WorksheetsEnterprise and Marketing Mock Quiz
Total questions: 64
Worksheet time: 1hrs 4mins
Select the true statement about sole traders.
They are run by and employ one person.
Most small businesses are sole traders.
All sole traders are public companies.
Most charities are sole traders.
A partnership....
is run by many people, with a minimum of two.
is run by 2 - 20 people
ensures that all partners have an equal share in the business.
is run by only two people.
An established business called the ___________ offers
for sale to other businesses or individuals the rights to sell its products/services.
franchisor
franchisee
corporation
public company
Which of the following is true about franchises?
Royalty fees are usually a percentage of turnover.
Royalty fees are usually a fixed fee.
Aberdeen City Council is an example of a franchise.
Most charities are franchises.
A ____________ gets to keep all of the profits.
Sole trader
Charity
Shareholder
Public limited company
The total costs are calculated as the sum of the (a) costs and the variable costs.
(a) costs don't vary as the business changes its output
(a) costs change directly with output.
Fixed or Variable?
Raw materials
Fixed
Variable
Fixed or Variable?
Office rent
Fixed
Variable
Fixed or Variable?
Insurance
Fixed
Variable
Fixed or Variable?
Salaries
Fixed
Variable
Open Ended Interview
Qualitative
Quantitative
Focus Group
Qualitative
Quantitative
Closed Ended Surveys & Questionnaires
Qualitative
Quantitaive
The mass of the chocolate cake is 250 g.
Qualitative
Quantitative
Will crowdfunding people raise money through
donations
the government
a bank
chanels
Which of the these sources of finance is least useful for dealing with cash-flow issues?
Trade Credit
Crowdfunding
Overdraft
Owner's Capital
Which of these formulae defines the point at which breakeven occurs?
None of these
Total Revenue = Total Costs
Total Profit = Total Costs
Total Revenue = Total Price
Label Point 3 (orange line)
Fixed Cost
Total Cost
Profit
Sales Revenue
Label Point 4 (pink)
Fixed Cost
Total Cost
Profit
Sales Revenue
Label Point 6 (red line)
Fixed Cost
Total Cost
Variable Cost
Output
Label Point 7
Break Even Point
Profit
Margin of Safety
Output
Which of the following is an example of an extension strategy that involves targeting new customers?
A. Advertising
B. Price changes
C. Adding value
D. Exploration of new markets
A possible extension strategy is to add value. This means
Increasing the price of the product
Decreasing the price of the product
Add new features to the existing product
Which of the following correctly represents the stages of the product lifecycle?
Development, Introduction, Growth, Maturity, Decline
Development, Introduction, Maturity, Growth, Decline
Introduction, Development, Growth, Maturity, Decline
Maturity, Development, Introduction, Growth, Decline
Which of the following is a typical benefit to the business of the growth stage of the product lifecycle?
Competition increases
Profit margins improve
Sales volumes peak
Highest price is set
Which of the following is not a stage of the product lifecycle?
Development
Growth
Introduction
Recession
Which of the following stage of the product lifecycle is shaded and labelled ‘X’ on the diagram?
Development
Growth
Introduction
Maturity
Which of the below is NOT a disadvantage of Government statistics?
Can be charged for some information
Data may be outdated
Data might not always be relevant
Data is easy to access
What are the 3 types of secondary research?
Market Reports
Survey
focus groups
Internal Data
Government Statistics
Where can you get support from someone who might actually want to help you with no other motives?
Friends and family
Accountants
Solicitors
Government
Chamber of Commerce
Where can you get support from someone knows about money and taxes?
Friends and family
Accountants
Solicitors
Government
Chamber of Commerce
Where can you get support from someone knows about legal issues?
Friends and family
Accountants
Solicitors
Government
Chamber of Commerce
Which of the following are potential drawbacks of taking calculated risks?
Making large profits
Poor health
Strained relationships
Loss of income
A stakeholder is... (choose the most correct answer)
anybody who is affected by the business or who in turn could have an impact on the success of the business.
someone who is either an employee, owner or customer of the business.
anyone who lives in the community the business is physically located in.
Anyone who has made an investment in the business.
Which of the following are public relations methods?
Press release
Discount
Celebrity Endorsement
Sales Pitch
Describe how 'discounts' work as a sales promotion technique
To encourage sales, a customer is offered a pen or other item.
Customers collect points with purchases, which can be exchanged for other goods or services.
A customer purchases one product at the normal price and gets another product free.
Money is taken off the original selling price e.g. 10% off
Describe how 'free gifts' work as a sales promotion technique
To encourage sales, a customer is offered a pen or other item.
Customers collect points with purchases, which can be exchanged for other goods or services.
A customer purchases one product at the normal price and gets another product free.
Money is taken off the original selling price e.g. 10% off
Describe how 'loyalty schemes' work as a sales promotion technique
To encourage sales, a customer is offered a pen or other item.
Customers collect points with purchases, which can be exchanged for other goods or services.
A customer purchases one product at the normal price and gets another product free.
Money is taken off the original selling price e.g. 10% off
Describe how 'Buy One Get One Free offers' work as a sales promotion technique
To encourage sales, a customer is offered a pen or other item.
Customers collect points with purchases, which can be exchanged for other goods or services.
A customer purchases one product at the normal price and gets another product free.
Money is taken off the original selling price e.g. 10% off
Which of the following best describes Advertising?
Showing people stuff online to make them buy it
The use of media to communicate with customers to inform them of a product or service
Keep showing the same images to people in the hopes they will buy the product
Getting people to talk about your product
Which of these is: Using different platforms to share posts about your products and service
Magazine Adverts
Newspaper Ads
Radio Adverts
Social Media Advertising
Leaflets
Which of these is: A physical printed method containing information about the product or service which can be visually pleasing, portable and easy to distribute
Magazine Adverts
Newspaper Ads
Radio Adverts
Social Media Advertising
Leaflets
Which of these is: Digital method accessed through a browser that informs customers of the products they sell and can allow purchasing online
Magazine Adverts
Newspaper Ads
Radio Adverts
Social Media Advertising
Websites
where the price set is set similar what competitors are charging is known as:
Penetrative Pricing
Competitive Pricing
Psychological Pricing
Price Skimming
Where setting prices in a way that is designed to influence customer’s perception in some way is known as:
Penetrative Pricing
Competitive Pricing
Psychological Pricing
Price Skimming
Beginning with a high price when a product is in high demand, often because it is unique or there is limited competition is known as:
Penetrative Pricing
Competitive Pricing
Psychological Pricing
Price Skimming
Begin with a low price for a short time often used for new products is known as:
Penetrative Pricing
Competitive Pricing
Psychological Pricing
Price Skimming
Which type of market segmentation is this:
Using location factors, such as country or climate, to split a market up
Age
Lifestyle
Geographic
Income
Gender
Which type of market segmentation is this:
Recognising that male and female consumers behave differently
Age
Lifestyle
Geographic
Income
Gender
Which type of market segmentation is this:
Separating a market according to the demographic of how old consumers are
Age
Lifestyle
Geographic
Income
Gender
Which type of market segmentation is this:
Using what a consumer does for a living as an indicator of their behaviour
Age
Lifestyle
Occupation
Income
Gender
Which type of market segmentation is this:
This separates consumers according to how much money they earn
Age
Lifestyle
Occupation
Income
Gender
Which type of market segmentation is this:
This method is based upon the idea that people with similar hobbies and interests behave in a similar way
Age
Lifestyle
Occupation
Income
Gender
What is: "data which the Office for National Statistics website publishes updates on a regular basis"
Government statistics
Internal Data
Competitor Data
Books & Magazines
Market Reports
