Ukuran huruf
Lembar kerjaMr Frayne's Y11 Revision Blast
Total soal: 50
Worksheet time: 28mins
What is the formula for Market Growth?
Sales of one firm/Total market sales x 100
Number of units sold x price
change in size of market / original size x 100
_________________ research aims to understand why customers behave in a certain way or how they may respond to a new product.
Quantitative
Qualitative
primary
secondary
_________________ research is concerned with data and addresses question such as "how many?", "how often", "who?", "when?" and "where?"
Quantitative
Qualitative
primary
secondary
EXAM TECHNIQUE
Which of the following connective words/phrases is most likely to support you in building a logical chain of argument (& earn ANALYSIS marks) in your exam answers.
"on the other hand"
"this could lead to"
"however"
"marketing"
Which of the following 3 are the most likely examples of the benefits to a business of ADDING VALUE to its products/service.
charge a fair price, be competitive, support local
motivate employees, innovative, less waste
charge higher price, protection against competitors, focus on target market
survival, environmental impact, brand awareness
What is one of the reasons why Marks & Spencer charges more for their food than Aldi?
Convenience
Branding
Quality
Design
What is a unique selling point (USP)?
A way to make a product more convenient
A well-recognized and trusted brand
A feature that differentiates a product from competitors
An ethical reputation in an unethical industry
Which company added value to their products through a strong USP related to ethics?
Nike
Marks & Spencer
Gymshark
Lush
What is the main reason for adding value to products and services?
To increase profit margins
To make the products more appealing
To incentivize customers to make purchases
All of the above
What is the added value of branding?
Customers trust the brand
Customers perceive better quality
Customers have positive emotions towards the brand
All of the above
A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?
Inability to break even
Lack of security
Business failure
Lack of independence
Which of the following statements best describes the term, reward?
The probability that something will go wrong
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
An entrepreneur has developed a unique product to launch into the market. Which of the following best describes how this new business idea came about?
An original idea
Adapting an existing product
Adapting an existing service
Adapting an existing idea
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
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
An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate any pain when shaving. This is an example of a business idea that:
Was developed and delivered to the market quickly
Solved a customer problem
Offered a cheaper way of doing something
Is aimed at a fast growing market
A product or service is obsolete when sales:
Start to rise
Rise rapidly
Growth slows
Fall or come to an end
Which of the following statements is true in relation to goods and services?
Services can be touched and held, whilst goods are usually invisible
Goods can be touched and held, whilst services are intangible
Services are visible, whilst goods are usually invisible
Both goods and services are intangible
Which two of the following are examples of risk that can occur from business activity?
Select two answers:
Profit
Lack of security
Independence
Business success
Financial loss
Which two of the following increases the risk of business failure?
Select two answers:
Draws up a detailed business plan
Produces goods that do not meet customer needs
Makes a product that stands out from its competitors
Fails to carry out comprehensive market research
Offers exceptional customer service
Define what is meant by an 'entrepreneur'
A person who starts or runs a business. They are prepared to take risks to be successful.
A wealthy individual who invests in a business
Which of the following are rewards from business activity?
Profit
Increased overheads
Lack of security
Independence
Which of the following are risks when starting a new business?
Business failure
Business success
Lack of security
Independence
Which of these is adapting existing products?
Charging a different price
Faster ways to provide a service
Different pack size
New flavour
Which of the following is not a risk associated with starting a new business?
Business Failure
Financial Loss
Lack of security
Loss of Friends
Which of these is not a Good
Scissors
Train
GP appointment
Orange
Which of the following are a way of 'adding value'
Price
Branding
Quality
Convenience
Which are the three key roles an entrepreneur must fulfill?
organising resources
making business decisions
take customers to lunch
taking risks
Three ways that new business ideas come about are
Ask a friend
Changes in what customers want
Changes in technology
Products becoming obsolete
Which of the following is the role of an entrepreneur?
To be a sole trader
Personal Satisfaction
Taking risks
Going to university
How can a small business add value?
Locate in a convenient place
Pay a higher rate of taxation
Reduce its cash inflows
Use a long term source of finance
Which one of the following is a service?
Birthday cake
Mobile phone
Plane journey
Newspaper
What is an example of a reward from starting a business?
Increased overheads
Lack of security
Financial overheads
Independence
What is the best definition for innovation?
the creation of something new
the improvement of something that already exists
the creation of something old
changing something that does not yet exist
Overdraft
A facility offered by a bank that allows an account holder to borrow money at short notice
When an individual is unable to pay their debts
When a company ceases trading
A long term source of finance
Which of these is an example of primary research
Focus Group
Internet
Company reports
Government statistics
Last year, a business made £300,000 profit from sales revenue of £750,000. Its total variable costs equalled £125,000. The value of the business’s fixed costs was:
£175,000
£325,000
£450,000
£625,000
Last year, a business made £300,000 profit from sales revenue of £750,000. Its total variable costs equalled £125,000.
If the business sold 100,000 units during the year, its variable cost per unit equalled:
£0.80
£1.25
£3.00
£7.50
Which of the following would be considered a variable cost?
Salaries
Insurance
Utilities
Raw materials
Which form of ownership allows the general public to buy and sell shares in the company on the stock exchange?
Public Limited Company
Partnership
Sole Proprietorship
Private Limited Company
A partnership is an agreement between...
1 - 10 people
2 - 10 people
2 - 20 people
2 - 50 people
Private Limited Companies are owned by
Sole Traders
Partners
Shareholders
The Government
Advantages of a sole trader are:
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Which two of the following are advantages of starting up and running as a franchise operation?
Select two answers:
The franchisee:
Has to provide all equipment such as IT systems
Gets advice and training from the franchisor
Has to pay royalties to the franchisor
May have to buy goods from the franchisor at a mark-up
Is part of a well-known firm with established brand name and product
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
Using this diagram what line is F?
Total Revenue
Variable Costs
Total Costs
Fixed Costs
