not need as much space to store the stock.
Can meet sudden increases in demand.
Less danger of theft or having to reduce costs to sell the stock.
Lower risks if there are issues with the suppliers.
Select advantages of Just in Case Production.
Does not need as much space to store the stock.
Can meet sudden increases in demand.
Less danger of theft or having to reduce costs to sell the stock.
Lower risks if there are issues with the suppliers.
Select disadvantages of Just in Time Production.
Less likely to get discounts with buying small quantities.
At risk if there are difficulties with suppliers.
Holding stock that may go out of date or need to be sold cheaper.
Higher stockholding costs may occur.
Select disadvantages of Just in Case Production.
Less likely to get discounts with buying small quantities.
At risk if there are difficulties with suppliers.
Holding stock that may go out of date or need to be sold cheaper.
Higher stockholding costs may occur.
What is the correct order of the sales process?
1. Good Product Knowledge
2. Identify Sales Oppurtunites
3. Understand Needs & Wants
4. Informing Customers of Features & Benefits
5. Closing the Sale
6. Following Up
1. Good Product Knowledge
2. Understand Needs & Wants
3. Following Up
4. Closing the Sale
5. Informing Customers of Features & Benefits
6. Identify Sales Oppurtunites
1. Understand Needs & Wants
2.Following Up
3. Good Product Knowledge
4. Identify Sales Oppurtunites
5. Informing Customers of Features & Benefits
6. Closing the Sale
What are the good features of good customer service?
Greeting the customer.
Interacting with the customer immediately.
Knowing what the customer's needs and wants are.
Not responding to feedback
Leaving complaints that are nothing to do with you.
Which of the following is a benefit of setting a business up as a Private Limited Company (Ltd)?
The owners have limited liability
It's the quickest and cheapest type of business to set up
The finances of the business can be kept private
Dividends must be paid to the shareholders
Which of the following is a benefit of being a Partnership?
The partners have limited liability
Finance can be raised by selling shares to friends and family
One person has complete control over business decisions
Each partner can contribute finance and skills to the business
Which of the following is a benefit of setting a business up as a Public Limited Company (plc)?
The owners have unlimited liability
Large sums of finance can be raised by selling shares on the stock exchange
The business can be taken over if someone buys 51% or more of the shares
Members of the public can buy products and services from the business
What does the term unlimited liability mean?
The owners of the business are personally responsible for the debts of the business, and might have to use their own money to pay off debts
The owners are legally seperate from the business
The owners are not personally responsible for paying off the debts of the business with their own money / assets
The owners of the business are entitled to keep all of the profits
Which of the following objectives is a small, new business most likely to have when entering a competitive market?
To make £1 million profit in the first month of trading
To expand to 3 other countries
To survive the first year of trading
To be the market leader within the first 6 months
Which of the following is an internal stakeholder of a business?
The government
A supplier
A customer
An employee
Why is the government a stakeholder of most businesses?
The government owns all businesses
The government receives dividends from all businesses
The government receives taxes from businesses
The government wants businesses to fail so that unemployment rises
Which of the following are examples of internal (organic) growth? Tick all that apply...
Taking over another business
Developing a wider product range
Attracting more customers through advertising
Opening up new stores in new locations
Which of the following characteristics does a succesful entrepreneur have? Tick all answers that apply...
Creative / innovative
Willing to take calculated risks
Determined & resilient
Risk averse
Confident & good at communication
What might an entrepreneur risk when starting up a business? Tick all that apply...
They might have invested their own personal savings
Relationships with family & friends might suffer due to long hours
Giving up a job / steady income
Getting rich if the business does well
What is a Niche Market
A market with only a specific product.
A market with one business in it.
A cash cow.
A star.
Examples of Primary research
Books
Newspapers
Your own survey
Focus Groups
Examples of Secondary research
Focus Groups
Books
The Internet
Magazines
Interviews
What is segmentation?
Dividing customers into groups based on preferences
Dividing customers into groups based on income
Diving employees into different departments
Dividing shareholders into specialized groups
Which is not a stage of the product life cycle?
Product development
Introduction
Decline
Maturity
Competitive growth
What is e-commerce
Commercial transactions conducted electronically on the Internet.
Transactions conducted on a mobile phone.
What is m-commerce
Transactions conducted on a mobile phone.
Commercial transactions conducted electronically on the Internet.
Which stage in the Product Life Cycle would the IPhone 4 be in?
Introduction
Maturity
Decline
Growth
What is the missing stage of the product life cycle?
(a)
Select the factors that a business would have to consider when choosing a supplier
Cost of raw materials
Surname of supplier
Storage space available
Location of supplier
Select the possible consequences of understocking
Stock may go out of date
Increased admin costs to process more orders
Unexpected orders cannot be met
Inventory has a higher risk of being stolen
Select the possible consequences of overstocking
Cash flow problems as money is tied up and could be use din other places
If trends change your stock may go out of fashion and be wasted
Production may stop if there are not enough raw materials
Customers may not get their orders in time
Quality Control is when ...
Products are checked at the end of the production process
Products are checked at every stage of the production process
Quality assurance is when...
Products are checked throughout the production process
Products are checked at the end of the production process
Products are checked at the beginning of the production process
What is an advantage of field research?
It is cheaper to get
It is more reliable as you have got it yourself
It is quicker to get
It is easier to obtain
What does it mean if the information contains bias?
Information is one-sided as it involves someones opinion.
Information is old and useless.
Information is not specific to your research.
Information is excessive and not needed.
