WorksheetsAP1 year 10 revision quiz
Total questions: 41
Worksheet time: 24mins
(a) are all of the expenses that a business incurs (pays).
The total costs are calculated as the sum of the (a) costs and the variable costs.
(a) costs change directly with output.
Fixed or Variable?
Wages paid for factory labour?
Fixed
Variable
Fixed or Variable?
Office rent
Fixed
Variable
Fixed or Variable?
Insurance
Fixed
Variable
Fixed or Variable?
Salaries
Fixed
Variable
what is a disadvantage of high market share
higher economies of scale
additional taxes and tariffs
increase in sales
brand recognition
successful __________are usually confidence, creative, self starter.
bankers
lawyer
entrepreneurs
buliders
It is the person who buys goods or services from the seller.
A. Product
B. Service
C. Buyer
D. Seller
A person who starts a business and is willing to risk loss in order to make money.
A. Buyer
B. Seller
C. Entreprenuer
D. Manager
This person owns the store for business establishment and offers goods, products, or services to those who need it.
A. Product
B. Service
C. Buyer
D. Seller
Market segmentation means....
Dividing the market into sub-sets with common needs or wants
Ensuring a broad product portfolio
Delegating tasks to middle managers
Ensuring that the product is sold at a competitive price
Market map
The development of branding by a business
Companies operating in a particular market
A document that provides directions to the local market
Measuring where existing brands sit on a two-factor grid
Gap in the market
The collection of data in order to inform decision making
An area on a market map where few or no existing brands operate
The time of the week when the businesses in the market are closed
An original feature of a product that competitors are not offering
Where is the gap in this market?
Select one answer.
Light everyday
Everyday filling
Light luxury
Luxury filling
Which of the following is a benefit to a business of segmenting a market?
Increased risk of making inaccurate business decisions
Market segments are always very easy to reach
High sales levels are guaranteed
The business is more likely to generate sales from its products
A business manufactures and sells vegetarian ready meals. Which type of market segmentation would the business most likely use?
Location
Lifestyle
Gender
Age
Who normally decides on business objectives?
Employees
Customers
Owners
What aim will a new small business have?
Profit
Market share
Survival
What type of market research is primary?
Questionnaires
Reports
Research papers
News articles
What is an advantage to using focus groups?
Provides quality responses
Random people engaged with
Incorrect answers
What is an advantage to primary research?
Results are specific to the business.
Time consuming
Costs the business money
Poor design produces poor results
What is a disadvantage to primary research?
Time consuming
Available when needed
Information is relevant
Information is correct
What type of data involved numbers and figures?
Quantitative
Qualitative
Which type of data involves people's feelings and opinions?
Quantitative
Qualitative
Which two of the statements are advantages of market research?
Helps a business understand customers and competitors
It can be very time consuming
It could be difficult to analyse
Helps a business create targeted marketing
Select the 2 advantages of branding
A business can save money on marketing once the product becomes a household name.
It means businesses don't have to make new items.
The business can change its name if it wants to.
Higher prices can be charged when consumers become loyal to the brand.
In what ways can a brand be easily recognisable?
By its logo
By the price
By the taste
By its packaging
Customers that buy brands expect the product to be high
in price
quality
