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Quiz year 11

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

Question 2
2.

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.

Question 3
3.

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

Question 4
4.

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

Question 5
5.

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.

Question 6
6.

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

Question 7
7.

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

Question 8
8.

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

Question 9
9.

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

  • Long-term plan to achieve objectives
  • Clear, measurable targets
  • Business Objectives
  • Strategic Plan
Question 10
10.

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

Question 11
11.

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

Question 12
12.

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

Question 13
13.

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

Question 14
14.

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

Question 15
15.

What is the definition of Land?

Question 16
16.

What is the definition of Labor?

Question 17
17.

What is the definition of Capital?

Question 18
18.

What is the definition of Entrepreneurship?

Question 19
19.

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

Question 20
20.

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

Question 21
21.

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

Question 22
22.

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

Question 23
23.

Briefly explain the difference between penetration pricing and skimming pricing.

Question 24
24.

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?

Question 25
25.

Which of the following are types of primary research?

Question 26
26.

Secondary research generates data specific to your problem.

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

Question 27
27.

Secondary research is also known as ___________ research.

Question 28
28.

Primary research is also known as ___________ research.

Question 29
29.

Secondary research involves looking at _________, newspapers and magazines.

Question 30
30.

Primary research can be very _______________.

Question 31
31.

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

Question 32
32.

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

Question 33
33.

What are the elements of the Marketing mix?

Question 34
34.

What is a primary role of a promotion in marketing?

Question 35
35.

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

Question 36
36.

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

Question 37
37.

Which promotional method aims to generate positive news coverage?

Question 38
38.

Which of the following is a potential cause of inflation?

Question 39
39.

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

Question 40
40.

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