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6. What is a co-operative?
- An organisation owned and run jointly by its members such as customers or employees.
- An organisation which keeps all profits for the director.
- An organisation which does not pay the minimum wage.
- An organisation that identifies as a charity.
7. What is a market orientated approach?
- Dividing the population to be researched into a number of groups which share specific characteristics.
- The collection of information based on opinions, attitudes, beliefs and intentions (Subjective factors)
- A business that makes decisions based on customers' needs and wants, rather than what it thinks is right for the customer.
- A group of respondents or factors whose views or behaviour should be representative of the target market as a whole.
8. What is debt factoring?
- The factors which led to the debts of a company
- The sale of debts to a third party such as a bank, in return for a percentage of the value of the debts.
- An estimate of debts which will be incurred by a company in the next financial year.
- A written document describing the extent of debts owned by a company.
9. What does "Above the line" promotion mean?
- Promotion which is reliant on certain market margins.
- Paid for communication using mass media, usually not targeted. eg advertising on TV or in the newspapers.
- Advertising that will only proceed if certain financial targets are met.
- Promotion which exceeds the advertisement budget
10. What does monopolistic mean?
- The largest part of the market, with similar products and customer tastes.
- A method of breaking a market down into groups based on personality, lifestyle and behaviour.
- A type of market with a large number of relatively small firms selling similar products.
- The measurement of the size of total sales in a market expressed in either sales (£) or volume (units)
11. What does the term venture capitalists stand for?
- Professional investors in small to medium sized businesses (SMEs) which are usually considered risky by traditional lenders (i.e banks)
- A professional who helps a company calculate their debt.
- A financing option provided by banks and building societies.
- Another term for a company budget.
12. What is a social enterprise?
- A type of business organisation which does not have profit as its main objective ,for example charities and Fairtrade organisations.
- An enterprise which gives its profit to the government.
- A business which solely relies on promotion via social media.
- A business which makes it money via social media.
13. What is the Boston Matrix
- A method of analysing the products in a business's portfolio based on relative market share and market growth.
- A type of market with a large number of relatively small firms selling similar products
- A method of breaking a market down into groups based on personality, lifestyle and behaviour.
- The collection of information based on opinions, attitudes, beliefs and intentions (Subjective factors)
14. What is the margin of safety?
- The largest part of the market, with similar products and customer tastes.
- The difference between actual output and break even output
- A method of analysing the products in a business's portfolio based on relative market share and market growth
- Business that move from location to location, basing themselves wherever best suits their needs at a particular point of time.
15. What are public goods?
- Goods which are non-diminishing and non-exclude-able and are provided by the public sector.
- Goods which can only be obtained by paying a high amount of money.
- The difference between actual output and break even output.
- Goods which are deemed to be a luxury.
16. What does the term 'personal selling' refer to?
- A range of products designed specifically for personal needs.
- Where businesses use people (the ''Sales Force'') to sell the product after meeting face-to-face with the customer.
- A company which will only sell products when they have met the manufacturer in person
- A firm or person which relies solely on shops to sell their products.
17. What is quote sampling?
- Dividing the population to be researched into a number of groups which share specific characteristics.
- A method of breaking a market down into groups based on personality, lifestyle and behaviour.
- The collection of information based on opinions, attitudes, beliefs and intentions (Subjective factors)
- A method of analysing the products in a business's portfolio based on relative market share and market growth.
18. What is a LIFO?
- Selling stock which was overproduced.
- Selling stock which is only intended for infants.
- Issuing stock from the latest rather than the earliest deliveries.
- Selling stock which has not been popular with customers.
19. What is a budget?
- A financial plan that is prepared and agreed in advance for a specific time period.
- Another term for company profit
- Another term for the income generated by product sales
- Another word for an employee.
20. What is 'Public relations'?
- Activities where a business manages its relationships with different parts of the public, for example customers and local communities.
- The relationship between a product and the public.
- Where the owners are personally liable for all debts incurred by a business and personal belongings can be taken to repay debts.
- When the public influences a new range of products.