Business AQA unit 2.6 to 4.1 Flashcards
What is the definition of a business plan?
A business plan is a formal document that outlines the goals of a business, the strategy for achieving them, and the resources required.
True or False: A mission statement defines the purpose of a business.
True
Fill in the blank: The _____ is responsible for making key decisions in a business.
management
What are the four Ps of marketing?
Product, Price, Place, Promotion
What is market segmentation?
Market segmentation is the process of dividing a target market into smaller, more defined categories.
Which of the following is NOT a type of business ownership? A) Sole proprietorship B) Corporation C) Nonprofit D) Franchise
C) Nonprofit
What does the acronym SWOT stand for in business analysis?
Strengths, Weaknesses, Opportunities, Threats
True or False: A sole proprietorship has unlimited liability.
True
What is the purpose of a cash flow statement?
To track the inflow and outflow of cash in a business over a specific period.
What is a market leader?
A market leader is a company that has the largest market share in a particular industry.
Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Commission D) Utilities
A) Rent
What is the difference between revenue and profit?
Revenue is the total income generated from sales, while profit is the income remaining after all expenses are deducted.
What is a target market?
A target market is a specific group of consumers identified as the intended audience for a product or service.
True or False: Branding is only about logos and design.
False
What is the role of human resources in a business?
To manage employee relations, recruitment, training, and compliance with labor laws.
Fill in the blank: _____ analysis is used to assess the external environment affecting a business.
PESTLE
What is competitive advantage?
Competitive advantage is a condition that allows a company to perform better than its rivals.
Multiple Choice: Which is a common method of market research? A) Surveys B) Guessing C) Assumptions D) Ignoring
A) Surveys
What is the purpose of advertising?
To promote products or services to potential customers.
True or False: A business can be both a manufacturer and a retailer.
True
What is an investor?
An investor is an individual or entity that allocates capital with the expectation of a future financial return.
Fill in the blank: The _____ is the person who manages the daily operations of a business.
operations manager
What is a supply chain?
A supply chain is a network of individuals, organizations, resources, and activities involved in supplying a product to the consumer.
Multiple Choice: What is the aim of pricing strategies? A) To confuse customers B) To maximize sales C) To increase costs D) To reduce competition
B) To maximize sales
What does ROI stand for?
Return on Investment
True or False: E-commerce refers to buying and selling over the internet.
True
What is customer service?
Customer service is the support offered to customers before, during, and after purchasing a product.
Fill in the blank: A _____ is a detailed analysis of a specific market.
market research report
What is the significance of a brand’s value proposition?
It communicates the unique benefits and value that a brand offers to its customers.
Multiple Choice: Which of the following is a type of qualitative research? A) Focus groups B) Surveys C) Experiments D) Observations
A) Focus groups
What does COGS stand for?
Cost of Goods Sold
True or False: A business’s culture can affect employee performance.
True
What is the purpose of a business’s mission statement?
To define the organization’s purpose and primary objectives.
Fill in the blank: _____ is the practice of managing a company’s financial resources.
Financial management
What is a break-even point?
The break-even point is the level of sales at which total revenues equal total costs.
Multiple Choice: Which of the following is a benefit of digital marketing? A) Higher costs B) Wider reach C) Limited audience D) None of the above
B) Wider reach
What is the role of a business analyst?
To identify business needs and find technical solutions to business problems.
True or False: A partnership has limited liability for all partners.
False
What is a competitive market?
A competitive market is one where multiple businesses compete for the same customers.
