F291 Continued

hutchinson184
Quiz by , created over 6 years ago

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

53
1
0
Tags
hutchinson184
Created by hutchinson184 over 6 years ago
Digital Marketing Strategy - The Essentials
Micheal Heffernan
Business Studies - AQA - GCSE - Types of Ownership
Josh Anderson
HSC Economics
lydia le
Biology Unit 1
anna.mat1997
A Christmas Carol Quotes
0serenityrose0
Forms of Business Ownership Quiz
Noah Swanson
Unit 3 Business Studies
Lauren Thrower
Contract Law
sherhui94
AQA Business Unit 1
lauren_binney
What is Marketing?
Stephanie Natasha

Question 1

Question
What is economies of scale?
Answer
  • 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

Question 2

Question
What is demographics?
Answer
  • 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

Question 3

Question
What is diseconomies of scale?
Answer
  • 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

Question 4

Question
What are ethics?
Answer
  • 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

Question 5

Question
What are the benefits of acting ethically?
Answer
  • 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

Question 6

Question
What is a monopoly?
Answer
  • 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

Question 7

Question
What is an oligopoly?
Answer
  • 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

Question 8

Question
What is a fiercely competitive market?
Answer
  • 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

Question 9

Question
What is an autocratic leader?
Answer
  • 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

Question 10

Question
What is a democratic leader?
Answer
  • 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

Question 11

Question
What is a paternalistic leader?
Answer
  • 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

Question 12

Question
What is a strategic objective?
Answer
  • 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

Question 13

Question
What is opportunity cost?
Answer
  • 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

Question 14

Question
What is adding value?
Answer
  • The difference between the cost of materials and the selling price
  • The amount of profit made on an products after costs are covered

Question 15

Question
What is a consumer good?
Answer
  • A good that is sold to the general public
  • A good that is sold to other businesses

Question 16

Question
What are consumer non-durable goods?
Answer
  • Can only be used once/does not last long
  • Something that lasts long and can be used many times

Question 17

Question
What is short term finance?
Answer
  • 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

Question 18

Question
What is long term finance?
Answer
  • 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