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WorksheetsA Level Mixed Bag
Total questions: 45
Worksheet time: 24mins
Supply would shift to right is government subsidies were
increased
decreased
withdrawn
cancelled
Which of the following is an inferior good ?
Which of the following is likely to be a luxury product ?
YED = + 1.1
YED = + 3.5
YED = + 0.5
YED = - 1.6
Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price?
Cost-plus pricing
Low pricing
Promotional Pricing
Percentage pricing
Which of the following is an example of above-the-line promotion?
Television advertisement
Sponsorship
Free gifts
Merchandising
What role do Wholesalers play in the distribution channel?
They sell products directly to the end consumers.
They create the products to be distributed.
They buy large quantities of products and sell them to retailers or other intermediaries.
They only operate in e-commerce channels.
What are the two dimensions that are used to determine the position of a product or brand in the Boston Matrix?
Market Value & Market Growth
Market share & market growth
Share price & market share
Selling price & market share
A product with a high share of a mature market would be classified as a
Star
Question mark / Problem child
Dog
Cash Cow
What is an example of a "Question Mark" product?
iPads
iPods
Apple TV+
MacBooks
What type of organisational design is this?
Tall Structure
Wide Structure
Matrix Structure
Tall & Wide Structure
What leadership style is closely associated with F.W. Taylor's Scientific Management theory?
Autocratic
Democratic
Laissez-faire
Transformational
Hobbies, interests and values are part of which area of Market Segmentation?
Demographics
Psychographics
Geographics
Behavioral
What is happening at point F of the Product Life Cycle?
Growth
Maturity
Extension Strategy
Introduction
Which stage has economies of scale?
introduction
growth
maturity
decline
What does a PED value of greater than 1 indicate?
A) Inelastic demand
B) Elastic demand
C) Perfectly inelastic demand
D) Unitary elasticity
Market orientation involves:
Developing products first, then finding markets for them
Creating products based on customer needs and market demand
Ignoring competitors and focusing on internal resources
Relying on product quality alone to generate sales
___________ is a payment system that rewards people based on the amount they sell or produce, linking pay to productivity
Fringe benefits
Remuneration
Piece rate
Profit-related pay
By expressing the firm´s sales revenue as a percentage of the whole industry´s sales revenue, we get (a)
What type of data is Qualitative data?
1 out 3 students use red pens
I think red pens are better
red pens are used by students
red is a colour
Which of these are NOT methods of primary market research?
Observation
Trade Magazines
Focus Group
Mintel Reports
A decrease in the price of smartphones would likely ____________
Decrease the demand for phone cases
Increase the demand for phone cases
Have no effect on the demand for phone cases
Decrease the demand for laptops
The process of assigning authority and responsibility to subordinates is called
Specialisation
Promotion
Empowerment
Delegation
An organisation with many levels of hierarchy and a narrow span of control is often referred to as
High organisational structure
Big organisational structure
Tall organisational structure
Traditional organisational structure
Which of the following is the definition of industrial action?
Measures taken by the workforce or trade union to put pressure on management to settle an industrial dispute in favour of employees.
workers working hard in the workplace
employees agreeing to settle conflict as soon as they arise.
Which characteristic is commonly associated with successful entrepreneurs?
Risk aversion
Dependability on others
Resilience
A preference for routine
What name is given to the value of the next best alternative that you give up when you make a decision?
trade-offs
opportunity cost
lost opportunities
options
What is a trade-off?
Cost that changes (rises or falls) depending on how much is produced.
Giving up of one thing in return for another; a compromise.
The additional income from selling one more unit of a good; sometimes equal to price.
The sum of fixed cost and variable cost.
Which of the following represents a trade-off in business decisions?
Choosing between profit maximization and employee welfare
Selecting a new product line based solely on market research
Expanding operations without any financial implications
Prioritizing customer satisfaction above all
Private limited companies are...
incorporated
unincorporated
A Private Limited Company has PLC after its name.
True
False
Private Limited Companies have to make Financial Information Public
True
False
Demand increases by 10% when price is cut by 25% therefore
demand is price elastic
demand is price inelastic
PED = -2.5
YED = -0.4
Sales of inferior goods should increase during
an economic boom
a recession
rapid economic growth
a situation of rising incomes
Factors affecting demand : Tastes (trends), income, c............., substitutes
cash cow
condiments
complements
competition
This definition: "a business reacts to what customers want. The decisions taken are based around information about customers' needs and wants" best describes.....
segmentation
A market orientated approach
A product orientated approach
Innovation
According to the law of demand, as price rises, what happens to quantity demanded?
It goes up
It goes down
It stays the same
No change
Which diagram shows the supply curve?
A
B
C
D
The problem child (question mark) has
a high market share and high market growth
a low market share and high market growth
a low market share and low market growth
a high market share and low market growth
The external environment concerns features of the business environment that are:
Within the control of a business
Outside the control of a business
Opportunities for a business
Threats for a business
What is the selling price of an item which costs £5 to make and has a 50% mark up (profit added)?
£7.50
£5.00
£10.00
A type of market segmentation divides markets into distinct groups based on age, gender, income level, occupation, or education level.
Geographic Segmentation
Psychographic Segmentation
Demographic Segmentation
Behavioral Segmentation
