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Quiz year 11

Last updated over 1 year ago
40 questions
Please answer all the questions to the best of your ability
Required
1

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.

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1

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.

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1

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

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1

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

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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.

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1

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

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1

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

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1

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

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

  • Clear, measurable targets
  • Long-term plan to achieve objectives
  • Business Objectives
  • Strategic Plan
1

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

1

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

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

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

1

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

1

What is the definition of Land?

1

What is the definition of Labor?

1

What is the definition of Capital?

1

What is the definition of Entrepreneurship?

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1

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

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

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1

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

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1

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

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2

Briefly explain the difference between penetration pricing and skimming pricing.

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3

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?

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Which of the following are types of primary research?

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Secondary research generates data specific to your problem.

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

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Secondary research is also known as ___________ research.

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Primary research is also known as ___________ research.

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Secondary research involves looking at _________, newspapers and magazines.

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Primary research can be very _______________.

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

1

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

1

What are the elements of the Marketing mix?

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What is a primary role of a promotion in marketing?

1

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

1

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

1

Which promotional method aims to generate positive news coverage?

1

Which of the following is a potential cause of inflation?

1

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

1

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