hutchinson184
Quiz by , created more than 1 year ago

Business Quiz on F291 Continued, created by hutchinson184 on 05/19/2013.

54
1
0
hutchinson184
Created by hutchinson184 almost 11 years ago
Close

F291 Continued

F291 Continued

Question 1 of 18

1

What is economies of scale?

Select one of the following:

  • The reduction in average costs as a result of savings brought about by an increase in the scale of production

  • An increase in the long run average costs as a business expands beyond its ability to control and manage itself

Explanation

Question 2 of 18

1

What is demographics?

Select one of the following:

  • A set of values or moral principles determining what is right or wrong and good or bad

  • The structure of the population in terms of people and their gender,age and ethnic origin

Explanation

Question 3 of 18

1

What is diseconomies of scale?

Select one of the following:

  • The reduction in average costs as a result of savings brought about by an increase in the scale of production

  • An increase in long run average costs as a business expands beyond its ability to control and manage itself

Explanation

Question 4 of 18

1

What are ethics?

Select one of the following:

  • A set of values or moral principles determining what is right or wrong and good or bad

  • The structure of the population and their gender, age and ethnic origin

Explanation

Question 5 of 18

1

What are the benefits of acting ethically?

Select one or more of the following:

  • It may be costly

  • It would probably give the business a good reputation

  • may please stakeholders

  • May cause conflict between some stakeholders

  • Could attract new customers

  • May give edge over competition

  • May be difficult to define exactly what ethical is

  • May be attractive to potential employees

Explanation

Question 6 of 18

1

What is a monopoly?

Select one of the following:

  • When there is a few large firms with a large market share e.g. petrol

  • When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities

Explanation

Question 7 of 18

1

What is an oligopoly?

Select one of the following:

  • Where there is a few large firms in the market e.g. petrol - total, shell, esso

  • When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities

Explanation

Question 8 of 18

1

What is a fiercely competitive market?

Select one of the following:

  • When there is a few large firms in the market

  • Many firms, none of which are dominant and lots of different products cannot compete on price must have good deals/offers/products

Explanation

Question 9 of 18

1

What is an autocratic leader?

Select one of the following:

  • Delegates responsibility, asks opinions/involves staff, allows other to make decisions

  • Parent figure, will ask staff opinions but final decision is made by leader on what they think is best

  • Make all decisions, like to be in control, believes workers are lazy and will not involve them or ask opinions

Explanation

Question 10 of 18

1

What is a democratic leader?

Select one of the following:

  • A parent figure that will ask staff opinions but they will have the final say

  • Will delegate responsibility to staff, involving them and asking their opinions. They allow other to make decisions

Explanation

Question 11 of 18

1

What is a paternalistic leader?

Select one of the following:

  • Let employees get on with their work and only lead/help if asked to

  • Act like a parent figure asking employees for their opinions but leader will make the final decision

Explanation

Question 12 of 18

1

What is a strategic objective?

Select one of the following:

  • Short/medium time period, easy to change once set, everyday objectives made by junior managers

  • Long term objectives, difficult to change them once set and are made by senior managers

Explanation

Question 13 of 18

1

What is opportunity cost?

Select one of the following:

  • The thing that is given up when a decision is made/the next best thing

  • The difference between the cost of materials and the selling price

Explanation

Question 14 of 18

1

What is adding value?

Select one of the following:

  • The difference between the cost of materials and the selling price

  • The amount of profit made on an products after costs are covered

Explanation

Question 15 of 18

1

What is a consumer good?

Select one of the following:

  • A good that is sold to the general public

  • A good that is sold to other businesses

Explanation

Question 16 of 18

1

What are consumer non-durable goods?

Select one of the following:

  • Can only be used once/does not last long

  • Something that lasts long and can be used many times

Explanation

Question 17 of 18

1

What is short term finance?

Select one of the following:

  • Up to 3 years, used for day to day running of the business

  • Between 3-10 years and is most likely used to replace equipment, to expand or to change a regular overdraft into a formal loan

Explanation

Question 18 of 18

1

What is long term finance?

Select one of the following:

  • Longer than 10 years, usually spent on long term growth, spent on large products and are more risky

  • Between 3-10 years and most likely to be used to replace equipment, to expand, and to change regular overdraft into formal medium term loan

Explanation

Previous
Next