Business End of year test 2018 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: IMISTRYCreated on: 07-06-18 22:08 Franchise ? A franchise is when a firm sells the right to use its products its brand 1 of 21 Franchisor ? Person or business who sells the right to use their business name, product and logo 2 of 21 Royalty ? Payment the franchisee pays the franchisor 3 of 21 Primary Sector ? Gathering of materials 4 of 21 Secondary Sector ? Manufacturing of Materials 5 of 21 Tertiary Sector ? Selling the product 6 of 21 Quantitative data ? Data that is presented in graphs and numbers 7 of 21 How to work out Revenue ? Revenue × Quanity 8 of 21 How to work out Profit ? Costs + Variable costs 9 of 21 Unlimited Liability ? If the business is in debt, the owner must sell their personal possessions in order to pay off their debt 10 of 21 Limited Liability ? The owners have separate legal identities.A 11 of 21 What do Businesses need to consider when choosing the following ? Transport links, cost, competition, suppliers, any services 12 of 21 What are the 4P'S of the Marketing Mix ? Price, produce, place and promotion 13 of 21 What is a business plan ? A business plan is a document outlining how a business is aiming to develop 14 of 21 What is a stakeholder? Someone who has an interest or is affected by the business3W 15 of 21 What is a shareholder ? Someone who owns part of a business 16 of 21 E - commerce ? Selling through the internet 17 of 21 How does Technology affects business ? (1) Costs may fall as there is less rent. (2) Sales - technology can increase sales e.g. selling online 18 of 21 What is legislation ? Laws that are by the government which help and protect people in Business 19 of 21 What is the purpose of business legislation ? (1) Protect workers- making sure that they get paid the right amount and make sure they're working in safe conditions. 20 of 21 What is the purpose of business legislation ? (2) Protect customers - customers e.g. ensuring the produce is safe, fit for purpose 21 of 21
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