Quiz year 11

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40 questions

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Please answer all the questions to the best of your ability

A franchise is a way to expand a business using the investments of others while maintaining control over the name, product quality, and operating procedures.

True

False

A franchise is a way to expand a business using the investments of others while maintaining control over the name, product quality, and operating procedures.

True

False

A form of business ownership in which the business is owned and run by one person.

corporation

partnership

joint venture

sole proprietorship

A _____________ is owned by one or more shareholders and managed by a board of directors.

sole proprietorship

partnership

corporation

joint venture

A partnership agreement details the rules and procedures that guide ownership and operations and will typically identify the business name, investments, and other contributions of each partner.

True

False

These type of entities typically work in areas such as education, health care, charity, or the arts.

non-profit corporations

joint ventures

sole proprietorships

partnerships

Technology refers to the use of automated machinery, electronic equipment, and integrated computer systems to help increase the efficiency of work production.

True

False

A planned reduction in the number of employees in order to cut costs and make a business more efficient.

economic cycle

human resources

downsizing

outsourcing

How do a business's objectives differ from its strategic plan?

Clear, measurable targets
Long-term plan to achieve objectives

Business Objectives
Strategic Plan

What could be represented at the second level of an organisation chart? (One or more)

Departments

Managers

Vice Presidents

Employees

What does 'levels of hierarchy' in an organizational structure indicate?

Size of the organization

Number of management levels from top to bottom

Number of departments

Relevance of the positions in decision-making

Which term is defined as the degree to which decision-making is concentrated at a single point in the organization?

Matrix structure

Chain of command

Centralization

Bureaucracy

What is the purpose of 'de-layering' in a business organization?

To merge departments

To decentralize decision-making

To reduce number of employees

To remove middle layers of management, improving efficiency

What does 'Decentralization' imply in the context of an organization?

Incident of fraud within the organisation

Introducing new layers in the company hierarchy

Amalgamation of power at a single point

Distribution of administrative functions or powers across various departments

What is the definition of Land?

The work people do in order to make a good or provide a service.

Ownership of a business

Anything that is found in nature that is used to make a good or provide a service.

Goods that are bought in order to create a good or provide a service.

What is the definition of Labor?

Goods that are bought in order to create a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

Ownership of a business

The work people do in order to make a good or provide a service.

What is the definition of Capital?

The work people do in order to make a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

Ownership of a business

Goods that are bought in order to create a good or provide a service.

What is the definition of Entrepreneurship?

Ownership of a business

Goods that are bought in order to create a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

The work people do in order to make a good or provide a service.

What are the three main objectives a business might have when setting its price?

All of the above

Minimize costs, reduce competition, satisfy customers

Maximize profit, increase market share, improve brand image

Generate awareness, boost sales, create loyalty

When a new product is launched, it's always best to set a high price to maximize profit.

True

False

Explain the concept of "price elasticity of demand" and its significance for businesses.

It measures how much the quantity demanded of a product responds to a change in price.

It measures the impact of competitors' prices on product demand.

It measures the advertising effectiveness related to product price.

It measures the change in product quality based on price fluctuations.

Define the term "cost-plus pricing" in marketing.

Adding a fixed markup to the total cost of production

Reducing the price to match customer expectations

Offering discounts to attract more customers

Setting the price based on competitors' prices

Briefly explain the difference between penetration pricing and skimming pricing.

A clothing store wants to increase its profit margin by 10%. If their current product cost is $20 and they have a 25% markup, what should their new selling price be?

Which of the following are types of primary research?

Secondary research generates data specific to your problem.

True

False

In the following four questions, choose the correct word to fill in the blank.

Secondary research is also known as ___________ research.

direct

desk

specific

bad

Primary research is also known as ___________ research.

direct

desk

un-specific

very good

Secondary research involves looking at _________, newspapers and magazines.

people

books

similar products

clouds

Primary research can be very _______________.

cheap

time-consuming

boring

out of date

Secondary research is useful for looking at the whole market and analysing past trends.

True

False

The next best alternative you give up when making a choice is called

economics

trade-off

scarcity

opportunity cost

What are the elements of the Marketing mix?

What is a primary role of a promotion in marketing?

To manufacture products

To communicate with potential customers

To hire employees

To handle company finances

Sales promotion is a short term tactic used to achieve which goal?

Modify the product design

Build long-term customer loyalty

Hire more sales staff

Stimulate quick customer response

What element of the promotion mix includes direct communication with consumers?

Public Relations

Sales Promotions

Advertising

Personal Selling

Which promotional method aims to generate positive news coverage?

Public Relations

Direct Marketing

Personal Selling

Sales Promotion

Which of the following is a potential cause of inflation?

Decrease in consumer demand

Stable exchange rates

Increase in production costs

Decrease in production costs

What is the meaning of interest rate in a financial context?

The amount charged by lenders to borrowers for a loan

The profit made from a business

The amount of money in a bank account

The rate of return on an investment

A lower interest rate will typically result in what type of borrowing costs?

Variable borrowing costs

Higher borrowing costs

Lower borrowing costs

No change in borrowing costs

A franchise is a way to expand a business using the investments of others while maintaining control over the name, product quality, and operating procedures.

True

False

A franchise is a way to expand a business using the investments of others while maintaining control over the name, product quality, and operating procedures.

True

False

A form of business ownership in which the business is owned and run by one person.

corporation

partnership

joint venture

sole proprietorship

A _____________ is owned by one or more shareholders and managed by a board of directors.

sole proprietorship

partnership

corporation

joint venture

A partnership agreement details the rules and procedures that guide ownership and operations and will typically identify the business name, investments, and other contributions of each partner.

True

False

These type of entities typically work in areas such as education, health care, charity, or the arts.

non-profit corporations

joint ventures

sole proprietorships

partnerships

Technology refers to the use of automated machinery, electronic equipment, and integrated computer systems to help increase the efficiency of work production.

True

False

A planned reduction in the number of employees in order to cut costs and make a business more efficient.

economic cycle

human resources

downsizing

outsourcing

How do a business's objectives differ from its strategic plan?

Clear, measurable targets

Long-term plan to achieve objectives

Business Objectives

Strategic Plan

What could be represented at the second level of an organisation chart? (One or more)

Departments

Managers

Vice Presidents

Employees

What does 'levels of hierarchy' in an organizational structure indicate?

Size of the organization

Number of management levels from top to bottom

Number of departments

Relevance of the positions in decision-making

Which term is defined as the degree to which decision-making is concentrated at a single point in the organization?

Matrix structure

Chain of command

Centralization

Bureaucracy

What is the purpose of 'de-layering' in a business organization?

To merge departments

To decentralize decision-making

To reduce number of employees

To remove middle layers of management, improving efficiency

What does 'Decentralization' imply in the context of an organization?

Incident of fraud within the organisation

Introducing new layers in the company hierarchy

Amalgamation of power at a single point

Distribution of administrative functions or powers across various departments

What is the definition of Land?

The work people do in order to make a good or provide a service.

Ownership of a business

Anything that is found in nature that is used to make a good or provide a service.

Goods that are bought in order to create a good or provide a service.

What is the definition of Labor?

Goods that are bought in order to create a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

Ownership of a business

The work people do in order to make a good or provide a service.

What is the definition of Capital?

The work people do in order to make a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

Ownership of a business

Goods that are bought in order to create a good or provide a service.

What is the definition of Entrepreneurship?

Ownership of a business

Goods that are bought in order to create a good or provide a service.

Anything that is found in nature that is used to make a good or provide a service.

The work people do in order to make a good or provide a service.

What are the three main objectives a business might have when setting its price?

All of the above

Minimize costs, reduce competition, satisfy customers

Maximize profit, increase market share, improve brand image

Generate awareness, boost sales, create loyalty

When a new product is launched, it's always best to set a high price to maximize profit.

True

False

Explain the concept of "price elasticity of demand" and its significance for businesses.

It measures how much the quantity demanded of a product responds to a change in price.

It measures the impact of competitors' prices on product demand.

It measures the advertising effectiveness related to product price.

It measures the change in product quality based on price fluctuations.

Define the term "cost-plus pricing" in marketing.

Adding a fixed markup to the total cost of production

Reducing the price to match customer expectations

Offering discounts to attract more customers

Setting the price based on competitors' prices

Which of the following are types of primary research?

Interviewing an expert

Watching a tutorial on youtube

Experimenting with materials

Analysing a similar product

Reading a product review

Secondary research generates data specific to your problem.

True

False

Secondary research is also known as ___________ research.

direct

desk

specific

bad

Primary research is also known as ___________ research.

direct

desk

un-specific

very good

Secondary research involves looking at _________, newspapers and magazines. 

people

books

similar products

clouds

Primary research can be very _______________.

cheap

time-consuming

boring

out of date

Secondary research is useful for looking at the whole market and analysing past trends.

True

False

The next best alternative you give up when making a choice is called

economics

trade-off

scarcity

opportunity cost

What is a primary role of a promotion in marketing?

To manufacture products

To communicate with potential customers

To hire employees

To handle company finances

Sales promotion is a short term tactic used to achieve which goal?

Modify the product design

Build long-term customer loyalty

Hire more sales staff

Stimulate quick customer response

What element of the promotion mix includes direct communication with consumers?

Public Relations

Sales Promotions

Advertising

Personal Selling

Which promotional method aims to generate positive news coverage?

Public Relations

Direct Marketing

Personal Selling

Sales Promotion

Which of the following is a potential cause of inflation?

Decrease in consumer demand

Stable exchange rates

Increase in production costs

Decrease in production costs

What is the meaning of interest rate in a financial context?

The amount charged by lenders to borrowers for a loan

The profit made from a business

The amount of money in a bank account

The rate of return on an investment

A lower interest rate will typically result in what type of borrowing costs?

Variable borrowing costs

Higher borrowing costs

Lower borrowing costs

No change in borrowing costs