E-commerce falls under which key reason why new business ideas come about?

What does the following definition best describe? "Any business transaction that takes place using the internet".

Changes in what consumers want are influenced predominantly by which factors?

Examples of demographics include?

If levels of income went up across the UK and positively impacted disposable income, then it’s likely consumers would want to purchase?

The rise in vegan products is mainly due to?

New business ideas come about because entrepreneurs?

The common factors which make a new business start-up likely to succeed include?

The common factors which cause a new business start-up to fail include?

The common risks that face any entrepreneur when starting a business include?

The chances of business failure increase if a business has a _______ cashflow as it has more money going out than what it has coming in.

Business failure can often happen due to low levels of sales revenue or low profit margins, but what causes these to happen?

Financial loss can occur at anytime and isn’t just restricted to when a business initially starts up?

The owners of a business are always risking financial loss on a personal basis.

When an entrepreneur quits their job to pursue their business start-up full time, meaning they give up what is usually a secure and regular income for something which is not guaranteed, this is an example of which common type of risk?

Entrepreneurs can minimise and manage risk by?

The common rewards that motivate many entrepreneurs to start a business include?

Having the option of making their own decisions and being fully accountable for the outcomes of these decisions is a major attraction for many entrepreneurs. Which type of reward does this describe?

All entrepreneurs start a business to make a profit.

The three main roles of business enterprise are?

Goods are intangible items which businesses offer to customers, meaning they can be physically touched and taken away.

Which one isn't an example of a customer need which a business may need to meet?

The term ‘added value’ means a business sells a product or service for less than the cost of producing it.

Alongside producing products from raw materials, there are several other ways that a business can add value to its products and services, these include?

Which formula is the correct way to calculate the added value?

The three key roles of an individual entrepreneur in business are?

Which two are examples of high-level business decisions that an entrepreneur could face?

The four main customer needs are based on?

Businesses can only use one pricing strategy.

Loss Leaders are products which are sold at a higher price than they cost to produce and sell, with the aim of increasing footfall into a business' stores.

The two key benefits for a business if it can identify and understand its customers' needs are?

If a supermarket opened a range of smaller local stores, which customer need would this be most closely linked to?

An electronics retailer sells a variety of top branded goods but has just launched its own range of essential products which will be much cheaper. Which customer need would this be most closely linked to?

If customers have a wide range of options when they are looking to purchase a product, which customer need does this meet?

If a business sells products which are known as being the best in the market, which customer need does link to?

Tom is looking to purchase a new TV, but he has a limited budget and can't travel far. Which two customer needs are most important to Tom?

Jenny is looking to purchase a wedding dress. She has saved for the last five years just so she can afford whichever dress she falls in love with. She is willing to travel anywhere in the UK to find the perfect dress regardless of the price. Which two customer needs are most important to Jenny?

Which one is not a key purpose of market research?

Which one is not a method of primary research?

The two main methods of market research are known as?

Which two are methods of secondary market research?

This type of research is often used to generate statistics which represent the market numerically and uses closed questions i.e. 'yes' or 'no' responses or rankings etc.

This method of market research involves a group of people who are interviewed by or on behalf of the business.

This type of market research provides a business with information and data based on an industry.

If a business changes the location of a product to see if this influences buyer behaviour, this is an example of which type of market research?

Observation is a form of secondary market research.

Examples of market segments include?

If a business segments the market according to levels of education, income, family size, race, and gender, they are segmenting the marketing by focusing on?

Segmenting the market by ________ creates different target customer groups based on geographical boundaries.

What is one of the key criteria often used in market segmentation to categorise consumers into distinct groups based on their purchasing power and economic status?

This type of market segmentation considers the personality traits, values, opinions, and interests of consumers.

Which two features are commonly used in the market mapping process?

The market mapping process is used to identify any gaps in the market and helps businesses to pinpoint the type of product/service they wish to sell to this group of customers.

Which one best describes the process of market segmentation?

The benefits of segmenting the market for a business include?

If a business segmented the market based on the salary of customers, this is an example of segmenting the market by?

The two different types of competition in business are known as?

In business, competition is deemed to be strong if?

Businesses can analyse their competition based on a range of factors which include?

If a business can offer a similar product at a lower price, it is considered a strength as they are likely to attract customers and increase sales?

To become the market leader in the competitive environment it operates within, a business must sell the highest quality goods?

If a business sells a product which has a USP and is in high demand with customers, this a strength linked to which factor?

Which of the following scenarios is most likely to lead to business failure in a highly competitive market?

If a business operates in an extremely competitive market, what can it do to become more competitive?

The business which can offer the cheapest products to customers will become the market leaders.

Identify the financial aim from the options below.

Identify the non-financial aims from the options below.

What is the difference between an aim and an objective?

Which one best describes the term business survival?

Which two are examples of variable costs?

A business has a total revenue of £187,000 and a total cost of £166,000, has it made a profit or a loss?

A business has a total revenue of £162,000 and a total cost of £175,000. Therefore, it has made a profit of £13,000.

A business sells a product for £28, has a variable cost per unit of £13, and fixed costs of £9,000. What is the break-even point in revenue?

The formula to calculate total costs is?

If a business sells 3209 products for £12 each, what would its total revenue be?

A business has taken a bank loan for £18,000 but has a total repayment of £24,000. What is the interest rate charged on the bank loan?

A business sells 4,328 products in a year. It has fixed costs of £23,500 and variable costs of £7 per unit. What is its total cost?

A business sells a product for £15, has a variable cost per unit of £8, and fixed costs of £7,000. It sells 1230 units. What is the margin of safety?

A business produces 10,200 products in a year and sells them for £12 each. The fixed cost is £42,000 and total costs equal £72,600. What is the variable cost per unit?

Which two are reasons why it is important for a business to have cash?

If a business has a positive cash flow, this means?

Which one best describes the term cash?

Common cash inflows include?

Common cash outflows include?

The formula to calculate net cash flow is?

The formula to calculate the closing balance in a cash flow forecast is?

Identify the two benefits of using cash flow forecasting in business from the options below. (2 answers)

If a business has an opening balance of £1250 and a net cash flow of £2,200, what is the closing balance?

If a business forecasts to have cash inflows of £3,635 and cash outflows of £1,320 in the month of May, it has a net cash flow of?

A business can only receive investment through share capital in its first year of trade?

Short term sources of finance are paid back within ____ ____.

Identify the two key short-term sources of finances which are commonly used in business listed below.

Identify the two disadvantages for a business when using an overdraft as a source of finance.

"The maximum amount of credit available to the business" best describes which common term of a credit agreement?

Identify the three long term sources of finance listed below.