business unit 3

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  • Created by: chapman24
  • Created on: 26-10-17 20:59

1. what is variance analysis?

  • the current finance
  • the future finance
  • reasons for the difference between actual and expected financial outcome
  • reasons for the difference between past and present
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2. formula for price elasticity of demand?

  • % change in quantity demanded / % change in price
  • there is no formula
  • change in quantity demanded / change in price
  • revenue - costs

3. what do sales forecasting techniques allow businesses to do?

  • predict future sales
  • guess future sales
  • predict current sales
  • analyse previous sales

4. basic law of demand

  • demand is not affected by price
  • when price rises less is demanded
  • when price rises the demand stays the same
  • when price rises more is demanded

5. what is inelastic demand?

  • same as elastic
  • large change in price brings about only a small change in quantity demanded
  • no effect
  • large change in price brings about a large change in quantity demanded
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