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Business 10 revision questions

Quiz by Mr S Kelly

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10 questions
Show answers
  • Q1
    What is the definition of economies of scale in business?
    The overproduction of goods leading to waste and inefficiency
    The increase in competition due to market saturation
    The decrease in demand for a product as its price rises
    The cost advantage that arises with increased scale of production
    30s
  • Q2
    What is the purpose of a marketing mix in business?
    To increase production costs without considering customer demand
    To create a strategic combination of product, price, place, and promotion to meet customer needs
    To focus solely on product design
    To randomly select marketing strategies
    30s
  • Q3
    What is the purpose of a profit and loss statement in business?
    To show a company's revenues, expenses, and overall profit or loss during a specific period
    To track employee attendance and punctuality
    To evaluate customer satisfaction with products
    To determine the office layout and furniture arrangement
    30s
  • Q4
    What is the role of human resources in a business?
    To manage employee recruitment, training, and development
    To oversee financial investments and profits
    To create pricing strategies for products
    To design product advertisements
    30s
  • Q5
    What is the purpose of a business plan?
    To determine the color scheme of the office
    To randomly assign job roles to employees
    To outline the goals and strategies of a company
    To track daily expenses of employees
    30s
  • Q6
    What is the significance of a Unique Selling Proposition (USP) in business?
    To sell products at a lower price than competitors
    To expand the business into new markets
    To differentiate a product or service from competitors
    To maintain a high level of employee satisfaction
    30s
  • Q7
    What is the definition of entrepreneurship in business?
    The process of starting and running a business, taking on financial risks in the hope of profit
    The practice of increasing prices to boost revenue
    The act of reducing expenses in an existing business
    The strategy of merging two companies to become one
    30s
  • Q8
    What is the role of a mission statement in a business?
    To manage employee schedules
    To track inventory levels
    To define the company's profit margins
    To communicate the company's purpose and values
    30s
  • Q9
    What is the term used to describe a legal agreement between two or more parties to conduct a business operation together?
    Merger
    Acquisition
    Partnership
    Franchise
    30s
  • Q10
    What is the term used to describe the total amount of money that a company receives by selling goods or services?
    Expenses
    Profit
    Assets
    Revenue
    30s

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