press spacebar created by mr isherwood 2001 carlton bolling college, bradfordbusiness studies...
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Created by Mr Isherwood 2001 Carlton Bolling College, Bradford
BUSINESS STUDIES BUSINESS STUDIES MILLIONAIRE!MILLIONAIRE!
WHO WANTS TO BE WHO WANTS TO BE AA
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Created by Mr Isherwood 2001 Carlton Bolling College, Bradford
QuitQuitTopicTopicss MarketingMarketing
Business Business EnvironmeEnvironmentnt
FinanceFinance
ProductioProductionn
HRMHRM
Ownership, Ownership, organisation and organisation and control of control of businessbusiness
RecruitmentRecruitment
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Name the four elements of the Name the four elements of the Marketing Mix? Marketing Mix?
Product, price, promotion, place
Product, position, park, price
Product, price, promotion, people
Pizza, price, promotion, pizzazz
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Who designed the Who designed the hierarchy of needs?hierarchy of needs?
Abraham Maslow
Peter Drucker
Frederick Herzberg
Alan Shearer
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What are the stages in What are the stages in the product life cycle?the product life cycle?
Introduction, Growth, Maturity, Saturation, Decline
Introduction, Surge, Maturity, Boom
Growth, Maturity, Boom, Bust
Boom, Bust, Bang, Wallop
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What is a market What is a market segment?segment?
A part of a market e.g. age, gender
A part of an advertising campaign
A piece of cake A market stall
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If a company is product If a company is product orientated, what does it orientated, what does it focus on?focus on?
The advertising of the product
The needs of the customer
The design of the product
The needs of the business
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If a company is market If a company is market orientated, what does it orientated, what does it focus on?focus on?
The advertising of the product
The needs of the customer
The design of the product
The needs of the business
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What is desk research?What is desk research?
Finding out information using primary data
Finding out information using secondary data
Finding out information using secondary and primary data
Doing research on a desk
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What is Field research?What is Field research?
Finding out information using primary data
Finding out information using secondary data
Finding out information using secondary and primary data
Doing research on a desk
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What is the product What is the product mix?mix?
The different prices that are used for a product
The different types of advertising used
The different production methods that the business uses
The combination of products that a business sells
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What is price skimming What is price skimming or creaming?or creaming?
Selling a product at a high price to get high profits
Cutting the price to just break even
Selling a product at a low price to increase market share
Cutting the price so much that a loss is made
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What is cost plus What is cost plus pricing?pricing?
Setting a price to attain high profits
Cutting the price to just break even
Fixing a price by adding a profit margin to the cost of production
Fixing the price to make a loss
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What is penetration What is penetration pricing?pricing?
Setting a price to attain high profits
Setting a low long term price to gain market share
Fixing a price by adding a profit margin to the cost of production
Setting an initial low price to gain market share
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What does POS stand What does POS stand for?for?
Position of shop Performance of sales
Point of Sale material
Position of Sale material
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What is direct What is direct marketing?marketing?
Goods are advertised directly to the government
Goods are advertised directly to stores
Goods are sold direct to the consumer e.g. telephone calling
Goods are sold directly to the stores
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What is the main disadvantage What is the main disadvantage of a sales promotion?of a sales promotion?
It is expensive It doesn’t create brand loyalty
It produces a long term boost in sales
It only produces a short term boost in sales
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What is a PLC?What is a PLC?
Private limited company
Picture limited corporation
Public limited company
Personal limited company
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Who invented ‘Kaizen’?Who invented ‘Kaizen’?
Mosak Nagassaki
Massaki Imai
Josephi Juran George Lucas
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What type of production What type of production system is Just in time?system is Just in time?
A system that delivers products quickly
A system that produces low quality products
A system where stock is delivered only when needed
A system where stock is held in great quantity
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What is flow What is flow production?production?
One product is made at a time
The product is made in batches
The product is made continuously
Only one product is made
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What is TQM?What is TQM?
Totally quiet management
Total quota management
Technical Quota Management
Total Quality Management
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What is the aim of TQM?What is the aim of TQM?
To raise production costs
To reduce quality
To have quality built in rather than inspected
A way a business can cut it’s workforce
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What is quality assurance What is quality assurance meant to do in a business?meant to do in a business?
Prevent defects rather than detect them
Detect problems rather than prevent them
Reduce the quality of the product
Cut the costs of production
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What is a quality circle?What is a quality circle?
A group of senior managers who discuss quality
A measuring instrument used by inpsectors
A group of mixed employees who meet to discuss improvements
A circle of quality inspectors
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What is ISO 9000?What is ISO 9000?
A production target
A quality serial identification code
A standard for the quality of production systems
A target to raise motivation in the workplace
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What type of business is the What type of business is the most labour intensive?most labour intensive?
Building construction site
Assembly line for card packing
The banking sector
Computer aided design
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What type of business is the What type of business is the most capital intensive?most capital intensive?
The NHS Assembly line for card packing
The banking sector
Computer aided design
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What would be the likely What would be the likely effect of technological effect of technological change in a business?change in a business?
Higher costs involved in production
More goods produced at higher quality
Workers getting unhappier
Lower quality goods produced
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What problems would What problems would technological change be likely technological change be likely to cause in a business?to cause in a business?
Training would be easy and cheap to provide
Workers would feel their jobs are threatened
Workers getting happier
The technology would be cheap to buy thus a lot would be bought
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Which answer represents an Which answer represents an example of an internal economy example of an internal economy of scale of a supermarket?of scale of a supermarket?
Technological breakthrough in supermarkets
The price of food from abroad drops
Government gives a grant to all supermarkets
Costs are reduced through being able to buy in bulk
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What is a sole trader?What is a sole trader?
A person who sell soles
An individual who has a business with employees
An individual who owns a business with no employees
A person who owns a shoe company
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What advantage is there What advantage is there being a sole trader?being a sole trader?
Easier to set up than a Ltd company
Profits are shared
Money is easy to raise
Employees are paid less
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What does limited What does limited liability mean?liability mean?
Shareholders are responsible for all the debts
Profits are shared
Shareholders are limited to the amount of money they can invest
Owners are only responsible for the amount of money invested
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What occupation isn’t in the What occupation isn’t in the primary sector of the primary sector of the economy?economy?
Coalminer Bricklayer
Farmer Fisherman
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Which option is an Which option is an advantage of being a PLC?advantage of being a PLC?
PLC’s can raise finance easily
Owner keeps all the profits
PLC’s have sleeping partners
A PLC is cheap to set up
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What is a franchise?What is a franchise?
A completely new idea for a business
A large amount of money
A business set up under the image of a successful company
A business sector of the economy
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What is a holding What is a holding company?company?
A company that deals in the shipping industry
A company that saves money for companies
A company that supplies cover employees
A company that holds majority shares in businesses
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What is the span of What is the span of control of a manager?control of a manager?
The number of computers he has responsibility for
The number of employees in his department
The amount of people he directly manages
The amount of money controlled by him
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How many employees are in How many employees are in a narrow span of control?a narrow span of control?
More than 50 less than 100
Less than 7
Less than 20 Less than 12
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Name the disadvantage of a Name the disadvantage of a long chain of command?long chain of command?
Communication can be bad
Communication is excellent
Organisation is excellent
Employees earn less money
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Name an advantage of a Name an advantage of a hierarchical structure ?hierarchical structure ?
Communication can be bad
Communication is excellent
Everybody knows who their boss is
Employees earn lots of money
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What does Ltd mean ?What does Ltd mean ?
Limited company
Public limited company
Large company Lifted company
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In a PLC, who owns the In a PLC, who owns the business ?business ?
Managers Employees
Shareholders Government
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Name an advantage of Name an advantage of being a PLC?being a PLC?
Unlimited liability
Limited liability
Finance is difficult to raise
Only one owner
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Name an advantage of a Name an advantage of a flat structure?flat structure?
There are lots of levels of workers
There are lots of managers to give help to everyone
Employees are given more responsibility and are motivated
Employees get paid more
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Which isn’t a short term Which isn’t a short term source of finance?source of finance?
Hire purchase Leasing
Shares Overdraft
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Which formula is used for Which formula is used for current ratio?current ratio?
Current assets Current liabilities
Stock Current liabilities
Current liabilities Current assets
Current assets Stock
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Which formula is used for Which formula is used for acid test ratio?acid test ratio?
Current assets - stock Current liabilities
Stock+Current assets Current liabilities
Current liabilities Current assets
Current assets Stock
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Which formula is used for Which formula is used for ROCE?ROCE?
Net Profit Capital employed
Capital employed Net Profit
Current liabilities Current assets
Current assets Stock
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Which formula is used for Which formula is used for Gross profit margin?Gross profit margin?
Net Profit Sales turnover
Gross profit Sales turnover
Sales turnover Gross Profit
Sales turnover Net Profit
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Which formula is used for Which formula is used for Net profit margin?Net profit margin?
Net Profit Sales turnover
Gross profit Sales turnover
Sales turnover Gross Profit
Sales turnover Net Profit
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Which formula is used for Which formula is used for Working capital?Working capital?
Current assets - stock
Current assets + Current liabilities
Stock – current liabilities
Current assets – Current liabilities
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What is a debenture?What is a debenture?
A share A short term loan to a business
A grant A long term loan to a business
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What does a low geared What does a low geared company have?company have?
Low loans, low shares
High loans. Low shares
Low loans, high shares
High loans, high shares
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What do total costs What do total costs include?include?
Fixed costs + Variable costs
Fixed costs – Variable costs
Fixed costs Variable costs
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Which cost is a variable Which cost is a variable one?one?
Rent paid for buildings
Interest on bank loans
Piecework payment made to employees
Rental charges
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What isn’t a purpose of the What isn’t a purpose of the profit and loss account?profit and loss account?
Details the performance of the company
Predict the future cashflow of the business
To calculate gross profit as a % of sales revenue
Calculate net profit as a % of sales revenue
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Where do debtors appear Where do debtors appear under the balance sheet?under the balance sheet?
Current liabilities Net current liabilities
Fixed assets Current assets
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What happens to the projected What happens to the projected break even level of output break even level of output when the selling price rises?when the selling price rises?
It will fall It will rise
It will stay the same
Rise sharply then fall
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What happens to the What happens to the projected break even level of projected break even level of output when fixed costs rise?output when fixed costs rise?
It will fall It will rise
It will stay the same
Rise sharply then fall
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What does HRM mean?What does HRM mean?
Human Required management
Hippy racing managers
Hard right managers
Human Resource Management
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What process isn’t included What process isn’t included in the recruitment process?in the recruitment process?
Selecting candidates
Paying the wages
Advertising the job
Interviewing
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What reason couldn’t be What reason couldn’t be used to sack a person?used to sack a person?
Punching a fellow employee
Stealing
A fall in sales of the company
Clocking in late constantly
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What wouldn’t be included in What wouldn’t be included in a contract of employment?a contract of employment?
Period of notice Details of social events in the year
Job Title Hours of work
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Which of the following isn’t Which of the following isn’t the responsibility of the the responsibility of the personnel department?personnel department?
Looking after staff welfare
Training of staff
Ordering raw materials
Interviewing job applicants
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Which of the following is Which of the following is a benefit of training?a benefit of training?
Raises sales Improves skills and motivation of staff
Raises awareness of companies product
Improves the wages of staff
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Which duty will a shop Which duty will a shop steward not perform?steward not perform?
Calculate the wages of the employees
Collect union subscriptions
Recruit new members to the union
Meetings with management
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What does Flexi-time What does Flexi-time allow?allow?
The amount of time employees have for breaks
The amount of holidays they have in a year
Lets workers decide when they start and finish working
The amount the workers get paid each week
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What does work to rule What does work to rule mean?mean?
Workers follow every regulation in detail to slow work down
Workers follow no regulations in to slow work down
Workers trying their hardest
Working extremely slow
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What couldn’t an employee do What couldn’t an employee do if he/she was unfairly if he/she was unfairly dismissed?dismissed?
Ask the union for help
See a solicitor
Go to an industrial tribunal
Stage a one man picket line outside work
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What does labour What does labour turnover mean?turnover mean?
The amount of staff that leaves in a year
The amount of staff that are hired in the year
The amount of work produced in a year
The amount of money earned in a year
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What doesn’t cause high What doesn’t cause high labour turnover?labour turnover?
Relatively low wages
Relatively high wages
Low morale Better job opportunities elsewhere
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What is a fringe benefit?What is a fringe benefit?
A cash lump sum An additional cash payment
A job offer Payment in kind, like a company car
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What is a personal What is a personal specification?specification?
A job advertisement
A checklist of the requirements needed for a job
The amount of people required to do the job
The type of duties included in a job
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Who is usually directly below Who is usually directly below a Personnel managera Personnel manager
Site manager Manufacturing manager
Shopfloor worker Training manager
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What is a constraint on a What is a constraint on a business?business?
A type of grant given to the company
A tax on a business
A bad employee A factor which limits the choice and prevent objectives being met
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Which of these constraints Which of these constraints is an internal constraint?is an internal constraint?
Legislation Government policy
Lack of machinery Customer demand
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Which of these constraints Which of these constraints is an external constraint?is an external constraint?
Lack of resources and finance
Government policy
Lack of machinery Lack of materials
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What is the standard rate What is the standard rate of VAT?of VAT?
75% 175%
17.5% 1.75%
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What is the normal rate What is the normal rate for corporation tax?for corporation tax?
22% 33%
17.5% 25%
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How many companies are How many companies are there in a monopoly?there in a monopoly?
4 2
6 1
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What is the balance of What is the balance of payments?payments?
A record of country’s payments to the IMF
The value of the pound in the world market
The amount of money a company pays out in tax
A record of the money coming in & out of a country in exchange for goods
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What is the balance of What is the balance of trade?trade?
Invisible exports + invisible imports
Visible exports + invisible imports
Invisible exports – visible exports
Visible exports – visible imports
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What is the opportunity What is the opportunity cost?cost?
The money lost because of a business failure
The money lost to pay taxes with
The chance missed to make money
The benefit lost from the next best alternative when making a choice
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What are the four factors What are the four factors of production?of production?
Land, labour, capital, production
Labour, Conservative, Lib Dems, Green
Land, bank interest, machinery, people
Labour, Capital, costs, produce
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In the current account, In the current account, what is visible trade?what is visible trade?
The import and export of services
The import and export of goods only
The export of goods and import of services
The import of goods and export of services
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When you add the visible When you add the visible and invisible balances and invisible balances together, what do you get?together, what do you get?
The profit balance The export costs
The current balance
The import costs
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What is an advantage of What is an advantage of the single currency?the single currency?
Foreign exchange rates will be eliminated in Europe
Money will be saved travelling out of Europe
All EU countries will benefit
More money will be available to EU countries
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Which example is a Which example is a public good?public good?
Streetlighting Nightclubs
Theme parks Pubs
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What would a extra tax What would a extra tax do to mobile phones?do to mobile phones?
Raise the demand, raise the price
Lower the demand, raise the price
Lower the price, lower the demand
Nothing
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if a business reduces it if a business reduces it workforce through ‘natural workforce through ‘natural wastage’, what does it do?wastage’, what does it do?
Makes the workers redundant
Sacks the workforce on the spot
Lets the workers leave on their own accord but doesn’t replace them
Bribe the workers to leave with death threats
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Which example below is Which example below is a merit good?a merit good?
The NHS Roads
Cigarettes Alcohol
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What are business What are business ethics?ethics?
Ideas about what is morally correct or not in business
Ideas about what is financially viable in business
Ideas for what is good for business performance
Business tools used for marketing
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What is a command What is a command economy?economy?
Where goods are produced by all companies
Where most goods & services are produced slowly
Where most good and services are produced by the public sector
Where most good and services are produced by the private sector
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What is an oligopoly?What is an oligopoly?
Competition between only small firms
A shopping complex in oligogo
Competition between a few companies
Competition between a lot of large companies
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What is an duopoly?What is an duopoly?
Competition between only small firms
A shopping complex in oligogo
Competition between two companies
Competition between a lot of large companies
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Which of the following would Which of the following would you not find on a job you not find on a job description?description?
Location of the job Duties of the job
Who the manager is
Skills needed
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Which is an example of Which is an example of internal recruitment?internal recruitment?
Not replacing a retired employee
Working for yourself as a sole trader
Advertising in a job centre
Promoting an employee
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Which of the following is Which of the following is an aptitude not a skill?an aptitude not a skill?
Reading and writing
Application of number
Polite manner Communication
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Which of the following would Which of the following would you not find on a person you not find on a person specification?specification?
Wage rate Physically fit
Smartly dressed Skills needed
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Which of the following would Which of the following would you be least likely to you be least likely to advertise a job vacancy?advertise a job vacancy?
Yorkshire post Office Angels recruitment agency
Galaxy 105FM Yorkshire TV
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What is it called when you What is it called when you reduce the number of reduce the number of applications down?applications down?
Short changing Selecting
Interviewing Short listing
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A brief listing of the main A brief listing of the main details of a person going for details of a person going for a job is?a job is?
Job description Person specification
Letter of application
CV
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By law, when a person starts By law, when a person starts work they must get what?work they must get what?
An entitlement to holiday
A week’s pay in advance
Contract of employment
A coffee break
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What type of training should a What type of training should a worker get when they start a worker get when they start a new job?new job?
Inducement training
Initial training
Induction training Introductory training
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Instead of a CV or letter of Instead of a CV or letter of application, a person may be application, a person may be asked to fill out what?asked to fill out what?
An application form
A report
A person specification
Fill out a blank cheque
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